$8,000 Tax Credit in Stimulus Bill

Well, the stimulus bill did not end up to be as stimulating as originally thought. From NAR, here’s what the final version included as far as a homebuyer tax credit: 

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.”

It's Not $15,000 Any More

Here’s the update on what the Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1) is reported to include (reprinted from Realtor.org)…..

  • Homebuyer Tax Credit – a $7500 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and September 1, 2009. The credit does not require repayment. Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit, as well.
  • FHA, Fannie and Freddie Loan Limits – Revised loan limits for FHA, Freddie Mac, and Fannie Mae. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the HUD Secretary.
  • Foreclosure Mitigation & Neighborhood Stabilization – Funding for states and local communities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized.
  • Rural Housing Service – Increased funding for the Rural Housing Service direct and guaranteed loan programs.
  • Low Income Housing Grants – Allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low income housing, including those with or without tax credit allocations. 
  • Tax Exempt Housing Bonds – Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
  • Energy Efficient Housing – Grants for energy retrofits for federally assisted housing (section 8),funding for Energy Efficiency & Conservation Block Grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.
  • Transportation – Spending for upgrades and repairs of road, bridges and transit facilities.
  • Broadband Deployment – Grants to make broadband available in unserved communities

As always, stay tuned to our blog for further updates….

Buy Your Sweetie a Home for Valentine's Day!

Stop by one of our open houses this weekend! It’s a great time to buy!

__________________________________________

Model Home at 9509 Francis Young Lane in Vienna

Open Sunday, Feb 15th from 1 PM to 4 PM

New home community of 15 homes on 2 cul-de-sacs.

Madison HS District!

Prices start at $1,299,900 

__________________________________________

305 Locust St SE in Vienna

Open Saturday, Feb 14th from 12:30 to 3: 30PM

Open Sunday, Feb 15th from 1:30 to 3:30 PM

Listed at $1,175,000NEW HOME!

Walk to “everything”! 

__________________________________________

For more information, contact The Belt Team at (703) 242-3975.

BELT…Bringing Expertise, Loyalty & Trust to Real Estate

Vienna / Oakton Experts Since 1972

What Happened in Vienna Oakton Real Estate in January

For those of you who are detail oriented, here is a statistical breakdown of our marketplace by zip code. Feel free to contact us for information on other zip codes. We are proud to note that historically, the average days on market for a Belt Team listing is significantly lower than the current market average. And in addition, our average sale price-to-list price ratio is much higher!

***********************************************************************

ZIP Code: 22181 Vienna, VA
From: 01/01/2009 to 01/31/2009                Statistics generated on: 02/06/2009

Residential
Unit Sales
Number of Bedrooms

Active Listings

 

Time on Market

Price Class

2
Or Less  


3

4
  or More  

Condo
Coop

Ground
Rent

Residential
  

Condo
Coop

Ground
Rent

of Units Sold
(No. of Units)

Under $100,000

0

0

0

0

0

0

0

0

1 -30 Days

0

$100,000 – 149,999

0

0

0

0

0

0

0

0

31-60 Days

0

$150,000 – 199,999

0

0

0

0

0

0

5

0

61 – 90 Days

0

$200,000 – 249,999

0

0

0

2

0

0

1

0

91-120 Days

0

$250,000 – 299,999

0

1

0

0

0

1

2

0

Over 120 Days

5

$300,000 – 349,999

0

0

1

0

0

2

4

0

Total

5

$350,000 – 399,999

0

0

0

0

0

4

5

0

$400,000 – 449,999

0

0

0

0

0

2

0

0

Type of Financing
of Units Sold
(No. of Units)

$450,000 – 499,999

0

0

0

0

0

4

0

0

$500,000 – 599,999

0

0

0

0

0

3

0

0

Conventional

3

$600,000 – 699,999

0

0

0

0

0

7

0

0

FHA

1

$700,000 – 799,999

0

0

1

0

0

10

0

0

VA

0

$800,000 – 899,999

0

0

0

0

0

5

0

0

Assumption

0

$900,000 – 999,999

0

0

0

0

0

3

0

0

Cash

1

$1,000,000 – 2,499,999

0

0

0

0

0

12

0

0

Owner Finance

0

$2,500,000 – 4,999,999

0

0

0

0

0

1

0

0

All Other

0

$5,000,000 & Over

0

0

0

0

0

0

0

0

Unreported

0

Totals

0

1

2

2

0

54

17

0

Total

5

Grand Totals

5 71

   2009    2008    % Change
Total Sold Dollar Volume: $ 1,789,635 $ 5,432,000 – 67.05 %
Average Sold Price: $ 357,927 $ 493,818 – 27.52 %
Median Sold Price: $ 285,000 $ 430,000 – 33.72 %
Total Units Sold: 5 11 – 54.55 %
Average Days on Market: 169 92 83.70 %
Average List Price for Solds: $ 448,980 $ 544,664 – 17.57 %
Avg Sale Price as a
percentage of Avg List Price:
79.72 % 90.66 %
Total NEW listings: 29
Total Properties Marked Contract: 5
Total Properties Marked Contingent Contract: 2
Total NEW pendings (Contracts + Contingents): 7

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.


Metropolitan Regional Information Systems, Inc.   ZIP Code Statistics – <$100K to >$5M Format
ZIP Code: 22180 Vienna, VA
From: 01/01/2009 to 01/31/2009                Statistics generated on: 02/06/2009

Residential
Unit Sales
Number of Bedrooms

Active Listings

 

Time on Market

Price Class

2
Or Less  


3

4
  or More  

Condo
Coop

Ground
Rent

Residential
  

Condo
Coop

Ground
Rent

of Units Sold
(No. of Units)

Under $100,000

0

0

0

0

0

0

0

0

1 -30 Days

3

$100,000 – 149,999

0

0

0

0

0

0

0

0

31-60 Days

2

$150,000 – 199,999

0

0

0

0

0

1

3

0

61 – 90 Days

4

$200,000 – 249,999

0

0

0

1

0

0

3

0

91-120 Days

2

$250,000 – 299,999

0

0

1

1

0

1

9

0

Over 120 Days

3

$300,000 – 349,999

0

1

0

1

0

1

1

0

Total

14

$350,000 – 399,999

0

0

0

0

0

9

5

0

$400,000 – 449,999

0

0

2

0

0

8

0

0

Type of Financing
of Units Sold
(No. of Units)

$450,000 – 499,999

0

0

2

0

0

13

0

0

$500,000 – 599,999

0

1

2

0

0

18

0

0

Conventional

8

$600,000 – 699,999

0

0

1

0

0

8

0

0

FHA

1

$700,000 – 799,999

0

0

1

0

0

3

0

0

VA

0

$800,000 – 899,999

0

0

0

0

0

1

0

0

Assumption

1

$900,000 – 999,999

0

0

0

0

0

3

0

0

Cash

3

$1,000,000 – 2,499,999

0

0

0

0

0

37

0

0

Owner Finance

0

$2,500,000 – 4,999,999

0

0

0

0

0

0

0

0

All Other

1

$5,000,000 & Over

0

0

0

0

0

0

0

0

Unreported

0

Totals

0

2

9

3

0

103

21

0

Total

14

Grand Totals

14 124

   2009    2008    % Change
Total Sold Dollar Volume: $ 6,303,250 $ 6,848,450 – 7.96 %
Average Sold Price: $ 450,232 $ 526,804 – 14.54 %
Median Sold Price: $ 437,375 $ 540,000 – 19.00 %
Total Units Sold: 14 13 7.69 %
Average Days on Market: 81 146 – 44.52 %
Average List Price for Solds: $ 515,188 $ 590,085 – 12.69 %
Avg Sale Price as a
percentage of Avg List Price:
87.39 % 89.28 %
Total NEW listings: 27
Total Properties Marked Contract: 11
Total Properties Marked Contingent Contract: 15
Total NEW pendings (Contracts + Contingents): 26

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.


Metropolitan Regional Information Systems, Inc.   ZIP Code Statistics – <$100K to >$5M Format
ZIP Code: 22182 Vienna, VA
From: 01/01/2009 to 01/31/2009                Statistics generated on: 02/06/2009

Residential
Unit Sales
Number of Bedrooms

Active Listings

 

Time on Market

Price Class

2
Or Less  


3

4
  or More  

Condo
Coop

Ground
Rent

Residential
  

Condo
Coop

Ground
Rent

of Units Sold
(No. of Units)

Under $100,000

0

0

0

0

0

0

0

0

1 -30 Days

3

$100,000 – 149,999

0

0

0

0

0

0

0

0

31-60 Days

0

$150,000 – 199,999

0

0

0

0

0

0

0

0

61 – 90 Days

0

$200,000 – 249,999

0

0

0

0

0

0

0

0

91-120 Days

1

$250,000 – 299,999

0

0

0

0

0

0

0

0

Over 120 Days

7

$300,000 – 349,999

0

0

0

0

0

2

0

0

Total

11

$350,000 – 399,999

0

0

0

0

0

0

1

0

$400,000 – 449,999

0

1

0

0

0

2

2

0

Type of Financing
of Units Sold
(No. of Units)

$450,000 – 499,999

0

0

0

0

0

2

0

0

$500,000 – 599,999

0

2

1

0

0

13

1

0

Conventional

9

$600,000 – 699,999

0

1

0

0

0

17

0

0

FHA

0

$700,000 – 799,999

0

1

3

0

0

23

2

0

VA

0

$800,000 – 899,999

0

0

2

0

0

10

0

0

Assumption

0

$900,000 – 999,999

0

0

0

0

0

7

0

0

Cash

2

$1,000,000 – 2,499,999

0

0

0

0

0

42

0

0

Owner Finance

0

$2,500,000 – 4,999,999

0

0

0

0

0

0

0

0

All Other

0

$5,000,000 & Over

0

0

0

0

0

0

0

0

Unreported

0

Totals

0

5

6

0

0

118

6

0

Total

11

Grand Totals

11 124

   2009    2008    % Change
Total Sold Dollar Volume: $ 7,329,059 $ 6,304,000 16.26 %
Average Sold Price: $ 666,278 $ 700,444 – 4.88 %
Median Sold Price: $ 718,000 $ 745,000 – 3.62 %
Total Units Sold: 11 9 22.22 %
Average Days on Market: 149 93 60.22 %
Average List Price for Solds: $ 729,193 $ 748,750 – 2.61 %
Avg Sale Price as a
percentage of Avg List Price:
91.37 % 93.55 %
Total NEW listings: 40
Total Properties Marked Contract: 8
Total Properties Marked Contingent Contract: 14
Total NEW pendings (Contracts + Contingents): 22

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.


Metropolitan Regional Information Systems, Inc.   ZIP Code Statistics – <$100K to >$5M Format
ZIP Code: 22124 Oakton, VA
From: 01/01/2009 to 01/31/2009                Statistics generated on: 02/06/2009

Residential
Unit Sales
Number of Bedrooms

Active Listings

 

Time on Market

Price Class

2
Or Less  


3

4
  or More  

Condo
Coop

Ground
Rent

Residential
  

Condo
Coop

Ground
Rent

of Units Sold
(No. of Units)

Under $100,000

0

0

0

0

0

0

0

0

1 -30 Days

2

$100,000 – 149,999

0

0

0

1

0

0

0

0

31-60 Days

2

$150,000 – 199,999

0

0

0

0

0

1

1

0

61 – 90 Days

1

$200,000 – 249,999

0

0

0

1

0

1

10

0

91-120 Days

1

$250,000 – 299,999

0

0

0

0

0

1

5

0

Over 120 Days

4

$300,000 – 349,999

0

0

0

0

0

2

2

0

Total

10

$350,000 – 399,999

0

1

0

0

0

1

1

0

$400,000 – 449,999

0

0

0

0

0

4

1

0

Type of Financing
of Units Sold
(No. of Units)

$450,000 – 499,999

0

0

1

0

0

3

0

0

$500,000 – 599,999

0

1

1

0

0

8

0

0

Conventional

7

$600,000 – 699,999

0

0

1

0

0

8

0

0

FHA

2

$700,000 – 799,999

0

0

2

0

0

10

0

0

VA

0

$800,000 – 899,999

0

0

0

0

0

10

0

0

Assumption

0

$900,000 – 999,999

0

0

0

0

0

3

0

0

Cash

1

$1,000,000 – 2,499,999

0

0

1

0

0

21

0

0

Owner Finance

0

$2,500,000 – 4,999,999

0

0

0

0

0

2

0

0

All Other

0

$5,000,000 & Over

0

0

0

0

0

2

0

0

Unreported

0

Totals

0

2

6

2

0

77

20

0

Total

10

Grand Totals

10 97

   2009    2008    % Change
Total Sold Dollar Volume: $ 5,980,770 $ 4,057,800 47.39 %
Average Sold Price: $ 598,077 $ 676,300 – 11.57 %
Median Sold Price: $ 547,500 $ 720,000 – 23.96 %
Total Units Sold: 10 6 66.67 %
Average Days on Market: 115 140 – 17.86 %
Average List Price for Solds: $ 642,660 $ 714,608 – 10.07 %
Avg Sale Price as a
percentage of Avg List Price:
93.06 % 94.64 %
Total NEW listings: 22
Total Properties Marked Contract: 7
Total Properties Marked Contingent Contract: 6
Total NEW pendings (Contracts + Contingents): 13

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.


$15,000 Homebuyer Tax Credit?

New stimulus package proposes tax credit for home buyers…..

  

Last week, the Senate verbally approved the Fix Housing First Act, an important amendment to their version of the Economic Stimulus Bill. The piece of legislation and the Stimulus Bill are still awaiting Senate and House negotiations, but could provide all home buyers of primary residences over the next year with a tax credit of $15,000 or 10 percent of the cost of the home, whichever is less. The credit will not need to be repaid unless the home is sold within two years of purchase. This Senate’s version of the tax credit, if implemented, will replace, or “sunset” the current $7,500 credit. 

Stay tuned for more info…..

New Home Open Houses in Vienna This Weekend

Stop by one of our open houses this weekend! It’s a great time to buy!

Model Home at 9509 Francis Young Lane in Vienna

Open Sunday, Feb 8th from 1 PM to 4 PM

New home community of 15 homes on 2 cul-de-sacs.

Prices start at $1,299,900 

305 Locust St SE in Vienna

Open Saturday, Feb 7th from 12:30 to 3PMOpen Sunday, Feb 8th from 1 PM to 4 PM

Listed at $1,175,000

NEW HOME! Walk to “everything”! 

For more information, contact The Belt Team at (703) 242-3975.

BELT…Bringing Expertise, Loyalty & Trust to Real Estate

Vienna / Oakton Experts Since 1972

What Happened in January in Vienna Oakton Real Estate?

We have had lots of requests for statistics that show what is happening in the Vienna Oakton area. So…here goes…it’s time to report the January statistics for Vienna Oakton real estate.

VIENNA:                                                   Jan 09                   Jan 08

# New Listings                                     97                    97

# Under Contract                                 56                    46

# Sold/Settled                                     28*                  33

(*only 15 were detached homes)

Average Days on Market

for January Solds                                 125 days           102 days    

Highest Price Sale                                $859,999           $900,000

OAKTON:                                                   Jan 09                   Jan 08

# New Listings                                      22                    32

# Under Contract                                  13                    13

# Sold/Settled                                       9*                    6

(*only 4 were detached homes)

Average Days on Market

for January Solds                                 113 days            108 days

Highest Price Sale                                $1,620,000         $945,000

What Sold In Oakton in January?

  • 10206 Bushman Dr #411 $130,000 (No subsidy)
  • 10192 Oakton Terrace Rd $199,900 (less a $8,000 subsidy = $$191,900 Net)
  • 2972 Oakleigh Ln $360,770 (less a $10,770 subsidy = $350,000)
  • 11925 Waples Mill Rd    $477,000 (less a $16,000 subsidy = $461,000 Net)
  • 3023 Barden Oaks Ct $519,000 (less a $5,000 subsidy = $514,000 Net)
  • 11700 Lariat St $595,000 (less a $10,000 subsidy = $585,000 Net)
  • 3504 Willow Green Ct $611,000 (less a $15,000 subsidy = $596,000 Net)
  • 11705 Sumacs St $757,500 (less a $7,500 subsidy = $750,000 Net)
  • 2779 Marshall Lakes Dr $1,620,000 (less a $12,000 subsidy = $1,608,000)

What Sold In Vienna in January?

  • 2724 Glengyle Dr #9 $210,000 (No subsidy)
  • 9490 Virginia Center Blvd #245 $229,635 (less a $4,592 subsidy = $225,043 Net)
  • 2711 Belleforest Ct #106 $248,000 (No subsidy)
  • 8625 Dellway Lane $282,500 (No subsidy)
  • 3024 Sugar Lane $285,000 (less a $5,000 subsidy = $280,000 Net)
  • 2729 Bowling Green Dr $290,000 (No subsidy)
  • 9941 Murnane St $325,000 (No subsidy)
  • 213 Elm St Sw $325,000 (less a $3,250 subsidy = $321,750 Net)
  • 2700 Belleforest Ct #401 $345,000 (less a $20,000 subsidy = $325,000 Net)
  • 2523 Villanova Dr $410,000 (less a $5,000 subsidy = $405,000 Net)
  • 501 Echols St SE $414,750 (No subsidy)
  • 2004 Meadow Springs Dr $430,000 (No subsidy)
  • 906 Lauren Lane SE $490,000 (less a $7,000 subsidy = $483,000)
  • 1816 St Roman Dr $521,100 (less a $14,400 subsidy = $506,700 Net)
  • 2034 Pieris Ct $539,000 (less a $9,000 subsidy = $530,000 Net)
  • 2039 Pieris Ct $555,000 (No subsidy)
  • 2829 Laura Gae Circle $565,000 (No subsidy)
  • 410 Glyndon St SE ($588,000) (No subsidy)
  • 8034 Reserve Way #58 $649,000 (No subsidy)
  • 203 Follin Lane SE $650,000 (less a $5,000 subsidy = $645,000)
  • 1412 Claves Ct $718,000 (less a $8,000 subsidy = $710,000 Net)
  • 200 Paris Ct NW $720,000 (No subsidy)
  • 8300 Electric Avenue $736,000 (No subsidy)
  • 2215 Nobehar Drive $740,000 (less a $5,000 subsidy = $735,000 Net)
  • 1618 Montmorency Dr $767,500 (No subsidy)
  • 8023 Reserve Way #38 $796,948 (No subsidy)
  • 8021 Reserve Way #37 $807,638 (No subsidy)
  • 8027 Reserve Way #40 $808,873 (No subsidy)

For more information on any of these sales, or if you are thinking of buying or selling a home, please contact The Belt Team at (703) 242-3975. The Belt Team has sold more homes in Vienna Oakton than any other Realtor since 1972. It would be our pleasure to help make your real estate dreams come true!

Regards,

Terry Belt, Pauline Knipe, Kevin Kleifges, Gail Belt, Jerry Belt, Tara Miller and Christy Belt Grossman (The Belt Team)

BELT….Bringing Expertise, Loyalty & Trust to Real Estate