James Gaudiosi with Wells Fargo just informed me that the first time home buyer tax credit is extended for military and certain other federal employees serving outside the U.S.  Myself and I would have to believe most Realtors were not aware of this stipulation in the tax credit legislation.  Please see below for the specifics.

Members of the U.S. military and certain other U.S. federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

If you know of anyone whom meets the above criteria and would appreciate the level of support provided by myself and the Bob Nelson Team, please give me a call or drop an e-mail.  I will be more than happy to help them out.

This warm and elegant country manor home located in Hidden Springs, one of Great Falls, Virginia’s premier communities provides ample space to host diplomatic style receptions.  The nearly 20,000 square feet of living space includes a spectacular main level master bedroom suite, library, kitchen/family room, pub, party room, billiards room, exercise room and so much more.  The hilltop siting of this fabulous home on nearly six acres provides panoramic views of the surrounding horse country yet provides unparalleled privacy.  Click here to visit the virtual tour for this home.

     First-time homebuyers continue to drive the real estate market to the benefit of trade-up or repeat buyers. As discussed earlier, this increased activity appears to be a direct response to the $8,000 first-time buyer tax credit. In April, first-time buyers accounted for 40% of all home sales and the trend is expected to spur more activity in the coming months. According the Lawrence Yun, NAR chief economist, “Since first-time buyers must finalize their purchase by November 30, 2009, to get the credit, we expect greater activity in the months aheead, and that should spark more sales by repeat buyers.”
A recent change this month allows qualified first-time home buyers to use the tax credit to help pay closing costs on FHA loans, to buy down the interest rate or make a larger down payment.
Existing home sales rose for the third straight month, building on gains in the previous two months. More repeat home buyers are entering the market indicating rising confidence in the market conditions. Home prices edged up 0.2% over the previous month, adding increasing signs for market stabilization. In spite of this, home prices are still lower than the same time a year ago. Foreclosures and short sales, which accounted for 45% of April sales, continue to skew the median price downword, as these properties are sold at a larger discount in comparison to traditional sales. Distressed sales, however, are helping the makret trim off considerable stock of unsold homes in areas with large inventory overhangs. There are currently on 183 foreclosures on the market in Fairfax County, down considerable from previous months.
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I am really excited about the next Charity Tuesday which will take place on July 7th.  We will be sponsoring the charitable organization – Golf Pros Beating Cancer, a group dedicated to supporting skin cancer research at Duke University.  One of only 40 centers in the country designated by the National Cancer Institute (NCI) as a “comprehensive cancer center,” Duke combines cutting-edge research with compassionate care. Duke’s team of nationally recognized physicians and staff treat more than 7,000 new patients per year, giving them the extensive experience that yields better results. The Duke Comprehensive Cancer Center is ranked as the top cancer hospital in the south, according to U.S.News & World Report’s “America’s Best Hospitals” survey.

Charity Tuesday events continue to gain momentum with the next one promising to be the biggest and best to date.  I have just picked up additional financial backing from three lenders, Danny Ott and James Gaudiosi with Wells Fargo Home Mortgage and Ana Maria Espina with Franklin American. The three have agreed to contribute a 10 percent match of the night’s dinner proceeds to the charity.  This currently brings our total contributions to 50 percent. I hope to have at least one additional contributor by the time of our next event.

As always, you simply come to the Old Brogue in Great Falls and enjoy great company, a fabulous dinner and an opportunity to win door prizes.  Whatever you spend on dinner and drinks will see a 50% match go to the charity – Golf Pros Beating Cancer.  Please click on the link (no pun intended) to learn more about this group and their upcoming Pro-Am tournament to be held at Trump National Golf Club.   Drawings for door prizes will also be held.  Our best prize to date is being offered up by Chris Melnick with LSA Title Services.  Chris has graciously offered up a three-some (actually a four-some with him) at Trump National.  Other door prizes include a one month complimentary pass to Elite Fitness here in Great Falls, a gift basket donated once again by Dominion Title , as well as several smaller gift items.  Danny Ott and I are working on securing additional door prizes which will be posted as they become available.

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