$6500 for Non-First Time Home Buyers

I have found that most folks know and understand that the $8000 credit for first time homeowners was extended by Congress in early November through April 30, 2010. But, less well understood is the new $6500 credit passed in that same legislation available to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Perhaps you have no immediate plans to purchase another home, but I hope this information will be helpful to you or to someone you know.

Who Qualifies for the $6500 Credit?

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight potentially qualify for the $6500 credit.

The Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much is Available?

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Determined?

Each home buyer’s tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer's income.

Price

The $6500 credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

If a Buyer's Income Exceeds these thresholds, can that Buyer still receive a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify if a Closing doesn't occur until after April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the $6500 tax credit need to be repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

You can reach me, Don Ricedorff, at The Wells Group, Durango, Colorado, 970-375-7014 or at
don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.
The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

HOLiDAZZLE comes to Durango for the 6th year!

What is Holidazzle you might be asking? Our great little town really gets into the holiday spirit by bringing 36 days (Thanksgiving to New Years) of holiday good times to the downtown area. At least 100 bright-red posters hang in store windows, and other holiday decorations and many lights abound. There are 45 family-friendly events to enjoy, and a total of $4000 in give-aways will be awarded by participating merchants. In short, the 200 individual shops, galleries and restaurants stand ready to welcome you to downtown Durango during this exciting season. An especially festive evening is "Noel Night,"on December 10, when more than 80 shops are open until 9:00 pm, in-store refreshments are available and various entertainment is available up and down Main Street.

As I've said many times, I'm proud to be from Durango, Colorado and I feel lucky that my job allows me to help others make this their home too. The Holidazzle promotion in our fabulous Durango downtown is just one more of the many benefits of special community.

You can reach me, Don Ricedorff, at The Wells Group, Durango, Colorado, 970-375-7014 or at
don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.
The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

8 Easy Ways to Seal Air Leaks Around Your House

Take a look at this great article on 8 Easy Ways to Seal Air Leaks Around Your House. You can contact me, Don Ricedorff, at The Wells Group, Durango, Colorado, 970-375-7014 or by visiting my website at durangorealproperty.com

• 
  
  
  
  
  
  
  
  

  8 Easy Ways to Seal Air Leaks Around the House

  
  

  For what the typical family wastes every year on air leaks—about $350—you can plug energy-robbing gaps, start saving money, and enjoy a more comfortable home. Read

  
  
  
  

Visit houselogic.com for more articles like this.

© Copyright 2009 NATIONAL ASSOCIATION OF REALTORS®

Market Statistics for October look Good!

October sales of La Plata County residential properties showed a significant change in the market. The 2009 October residential sales showed an increase in market volume of 2.6% versus October 2008, and the average price increased 5.7% versus last year. The transactions were nearly even with 67 transactions this year and 69 transactions last year. The median price was down 13.8% compared to last year, which suggests greater affordability now, and perhaps explains the increase in market volume and the improvement in transactions.

These October results reverse the trends compiled through September 2009. In the first nine months of 2009, the market has been trending -36% in volume and –30.5% in transactions. The October results may be indicating the bottom of the market in September, as buyers have returned to the market. The inventory levels of residential homes throughout most of La Plata County remains high, which offers buyers greater selection.

The good news in the last week with the expansion and continuation of the first time homebuyers credit should assist in a market turnaround for the remainder of 2009 and the beginning of 2010.

You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.
The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Real Estate Trends

The National Association of Realtors (NAR) has recently released information regarding trends among home buyers. You might find the following data of interest:

87% of home buyers nationally are using the internet to identify homes.
32% of home buyers nationally found the home they purchased on-line.

81% of home buyers use full service Realtors.

60% of home buyers nationally were born after 1964.

92% of home buyers nationally say energy efficiency in a home is important to them.

The majority of home buyers are seeking walkable neighborhoods, ample storage space, master bedroom suites, updated kitchens.

Also of interest, NAR reports that nationally real estate sales are up.

NAR is very active in pursuing extension of the $8000.00 first time home buyer's tax credit which is currently set to expire on November 30, 2009, and is optimistic that the credit will be extended into 2010.

You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.
The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Do you have a "Wish I Would Have" List?

Don't let investing in Durango, Colorado be on your "Wish I Would Have" List!"

I believe the recession is over and that we are at the bottom of the market in Durango, Colorado. Now is the time to buy, not just because interest rates continue to be at historic lows and inventories are at historic highs, but because we only have UP to go from here and by sitting on the sidelines, you may miss the best opportunity you will ever have to purchase property in this incredibly beautiful part of the country.

Here are my reasons for believing the recession is over:

1. The Index of Leading Economic Indicators for the US rose 0.6% in July, for its fourth consecutive gain.

2. Global economies are recovering as indicated by the 33 member countries in OECD which recorded its largest indicator increase in June since inception in 1962.

3. The job market is improving with the unemployment rate easing from 9.5% to 9.4% in June.

4. The stock market has rebounded 50% from its March lows.

5. The Federal Reserve's efforts to stabilize the financial system worked.

6. Bank lending is increasing.

7. Expectations for 2010 economic growth continue to improve. In a recent Wall Street Journal survey, 80% of economists said they believe the recession has ended or will have ended by September.

8. Housing has bottomed. Sales of US homes jumped in July to the highest level in almost 2 years. The Case-Shiller home price index advanced 2.9% in the second quarter.

9. Manufacturing is on the rebound. The Fed has said that industrial production rose 0.5% in July, the first increase in 9 months.

I believe the recession is over. But, no doubt there will be bumps in the road to full recovery. However, I truly believe that you will look back and think that NOW was the time to buy real estate in Durango, Colorado! Don't let it be on your "Wish I Would Have" list!

You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.
The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Lake Nighthorse A Reality After Decades!

A New Lake in our Area Nears Completion!


Lake Nighthorse, named for the former Colorado United States Senator Ben Nighthorse Campbell, is now 20% full. If all goes as planned, water being delivered to Lake Nighthorse from the Animas River will fill it by the year 2011. This may seem like a long ways off, but the reality is that this is a project that culminates literally decades of discussion, negotiation, design and construction, so the year 2011 actually seems unbelievably close to those of us who have watched or heard about this project for many, many years!


Lake Nighthorse is located in an area called Ridge's Basin which is southwest of Durango. Once filled, it will have a surface area of approximately 1,500 acres or roughly two square miles. The intended use of Lake Nighthorse is primarily for diversion and water storage for the seven "sponsors" of the Animas-La Plata compact that was formed in the 1960s. Those sponsors include the Southern Ute and Ute Mountain Indian Tribes and the Navajo Nation, as well as water management entities in both Colorado and New Mexico. The sponsors will each receive water from the project for approved uses according to complex agreements that were negotiated as part of the Animas-La Plata compact.


Lake Nighthorse has also been approved for recreation, fishing and wildlife uses, although my understanding is that the specifics, timelines, rules and regulations of this recreation piece are still being fiercely negotiated by various interested parties, including environmental groups. Funding for recreational use is obviously a critical piece and not yet in place. The new lake will most likely be off limits to the public until the questions about funding and approved recreational uses have been resolved.


In summary, after decades of debate and hard work, completion of Lake Nighthorse is just around the corner and will open a grand new resource for Durango and the surrounding region. It is a new resource that I look forward to with anticipation!

You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.

The designations include:

CRS, Certified Residential Specialist

CRB, Certified Residential Broker

CCIM, Certified Commercial Investment Member

CDPE, Certified Distressed Property Expert

ABR, Accredited Buyer Representation

GRI, Graduate of Realtor Institute

RSPS, Resort and Second Home Property Specialist

CIPS, Certified International Property Specialist

SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.