Lake Havasu Lifestyle

The Lake Havasu housing stats for July 2009 are in and they are looking good.  According to the Lake Havasu Association of REALTORS®, the sales of single-family homes, multi-family homes and vacant land in Lake Havasu City were up in July 2009 compared to the same time last year.  Sales of single-family homes were up 43% (140 units sold in July 2009 vs 98 sold in July 2008), sales of vacant parcels of land were up 33% (12 lots sold in July 2009 vs 9 sold in July 2008) and sales of multi-family homes were up 150% (5 sold in July 2009 vs 2 sold in July 2008).  Single-family and multi-family home sales are experiencing an upswing in year-to-date figures for 2009 compared to the same time period as last year as well, with single-family home sales up almost 25% and multi-family homes up almost 108%.  Vacant land sales have remained almost the same.  Even though the average sale price for a single-family home in Lake Havasu in July 2009 was much lower than the same time last year (currently at $187,627), it has actually increased from May and June.  Is this a leveling out of the market?  You would need a crystal ball to tell.  But, I can tell you this for sure: with these prices and the expiration date for the $8000 First Time Home Buyers Tax Credit quickly approaching, now is the time to buy your Lake Havasu home.  Contact me now so we can get you in that home as quickly as possible.

Donna Ball, Always on the Ball with Lake Havasu Real Estate

Saturday, September 26th is the big day here in Lake Havasu City for the amazing Fire Truck Tug and Family Safety Day.  The Fire Truck Tug, is exactly what it sounds like: a tug of war.  Teams will compete to see who can pull the fire truck 10 feet in the shortest amount of time.  Competing teams will be co-ed as well as all male and all female.  Each team will be using their brute strength to impress and entertain you while raising funds for the Special Olympics.  The fire truck to be used for the event is from our own great Lake Havasu City Fire Department.
 
Family Safety Day will be held at Rotary Community Park between 9am and 1pm.  As the name implies, this is a day in which families can have a lot of fun while learning more about safety.  There will be booths on hand with information about safety in vaious areas of your lives.  There will even be a place where you can have your child's car seat checked for safety.
 
The day will include airbrushed tattoos, a bounce house, crafts and prizes.  There will also be skate board competitions at the skate park.

*****All funds raised by the Fire Truck Tug will be donated to the Special Olympics*****

Competition forms can be found at the Aquatic/Community Center.  Registration must be notarized in order to participate.  For more information about the event or participation, call Janice Brown at 453-8686.  I hope to see you there!

Donna Ball, Always on the Ball with your Lake Havasu real estate needs 

Time is running our for Lake Havasu first-time home buyers to take advantage of the First-Time Home Buyers Tax Credit.  It is September already!  This means you only have a few more weeks to locate a home and close escrow before the November 30, 2009 deadline.

Don't Wait or You May Lose Out

At this time, there is no extension to the tax credit, even if you are in escrow.  Sometimes, delays occur and escrow extends the expected timeline.  Loan processing may take a little longer than is expected or there may be some issue that would come up in escrow that would take time to resolve.  No matter what the reason for the delay, you will lose the tax credit if escrow does not close on or before November 30.  So, opening escow as soon as possible is critical.

Tax Credit Advantages

    * Dollar-for-dollar credit - the credit is deducted from the money you owe the IRS; any balance is refunded to you.
    * The money is free - there is no pay back required, ever.
    * In some cases, the tax credit can be applied towards your down payment or closing costs; any remaining funds will be credited to you.

Who is a First Time Home Buyer?

    * Anyone who has not owned a home within the past three years.

How Much is the Tax Credit?

    * 10% of the purchase price up to $8,000.

Income Limits

    * $75,000 for singles.
    * $150,000 for married couples filing a joint return.
    * The tax credit is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 (single) or $150,000 (married, filing a jointly).
    * There is a phase out tax credit for those earning more than the income limit - contact a qualified tax professional to see if you qualify.
    * Partial credits are available for some home buyers whose MAGI exceeds the phaseout limits - contact a qualified tax professional to see if you qualify.

Restrictions

    * The home purchased must be your principal residence.
    * You must live in the home for three (3) years - if you change residences before that time, you must repay the credit.

There has been much talk of extending or expanding the tax credit.  But, as it stands for now, the opportunity to take advantage of the tax credit will soon go away.  Remember, you must close escrow on or before November 30.  The contract date will not matter.  It is the closing date (the date you officially become the owner) that will determine your eligibility for the First-Time Buyers Tax Credit.

Donna Ball, Always on the Ball with Lake Havasu City real estate