REAL ESTATE SCHOOL

CLICK HERE FOR THE SCHEDULE FOR FREE REAL ESTATE CLASSES!

JACE The Real Estate Company has opened enrollment for local residents to attend real estate school. Offering both fundamental courses for people who want to start a real estate career, and advanced training for established real estate professionals, JACE is offering discount rates for enrollment to celebrate the new school.

The real estate courses are approved by the state and are part of an on-line education program that is widely recognized to be the best in the state, and supplemented by classroom training.

According to Jace Schmitz owner of JACE The Real Estate Company, “It appears that our real estate market is showing the early signs of a recovery and people who have been thinking about starting their real estate career might be interested in starting now. Between the economic climate, and the new real estate licensing laws going into effect in 2010, we thought that now was the best time to create this opportunity.”

New laws going into effect in 2010 will make obtaining a Washington State real estate license more expensive and more time consuming by requiring more class hours and additional training.

Designated Broker Eileen Schmitz adds, “JACE The Real Estate Company has always been committed to education. Jace earned his Degree in Real Estate & Finance and by being a satellite school for the #1 real estate program in Washington, we are able to attract the type of quality agents already associated with our company. Real estate is a rewarding career both professionally and personally – to do it right it takes brains and hard work and integrity. Being a Realtor also allows you to make a huge difference in people’s lives and in the local community.

Real Estate courses are offered on-line and supplemented by classroom training in both Sequim and Port Angeles. For additional information on enrollment, or to participate in Career Day at JACE The Real Estate Company contact Eileen Schmitz at 360-565-2030 or register online HERE.

Home Buyer Tax Credit Extended!

Wednesday, the Senate voted to extend the $8,000 tax credit for first time home buyers through the first six months of next year. The bill passed 98 to 0! Thank you all, who wrote to you Federal Senators! Today, the bill should reach the house floor, and be passed. It will then go on to the White House for Pres. Obama's signature.

First time home buyers of homes under $800,000 (!!) must have a contract signed by April 30, 2010, and close it by June 30, 2010. Those who buy a new primary residence, who have owned their current home for at least five consecutive years in the last eight years, can get a $6500 credit!

People who make more than $125,000/yr or couples who make more than $225,000/yr are not eligible.

Federal legislators are NOT expected to extend these tax credits beyond the six months.

To take advantage of this buyer's market and get your tax credit, call JACE. 360.565.2030 or email jace@olypen.com .

Distressed properties gallop, home prices stumble

According to a report just released by the National Association of Realtors (NAR), the steep slide in home price accelerated at a record pace during the first three months of 2009 in the largest year-over-year decline in the 30-year history of the report. The national median home price of single family homes sold during the first quarter fell 13.8% to $169,000 year over year, and 6.2% compared with the last quarter 2008. NAR says that first-time homebuyers, who are often entry-level buyers, accounted for about half of all purchases during the quarter, and that many buyers took advantage of the deeply discounted prices of foreclosed properties and short sales.

These "distressed properties" typically sell for 20% less than traditional homes, according to NAR, and accounted for about half of all transactions. "Traditional homes in good condition have held their value much better, so owners shouldn't be overly concerned about median prices," said NAR president Charles McMillan, in a prepared statement. NAR's chief economist, Lawrence Yun, characterized it as a lull before an upturn. "Housing affordability conditions are at record high levels," he said, "and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas."

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Do you have questions about the First Time Home Buyer Tax Credit??

JACE answers!

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2% to 84.6 from a level of 82.0 in February, and is 1.1% higher than March 2008 when it was 83.7. Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. ”This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

Locally we are seeing an increase in sales (some would even say a supermassive increase in sales). For more information, contact JACE today!

Celebrating the 57th Annual American Home Week

Real Estate Agents all over America are holding special Open Houses this weekend in celebration of American Home Week. American Home Week is a nationwide celebration of the right to own property, the importance of protecting that right, and the responsibility of homeownership -- maintenance and improvement.

Call a JACE Agent for a private showing of our area Open Houses. Port Angeles 360.452.1210 or Sequim 360.681.7979.


Click here to see our Open Houses for the weekend of April 18th-19th, 2009.

First-Time Home Buyer?

Choose When to Claim Your Tax Credit

With the deadline for filing federal tax returns fast approaching, the National Association of Home Builders (NAHB) has made information available for qualified home buyers about how and when to claim the $8,000 first-time home buyer tax credit.

The basic eligibility requirements for the credit are: the home must have been purchased on or after Jan. 1, 2008 and before Dec. 1, 2009; the buyer may not have owned a home in the three years prior to the purchase; and the buyer must have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers.

Two factors affect the amount of credit qualified buyers can claim: it can only be equal to 10% of the purchase price of the home, up to a maximum of $8,000; and it is reduced for buyers with a MAGI between $75,000 for single taxpayers ($150,000 for married filers) and the upper income limit.

To claim the credit, buyers must complete IRS Form 5405 to calculate the amount of the tax credit, and enter it on line 69 of the IRS 1040 income tax return.

Qualified buyers have several options for when to claim the tax credit, but they can claim it only after the purchase of the home is complete, which in most cases happens when the title of the property transfers.

Buyers who complete their home purchase prior to April 15, 2009, can claim the credit on their 2008 income tax return. If the qualifying home purchase will be completed shortly after April 15, buyers can file an extension for tax year 2008 and claim the credit when they file their 2008 return, which must be done by Oct. 15. Or home buyers can claim a qualified purchase on their 2009 income tax return, which they will file in 2010.

Some things qualified buyers should take into consideration when deciding whether to claim the credit on their 2008 or 2009 returns include how quickly they need the refund and their expected income for 2009. There are no restrictions on how home buyers use the money, but they may want it quickly to pay for expenses related to the home purchase such as moving costs, furniture or remodeling. If homeowners expect their income to change next year due to factors such as retirement or a salary bonus, they should calculate how the income limits will affect their credit amount.

This information is provided to familiarize consumers with the first-time home buyer tax credit, and is not intended to serve as tax advice or as a legal opinion on tax status or consequences. Individual tax considerations will vary, and it is recommended that a tax professional be consulted to determine how this information applies to particular circumstances.

For more information, visit http://www.federalhousingtaxcredit.com/ . RISMEDIA