Where’s the Jackson Hole Real Estate Market Headed – Feburary Review

That’s a good question. Currently we are at a stand still as transactions are almost nonexistent. The month of February will go down as a month to forget or should I say a month that was forgotten. Totals for sales volume and units sold are unbelievably small. Okay – enough baiting. When looking back on…

How Did Jackson Hole Real Estate Compared to Aspen Real Estate in 2008?

2008 Real Estate Resort Market 2008 sales data has just been released by the Rocky Mountain Resort Alliance with not so surprising results. The Rocky Mountain Resort Alliance consists of Aspen, Whistler, Park City, Steamboat Springs, Summit Co., Sun Valley, Telluride, Jackson Hole, Vail, McCall, Idaho, Grand Co. and the Lake Tahoe region. The Rocky…

Jackson Hole Town Square Real Estate – Want to Buy a Corner of Jackson Hole History?

In the past few weeks something unusual has happened in the Jackson Hole real estate market – 2 commercial properties on Jackson’s Town Square have become available for purchase. In the 15 years Christy and I have been in the real estate business we can not remember a time when 2 corners of the famed…

First Time Homeowner Tax Credit – Explained – How Does It Help Jackson Hole Homebuyers?

Information about first time home buyer tax credits as amended by the American Recovery and Reinvestment Act of 2009 (HR 1).

We highly suggest that you please consult your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status. This website is for information only and should be verified by a tax professional.

The 3 changes to the first-time home buyers tax credit program include:

Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009
No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

The Tax Credit is for home buyers (either spouse if filing jointly) who have not owned a principle residence during the three-year period prior to the purchase.

The maximum credit is $8,000 or 10% of the home purchase, whichever is less – not an issue here in Jackson Hole or Teton Valley, Idaho.

The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.

To qualify for the full tax credit, married couples’ modified adjusted gross income should be under $150,000 and single filers’ modified adjusted gross income should be less than $75,000. Partial tax credits may be available for married couples with modified adjusted gross incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each on their tax returns.

Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.

There is no recapture or repayment clause IF the home is owned for at least 36 months.

The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.

The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.

The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.

The American Recovery and Reinvestment Act of 2009

Jackson Hole Real Estate – Top Values for February 19, 2009

Check out the link to the JacksonHoleExperts Top Picks of the Week! Christy and I, along with the Gillepie Real Estate Team, takes time each few weeks to look at the current market and make a couple of Top Picks. A question we hear from almost everyone is, “So, how is the market?” Those answers…

Housing and the Stimulus Package – Jackson Hole Status Report

February 17, 2009 Christy and Garth Gillespie, the “Jackson Hole Experts” have reviewed the Stimulis Bill and Treasury announcements made last week and being signed today and here are our thoughts. We were in support for a $15,000 tax credit but that was defeated. We are very excited to report much of what the National…

Year End Real Estate Results For Jackson Hole — 2008

Year End Real Estate Results For Jackson Hole — 2008 Looking strictly at the Teton Board of REALTORS multiple listing service (MLS) the numbers are quite stagering. Transactions totaled 282 and sales vloume was $480 million. Verse 2007 – unit volume fell 51% and sales volume declined 39%. Charting the past seven years we saw…