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New Legislation

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit.

Under the new law,an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

General Information

Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:

• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405, which you file with your original or amended tax return.

Source. IRS.gov

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Missoula’s 59808 zip code continues to struggle.  While it has, by far, the most sales of all areas of Missoula, its numbers for 2009 were significantly below those of 2008.  2009 finished almost 5% below last year in the number of homes sold, well over 12% below last year in total value of homes sold and more than 8% below last year in average sales price.

At the end of December 2009, there were 182 homes for sale in Missoula’s 59808 zip code with an average list price of almost $319,000. Homes for sale in Missoula’s 59808 zip code, range from $68,000 to $1,800,000.

View Real Estate Market Reports for all of Missoula Montana

Missoula’s 59804 zip code was one of the top three best performing areas in Missoula so far as the number of homes sold, the total value of those homes and the average sales price of homes.  So it can be argued that 59804 was Missoula Montana’s best performing zip code.  One of 3 zip code which actually outperformed 2008 in many aspects.

At the end of December 2009, there were 61 homes for sale in Missoula’s 59804 zip code with an average list price of just over $548,000, this number is inflated due to some very high priced homes. Homes for sale in Missoula’s 59804 zip code, range from $119,900 to $5,850,000.

View Real Estate Market Reports for all of Missoula Montana

Missoula’s 59803 zip code was by far, the best performing zip code in Missoula, with both the total number of homes sold and the total combined value of those homes in 2009 exceeding the numbers for 2008.  2009 saw 168 homes sold as opposed to 148 homes sold in 2008.

At the end of December 2009, there were 99 homes for sale in Missoula’s 59803 zip code with an average list price of just over $397,000. Homes for sale in Missoula’s 59803 zip code, range from $119,500 to $1,500,000.

View Real Estate Market Reports for all of Missoula Montana

Missoula’s 59802 zip code has been one of the best performing areas in Missoula so far as the number of homes sold. With the exception of only a minor slide in May and June of 2009, this area stayed strong and showed sales numbers very close to last year, in fact 2009 met or exceeded 2008 in six of twelve months in sales volume. Believe it or not, 2009 ended with 2 mores homes sold than in 2008!!

At the end of December 2009, there were 152 homes for sale in Missoula’s 59802 zip code with an average list price of just over $325,000. Homes for sale in Missoula’s 59802 zip code, range from $99,500 to $997,500.

View Real Estate Market Reports for all of Missoula Montana

For three months in a row now, Missoula’s 59801 zip code has either met or exceeded 2008 number of homes sold.  After a rough start this year, 59801 came back pretty strong at the end and finished up about 10.25% under 2008 in number of homes sold and considerably worse, about 15.26% under 2008 in total value of homes sold for the year.

At the end of December 2009, there were 184 homes for sale in Missoula’s 59801 zip code with an average list price of just over $260,000.  Homes for sale in Missoula’s 59801 zip code, range from $97,000 to $964,000.