[garysears]

[quote=1stimebuy]I don’t know about the general trend but for me personally, my attitude changed over the past few weeks in terms of house search.

As I realize any decent attached property will have to be around $300/sqft range, and climbing fast, I’m beginning to think that soon we’ll reach the peak days again.

That $8K, $10K gov’t incentive did a lot for buyers in low price market to do overbid at least $8K, $10K. I’ll wait to see how the market changes after the program and if it stays up, I’ll just have to rent a couple of more years… or find job outside San Diego[/quote]

I think the 8k incentive actually bumped prices at least 40k due to leverage. Asking prices at the low end seemed to jump from around 200k to the mid 200ks pretty quickly.

I am in escrow on a low end property after waiting since 2003 to buy. It is really kind of scary because I don’t know how it all will play out. It is possible I’m overpaying by 50-75k.

I came to the conclusion that government is not going to allow the much anticipated dumping of distressed inventory on the market. I guess I just got impatient and declared defeat in my search/hope for reasonable prices.

A logical view is that government won’t be able to afford the housing supports forever. Well, the government hasn’t been able to afford a good portion of spending for years. I put my money on continued government intervention, even to the point of wrecking the currency over it.

Yes, I will be disappointed with myself if the prices come down significantly because that means I will have just been a knife catcher, after having made fun of knife catching the last few years.

[garysears]

That probably depends on how many windows you have to replace and how experienced you are. I am in the process of replacing 9 windows in an REO. I decided I need to do this before I move in since a few of the windows are broken. It is helpful that this will be a single day job for a crew with the window company. But I am paying over 100 extra per window for the installation.

I would not be surprised if the government tax incentive for energy efficient windows has allowed window companies to increase prices, but I was not pricing windows prior to the tax credit. For companies that don’t separate installation and window cost in the billing, I am told the IRS allows the 30% credit to be applied to 80% of the bill (24% of the total). If true, this implies the IRS believes 20% installation cost is normal (or an 25% of the window cost).

Of course the other option would be to buy the windows, then hire guys with experience to do this on the side for less. For me there is something to be said for the company measuring and installing the windows. That way, any problems or errors would have some recourse.

[garysears]

That probably depends on how many windows you have to replace and how experienced you are. I am in the process of replacing 9 windows in an REO. I decided I need to do this before I move in since a few of the windows are broken. It is helpful that this will be a single day job for a crew with the window company. But I am paying over 100 extra per window for the installation.

I would not be surprised if the government tax incentive for energy efficient windows has allowed window companies to increase prices, but I was not pricing windows prior to the tax credit. For companies that don’t separate installation and window cost in the billing, I am told the IRS allows the 30% credit to be applied to 80% of the bill (24% of the total). If true, this implies the IRS believes 20% installation cost is normal (or an 25% of the window cost).

Of course the other option would be to buy the windows, then hire guys with experience to do this on the side for less. For me there is something to be said for the company measuring and installing the windows. That way, any problems or errors would have some recourse.

[garysears]

That probably depends on how many windows you have to replace and how experienced you are. I am in the process of replacing 9 windows in an REO. I decided I need to do this before I move in since a few of the windows are broken. It is helpful that this will be a single day job for a crew with the window company. But I am paying over 100 extra per window for the installation.

I would not be surprised if the government tax incentive for energy efficient windows has allowed window companies to increase prices, but I was not pricing windows prior to the tax credit. For companies that don’t separate installation and window cost in the billing, I am told the IRS allows the 30% credit to be applied to 80% of the bill (24% of the total). If true, this implies the IRS believes 20% installation cost is normal (or an 25% of the window cost).

Of course the other option would be to buy the windows, then hire guys with experience to do this on the side for less. For me there is something to be said for the company measuring and installing the windows. That way, any problems or errors would have some recourse.

[garysears]

That probably depends on how many windows you have to replace and how experienced you are. I am in the process of replacing 9 windows in an REO. I decided I need to do this before I move in since a few of the windows are broken. It is helpful that this will be a single day job for a crew with the window company. But I am paying over 100 extra per window for the installation.

I would not be surprised if the government tax incentive for energy efficient windows has allowed window companies to increase prices, but I was not pricing windows prior to the tax credit. For companies that don’t separate installation and window cost in the billing, I am told the IRS allows the 30% credit to be applied to 80% of the bill (24% of the total). If true, this implies the IRS believes 20% installation cost is normal (or an 25% of the window cost).

Of course the other option would be to buy the windows, then hire guys with experience to do this on the side for less. For me there is something to be said for the company measuring and installing the windows. That way, any problems or errors would have some recourse.

[garysears]

That probably depends on how many windows you have to replace and how experienced you are. I am in the process of replacing 9 windows in an REO. I decided I need to do this before I move in since a few of the windows are broken. It is helpful that this will be a single day job for a crew with the window company. But I am paying over 100 extra per window for the installation.

I would not be surprised if the government tax incentive for energy efficient windows has allowed window companies to increase prices, but I was not pricing windows prior to the tax credit. For companies that don’t separate installation and window cost in the billing, I am told the IRS allows the 30% credit to be applied to 80% of the bill (24% of the total). If true, this implies the IRS believes 20% installation cost is normal (or an 25% of the window cost).

Of course the other option would be to buy the windows, then hire guys with experience to do this on the side for less. For me there is something to be said for the company measuring and installing the windows. That way, any problems or errors would have some recourse.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

I’m supposed to close escrow 23 April (first time homebuyer of a used house). I’m going to try to extend closing to 01 May. I’m not a California resident and don’t pay California income tax but I will have to pay California taxes on my rental income of the detached granny flat. I’m not 100% sure of all the particulars but it looks like I can get a 3 years tax free though I won’t get the whole 10k credit.

[garysears]

I’m supposed to close escrow 23 April (first time homebuyer of a used house). I’m going to try to extend closing to 01 May. I’m not a California resident and don’t pay California income tax but I will have to pay California taxes on my rental income of the detached granny flat. I’m not 100% sure of all the particulars but it looks like I can get a 3 years tax free though I won’t get the whole 10k credit.

[garysears]

I’m supposed to close escrow 23 April (first time homebuyer of a used house). I’m going to try to extend closing to 01 May. I’m not a California resident and don’t pay California income tax but I will have to pay California taxes on my rental income of the detached granny flat. I’m not 100% sure of all the particulars but it looks like I can get a 3 years tax free though I won’t get the whole 10k credit.

[garysears]

I’m supposed to close escrow 23 April (first time homebuyer of a used house). I’m going to try to extend closing to 01 May. I’m not a California resident and don’t pay California income tax but I will have to pay California taxes on my rental income of the detached granny flat. I’m not 100% sure of all the particulars but it looks like I can get a 3 years tax free though I won’t get the whole 10k credit.

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