Arizona Restaurant Week!

Join the Valley’s tastiest event — the first-ever Arizona Restaurant Week! Arizona Restaurant Week – gives you the chance to try out all the fancy restaurants at bargain prices!

September 20 – 26th

3 Course Menus – $29 / Person, $58 / Couple

Phoenix joins several other culinary destinations throughout the country to offer an annual, 7-day promotion at dozens of restaurants throughout the Valley.

Arizona Restaurant Week makes its debut this year Sept. 20 – 26, 2008. This annual event will offer you the chance to partake in Arizona’s finest fare for seven days at a special price. Some of the Valley’s best restaurants will participate in the event, showcasing some of Arizona’s most celebrated chefs. Each will offer a three-course menu of signature dishes at the value price of $29 per person or $58 per couple, excluding drinks, tax and tip.

Learn more at www.arizonarestaurantweek.com

How’s the Market?

Thanks to Grady Young of Security Title Agency for providing this data.  His team at Security Title Agency are the best in the business in my opinion.  www.SecurityTitle.com – they make your home sale/purchase legal:)

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

Here’s how it works:

• The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

• This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

• The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

• High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: The Washington Post, Michelle Singletary (07.03.08)

For Sale in Gilbert

New Housing Bill Signed into Law

The Housing and Economic Recovery Act
Last week, President Bush signed the “Housing and Economic Recovery Act of 2008″ into law. This $300 Billion rescue plan is aimed at helping struggling homeowners avoid foreclosure, as well as boost confidence in the housing market. Although the bill is several hundred pages long and contains a number of far-reaching provisions, here are a few of the major provisions in the legislation that impact homeowners and homebuyers:

1. Tax credits. First-time homebuyers who purchase their primary residence on or after April 9, 2008 and before July 1, 2009 are eligible for up to $7,500 in tax credit, provided they haven’t owned a home in the last three years and fit certain income parameters. The credit is generous, but it is actually an interest free loan, paid back over 15 years at $500 per year when taxes are filed.
Special note: Some types of seller-paid down payment assistance programs are being eliminated as of October 1st as well – so purchasing a home before then may gain you a double benefit of tax credits AND seller-paid down payment assistance while it is still available.
2. Larger loans at lower rates. There have recently been provisions in place that have allowed loans larger than $417,000 to qualify for better financing rates than normally would be available for “jumbo” loan amounts of that size, thanks to Fannie Mae and Freddie Mac.