Every quarter in the United States as a tracking measure in place to measure what people think their home is worth compared to what it actually would be worth on the open market. Over the past two years crept closer and closer to reality, and people are really starting to understand how far their home values have actually fallen.

During the third quarter of 2009, there’s been a big shift on what people think about their home and their equity. With a nationwide survey, homeowners were asked what they thought of their current appraised value. 25% thought that their home had actually increased in over the past year. 26% thought their homes stayed the same value as it was last year. And a whopping 49% of national homeowners realize the truth when stating that their home had decreased in die you over the past year. This is one of the issues that Realtors must overcome when they talk to homeowners looking to sell the properties.

Will the truth of the matter is that actually 72% of US homes have decreased in value over the past year. The good news is that 22% of homes actually increased in value. In most areas across the nation the 22% of homes that increase is probably a hard stat to believe because most areas have been hit so hard.

Looking into the future there’s another poll showing the homeowners think their valuable do in the next year. 41% of homeowners think that their home value will actually increase the next six months.  43% of homeowners think that their values will remain the same over the next six months. Only 17% of homeowners surveyed thought that their home value would decrease over the next year. I think a lot of these numbers are fairly optimistic even. Even though I think for very close to bottom, it’s hard to believe that were to see much of an increase in the next year just to shoot the sheer volume of foreclosures on the market.

If you are a homeowner, what do you think?

$194,000 :: Lot 50 Ranch Rd., Garden Valley ID, 83622
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3 beds, 2 baths
Size: 1,237 sq ft
Lot Size: 37,897 sq ft
Added: 11/13/09, Last Updated: 11/15/09
Property Type: Residential
MLS Number: 98420457
Community: Garden Valley
Tract: Shilo Ranch Est

Build a Lot Program. GVP is working with CW Construction on building affordable new homes. Home meets or exceeds Valley County Code minimums. Fewatures include 2×6 walls w/R19, R38 ceiling, reinforced rebar foundations, low E vinyl windows. Lot is heavily timbered and level. Septic permit in place. Community water. Great subdivsion to build your mountain get away. Listed with Garden Valley Properties, LLC

$212,000 :: Lot 201 Moonglow Dr., Garden Valley ID, 83622
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3 beds, 2 baths
Size: 1,237 sq ft
Lot Size: 20,908 sq ft
Added: 11/11/09, Last Updated: 11/11/09
Property Type: Residential
MLS Number: 98420138
Community: Garden Valley
Tract: Terrace Lakes

Build a Lot Program. GVP is working w/CW Construction on building affordable new homes. Home meets or exceeds Valley County Code minimums. Features include 2×6 walls w/R19, R38 ceiling, reinforced rebar foundations, low E vinyl windows. Nicely sloped lot. House will include unfinished walkout. View of Scott Mtn. Enjoy all the amenities of mountain living. Terrace Lakes offers golf, geothermal pool, restaurant and much more. Call for more info on the Build a Lot Program. Listed with Garden Valley Properties, LLC

$240,000 :: 32 Gooseberry, Garden Valley ID, 83622
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3 beds, 2 baths
Size: 2,690 sq ft
Lot Size: 261,360 sq ft
Added: 11/03/09, Last Updated: 11/10/09
Property Type: Residential
MLS Number: 98419500
Community: Garden Valley
The price of this listing was last reduced on 11/10/2009 by 13%

Amazing Views of the Mountains and River from this Unrestricted, no CC&R’s home on 6 Acres! Property has RV pad and a Creek running through the corner. Large open floor plan. Great private property that can have Horses! Listed with 43 Degrees North Real Estate

$279,000 :: 6 Terrace Drive, Garden Valley ID, 83622
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2 beds, 2 baths
Size: 1,587 sq ft
Lot Size: 8,712 sq ft
Added: 11/09/09, Last Updated: 11/10/09
Property Type: Residential
MLS Number: 98420000
Community: Garden Valley
Tract: Village At Terr

Immaculate 2007 log home in exclusive neighborhood. Large common areas with underground irrigation and lawn maintenance, spectacular views, interior log accents, master on main level with private deck. Two bedrooms plus loft, tongue and groove vaulted ceilings, knotty pine cabinets and Pergo floors. Attached one and a half car garage. BTVA Listed with Garden Valley Properties, LLC

There has been a vote on the Unemployment Extension Bill which is set to extend the first time home buyer tax credit that was supposed to end December 1st, 2009.   The vote by the house was 403-12 and President Obama is slated to sign the bill tomorrow.  Here are some of the questions we have gotten about the bill.

This will run from December 1st, 2009 to April 30th, 2010.

You are eligible if you have not had any interest in a principle residence during the past three years.  This includes your spouse.  You are eligible for 4,000 if you are single and $8,000 if you are filing jointly.

There is a new credit for current homeowners too that is really looking like it will stimulate the real estate market.  Here is an example of that scenario.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

There are some new income limits to pay attention to.  Before it was $75,000 if single and $150,000 jointly.  Now that has expanded to $125,000 for single and $250,000 for joint filings.

There was a not a purchase purchase price limit before, now there is a cap purchase price of $800,000 to qualify.  Here is a question that addresses this issue.

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I
have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Here is a question from those that have owned a home previously, but have had a stint of time of no ownership.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting
since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000
and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.

Here is in reference to contracts that might be already written and in escrow.

Question: I am an eligible first time home buyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date ffect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

To download a copy of the changes, click here.

$449,500 :: 52 Wapiti Ct, Garden Valley ID, 83622
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5 beds, 4 baths
Size: 4,324 sq ft
Lot Size: 7,405 sq ft
Added: 11/05/09, Last Updated: 11/05/09
Property Type: Residential
MLS Number: 98419722
Community: Garden Valley
Tract: South Fork Landing

This Spectacular home is located in the Prestigious community of Southfork Landing. A Fly Fisher person’s paradise! Too many upgrades to list, this home has it all! If you are looking for a luxury Mountain property, this home cannot be missed! Listed with 43 Degrees North Real Estate

$275,000 :: 32 Gooseberry, Garden Valley ID, 83622
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3 beds, 2 baths
Size: 2,690 sq ft
Lot Size: 261,360 sq ft
Added: 11/03/09, Last Updated: 11/03/09
Property Type: Residential
MLS Number: 98419500
Community: Garden Valley

Amazing Views of the Mountains and River from this Unrestricted, no CC&R’s home on 6 Acres! Property has RV pad and a Creek running through the corner. Large open floor plan. Great private property that can have Horses! Listed with 43 Degrees North Real Estate