Search the Colorado Springs MLS – Now with NO registration required!

That’s right. You can now search all homes for sale in the Colorado Springs area without having to register!  We’re providing you all available pictures, virtual tour (if available), neighborhood info, aerial photos, property description, address, and the ability to search by map.  We even have some cool new bling like school district or neighborhood overlays for the map.

Brand new Mapping and Search Technology from 1ParkPlace!

You will obviously need to register in order to save your searches, or to get automatic updates when new listings come on the market.   However, ALL available information is provided whether or not you choose to register.

Start searching all Colorado Springs Homes For Sale now!

[jeremy]

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Homebuyer tax credit: new 5405 form released today

Latest IRS Form 5405

The IRS has finally released a new Form 5405, the form that is required to claim the homebuyer tax credit.   You can download the new form here.

Because the original tax credit had been amended and expanded, the form had to be updated to reflect the changes, and as a result, people who purchased a home after November 6th have had to wait until now to claim the credit.

According to CNN, you’ll no longer be able to e-file to claim this credit because of the number of fraudulent claims that have been filed.  You can, however, still prepare your tax return via Turbo Tax or other similar software, but you’ll need to print out and mail the forms instead of e-filing, since there is additional documentation required that can’t be accepted via e-file.

Buyers who qualify for the tax credit have until April 30th to place a contract on a home, and until June 30th to close on that home. Time is ticking, especially if you’re looking at purchasing a short sale or doing a rehab (203k) loan.

Feel free to give Jeremy a call at 719.231.9043 or email him at jeremy@thecircagroup.com to explore your options in purchasing a home and claiming the tax credit.

Special thanks to Amy Cavender for the heads up.

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Colorado Springs and El Paso County Zoning Maps

Do you ever wonder what the zoning is on a particular property?  Perhaps you’re considering purchasing a home that backs to an open field or you maybe you’re just nosy want to know what is going on with a nearby property.  Of course, keep in mind that zoning can and does change; so start here, but if you have a particular concern additional research would be in order.

El Paso County Zoning

El Paso County Zoning

The first thing you’ll need to do is determine the zoning authority for the particular property.  This means the City of Colorado Springs or El Paso County in most cases.  (If you live in another incorporated city such as Monument, you will need to contact the city directly.  Unincorporated areas, such as Falcon and Black Forest are El Paso County zoning.)

1. El Paso County zoning maps are available on their website in PDF form.

While these won’t show areas within Colorado Springs city limits they are very useful in areas of newer development that haven’t been annexed by the city.  I’ve personally used these maps extensively in the Black Forest and Falcon areas, and found them to be quite useful.

Colorado Springs Zoning

Colorado Springs Zoning

2. Colorado Springs zoning maps are available on their website using an interactive viewer.

This website is finicky and sometimes causes me frustration.  If you’re one of the smart people in the world browsing the web with Safari, Firefox, or Opera then you might need to swallow your pride just this once and use Internet Explorer.

[jeremy]

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It’s Official – Homebuyer Tax Credit is Back and Better than Ever

The internet has been abuzz today with news of the Homebuyer Tax Credit being extended and expanded.  That’s right, the $8000 credit that was available to first time homebuyers who closed by November 30th is extended and a new $6500 credit is now available to those who already own a home.  The National Association of Realtors provides the following information (slightly redacted):

Who Qualifies for the Extended Credit?

  • First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
  • Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer’s Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

  1. The price of the home.
  2. The buyer’s income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

If the Buyer’s Income Exceeds These Limits?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

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Tax Credit Extended? Almost.

[UPDATE: legislation passed the Senate on Nov. 4th and passed the House on Nov. 5th.  The president is expected to sign the bill into law as soon as today (Nov. 6).  You can read more about the tax credit extension and expansion here.]

As you may already know, the $8,000 tax credit for first time homebuyers expires November 30 (based on closing date). Congress is on the cusp of sending an extension and expansion to the Presidents desk so we’ll keep you updated.

For now, you can read more at VARbuzz.

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