New Tax Credit from the Federal Government
Monday, November 9, 2009
Tuesday, November 3, 2009
Let's Extend The $8,000 tax credit deadline
Let's extend the $8000 tax credit deadline
If you want to take action re extending tax credit visit the NAR website to send a message to your politicians.
http://takeaction.realtoractioncenter.com/campaign/hbtc?qp_source=dotorg&LID=RONav0019
Subject:
Homebuyer Tax Credit: Extend and Expand
Dear [ Decision Maker ],
As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.
That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.
A homebuyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.
The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.
We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act NOW to extend and expand the credit through 2010.
Sincerely,
[Your name]
[Your address]
If you want to take action re extending tax credit visit the NAR website to send a message to your politicians.
http://takeaction.realtoractioncenter.com/campaign/hbtc?qp_source=dotorg&LID=RONav0019
Subject:
Homebuyer Tax Credit: Extend and Expand
Dear [ Decision Maker ],
As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.
That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.
A homebuyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.
The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.
We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act NOW to extend and expand the credit through 2010.
Sincerely,
[Your name]
[Your address]
Tuesday, October 27, 2009
Tax Credit of $8,000 extended?
No one knows what's going to happen with the Tax Credit. Could
continue/extend for 6 months, could increase to $15,000 for all buyers,
could go to zero. If person can close on or before November 30, 2009
they will get a prorate $8,000. If they close after December 1, 2009
may get a shot at $15,000 or - As Clint Eastwood say's "do you feel
lucky?"
Homebuyer Tax Credit Extension Debate Heats Up
The Senate is slated to take up a bill this week that extends
unemployment benefits and it might include an extension of the $8,000
homebuyer tax credit. Proponents of the first-time homebuyer tax credit
that is due to expire Nov. 30 were planning to offer amendments to
unemployment benefits bill that would extend and possibly expand the tax
credit. But now it appears Senate lenders are working on a compromise
that could be tucked into the bill as a manager's amendment. Such an
approach would increase the chances that the first-time homebuyer tax
credit would be extended by at least six months. And depending on the
costs, it might include features of a proposal sponsored by Senators
Christopher Dodd, D-Conn., Johnny Isakson, R-Ga., and Joseph Lieberman,
D-Conn., that extends the tax credit through June 30. The
Dodd-Isakson-Lieberman proposal expands the tax credit to all buyers and
raises the income limits to $150,000 for individuals and $300,000 for
joint returns.
Sooner or Later the First Time Home Buyer Tax Credit Will Die
By Paul Muolo
The two most important "unknowns" facing the mortgage industry are
these: what will happen to interest rates when the Federal Reserve stops
buying GSE MBS and will the expiration of the $8,000 first time home
buyer tax credit hammer the origination business? Currently - as most
mortgage bankers can attest - profit margins are the best they've been
in years and plenty of "newbie" home buyers are dipping their toes in
the water, believing now is the time to pounce because bargains abound
and rates may never be this low again. (I've heard those last two
arguments many a time in my 20-plus years in the business.) It's no
secret that both Realtors and mortgage bankers have been heavily
marketing the FTHB, warning that time is running out on this $8,000
federal giveaway. At press time it was still unclear whether the White
House and Congress would, in fact, extend the credit beyond the November
30 sunset date. Budget hawks and selected fiscal conservatives alike
believe that this "benny" needs to die now before it gets even more
expensive than the $15 billion it has already cost. By now you've heard
the arguments from the various trade groups: thousands of consumers have
used the FTHB and without it they wouldn't have bought. Maybe so. But
eventually this tax give away needs to end. The problem with holding a
"sale" for too long (and let's face it the FTHB is indeed a sale the
only different being that Uncle Sam is paying for it and not Macy's) is
that after a time it becomes "institutional." Consumers expect it. They
consider a birth right. And maybe Uncle Sam should allow the FTHB to
expire as planned at the end of next month. The Mortgage Bankers
Association wants it extended for seven more months. The home builders
want it for another full year. And both think the credit should be made
available to all buyers not just newbies. This is what will happen if
the FTHB dies on schedule: home buyer traffic will decrease,
applications will fall and lenders and Realtors alike will cry foul. But
if the economy is truly improving perhaps the foot traffic will only
slow for a few weeks before reviving. There are two components to home
affordability: rates and home prices. If rates stay low (which they will
through February) then for volumes to keep pace sellers might have to
drop their prices further. The lower the price, the lower the monthly
mortgage payment. Such a scenario speaks to affordability. Sooner or
later, the housing and mortgage industries will have to swim without a
life preserver. Now may be the time, as painful as it may be.
continue/extend for 6 months, could increase to $15,000 for all buyers,
could go to zero. If person can close on or before November 30, 2009
they will get a prorate $8,000. If they close after December 1, 2009
may get a shot at $15,000 or - As Clint Eastwood say's "do you feel
lucky?"
Homebuyer Tax Credit Extension Debate Heats Up
The Senate is slated to take up a bill this week that extends
unemployment benefits and it might include an extension of the $8,000
homebuyer tax credit. Proponents of the first-time homebuyer tax credit
that is due to expire Nov. 30 were planning to offer amendments to
unemployment benefits bill that would extend and possibly expand the tax
credit. But now it appears Senate lenders are working on a compromise
that could be tucked into the bill as a manager's amendment. Such an
approach would increase the chances that the first-time homebuyer tax
credit would be extended by at least six months. And depending on the
costs, it might include features of a proposal sponsored by Senators
Christopher Dodd, D-Conn., Johnny Isakson, R-Ga., and Joseph Lieberman,
D-Conn., that extends the tax credit through June 30. The
Dodd-Isakson-Lieberman proposal expands the tax credit to all buyers and
raises the income limits to $150,000 for individuals and $300,000 for
joint returns.
Sooner or Later the First Time Home Buyer Tax Credit Will Die
By Paul Muolo
The two most important "unknowns" facing the mortgage industry are
these: what will happen to interest rates when the Federal Reserve stops
buying GSE MBS and will the expiration of the $8,000 first time home
buyer tax credit hammer the origination business? Currently - as most
mortgage bankers can attest - profit margins are the best they've been
in years and plenty of "newbie" home buyers are dipping their toes in
the water, believing now is the time to pounce because bargains abound
and rates may never be this low again. (I've heard those last two
arguments many a time in my 20-plus years in the business.) It's no
secret that both Realtors and mortgage bankers have been heavily
marketing the FTHB, warning that time is running out on this $8,000
federal giveaway. At press time it was still unclear whether the White
House and Congress would, in fact, extend the credit beyond the November
30 sunset date. Budget hawks and selected fiscal conservatives alike
believe that this "benny" needs to die now before it gets even more
expensive than the $15 billion it has already cost. By now you've heard
the arguments from the various trade groups: thousands of consumers have
used the FTHB and without it they wouldn't have bought. Maybe so. But
eventually this tax give away needs to end. The problem with holding a
"sale" for too long (and let's face it the FTHB is indeed a sale the
only different being that Uncle Sam is paying for it and not Macy's) is
that after a time it becomes "institutional." Consumers expect it. They
consider a birth right. And maybe Uncle Sam should allow the FTHB to
expire as planned at the end of next month. The Mortgage Bankers
Association wants it extended for seven more months. The home builders
want it for another full year. And both think the credit should be made
available to all buyers not just newbies. This is what will happen if
the FTHB dies on schedule: home buyer traffic will decrease,
applications will fall and lenders and Realtors alike will cry foul. But
if the economy is truly improving perhaps the foot traffic will only
slow for a few weeks before reviving. There are two components to home
affordability: rates and home prices. If rates stay low (which they will
through February) then for volumes to keep pace sellers might have to
drop their prices further. The lower the price, the lower the monthly
mortgage payment. Such a scenario speaks to affordability. Sooner or
later, the housing and mortgage industries will have to swim without a
life preserver. Now may be the time, as painful as it may be.
Sunday, October 25, 2009
Why do We Set Our clocks Back?
Remember to Set Your Clocks Back!
You know the old saying: spring forward... fall back.
During Daylight Saving Time, which begins in the spring, clocks are turned forward an hour, shifting an hour of light from the morning to the evening. When Daylight Saving Time ends in the fall, clocks are then set back an hour.
In the United States, Daylight Saving Time began on Sunday, March 8 and will revert to Standard Time on Sunday, November 1. Time changes in the United States take place at 2:00 a.m. local time.
In the European Union, Summertime began on Sunday, March 29, 2009 and will end on Sunday, October 25. Time changes take place at 1:00 a.m. Greenwich Mean Time (GMT). Unlike the United States where time switches are staggered according to local time, all time zones in the European Union change at the same moment.
Feelings about Daylight Saving Time range from loving it to hating it, and you'll be given several opportunities to express your own opinions below. Many complaints deal with the inconvenience of changing numerous clocks and adjusting to a new sleep schedule. People who suffer with sleep disorders seem to find the bi-annual transitions more difficult. And according to one study, there is a spike in heart attacks during the first week of Daylight Saving Time. There is also evidence that work productivity decreases as people adjust to a time change. For most people, however, Daylight Saving Time is merely a nuisance outweighed by other positive factors like additional daylight in the summer.
Incidentally, the correct term is daylight saving time, not daylight savings time. If you had it wrong, don't feel bad. More people Google the incorrect phrase than the correct one!
You know the old saying: spring forward... fall back.
During Daylight Saving Time, which begins in the spring, clocks are turned forward an hour, shifting an hour of light from the morning to the evening. When Daylight Saving Time ends in the fall, clocks are then set back an hour.
In the United States, Daylight Saving Time began on Sunday, March 8 and will revert to Standard Time on Sunday, November 1. Time changes in the United States take place at 2:00 a.m. local time.
In the European Union, Summertime began on Sunday, March 29, 2009 and will end on Sunday, October 25. Time changes take place at 1:00 a.m. Greenwich Mean Time (GMT). Unlike the United States where time switches are staggered according to local time, all time zones in the European Union change at the same moment.
Feelings about Daylight Saving Time range from loving it to hating it, and you'll be given several opportunities to express your own opinions below. Many complaints deal with the inconvenience of changing numerous clocks and adjusting to a new sleep schedule. People who suffer with sleep disorders seem to find the bi-annual transitions more difficult. And according to one study, there is a spike in heart attacks during the first week of Daylight Saving Time. There is also evidence that work productivity decreases as people adjust to a time change. For most people, however, Daylight Saving Time is merely a nuisance outweighed by other positive factors like additional daylight in the summer.
Incidentally, the correct term is daylight saving time, not daylight savings time. If you had it wrong, don't feel bad. More people Google the incorrect phrase than the correct one!
Tuesday, October 13, 2009
Real Estate Outlook: Warning of Slow Down?by Kenneth R. Harney
Though some economic analysts are warning that the housing market's rebound will slow down as the weather turns colder, this week's numbers show no hints of that.
In fact, they're actually pretty warm.
Start with house prices. The Clear Capital Home Data Index, which tracks price movements in thousands of neighborhoods and ZIP codes across the country, reported a 6.3 percent gain last week for the period covering August 27th through September 25th.
The latest index found prices up for the first time since 2006 in two of the hardest-hit real estate markets - Riverside-San Bernadino, California, and Orlando, Florida. Though the gains weren't big - just 1.2 percent in Orlando, and half a percentage point in Riverside-San Bernadino - just the fact that they're finally bottoming out has got to be good news for property owners and sellers there.
Baltimore also saw its first positive price change in seven quarters on the Clear Capital Index, while other major markets continued their multi-quarter strings of gains.
Dallas-Ft. Worth, for example, saw prices rise by an average 2.3 percent. Miami-Ft. Lauderdale was up 3.4 percent, Houston 3.1 percent and even New York, which has had a tough time recently in Manhattan, posted a 1.6 percent jump.
Meanwhile, the mortgage market continued to provide plenty of financing fuel for home buyers looking to use the $8,000 tax credit before it possibly disappears at the end of November.
The Mortgage Bankers Association says average thirty year rates dropped again last week in its national survey -- hitting 4.89 percent -- the lowest they've been since May.
Fifteen year fixed rates decreased to just 4.3 percent, which is the lowest ever recorded in the mortgage association's survey history.
Not surprisingly, record low rates are pulling in massive numbers of new loan applications. Overall applications were up by 16 percent last week. Loans to people planning to buy homes jumped by 13 percent, while refinancing applications soared by 18 percent.
And here's a truly amazing statistic: New mortgage applications to buy houses using FHA loans were 52 percent higher last week than they were a year ago!
With mortgages flying out of banks with interest rates in the mid -to -upper four percent range, you don't spend a whole lot of time worrying about a slowdown in the real estate rebound.
Unless, of course, Congress doesn't extend the $8,000 tax credit into next year.
Wednesday, October 7, 2009
Homebuyer Tax Credit
NAR has issued a Call to Action to Help to Extend the First-time Homebuyer Tax Credit. Visit the REALTOR Action Center today to contact your representatives and urge them to extend the credit.
Monday, October 5, 2009
GRAND JUNCTION REAL ESTATE
So how does the Grand Junction CO real estate market look these days? Currently Grand Junction has a average listing price for homes for sale of $320,632. The MESA county average currently is $342,802.
The current number of properties on the market in Grand Junction is 786. The Grand Junction median listing price is $229,933.
For MESA County residential real estate the total listings are 1,166 and a median listing price of $239,950. This comparss to Colorado real estate data, which this week shows a total number of listing properties as 50,514 with a median listing price of $299,900.
GRAND JUNCTION CENSUS DATA CENTER
GRAND JUNCTION GENERAL POPULATIONTotal Population in Grand Junction, COAt the time of the most recent United States Census Survey, the number of people in Grand Junction, CO was 41,986. Grand Junction Male PopulationAt the time of the last full census survey, the number of men in Grand Junction was 20,464, which represents 48.7 percent of the total for the community (The national average is 49.10%). Male Population, Married in Grand Junction, COThere are an estimated 9,250 married men in the town. 55.6 percent of men over 15 years old in Grand Junction are married, compared to the national average of 56.70%. Female PopulationThe estimated female population in Grand Junction is 21,522 which is 51.3 of the total population (Compared to the national average of 50.90%).Female Population, Married in Grand Junction, ColoradoThere are an estimated 8,905 married women in the community. 49.1 percent of females over the age of 15 are married, compared to the national average of 52.10%.
AGEMedian Age in Grand Junction, COThe median age of people living in Grand Junction, CO was 38.8 at the time of the last full census survey. (The United States average at the time was 35.3) At that time, the number of people under the age of 5 living in Grand Junction was 2,353. There were 33,083 people above the age of 18, which represents 78.8 percent of the entire population (compared to the national average of 74.30% ). 17.9 percent of the population (7,496) in the community was 65 years and over, compared to 12.40% nationally.
So how does the Grand Junction CO real estate market look these days? Currently Grand Junction has a average listing price for homes for sale of $320,632. The MESA county average currently is $342,802.
The current number of properties on the market in Grand Junction is 786. The Grand Junction median listing price is $229,933.
For MESA County residential real estate the total listings are 1,166 and a median listing price of $239,950. This comparss to Colorado real estate data, which this week shows a total number of listing properties as 50,514 with a median listing price of $299,900.
GRAND JUNCTION CENSUS DATA CENTER
GRAND JUNCTION GENERAL POPULATIONTotal Population in Grand Junction, COAt the time of the most recent United States Census Survey, the number of people in Grand Junction, CO was 41,986. Grand Junction Male PopulationAt the time of the last full census survey, the number of men in Grand Junction was 20,464, which represents 48.7 percent of the total for the community (The national average is 49.10%). Male Population, Married in Grand Junction, COThere are an estimated 9,250 married men in the town. 55.6 percent of men over 15 years old in Grand Junction are married, compared to the national average of 56.70%. Female PopulationThe estimated female population in Grand Junction is 21,522 which is 51.3 of the total population (Compared to the national average of 50.90%).Female Population, Married in Grand Junction, ColoradoThere are an estimated 8,905 married women in the community. 49.1 percent of females over the age of 15 are married, compared to the national average of 52.10%.
AGEMedian Age in Grand Junction, COThe median age of people living in Grand Junction, CO was 38.8 at the time of the last full census survey. (The United States average at the time was 35.3) At that time, the number of people under the age of 5 living in Grand Junction was 2,353. There were 33,083 people above the age of 18, which represents 78.8 percent of the entire population (compared to the national average of 74.30% ). 17.9 percent of the population (7,496) in the community was 65 years and over, compared to 12.40% nationally.
Monday, September 28, 2009
Colorado Real Estate Investments - Grand Junction
It's pretty much accepted fact that a Colorado home is one of the best investments you can make; but like many things in life, timing is everything. Recent worrisome talk about subprime mortgages, falling property values, foreclosures and slow real estate markets are keeping more than a few homeowners up at night. The cure for those heebie jeebies is information. There are tons of tools available to help you realistically calculate how much you can afford to borrow (either for a purchase or a refinance), and how much it will impact your budget. You can also search listings to see what homes in your area have sold for. If you’re selling your home, keep in mind that these seemingly little things are the biggest turn-offs to a prospective buyer:
Icky smells (cigarettes, pets, food): Invest in a good air filter or freshener, open windows, whatever it takes.
Dirty kitchens and bathrooms: Really tackle these two areas to get them sparkling.
Dark rooms: Turn on lights, open curtains,
Dirty carpet: Consider having it professionally cleaned. Cluttered rooms and closets: Rent a temporary storage unit (or the basement of a good friend) to stash your beer mug collection.
Barking dogs: send them to a friend or relative's house when your home is being shown.
A damp basement: Keep a dehumidifier going.
Poorly maintained front yard: spend some time mowing, trimming overgrown bushes and pulling weeds. Add a pot or two of colorful flowers near the front door for a welcoming feel.
Weathered or peeling front door: a fresh coat of paint and new hardware is an inexpensive boost that really pays off. For buyers, dropping prices make purchasing a home tempting right now. But if the "subprime mess" taught us anything, its that many people who felt pressured into buying a home with little or no money down are now feeling the sting of inflating mortgage payments. Take a breath and carefully assess if buying is right for you; in some cases, renting makes more financial sense find great rentals here. And while selling or buying a place on your own may appear to save you a few bucks in commissions, a good real estate agent can greatly simplify the process, saving you more time and money in the end (not to mention, your sanity). Remember, the real estate game is best played over the long haul. So trust time to be on your side!
Icky smells (cigarettes, pets, food): Invest in a good air filter or freshener, open windows, whatever it takes.
Dirty kitchens and bathrooms: Really tackle these two areas to get them sparkling.
Dark rooms: Turn on lights, open curtains,
Dirty carpet: Consider having it professionally cleaned. Cluttered rooms and closets: Rent a temporary storage unit (or the basement of a good friend) to stash your beer mug collection.
Barking dogs: send them to a friend or relative's house when your home is being shown.
A damp basement: Keep a dehumidifier going.
Poorly maintained front yard: spend some time mowing, trimming overgrown bushes and pulling weeds. Add a pot or two of colorful flowers near the front door for a welcoming feel.
Weathered or peeling front door: a fresh coat of paint and new hardware is an inexpensive boost that really pays off. For buyers, dropping prices make purchasing a home tempting right now. But if the "subprime mess" taught us anything, its that many people who felt pressured into buying a home with little or no money down are now feeling the sting of inflating mortgage payments. Take a breath and carefully assess if buying is right for you; in some cases, renting makes more financial sense find great rentals here. And while selling or buying a place on your own may appear to save you a few bucks in commissions, a good real estate agent can greatly simplify the process, saving you more time and money in the end (not to mention, your sanity). Remember, the real estate game is best played over the long haul. So trust time to be on your side!
Subscribe to:
Posts (Atom)
