Archive for the 'Real Estate Sales' Category
House extends homebuyer credit 3 months
Related Posts: Credit & Finance, Real Estate News, Real Estate Sales
hiHomebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday. Under current law, homebuyers who signed purchase agreements by April 30 have until today, June 30, to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases. The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the deadline.The bill passed 409-5. It now goes to the Senate, where senators were working Tuesday evening on a bill that would extend the tax credit and extend unemployment benefits for workers who have been laid off for long stretches. The Senate could vote on its bill as early as this week – if senators can round up 60 votes to overcome a filibuster. The popular tax credit has helped to stabilize the nation’s slumping housing market. Nearly 3 million taxpayers claimed the tax credit through May 22 – claiming more than $21 billion – according to the Treasury Department. The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise. The tax credit for first-time homebuyers was part of President Barack Obama’s economic recovery package enacted last year. In November, Congress extended the credit and expanded it to longtime owners who bought new homes. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.Delays with mortgage lending and appraisal companies have meant that home sales are taking far longer to complete this year.
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Home prices rise 0.8% in April from March
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hiNationwide Home prices in April rose for the first time in seven months as government tax incentives helped to bolster the housing market. Nationally, prices have risen 3.8 percent from their April 2009 bottom. But they remain 30 percent below their July 2006 peak.The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 0.8 percent gain. It had fallen in each of the past six months. Eighteen of 20 cities showed price increases month over month. Only Miami and New York recorded price declines. The gains highlight the impact of the federal tax credits for homebuyers. Buyers rushed to purchase before the tax credits expired at the end of April.
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Saw Tooth or Zig Zag Recovery ? ?
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hiSome housing experts now predict what one calls a “saw-tooth bottom” to the housing market, driven by a shadow inventory that could include up to 4.5 million properties. This shadow inventory is more than just bank-owned homes not yet on the market. It also includes sellers who would like to sell but, fearing they can’t, are waiting for signs of a market bottom before putting their homes on the market. Some say this rush to sell will add inventory to the market and at least temporarily drive prices back down – hence, the “saw-tooth” description. Years ago this was desribed as a “zig-zag” trend that if you average the past 6 months on a curve it will be as it really is…..slow but steady recovery.
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NAR intros a new free website !
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hiThe National Association of Realtors® (NAR) launched HouseLogic, a new consumer website that covers all aspects of homeownership. According to NAR, HouseLogic was created to help homeowners make smart decisions and take responsible actions to maintain, protect and increase the value of their homes.
The free website helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.
Users who choose to register can save information, create to-do lists and set project reminders. The website can also be customized for individual homeowners depending on how handy or ambitious they are regarding home projects; how much money they want to spend or save; where they live; and their priorities, such as increasing the value of their home or improving their neighborhood.
HouseLogic also helps homeowners who want to get actively engaged in neighborhood and homeownership issues. The site provides users with the tools and know-how to affect change, like establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.
So go and visit HouseLogic at www.houselogic.com.
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Sell now ??????
Related Posts: Real Estate News, Real Estate Sales
hiSelling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign:
• Sell low and buy low. Because all property values are down, the loss on the property a homeowner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
• Downpayment help is widely available. While nothing-down loans have disappeared, it’s easy to find downpayment assistance for lower-income and first-time homebuyers. Programs vary all over the country, but one good way to find them is to search online for “downpayment assistance programs” and the name of your region.
• Your Uncle Sam has money to share. Besides the $8,000 first-time homebuyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
• Good help is available. Really talented real estate practitioners, contractors and designers are available and eager for business.
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