March 5, 2010

REALTOR® Magazine’s Good Neighbor Awards Seek Entries, Winners Receive $10,000

The following is a news alert from the National Association of Realtors®

The National Association of Realtors® is now accepting applications for the 11th annual REALTOR® Magazine Good Neighbor Awards. The awards recognize Realtors® for their commitment to volunteer service.

The five winners will be announced in November in REALTOR® Magazine. Each winner will be recognized at the 2010 REALTORS® Conference & Expo in New Orleans and receive travel expenses to the conference, national media exposure for his or her community cause, and a $10,000 grant for the charity. In addition to the winners, five honorable mentions will each receive a $2,500 grant.

“We all know that Realtors® build communities,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “The Good Neighbor Awards gives us the opportunity to honor the very best of our Realtor® volunteers who make an incredible commitment of their time and energy to help those in need.”

Last year’s winners contributed a combined total of nearly 8,000 hours to their causes and drew a standing ovation from more than 7,000 Realtors® and guests during the annual conference’s general session in San Diego. The 2009 winners were Greg Adamson, Prudential Utah Real Estate, American Fork, Utah, Heart 2 Home Foundation; Cindy Johnson, Dona Christensen Realty, Woodbury, Minn., The Arc of Minnesota; Helen Marotto, EXIT Homeplace Realty, Hampstead, N.C., Cape Fear Guardian Ad Litem Assn.; Regina Ragon, Prudential Realty Center, Flintstone, Ga., Latin American Community Development; and Samuel Thomas Jr., Imani Realty & Assocs., Willingboro, N.J., QUEST Community Outreach.

“REALTOR® Magazine’s Good Neighbor Awards recognize the important role Realtors® play as volunteers in their communities,” said REALTOR® Magazine Editorial Director Pamela Geurds Kabati. “We hope highlighting their stories inspires more Realtors® to give their time to important community organizations.”

Previous Good Neighbor Award winners say their charities have benefited from the grant money and the increased public exposure. “The Good Neighbor Awards has increased the exposure of The Sport of Giving from our local community to a national audience,” said 2008 Good Neighbor Award Winner Sheila Stevens, Prudential Georgia Realty, Suwanee, Ga., founder of The Sport of Giving. “The inquiries that are flowing in to host events in other parts of the country have allowed us to launch new events and help more people. Our mission has become a reality thanks to the Good Neighbor Awards.”

REALTOR® Magazine’s Good Neighbor Awards is sponsored by Lowe’s. In addition to the grant money, each winner will receive a $2,000 Lowe’s gift card and each honorable mention will receive a $1,000 Lowe’s gift card.

Good Neighbor Awards entries must be received by Friday, May 21, 2010. For more details and a nomination form, call 800/874-6500, visit www.REALTOR.org/gna, or see the March issue of REALTOR® Magazine.

Lowe’s (www.lowes.com) has worked with customers to maintain and improve their homes since 1946. Lowe’s is proud to support the Good Neighbor Awards. Lowe’s is a proud supporter of Habitat for Humanity International, American Red Cross, SkillsUSA/SkillsCanada, and The Nature Conservancy, in addition to numerous nonprofit organizations and programs that help communities in North America. In 2009, Lowe’s and the Lowe’s Charitable and Educational Foundation together contributed more than $30 million to support community and education projects in North America. Lowe’s also encourages volunteerism through the Lowe’s Heroes program, a company-wide employee volunteer initiative. Lowe’s, a Realtor® Benefits Partner, brings Realtors® exclusive benefits to help build relationships with their customers, generate referrals and expand their client base. The benefits program is featured on www.LowesRealtorBenefits.com.

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February 25, 2010

Foreclosure vs. Short Sale. You be the judge!

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February 11, 2010

Military sellers reimbursed for losses

Using $555 million in Recovery Act funds, the Department of Defense has expanded a program that can reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell. The Department identified Florida as having the most home sellers who qualify for the program.

The Pentagon’s Housing Assistance Program now applies to:

• wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed

• military personnel and Defense Department civilians affected by the 2005 round of base closings, as a result of the Base Realignment and Closing initiative

• military personnel moving to a new base

Previously, applicants had to demonstrate that the closing of their base contributed to the decline of the area’s real estate market and a resulting loss in sales. That requirement has been waived under the expanded program.

As of Jan. 18, 2010, almost 4,000 eligible applicants for the expanded program have been identified and 429 claims have already been paid for a total $32.8 million, according to the Pentagon.

After Florida, the Defense Department says it also expects applications from California, Virginia and Georgia.

For more details about the program, including eligibility and limitations, download this PDF.

© 2010 Florida Realtors®

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February 3, 2010

It’s not if interest rates will rise but when…

When the government stops buying mortgage-backed securities, rates will rise, but how far? It’s hard to predict. Read more.

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January 28, 2010

Florida consumer confidence rises to highest level in more than two years

Florida’s consumer confidence unexpectedly rose in January by five points to 74, possibly a sign of post-holiday relief, according to a new University of Florida survey.

“The sharp rise was somewhat of a surprise,” says Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “In the past, we have seen similar jumps in the January index, perhaps in response to the financial stress associated with the holidays and the economic turbulence of the past year.”

This month’s increase in consumer confidence was broad-based across age and income levels, pushing the index to its highest level in more than two years.

All five components making up the index increased. The biggest jump was in perceptions of whether it is a good time to buy big-ticket consumer items, which rose eight points to 83. Perceptions of personal finances now compared with a year ago increased five points to 50, while expectations of personal finances a year from now rose five points to 85. Perceptions of U.S. economic conditions over the next year rose six points to 73, while perceptions of U.S. business conditions over the next five years rose four points to 78.

“On the positive side, the stock market seems to have held onto the big increase from 2009, and housing prices, though down at the end of the year, seem at least temporarily stable,” McCarty says.

However, housing stability could be threatened by any continued rise in unemployment, McCarty says. The Florida Agency for Workforce Innovation released December unemployment figures on Friday, which shows that the unemployment rate increased to 11.8 percent, up .3 percent from November’s 11.5 percent.

“We believe that once we have collected an extra week’s worth of data (up to the end of the month), consumer confidence will edge downward,” McCarty says. “These data do not reflect the negative employment report released Friday.”

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for January was 424 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year.

© 2010 Florida Realtors®

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January 21, 2010

RE/MAX and the 2009-2010 Homebuyer Tax Credit Explained

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January 8, 2010

Buy a Home and Get Money to Fix it Up! The Solution: FHA 203K Loan.

Have you heard of this loan: FHA 203K ? It is an FHA loan and it gives you money to fix up your home after your purchase and before you move in.

This was taken from a website online (actually many sites have this exact wording):

The 203(k) loan program offers borrowers the resources to rehabilitate a home that may be in need of repair, either the home that they currently live in, or that special fixer-upper opportunity. One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home.

Is this new?

No, this program has been around for a very long time, about 30 years. But people were refinancing with equity lines of credit so the 203K was not something that many loan officers would suggest.

Now these loans are being revisited because when most buyers today purchase a home. The home has room for improvement (to say the least). Meaning both the need to fix it up and the value of the home is sometimes higher than the purchase price.

Most real estate agents who just read that last line said “What?!?!?” This is because today the market is so crazy that appraisers are not appraising above the purchase price. In my opinion, it is probably because they do not want to get in trouble and do what they were doing in 2005. Yeah, over appraising!

But when you do a 203K plan the appraiser goes to the home looking for the actual value and appraising if there is room for money to be added for repairs. Most of the time there is.

If I were you I would look into the 203k plan if you plan on buying a real fixer upper.

Contact us and we could connect you to a loan officer that could get you approved for a 203k loan.

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December 17, 2009

A Kinder, Gentler Tax Credit

Rushed home shoppers are breathing a little easier now that the Worker, Homeownership, and Business Assistance Act of 2009 has extended the famous home buyers tax credit. The extension is actually better than most home shoppers hoped for. The dust has settled and there’s great news in the details of the revised program for people who need assistance qualifying for and purchasing a principal residence.

Not only can first-time homebuyers qualify for a tax credit of up to $8,000, repeat home buyers could receive a tax-credit windfall of up to $6,500. Can we hear a “hallelujah?”

Here’s the low-down:

In order to qualify for an $8,000 tax-credit, the purchaser must have purchased the home between Jan. 1, 2009 and on or before April 30, 2010. If a binding sales contract is in place by April 30, 2010, a purchase completed by June 30 may qualify.

Uncle Sam’s gift to repeat homebuyers (this is new to the tax-credit package) is a $6,500 tax credit if the purchaser has owned a home for five consecutive years out of the prior eight years. The transaction has to take place between Nov. 6, 2009 and April 30, 2010. Binding sales contracts signed by April 30 will likely qualify if the sale is closed by June 30.

Limitations

Now, like most governmental gifts associated with tax credits, this one has some stiff limitations. The income limits have changed since the original stimulus package was announced. There are some important sales dates to remember.

1. Sales occurring after Nov. 6, 2009 and on or before April 20, 2010
2. Sales occurring between Jan. 1, 2009 and Nov. 6, 2009

Income limits for sales occurring after Nov. 6, 2009 and on or before April 20, 2010 are as follows: $125,000 for individuals and $225,000 for married couples filing jointly.

The income limits for sales occurring on or after Jan. 1, 2009 and on or before Nov. 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.

Homes priced over $800,000 aren’t eligible for either credit. Some expanded tax credit benefits are afforded members of the military, the foreign service and the intelligence community. For a detailed description of those benefits visit the official Homebuyer Tax Credit website.

More good news: homes purchased in 2010 can be claimed on an amended 2009 income tax return.

Sorry, Kids

The federal government had some concern when young – like, 3-year-old – children purchased homes in 2009 and claimed the tax credit on their parents’ behalf. The original deal didn’t specify how old the purchaser had to be – only that the purchaser had to meet income and homeownership requirements.

The new draft requires home purchasers be 18 or old. They can’t be claimed on someone else’s return and it’s likely the IRS will be sticklers about this given the eyebrows raised when fraudulent claims were discovered this year.

Neither of these tax credits have to be repaid, unless the qualifying home is sold again – or stops being the buyer’s principal residence within three years of the initial purchase (you can’t buy a home, live in it for a few months and then rent it out).

Taxpayers will be required to submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either tax credit.

Contact us today to find the perfect qualifying home and claim your stimulus tax credit.

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December 10, 2009

More Cash for Homeowners and a Little Something for Mother Nature Too

If you’re feeling left out of the home buyer’s tax-credit plan because you already own your home; or, if you didn’t get to cash in on the “Cash for Clunkers” stimulus incentive, never fear, the Obama Administration is proposing a new program that will warm your holiday heart (and hopefully your home).

On Tuesday, President Obama unveiled a plan for a new stimulus program called, “Cash for Caulkers.”

Huh?

This program will offer homeowners a hand up by reimbursing them for energy-efficient appliances and insulation. It’s all part of the master plan to bolster the country’s economy.

Of course, homeowners aren’t the only consideration here. (Hard to imagine, isn’t it?) There’s also the environment to consider, natural and renewable resources to protect and jobs to be created if all goes as planned.

Steve Nadel, director of the American Council for an Energy-Efficient Economy, is helping to write the bill. He suggests a homeowner could receive up to $12,000 in rebates.

Now you’re listening, aren’t you?

Let’s see, if you cashed in on an $8,000 tax credit,  and collect $12,000 for loving Mother Earth – that’s, uh, $20,000.

It’s not too late to buy a home, and the energy incentive would almost make it a wise, wise move right now.

The logic behind this proposal is to create jobs, same families money, reduce pollution and encourage the development of new, innovated energy resources.

A Little Something for Everyone

There are two elements to this program:
1. money for homeowners for efficiency projects
2. money for companies in the renewable energy and efficiency space

Private contractors (faction that has suffered dramatically during the recent economic crisis) may be able audit homes for energy efficiency. They could buy the necessary materials to make a home efficient and get paid to install it – therefore creating a new entrepreneurial opportunity for thousands.

The thought being tosses around now is a 50% rebate on the cost of equipment and the cost of installation up to $12,000. But wait, there’s more: participating families would save money on energy bills too.

This proposal is still in the early planning stages. It’s not clear how the money will be disbursed, how much cash individuals will have to come up with up front, how they will prevent the fraud issues that crept into the housing stimulus package or just how much of a chunk big business will get.

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November 18, 2009

Take a Walk to Higher Home Values

Homes in “walkable” communities are becoming more and more popular, according to an August 2009 study released by CEOs for Cities. Not only are they more popular, homes located in these urban areas are showing a marked increase in value.

The study, entitled, “Walk the Walk,” concludes, “More than just a pleasant amenity, the walkability of cities translates directly into increases in home values.” CEOs for Cities defines walkable neighborhoods as “those with a mix of common daily shopping and social destinations within a short distance.

” The study maintains houses with “above-average levels of walkability” sell for a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.

The Walk the Walk study turned defining a community’s walkability into a fine science and explores the connection between home values and walkability as measured by a Walk Score algorithm and other mathematical and scientific equations and controls.

Bottom line: People like to walk and more people are creating designer lifestyles that allow them to live without a car. They want to walk to stores, schools, parks and to places that provide them with the services they need. And, they are willing to pay.

“The property value premium for walkability seems to be higher in more populous urban areas and those with extensive transit, suggesting that the value gains associated with walkability are greatest when people have real alternatives to living without an automobile,” the study said.

The study’s measure of walkability focused on the benefits of walking along with better accessibility in general.

The report concludes, “This research makes it clear that walkability is strongly associated with higher housing values in nearly all metropolitan areas. The choice, convenience and variety of walkable neighborhoods are reflected in housing markets and are the product of consumer demand for these attributes.” As the nation watches the housing market with baited breath, it’s good to know people are still looking to a bright future and focusing on ways to increase home values through research and without speculation. CEOs for Cities — a national cross-sector network of urban leaders from the civic, business, academic and philanthropic sectors – is calling for urban leaders to pay close attention to walkability “as a key measure of urban vitality and as impetus for public policy that will increase overall property values – a key source of individual wealth and of revenues for cash-strapped governments in a tough economy.”

 The read the full study, follow this link: Walk the Walk.

For more information regarding real estate please visit our website: PremierHomeStore.com

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