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Charlotte Home Advisers
Office: 704-543-4304
Cell: 704-619-4494
Email: bob@CharlotteHomeAdvisers.com

Bob Schlosser, Broker

Charlotte Home Advisers Blog
10 Tips for Hiring a Home Remodeling Contractor
Posted - 10/16/2010
October 16, 2010-- With the U.S. economy facing the lowest home sale statistics in 15 years and home values continuing to slide in many regions, it's not surprising to hear that housing trends point towards a large percentage of American homeowners looking to improve and maximize their existing property investment versus buying a new home. When deciding to undertake a remodeling project however, there are several invaluable tips to keep in mind as you discuss your home make-over with potential contractors.

Through advice and stories shared by both contractors and consumers, StageofLife.com, a blogging resource for homeowners, discovered 10 important tips on how to find a trustworthy home remodeling contractor to help ensure the right person or company is hired for your next home improvement project.

Tip #1: Does Your Contractor Have Proof of Insurance?
Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can't do this - stay away. Why? If there is an accident at your home, you are then liable. This also applies to any sub-contractor or employee that the contractor may use - those individuals should have active insurance cards faxed or mailed to you as well.

Tip #2: Did You Check References and See Photos?
Ask for at least three references - with two of them being for the same type of project you are planning - and then call the references. Additionally, ask the contractor to provide photos of previous work, especially for the same type of project. If he produces lawn and garden photos and you're planning a bathroom remodel, you may want to check out another contractor.

Tip #3: Does Your Contractor Take Debit or Credit Cards?

Besides your ability to earn a few points, bonus miles, or cash back on your project, a good sign that a contractor is financially savvy and has a bank behind his business is his ability to take debit and credit cards. This doesn't just apply to big contracting companies. Many small, one-man shops will take cards if they have a good relationship with their business bank or credit union.

Tip #4: Manners and Appearance?
If the contractor drove his vehicle to your home to give you an estimate, take a look at the way he keeps the equipment and vehicle. Are things clean? Neatly arranged? If not - that's a big warning. The way a contractor treats his tools is a direct connection to how he'll treat your home. During the initial meeting, does the contractor present himself in a professional way? Do you feel comfortable around him or his employees? They will be working in your home after all.

Tip #5: Clean Up Policy?
Ask about the clean-up policy. For example, if your home improvement is a multi-day project, will the contractor be cleaning up at the end of every day or will he leave the dust, wood chips, and other mess laying there for day #2? The more mess in your home - the more it gets tracked around. Many homeowners find themselves with mouths gaping wide after the contractor has left for the day and their floors and home are dirty and messy around the project area.

Tip #6: Will the Contractor Put It In Writing?
Is your contractor willing to put both his bid and the scope of work in writing? If not - walk away immediately. You'll be surprised how many homeowners have been duped by contractors who verbally tell you what's included in their scope of work, but will then, in the middle of everything, require extra money to finish the remodel, thus holding you hostage with an uncompleted home project.

Tip #7: Availability?
Can the contractor get the job done in your timeline rather than his timeline? There's nothing more frustrating than if a contractor tells you that a job will be done by a certain date and then it isn't . On the flip side, if you can't find a good contractor that's willing to commit to your timeline, your expectations may be too high and you may need to adjust your timeline.

Tip #8: Does Your Contractor Use "Subs?"
Does your contractor plan on doing everything himself? Or will he "sub out" work to the "trades?" For example, if you are remodeling a bathroom, you may need a plumber, electrician, and carpenter. It's okay if the contractor subs work out to these specific trades - it shows he wants the work done right.

Also, it's fair to say that you can expect your contractor to make money off the trades, or other sub-contractors, by marking up those quotes for the project. That is a standard practice to help the general contractor recover costs in the time it takes to manage the schedule. If you don't want to spend the extra money on your contractor marking up the trade quotes, then you should prepare to project manage the remodel yourself, but know this may limit your options on contractors willing to work with you.

Tip #9: Quoting & Billing Procedure?

Ask the contractor about his quoting procedure. Will it contain general information, or will it be specific? For example - most contractors will charge you for a fuel surcharge, material up-charges, waste removal, labor, etc. Some will show you these exact costs in a line item invoice, but others roll it up into one big bill. How much detail do you want? You should clarify that with your contractor upfront.

Also - what is the payment or billing policy? Is money required upfront? If so, go back to #1 and #2 above to make sure you have the contractor's references checked and have a copy of his contractor's insurance.

Tip #10: Did Your Contractor Get the Permits?
Ask your contractor to take care of the permits. Although permits cost you money, the inspection process is meant to protect you from poor workmanship and to make sure that everything is being built to code.

By following these 10 tips for hiring a home contractor, you'll feel more confident that you've found the right contractor for your remodeling job.



Why it pays to shop for a mortgage
Posted - 10/16/2010
October 16, 2010--You wouldn't buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you're getting the best deal possible? From the experts at LendingTree, here are six reasons why it's essential to take a few minutes to browse before you borrow:

1. To get the best interest rate possible
Over the life of a $200,000, 30-year fixed rate loan, a one-tenth of a point difference in interest rate could save or cost you thousands of dollars.

2. To pay lower loan fees
Once your loan application is accepted, the lender will get back to you with a good-faith estimate (GFE), including an itemized list of all the costs associated with the loan. If there are any parts of the GFE that you don't understand, don't be afraid to ask the lender to explain each fee that is listed.

3. To avoid a prepayment penalty
In these transient times, it seems no one stays in their home long enough to pay down their mortgage the old fashioned way: in monthly increments over a period of decades. So you'll want to be clear on whether the terms of your loan include a penalty if you pay off your mortgage early-either because you move or refinance.

4. To find a lender you feel comfortable with
You don't want any surprises popping up at closing time. Get a lender who is responsive to your questions and is willing to give you the details in writing.

5. To find a lender that specializes in your situation
Recent volatility in the mortgage markets means that people with bad credit or little money for a down payment might have to look a little harder to find a lender.

6. To get the rate lock period you want
Once you've found the lender offering the best mortgage rate and terms, you'll want to get a written commitment, known as a "lock" that puts in writing that the lender will make the loan to you at that the specified interest rate. The length of the lock can vary from 30-90 days, but many lenders will charge a fee for a rate commitment of longer than a month. Negotiate the lock period that is right for you, depending on when you plan to close on your new home and if interest rates are expected to creep higher during that time.



8 Helpful iPhone Apps for Real Estate
Posted - 10/12/2010
October 2, 2010--As the iPhone continues to grow in popularity, especially within the real estate sector, it is crucial that real estate agents and consumers alike are aware of the numerous apps that have been created to make both sides of the transaction a little bit easier.

According to the experts at Realty Press, the following real estate apps should be on every real estate agent's and consumer's iPhone.

1. Zillow - Zillow's iPhone app is the number one real estate app on iTunes in addition to being named the "best real estate app" by O'Reilly Media.

Features of the app include:
-See Zestimate values of any home
-Search homes for sale, Make Me Move homes, homes for rent and more
-Filter searches by price, beds, bathrooms and more
-Search by monthly payment
-View full-screen color photos
-Save favorite homes and searches
-Get notified when new results come in
-E-mail homes to a friend
-Share homes on Facebook and Twitter

For all U.S. homes (93+ million): Find Zestimate home values, homes for sale, homes for rent and more as you walk or drive through neighborhoods using the Zillow iPhone App, featuring built-in GPS technology.

View multiple high-resolution photos side-by-side as you window shop through neighborhoods, touch and expand a "photo stack" to peek inside a home and save any home you like by dragging and dropping it into your favorites.

2. ZipRealty - Look through your phone and instantly discover which homes near you are for sale or have been sold recently with ZipRealty's HomeScan.

Tap your screen to easily view details of any home you see with HomeScan, including the asking or sold price, photos, distance from you and more with this powerful augmented reality real estate app. Complete home information-prices, photos and more-also available on homes for sale in more than 4,000 cities through the company's GPS-enabled mapping feature.

Features of the app include:
-See over one million MLS-listed homes for sale including photos, price and more
-Multiple updates daily with newly listed, price-reduced and foreclosures
-Access to "My ZipRealty": your saved and favorite homes from ZipRealty.com
-Search by zip code, price, location, size and more
-HomeScan: augmented reality app (requires 3GS)
-GPS-enabled and location aware with driving directions
-Search recently sold home prices

3. Realtor.com has more listings (4+ million), and updates them more often (every 15 minutes) than any other site. Features include: map search, saved searches and listings synchronized with the website, private ratings and notes and the ability to share listings with your friends, agent and social network.

With this app you can:
-Instantly access over 4 million homes for sale
-Show homes for sale in any city or in your current location on a map instantly
-Multiple photos, property details, open house information and pricing on nearly any home for sale
-Sign-in to access your saved searches and listings (automatically synchronized between the phone and your account on the Realtor.com website)
-Create and save private ratings and notes for promising listings
-Share your favorite listings with friends and family, your agent or social network

4. WhereRHomes for the iPhone automatically finds near-by homes that are for sale, in the foreclosure process or for rent using your location. When in a neighborhood, easily find near-by real estate of all types.

-It's simple. Just press the icon and your iPhone provides near-by for sale, foreclosure and for rent homes.
-It's fast. Designed for fast downloads by the basic information on the first page. If a property interests you, you can then get photos, details and website links.
-WhereRHomes displays up to 25 homes nearby, eliminating the need to drive around and look for real estate signs. Displays only the homes close to where you are based on your iPhone's GPS information.
-You can customize it. You decide which homes you want maps, photos and more information on.
-Direct links to the home's website, which includes all the available information for rental properties, for sale properties and foreclosures.

5. Redfin provides all the details and photos on every home for sale and then allows you to add your own pictures and notes.

Redfin is only available in:
-Southern California
-Bay Area, Sacramento
-Seattle and Western Washington
-Chicago area
-Washington D.C., Baltimore
-Westchester County, Long Island
-Boston area
-Atlanta area
-Portland and Western Oregon
-Phoenix area

6. StreetEasy Real Estate for the iPhone allows you to search for real estate listings across New York City, Northern New Jersey and the East End of Long Island, including the Hamptons and the North Fork. Use your iPhone to help you in your apartment hunt in the most competitive market in the nation. This app provides deep and transparent information and offers a detailed view of every listing and every building you pass.

-Search for listings near your current location and find out what it would cost to live in a neighborhood you are visiting.
-Get information on any building by simply typing in the building name or address. You will then be provided with all the listings available in that building, as well as a description and market data summary.
-See detailed information about an apartment-description, photos and other listings in the same building. E-mail or call agents directly from the application

7. Trulia's iPhone app enables you to find homes for sale that are perfect for you. With one tap, you can see all the homes for sale nearby and can browse through open houses to help plan your afternoon. Scroll through the big color photos, get the details on every home and scope out the neighborhood by viewing the results on a local map. Trulia's mission is to help people make better real estate decisions by being able to:

-Find homes for sale near you using iPhone's built-in location finder
-Tap quick links to see every nearby open house
-Login and save your favorite homes on the iPhone and on www.trulia.com
-See all the results on one local map or get driving directions from Google maps
-Get detailed price history and send trends for every property

8. Homes.com. Use this speedy application to search for your next home using your iPhone or iPod Touch. A touch or two on your screen creates a custom search of nearby homes for sale or rent. You can also see detailed lists or search by maps, and quickly refine your search by price, property type, features and more.

-Instantly find nearby homes or rentals with iPhone location finder
-Find homes in cities around the nation with the advanced home search
-Drag or pinch it-quickly zoom and navigate neighborhoods with interactive maps
-Bookmark your favorite Homes.com properties
-Easily share properties with friends and family
-Get fast driving directions from wherever you are
-Search by MLS number

When you find a home you like, it's easy to dive into the details with Homes.com. Check property features, scroll through photo slideshows and contact real estate agents by phone, e-mail or text..



Creative tips on Downsizing
Posted - 10/06/2010
RISMEDIA, October 6, 2010--(MCT)--It's a constant battle: Small versus big. Less or more? There are arguments to support both sides.

Having just downsized to the smallest apartment I have ever lived in, I was intrigued by the idea of small being the new big. The challenge of storage and saving space is usually the No. 1 problem for most small-home dwellers. Organization is key, as is making the space work for your lifestyle.

I have been racking my brain for months over how to make my new 656-square-foot apartment work best for me. I have found some great new ideas to integrate with some of my old tricks of the trade.

Creative use of furniture is essential in small spaces or even in larger spaces that might need to be multifunctional. Take, for instance, a guest bedroom that doubles as an office. Instead of crowding the room on a daily basis with a bed that only gets used a few times a year, why not use a sleeper sofa or a chair and a half with a twin sleeper sofa? This will free so much space for day-to-day activities in the office.

A daybed is another good-looking piece of furniture that multitasks. A daybed is a great way to divide a large space, but in a small space, if positioned against the wall, it doubles as a sofa with pillows across the back and an extra sleeping spot when the pillows are removed.

Lots of furniture pieces are known for their great multipurpose and space-saving qualities. The ever-popular pouf, for example, can double as an ottoman, become a small table for books, computers and drinks to rest upon or even turn into extra seating.

Nesting tables also provide options for tiny spaces because they are small and easily moved. Storage ottomans are an obvious choice for doubling as a bench or coffee table that can house toys, blankets and extra bedding.

In dining room/eating areas, a custom-built bench/banquette with storage underneath is a great option for tight spaces. If your budget does not allow for custom, then good-looking storage boxes fit nicely under most pre-made banquettes. If you are not looking for more storage but are just short on space, a breakfast nook can be created with a small table and stools that can tuck underneath when not in use.

Simply by pushing a dining table against a wall or window you can save at least three feet. All you have to do is pull the table out for dinner parties. And don't forget, an old or unattractive table can always be put to use and instantly jazzed up with a custom table skirt in a fabulous fabric. Voila, another spot for hidden storage!

One of my recent favorite small-space solutions is installing built-in top-to-bottom mirrors on the inset of closet doors. How brilliant! No longer are you taking up precious wall space in the room with a floor-length mirror.

As for the actual layout and decoration of a small space, conflicting theories abound. Some say not to fill a small room with over-scaled furniture, as it eats up the space and feels cramped. Others say big furniture makes a small room seem grander.

I gravitate toward the middle. In general, I stay away from large, overstuffed furniture and do find that too many small pieces can feel cluttered. But I need enough seating for entertaining and recently purchased a set of Lucite folding chairs (clear furniture is another small-space trick) that can be stowed when not in use.

I have never subscribed to pure minimalism, although I admire those who can. I find it almost impossible to not surround myself with lovely items that I find along my travels, antiquing or shopping. The key is rigorous editing. I have seen many small, successful spaces that have a plethora of mementos or objets d'art.

But once you get to a certain point, it becomes necessary to do the practice of one thing in, one thing out. After all, no matter what size your space is, you need the room to enjoy it.

(c) 2010, The Kansas City Star.



Tips to Avoid Bank Overdraft Fees
Posted - 09/16/2010
September 16, 2010--Most bank customers don't pay overdraft fees, according to a new survey released by the American Bankers Association. According to the survey, 77 percent of consumers said they did not pay any overdraft fees in the previous 12 months, while 21 percent said they paid one or more. Two percent said they did not know whether they paid an overdraft fee. The annual survey of 1,000 consumers was conducted for ABA by Ipsos-Reid, an independent market research firm, on August 14 and 15, 2010.

Of the 21 percent who said they did pay an overdraft fee in the previous twelve months, most said they paid only one or two. (see charts)

"The majority of consumers continue to avoid paying overdraft fees despite current economic conditions," said Nessa Feddis, ABA senior federal counsel and retail banking expert. "This is good news and a sign that most consumers are managing their personal finances well."

Additionally, the majority of consumers who did pay an overdraft fee in the previous 12 months said they were glad the payment was covered (69%). Twenty-nine percent said they wished the bank had refused the payment.

"Customers can avoid overdraft fees by keeping track of their balances, keeping extra money in their account as a pad, or by linking checking accounts to savings accounts, credit cards, or overdraft lines of credit," Feddis said.

ABA offers the following tips to help consumers avoid paying overdrawing their account:

1. Use direct deposit for your paycheck. You will have access to your paycheck immediately.

2. Keep track of your balance and transactions and don't forget about automatic payments. Track balances and transactions online, by phone, or at an ATM. Keep in mind that your balance may not reflect transactions you authorized that haven't reached or been processed by your bank.

3. Keep a "pad" or cushion of money in your checking account just to be safe.

4. Link your checking account to a savings account or credit card.
These are usually less expensive alternatives, but remember: credit cards have to be paid back on time and money is not automatically put back into your savings account when you deposit more money into your checking account.

5. Ask your bank for an overdraft line of credit that will cover you if you overdraw your account. Just be sure to pay it back as soon as you get the bill.

6. Sign up for automatic notification when your balance drops below a certain level. You may be able to get notified by text message or email.

7. Shop around. If your bank doesn't offer the services you would like, or charges too much for overdrafts, change banks. Thousands of banks are competing for your business.



Buying a Home: Top Things to Know
Posted - 08/27/2010



The Best moves for Home Buyers and Sellers
Posted - 08/27/2010
chart_homa.top.gif By Beth Braverman


(Money Magazine) -- Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers.

In general, sellers have gotten more realistic in pricing their homes than they were right after the housing bubble burst, but agents say that many still don't grasp how much they must concede to close a deal. And buyers are still spraying lowball offers around in hopes that sellers will be desperate enough to bite.

Take such unreasonable expectations, multiply by two, and what do you get? "A standoff," says Glenn Kelman, CEO of real estate brokerage Redfin.

With the busy summer home-sale season drawing to a close, there's little time to waste. Whether you're trying to unload your place or land a new one, follow these dos and don'ts to negotiate the best deal -- fast.

If you're buying

Don't say: "I'll pay 85% of your asking price and not a penny more."

Instead: Look for homes that are fairly priced and make a reasonable offer. "Coming in about 10% below list is a good starting place for negotiations now," says Denver real estate broker Jeff Fogler. Yes, you have the upper hand in most markets, but the average homebuyer is paying only 2.7% below list price (see the chart). Set your expectations accordingly. You can always ask if the seller is willing to bridge a price gap in other ways -- for example, by picking up your closing costs (which can run $7,500 on a $300,000 house).

Don't say: "I haven't put my own place on the market yet."

Instead: List your current home before you start shopping seriously for the next one. Because it takes almost three months to move a house these days, sellers are loath to write home-sales contingencies into purchase contracts. You'll have far more leverage if you've gotten rid of your house before you start negotiating: Sellers know there's less chance of the deal falling apart. (Prequalifying for a mortgage helps too.) What's more, you'll know exactly how much money you can put into your new digs.

Don't say: "This is my dream house."

Instead: Stop imagining the great parties you'll throw there and gird yourself to walk away if the seller won't make reasonable concessions. Your ability to abandon negotiations is your most powerful bargaining chip. Given that plenty of other homes are on the market now, finding another place to love shouldn't be too hard. You might let the seller know that. Nicely.

If you're selling

Don't say: "You're offering how much? Forget you!"

Instead: When bidders lob low-balls at you, thank them for their interest -- and ask that they come back with earnest offers. "If you become offended, enraged, or unreasonable, you've blown any chance at negotiation," says Warwick, R.I., real estate agent Ron Phipps. These days many buyers are just testing you to see how big a discount they can get. Point the bidder to comparable recent sales that support your list price. (Received several super-low offers? Check the comps to make sure your price isn't too high.)

Don't say: "I didn't know the deck was rotting."

Instead: Pay a few hundred dollars to get your house inspected before you put it on the market. Then arrange to make any necessary repairs yourself. (In most states the law requires you to disclose to potential buyers any defects of which you're aware.) "Taking care of any inspection issues upfront helps sellers limit the points that buyers can negotiate on," says Pat Lashinsky, CEO of the national brokerage ZipRealty.

Don't say: "It might take us a while to move out."

Instead: Make sure to tell buyers -- especially those who might have children starting school this month -- that you're willing to scram pronto, if possible. That will help you stand out from any short sales in your area, which may have lower list prices but can take months to close. "If the buyers have a strict time limit, they're going to pay more money to get into a house quickly," says Ellen Klein, a realtor in Rockaway, N.J. More money plus more speed: That's what it's all about.  To top of page




1031 Exchanges - Defer Capital Gain Taxes on Ivestment Prop.
Posted - 08/27/2010

In a typical real estate transaction, capital gain taxes are due on the gain from the sale of investment real estate. A 1031 Exchange is used by real estate investors to defer capital gain taxes. A 1031 Exchange allows a property to be sold and replaced without the payment of taxes. A 1031 tax exchange is basically the exchanging of "like-kind" properties of equal or greater value without paying taxes.

In real estate, "like-kind" property is property used as a trade or business as described in IRS Section 1231, or property held as investments as described in IRS Section 1221. Some of the investment properties that qualify for an exchange are rental homes, apartments, office buildings, shopping centers, industrial property, motels, land, farms, ranches, etc. "Like-kind" does not mean that you have to exchange a like rentsl property for another like rental property. You are allowed to mix and match. As long as you are completing a structured exchange, the IRS allows you to exchange raw land for a shopping center, a condo rental for an apartment building, etc. You are allowed to exchange real property used for business, trade or investment purposes for any other type of business, trade or investment properties.

Personal residences do not qualify for "like-kind" property, so they cannot be used for an exchange. With your personal residence you can qualify for the $250,000\$500,0000 Capital Gain Tax Exclusion, which is better than a 1031 Exchange. Qualified personal residences are tax-free, not just tax-deferred.

With the 1031 exchange the gain can't be taxed. Your income taxes are deferred until the day you decide to sell your property and pocket the sales proceeds. You can avoid ever paying income taxes at all by continuing to exchange properties throughout your entire lifetime. With proper estate planning, you can pass your investment properties to your heirs tax-free.

An exchange must be performed by a qualified intermediary. A qualified intermediary does not have to be an accountant, but they must be a neutral party. They keep track of the sales of the property you will relinquish, as well as the replacement property purchase. The intermediary keeps all of the funds from the sale of the relinquished property in an interest bearing joint trust account, until the settlement of the replacement property. The funds must be held by the intermediary in order to remain tax free.

Guidelines for a 1031 Exchange are as follows:

  • You have 45 days from the sale of the relinquished property to identify your replacement property, and you have 180 days from the sale of the relinquished property to settle.
  • The value of the replacement property must be equal or greater than the value of the relinquished property(s).
  • The equity in the replacement property must be equal or greater than the equity in the relinquished property(s).
  • The replacement property(s) must have an equal or greater debt than the relinquished property.
  • All of the net proceeds from the sale of the relinquished property must be used to purchase the replacement property(s).
  • Entities, such as corporations, trusts, partnerships, LLC' etc. may do a 1031 exchange. They must follow this rule: the tax return that holds title to the relinquished property must be the same tax return that takes title to the replacement Property.


You have 45 days to identify your replacement property after you have sold the relinquished property.  The investor can identify up to 3 replacement properties. You also need to settle on your replacement property within 180 days of the sale of your relinquished property. If you cannot identify a replacement property within 45 days or settle within 180 days of the sale of the relinquished property, your fund will now be taxable. The IRS has no exceptions to this rule. These timelines cannot be extended.

One of the biggest 1031 exchange rules that must be followed is that the property being sold has to be equal to or lesser than in value than the new property being obtained. This means if you have an investment property worth $200,000, you can only do a 1031 tax exchange on another property that is worth $200,000 or more. There are absolutely no exemptions from this 1031 exchange rule.

One of the disadvantages to an exchange is that you will have a slightly lower depreciation schedule when you acquire your new properties. Your new property will have the same tax basis as the previous property, which will reduce your yearly depreciation of your new higher valued property.
Although it is not suggested, a replacement property can be converted to a primary residence, as long as you follow the holding requirements of Section 1031. The big concern with the IRS is whether you can prove that you had the intent to hold the property for rental, investment or business use. If your home qualifies for a personal residence, you can take advantage of the home owner's exemption (up to $250,000 or $500,000 for a couple). There is a five year holding period requirement for the personal residence tax exclusion.

An owner that is planning on doing a 1031 exchange should only do so after seeking help from a qualified intermediary, accountant, and attorney.
 
Examples:


Example #1:
John and Mary sell their relinquished property for $200,000. After paying the mortgage on the relinquished property, the balance of $80,000 is transferred to the intermediary. If they buy their New Property for $180,000, they bought down by $20,000. The buy down does not kill their exchange, but the $20,000 difference between the exchanging properties is taxable. The IRS calls this taxable amount boot.
 
Example 2:
10 years ago, Bob purchases an apartment building for $600,000. The IRS allows the depreciation of a property over 27.5 years, which allows for a depreciation of $21,818 per year. After 10 years, the property has depreciated by $218,810. Bob has also made $100K in property and land improvements.

His taxable basis is as follows:

Original Cost: $600,000
Improvements over 10 years: $100,000
Less Depreciation: ($218,810)
Taxable Basis $481,190



 

 

If Bob sells his property for $1 million dollars his federal tax will be as follows:

Sales Price:  $1,000,000
Taxable Basis (calculated above) $481,190
Taxable Capital Gain:  $518,810

Calculated Taxes:

Capital Gain from Depreciation Recapture:($218,810 X 25%)  $54,702
Long-term Capital Gain ($300,00 X 20%) $60,000
Total Federal Tax: $114,702
                                                                                                      

In this case, a 1031 Exchange would defer $114,702 in capital gain taxes.
 

IRS Helpful Links: IRS Tip - Like-Kind Exchanges - Real Estate Tax Tips




Tips For Moving Day
Posted - 06/07/2010
June 7, 2010--With the summer selling season in full swing, millions of Americans are finalizing real estate deals and preparing for moving day. If moving day has you feeling stressed, the following tips from the experts at GoMovers.com will help you prepare for a seamless transition.

-Complete as much packing of the items you're packing yourself by the day before your moving day. Take care of any last minute items early in the morning on moving day. Doing so serves a dual purpose: Only the items the packers are handling will be left, which will help them concentrate only on what they're going to pack, and your mover won't need to wait around while you finish your portion of the packing job.

-Before the movers arrive to pack and load, remove any obstacles so they'll have a clear path from the door to the truck. Also, check hallways and stairways and eliminate any items that are in the way. If you'll need to remove a stair railing or other 'impediment' to get larger items out of the house (your estimator should have alerted you to this), do so before the movers arrive.

-Take a walk through the house and check closets and utility areas to make sure you haven't forgotten to pack anything that is coming with you to your new homes. Make sure the boxes you packed are clearly labeled and their room location at your destination is clearly marked on the box. Make sure all of your boxes are taped closed so nothing gets lost during transit.

-Move your cars as needed to make room in the driveway so the movers have a clear line between the house and the truck.

-Make accommodations for your pets. You might consider boarding or caging them on moving day or having them stay with a neighbor or relative during the actual move. You might be able to better accommodate them by taking them to your destination in advance. You'll want to do what's appropriate in order to keep them out of the way of the movers and help reduce their stress levels and anxiety.

-Plan to be around to keep a watchful eye on both the packers and the movers while they're packing and loading your possessions. That way, you'll also be readily available to answer any questions they might have. It doesn't hurt to build rapport with your movers and packers either, as they're more likely to do a good job if they like you.



How to Fix Your House Up To Sell
Posted - 05/28/2010

Tips on How to Fix Your House Up to Sell

 May 27, 2010--With the summer buying and selling season just around the corner, now is the time to think about how you can create a lasting first impression with potential buyers. Here are 8 simple tips that will help your home stand out from the crowd.

Open the drapes and blinds. Sunshine is the world's best decorator and nothing is more depressing than walking into a home where shades, curtains and drapes are closed.

Wash the windows
- inside and out. For the same reasons as above, no other small improvement will give you more bang than this.

Clean up the yard.
Cut back overgrown shrubs, particularly those that obscure windows or make it difficult to get to the front door. Mow the grass, rake or pick up downed leaves and branches, put away lawn tools, kids' toys and discard or store any outdoor furniture that is rusty or ragged. If season and funds permit, put down some colorful annuals or put a few nicely planted containers on or near the front porch.

Clutter Control. De-cluttering and organizing your home is very important and not just to make the place look neat. A cluttered home looks smaller and less airy. All of the pictures, knick-knacks, even an exquisite art collection are distracting to many buyers.

Clean your kitchen and bathrooms - Be sure to pay attention to the kitchen and bathrooms. The kitchen may be old but it can still sparkle. Clean the stovetop with a good degreaser and all countertops to remove stains and discoloration. Wash the front of all cupboards and appliances and keep the floor swept and scrubbed for as long as the home is on the market. De-clutter here too, especially the refrigerator door. Ditch countertop appliances, canisters, etc and keep cupboard doors and drawers closed if your hand is not actually in them. It is critical that the bathrooms sparkle. Old bathrooms can be charming and a new shower curtain or fresh flowers on the counter may be all you need. Put out your best towels and, if you have young children, enforce the flush rule.

Refinish hardwood floors.
These are a major selling point when selling your home and sometimes a home's most compelling feature. Often they don't need complete refinishing, just to be roughed up and polyurethaned to obtain that killer shine.

Paint/Repaint Your Home.
If your taste in decorating is a bit strong, it may pay to hire a professional to tone down some of the more dramatic color rooms. Neutral colors are best for marketing your home for sale.

Buy, borrow or rent what you need
. If your furniture shows the effect of raising five kids or if pets have ruined the rugs and upholstery, think about storing or getting rid of your existing furniture and finding just enough more attractive stuff to get by. If your nest is empty and the kids' rooms are beaten up, throw out the furniture, give the walls a quick wash coat of paint and put one or two small flea market pieces - a hobby horse, a bean-bag chair, the old bassinette from the attic - in the room to merely suggest its use.



7 Questions to ask before buying a Condo
Posted - 05/21/2010
May 21, 2010--You've found your dream condo, and you're ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.

1. "What's the Beef?"
Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.

2. "Who's Been Naughty and Who's Been Nice?"
Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded.

3. "How Much Is In the Repair Fund?"
Ask if the community has done a reserve-fund review in the past five years. Lester Giese, the author of The 99 Best Residential & Recreational Communities in America, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance may be in a complex that either is not being kept up well or is living beyond its means.

4. "Can You Cover Me?"
If you look at nothing else, get a copy of the certificate of insurance, which is a summary of the association's policy. First see if the replacement costs covered by the policy are an accurate estimate of the cost of rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done. On older buildings, there may have been many code upgrades since the time of construction. Finally, make sure that you understand exactly what the association policy covers and what you are responsible for. The smart condo owner will insure his or her personal belongings, along with any other items within the unit that are not covered by the association's policy. If you have trouble understanding the insurance lingo, take the insurance certificate to an agent whom you trust and who understands the state laws.

5. "Does the Association Present Any Legal Problems?"
Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there's so much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the association. Do they make sense? Are they consistent with the state laws? Giese, the author, once found that the association bylaws of a large garden-style condo complex had been lifted from the books of a high-rise condo, leaving confused tenants with rules about shared hallway space and the correct use of garbage chutes. Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen the association at the local courthouse, to see if any owners have filed suit against it.

6. "Is the Complex Renter-Friendly?"
If the renter population is over 10%, there should be clear rental policies, either listed in the bylaws or tacked on as an amendment. Does the management company find renters for you? If so, do they get enough good renters? Ask other tenants about their experience. In addition, ask to see the association's rental lease, and have a real estate lawyer look it over. Keep one thing in mind, though: An association can change its bylaws to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen.

7. "Am I My Community's Keeper?"
Watch out for a condo whose owners manage the place themselves. Although many are operated efficiently, self-management can lead to more hassles for owners -- especially those who live thousands of miles away. If the complex is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will keep you up at night.



8 Tips for Adding Curb Appeal to Your Home
Posted - 05/13/2010

Curb appeal has always been important for homesellers. With the vast majority of today's homebuyers starting their search on the Internet, the appearance of your property is more critical than ever. You only have a few seconds to catch their attention as they scroll through listings online to get them to stop and take a closer look.

But the role of curb appeal goes beyond just making a good first impression. The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your house.

We asked real estate agents, appraisers, home stagers, landscape designers, and home inspectors which curb appeal projects offer the most value when your house is on the market, both in terms of its marketability and dollars. Here is what they told us:

1. Paint the house.

Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it and appraisers will note it on the valuation.

"Paint is probably the number one thing inside and out," says Frank Lucco, managing partner of Houston-based IRR-Residential Appraisers and Consultants. "I'd give additional value for that. If you're under two years remaining life (on the paint job), paint the exterior because it tends to show wear badly." 

Just make sure you stay within the range of accepted colors for your market. A house that's painted a wildly different color from its competition will be marked down in value by appraisers.

2. Have the house washed.

Before you make the investment in a paint job, though, take a good look at the house. If it's got mildew or general grunge, just washing the house could make a world of difference, says Valerie Torelli, a California real estate agent with a background in accounting.

Before she puts a house on the market, Torelli often does exterior makeovers on her clients' homes, a service she pays for herself to get higher selling prices. Overall, she says her goal is to spend less than $5,000, with a goal of generating an extra $10,000 to $15,000 on the sale price.

Torelli specifies pressure-washing-a job that should be left to professionals. Pressure washing makes the house look "bright and clean in addition to getting rid of unsightly things like cobwebs, which may not be seen from the yard but will detract from the home's cleanliness when seen up close," she says.

The cost to have a professional cleaning should be a few hundred dollars-a fraction of the cost of having the house painted.

3. Trim the shrubs and green up the yard.

California real estate agent Valerie Torelli says she puts a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark. "It runs me $30 to $50," says Torelli. "Do you get a return on your money? Absolutely. It sucks people in."

You also don't want bare spots. Take the time to fertilize the yard, throw out some grass seed, and if need be, add some sod.

4. Add a splash of color.

It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adirondack chair. "You can get a cute little bench at Home Depot for $99," Torelli notes. "Spray paint it bright red or blue and set it in the yard or on the front porch."

It's not a bad idea, but don't plan on getting extra points from an appraiser for a red bench, says John Bredemeyer, president of Realcorp in Omaha. "It's difficult to quantify, but it does make a home sell more quickly," Bredemeyer says. "Maybe yours sold a couple weeks faster than the house down the street. That's the best way to look at these things."

5. Add a fancy mailbox and house numbers.

An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block. Torelli makes them a part of her exterior makeovers "I've gotten those hand-painted mailboxes," she says. "A nice one runs you $40 to $50." Architectural house numbers may run as high as a few hundred dollars.

6. Repair or clean the roof.

Springfield, Va.-based home inspector and former builder Reggie Marston says the roof is one of the first things he looks at in assessing the condition of a home. He'll look at other houses in the neighborhood to see if there are a lot of replaced roofs and see if the subject house has one as well. If not, he'll look for curls in the shingles or missing shingles. "I'm looking at the roof for end-of-life expectancy," he says.

You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. That could knock thousands of dollars off your appraisal. According to Remodeling Magazine's 2009-2010 Cost vs. Value Report, the average cost of a new asphalt shingle roof is more than $19,000.

"Roofs are issues," Lucco says. "You won't throw money away on that job. You gotta have a decent roof."

Stains and plant matter, such as moss, can be handled with cleaning. It's a job that can often be done in a day for a few hundred dollars, and makes the roof look like new. It's not a DIY project; call a professional with the right tools to clean it without damaging it.

7. Put up a fence.

A picket fence with a garden gate to frame the yard is an asset. A fence has more impact in a family-oriented neighborhood than an upscale retirement community, Bredemeyer says, but in most instances, appraisers will give extra value for one, as long as it's in good condition. "Day in a day out, a fence is a plus," Bredemeyer says. Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.

8. Perform routine maintenance and cleaning.

Nothing sets off subconscious alarms like hanging gutters, missing bricks from the front steps, or lawn tools rusting in the bushes. It makes even the professionals question what else hasn't been taken care of.

"A house is worth less if the maintenance isn't done," Lucco says. "Those little things can add up and be a very big detractor. When people say, 'I'd buy it if it weren't for all the deferred maintenance,' what they're really saying is, 'I'd still buy it if you reduce the price.'"  





Short Sale Myths Debunked
Posted - 05/13/2010

For Your Clients: Short Sale Myths De-Bunked

RISMEDIA, May 13, 2010-With short sales making up almost 35% of home sales in March and the country with a national foreclosure problem, I Short Sale, Inc., one of the largest short sale firms in the U.S., sets the record straight on common short sale myths.

1. You must be default on your mortgage to negotiate a short sale. Short sales are not a function of default status on a mortgage. They are the result of the bank mitigating a potential default situation that, in the long run, will cost more money to the investors. We have completed many short sales in instances when the borrower was not in a default situation.

2. Listing my home as a short sale is embarrassing. Anytime we get ourselves into a tough financial situation it can cause some embarrassing feelings. It is important to remember that those feelings will not help us get back onto stable financial ground. We need to overcome our feelings and do what is right to protect our financial futures.

3. Buyers aren't interested in short sale properties. Short Sale properties are often times available at a competitive price to other properties on the market. In many cases, short sale properties are very well cared for and have not had to endure the deferred maintenance of a REO property. Short Sale properties are in great demand in the marketplace.

4. There's not enough time to negotiate a short sale before foreclosure. A good negotiator takes into account the timeline affiliated with a foreclosure. There is always a chance that a short sale can be negotiated. However, the only way to know for sure is to try.

5. The bank would rather foreclose than complete a short sale. Banks do not want to foreclose on property. It is expensive and carries a high level of liability once the bank owns that property as an REO. Wherever possible, banks are seeking other loss mitigation options before foreclosure.

6. Short sales are impossible and never get approved. Short sales are complicated, but not impossible. We negotiate short sale approvals every day.



10 Tips for Succesful Business Networking
Posted - 05/12/2010
May 12, 2010-It's the classic cliché: it's not what you know, but who you know. Oftentimes in real estate, this rings true.

Networking and getting to true know the people in your community is what can truly set you apart and make a big difference when it comes time to choose an agent.

Here are 10 tips to think about when planning your next networking adventure, courtesy of businessknowhow.com:

1. Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.

2. Ask yourself what your goals are in participating in networking meetings so that you will pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.

3. Visit as many groups as possible that spark your interest. Notice the tone and attitude of the group. Do the people sound supportive of one another? Does the leadership appear competent? Many groups will allow you to visit two times before joining.

4. Hold volunteer positions in organizations. This is a great way to stay visible and give back to groups that have helped you.

5. Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This form of questioning opens up the discussion and shows listeners that you are interested in them.

6. Become known as a powerful resource for others. When you are known as a strong resource, people remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you visible to them.

7. Have a clear understanding of what you do and why, for whom, and what makes your doing it special or different from others doing the same thing. In order to get referrals, you must first have a clear understanding of what you do that you can easily articulate to others.

8. Be able to articulate what you are looking for and how others may help you. Too often people in conversations ask, "How may I help you?" and no immediate answer comes to mind.

9. Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.

10. Call those you meet who may benefit from what you do and vice versa. Express that you enjoyed meeting them, and ask if you could get together and share ideas.

This advice will apply to an industry, not just for real estate.




5 Tips to Responsibly Manage Credit
Posted - 02/23/2010
February 22, 2010-As new regulations from the Credit CARD (Card Accountability, Responsibility and Disclosure) Act take effect on February 22, 2010, many consumers are still curious about the net impact to their daily lives. Bills.com, one of the leading resources for free, personalized and expert money advice, offers the following tips to help consumers better prepare for the Credit CARD Act changes and avoid potential negative consequences.

"The CARD Act is a good thing in that it seeks to eliminate unfair practices and make the entire credit fee practice more transparent," said Brad Stroh, co-founder and CEO of Bills.com. "However, for many consumers, it will likely mean more headaches in managing their credit card account, and at the end of the day these changes could actually lead to higher fees or reduced lines of credit."

5 sensible credit card management tips:

1. Maintain prompt payment status with your credit card company. Demonstrating that you can responsibly meet your current credit obligations is the number one behavior that will impact your standing with the credit card company and your credit score. By missing or being late on a payment, you will incur fees, potentially increase your interest rate and lower your overall credit score.

2. Pay down high balances to improve credit card utilization. This will show that you can responsibly manage your credit limit, minimizing the chance of higher tiers of interest rates or reductions in credit limit. Additionally, better credit utilization will help boost your credit score.

3. Maintain activity on your credit card accounts. By using the revolving credit lines that you need or want to keep and promptly paying on them, you can help avoid cancellation of those credit card accounts. Additionally, some credit card companies are introducing inactivity fees. This behavior will avoid those fees and help boost your credit score, while having a long existing credit line closed could lower your score.

4. Avoid fees through responsible spending habits. Credit card providers will likely look to recoup revenue by charging fees for extra services. New regulations prohibit over limit provisions unless consumers opt-in to the service. Card providers could then charge consumers for this right. By remaining aware of credit limits and balances, consumers can avoid a need for these fees altogether.

5. New regulations do not apply to corporate or small business cards. This means some small business owners might consider using personal cards for business expenses because of fee and rate limitations. However, these owners should remain cautious because their personal credit scores could suffer in the event of missed payments or defaults.

"It is important to remember that these new regulations do not limit interest rates, they only make the communication with consumers more transparent," continued Stroh. "The best approach to these changes is to be proactive and adjust personal behavior to avoid negative implications."

For more information, visit www.bills.com.




Around the Home - Energy Saving Tips
Posted - 02/13/2010
February 13, 2010-The Alliance to Save Energy offers the following no-cost/low-cost energy efficiency tips for homeowners across the country who are looking to reduce their home heating costs while maintaining comfort.

Conduct a "draft check." Your heating dollars could be going out your windows, doors and electrical outlets. Check for air leaks throughout your home; check around doors, windows, fixtures, electrical outlets, wiring, plumbing and fireplace dampers. Draft-proofing is the least expensive energy efficiency investment with the biggest payoff.

Plug those air leaks. Seal leaks between doors or windows and their frames with weather stripping and between window frames and walls with sealant or caulk.

Install door sweeps on the insides of exterior doors. Cold air can seep in under doors. Solution: Door sweeps are cheap and keep the draft out. No sweeps available? Even a rolled up towel or blanket will help. And consider twin or dual draft guards on both sides of doors where you feel drafts.

Open curtains and other window treatments on your west- and south-facing windows during the day to allow sunlight to naturally heat your home, and close them at night to make it harder for warm air to escape. If you are purchasing new drapes, consider an insulated lining, which reduces both heating and cooling bills.

Freezing by your windows? If that's the case, and you've already plugged window leaks and can't afford new high-efficiency windows, consider purchasing a kit containing sheets of plastic film to tape over the insides of your windows. Use a hair dryer to create a tight fit.

Consider insulating drafty electrical outlets. Use light switch foam insulation pads and wall jack foam insulation pads on outlets on colder exterior walls.

You're not in the South Seas. Don't turn up the heat so high that you can be comfortable dressed in a T-shirt and going barefoot. Even when indoors, dress for winter weather and layer clothing so that you can keep the thermostat at a reasonable yet comfortable temperature. It's a good time to wear those sweaters you received as holiday gifts.

Consider a space heater for the room where you spend a lot of time. But keep in mind that this makes sense from an energy standpoint only if you reduce heating in other rooms.

Keep furnace filters clean. Check and change your filter every month during heavy-use winter months to assist air flow, so your system doesn't have to work harder to keep you warm.

Seal your heating and cooling ducts. In a typical house with a forced air system, about 20% of the air that moves through the duct system is lost due to leaks, holes and poorly connected ducts. Sealing and insulating ducts increases their efficiency, lowers home energy bills and can often pay for itself in energy savings. Insulate ducts in unheated areas such as attics, crawlspaces and garages with duct insulation that carries an R-value of 6 or higher. Also, a well-designed and sealed duct system may make it possible to downsize to a smaller, less costly heating and cooling system that will provide better dehumidification.

Let a programmable thermostat "remember for you" to lower the heat while your home is empty and/or overnight to reduce heating costs by up to 10%- and allow you to come home and wake up to a toasty, comfortable house.

For more information, visit www.ase.org.




How to Budget for Home Maintenance
Posted - 02/13/2010
February 13, 2010-New homeowners oftentimes stretch themselves financially when having to pay the initial costs that come with purchasing a home. While it is important to focus on these preliminary expenses, homeowners must be aware of the financial requirements that come with maintaining the home. Here, Dan Steward, President, Pillar To Post discusses how homeowners can effectively budget for home maintenance.

Dan Steward
President
Pillar To Post
www.pillartopost.com

Enthusiastic new home buyers often stretch financially to cover a home's initial deposit, closing costs and any cosmetic touchups.

However, buyers frequently focus only on those first costs, overlooking the financial requirements of maintaining the home over time. Providing some guidance to your clients regarding realistic maintenance costs will help them transition smoothly into ownership of that house.

According to industry standards, homeowners should have 1% of the purchase price of their home in savings for improvements and surprise expenses. While this minimum will help ease through maintenance costs, a 2-3% cushion is far more prudent.

A home inspection will help prospective buyers better understand the condition of the house, gaining insights and recommendations from the inspector during the inspection. At Pillar To Post, we also deliver a detailed, computerized inspection report onsite, so buyers have a printed guide available for future planning.

A home inspector will estimate the age of major structural components and systems, providing the buyer an indication of each item's anticipated lifespan. A furnace, for example, often lasts between 12 and 15 years and a water heater lasts from ten to 12 years. Understanding the current age of any particular system will allow buyers to calculate approximately when they'll be due for major repairs or replacement.

LivingWithMyHome.com offers a list of approximate life expectancies of home components as well as cost estimates, useful as a tool for financial planning of homeownership. Our company, Pillar To Post, sponsors this site in response to questions from prospective home buyers across North America regarding how much they should plan to spend on ongoing maintenance costs.

Once the buyer has completed the home inspection, negotiated the price according to information gained in the inspection and possibly had the sellers repair or pay for needed upgrades, it's time to plan the maintenance budget for the future.

Home buyers should plan for big-ticket costs across a five-year timeline, budgeting for major expenses, such as roof repairs, new air conditioners or plumbing upgrades. The best plan is to sock away those funds, rather than relying on borrowing from banks. As the credit crunch has deepened, banks have nearly stopped offering home equity lines of credit, so counting on a loan for needed repairs is a risky strategy.

This brings us to timing of repairs-when small problems pop up, it's important to address them before they become large-scale projects. A minor leak on a window frame can seem innocuous, but with repeated rains that leak can turn into window rot and even mold.

Again, this is where preparedness in budgeting can make all the difference-the ability to correct a minor problem immediately will likely mean a lower-cost repair and a less-demanding repair job.

Buying a home is one of the largest investments most people ever make. Helping your clients plan successfully to have a strong, positive home-buying experience will create the most beneficial outcome possible for them and for you.

Now, back to the monthly expenses. Estimating these regular costs often trip up new home buyers as well. Many people, particularly former renters, are accustomed to paying rent and likely utilities, phone, Internet service and cable.

As a homeowner, however, there will be other utility costs such as water, sewer and trash collection. Then there are property taxes, homeowner's insurance and possible homeowner's association dues.

Home buyers can also have seasonal, recurrent expenses such as snow removal and lawn service that should also go into that five-year budget. Helping your customers understand not only how to find and purchase their ideal home, but maintain it as well is the value-add service you can provide that will benefit them for the future.




When is a Real Estate Agent a Realtor?
Posted - 02/12/2010

A real estate agent is a REALTOR when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS, The Voice for Real Estate, the world's largest professional association. The term "REALTOR" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS and abides by its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.

Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS are pledged to a strict Code of Ethics and Standards of Practice.

Working for America's property owners, the NATIONAL ASSOCIATION OF REALTORS provides a facility for professional development, research, and exchange of information among its members.

Check out the Public Awareness Campaign television and radio spots that encourage consumers to rely on the expertise and integrity of REALTORS.

The NAR advertising campaign runs February through November on network and cable television and network and satellite radio, helping consumers understand the real value of working with REALTORS. From their voluntary adherence to a Code of Ethics to their incomparable knowledge of real estate processes, REALTORS are the experts of residential and commercial property transactions.




Mortgage Rates Decline; Current 30 yr. fixed rate is 4.81
Posted - 02/12/2010

February 12, 2010-Thirty-year fixed mortgage rates on Zillow Mortgage Marketplace are currently 4.81%, down six basis points from 4.87% at this time last week. The 30-year fixed mortgage rates hovered at or below 4.80% for most of the past weekend and neared 4.75% on Monday.

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.27%, while the rate for 5-1 adjustable rate mortgages is 3.70%.

The volume of mortgage requests in the past week fell 9.4% from the prior week. Of last week's requests, 34.7% were for refinance loans, 63.5% were for purchase loans and 1.9% were for home equity loans. The prior week, 34.5% of requests were for refinance loans, 63.5% were for purchase loans and 2.1% were for home equity loans.




Homebuyers Rush to Take Advantage of Tax Credit
Posted - 02/12/2010
Liv Mansfield is racing the clock, hoping to find and settle, or at least sign a purchase agreement, on a townhouse before the $6,500 tax credit for qualified repeat home buyers expires April 30, 2010.

While the credit is not as important as staying in the Wallingford school district, where her younger daughter will enter sixth grade next fall, Mansfield says it will help make expenses associated with the move 'a wash.' "It will help with moving costs, and with getting this house ready for sale," said Mansfield, who has lived in the five-bedroom split-level Colonial she bought with her former husband nine years ago.

The house, which she says is far larger than what "two people and a small dog need," will list for under $525,000 and heads for the market Feb. 15, 2010.

Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit. This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended.

Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. 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. Buyers earning more than the maximum are not eligible for the credit. If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close.

The 2009 credit for first-timers helped jump-start the sagging home market in the summer and fall, data show. Walt Molony, a National Association of Realtors (NAR) spokesman, said two million existing-home sales in 2009 could be attributed to the $8,000 first-time buyer credit. Although it is too early to measure the credit's effect on sales so far this year, Molony said NAR chief economist Lawrence Yun believes it will add 1.5 million sales to the tally.

The repeat-buyer credit was added to appease builders, who said the original did not offer enough time to purchasers of new houses, which take at least six months to build, to close on them. New homes accounted for only 7% of the tax-credit-based sales, Molony said.

The National Association of Homebuilders' Donna Reichle said, "We hear builders saying they are getting inquiries, but that's all so far. According to our economists, it's way too early," Reichle said. "If you look back at the passage of the original $8,000 credit and impact on housing starts, it took a couple of months, and that was in the spring as well."

Moody's Economy.com chief economist Mark Zandi says the credit will boost sales "modestly," however, by 300,000, with one-third trade-up buyers. "I don't expect the credit to be extended again," Zandi said. "Each time it is extended, it becomes less effective and thus more costly."

David Krieger, senior vice president and general manager of Coldwell Banker Preferred in Philadelphia, says he believes that "a very large increase in our listing inventory in January is a result of the $6,500 credit." Still, the $8,000 first-time credit remains the chief reason his company's home sales were 33% higher last month than in January 2009, he said.

Typically, repeat buyers are better off financially than first-timers, so a lot of repeat buyers realize from the start they don't qualify for the credit, Weichert Realtors agent Alec Schwartz said. "What they do realize, and what is getting more sellers to list, is that they understand that there are plenty of first-time buyers who qualify for the $8,000 credit out there, and they have a much better chance of selling their house and buying a new one than before," said Schwartz, Liv Mansfield's agent.

This is also true in the region's new-home market, said Wayne Norris, regional sales manager for Hanley Wood Market Intelligence. "Builders have experienced increased activity in recent months" attributable to the $6,500 credit and "the fact that many potential buyers were able to sell their houses" to those taking advantage of the first-time buyer credit," he said. The sense of urgency to make the tax-credit deadline and fears of rising interest rates will push new-home sales higher in the spring, Norris said.




Repeat Buyers Must Hurry to Take Advantage of Tax Credit
Posted - 01/23/2010
January 23, 2010-By now it is well documented that today's affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.

This past November, Congress elected to expand the home buyer tax credit to repeat buyers after seeing the success the temporary financial incentive had on the housing market and overall economy. As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

"The expanded tax credit offers a great financial opportunity for existing homeowners, particularly those looking to trade up," said James M. Weichert, president and founder of Weichert, Realtors, one of the nation's largest independent real estate companies. "Not only can you receive a large sum of money from the government, you'll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come."

To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.

There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.

"Typically, it takes three months or longer to sell a home. That's why it is critical repeat buyers put their home on the market right away. Otherwise they might not leave themselves enough time to both secure a buyer for their current house and find a new home by the April 30 deadline," added Weichert.




HomeBuyer Tax Credit Eligibility for 2010
Posted - 01/06/2010

Stimulus Package Homeowners Tax Credit

Am I eligible? How much can I get?

Tax credit amount: $8000 $6500
Who is eligible to claim the tax credit? First-time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.
How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
What types of homes will qualify for the tax credit? Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family homes, townhouses and condominiums.
Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS. No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives an $6,500 tax credit would owe nothing to the IRS.



30 year mortgage rates continue to fall
Posted - 12/02/2009

RISMEDIA, December 2, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased seven basis points last week to 4.62%, down from 4.69% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell four basis points to 4.19% from 4.23%, while 5-1 adjustable rate mortgages increased five basis points to 3.74%, from 3.69% the week prior.

The volume of mortgage requests last week fell 17% from the prior week. Of last week's requests, 49% were for refinance loans, 49% were for purchase loans and 2% were for home equity loans. There was no change in the mortgage type mix from the prior week.

Rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.52%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and North Carolina mortgage rates decreased the most, from 4.79% to 4.63% in Ohio and from 4.72% to 4.60% in North Carolina. New York mortgage rates (4.79%), Missouri mortgage rates (4.72%) and Illinois mortgage rates (4.72%) were the highest in the country, while Texas mortgage rates (4.52%) and Colorado mortgage rates (4.54%) were the lowest. California mortgage rates were the most requested among all states.






Top Home Improvement Projects - Cost vs. Value
Posted - 11/10/2009

November 10, 2009-HomeGain.com, one of the first websites to offer Web-based free instant home values, announced that it has released the results of its nationwide home improvement and home staging Home Sale Maximizer survey. 

HomeGain's recent survey shows the top do-it-yourself home improvements that Realtors recommend to home sellers. HomeGain received responses from nearly 1,000 Realtors nationwide and configured a list of the top 12 do-it-yourself (DIY) home improvements that cost under $5,000 and benefit sellers most when they sell their homes. 

According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are: 

1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI) 

Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home's sale price, or an 872% return on investment. 

"Many Realtors agree, especially in a buyer's market, that sellers who make these recommended home improvements often get their homes sold faster and at higher prices," stated Louis Cammarosano, General Manager at HomeGain. "We have customized our Home Sale Maximizer online home improvement tool to help identify and prioritize the projects that can increase the salability and selling price of a home." 

Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damaged floors, updating kitchen, painting outside of home, and updating bathroom/s.

The home improvement projects with the highest price increases to a home's resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting the outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 price increase). 

"Inexpensive cosmetic home improvements and basic improvements greatly enhance the value of the home," stated Carol Wilson of Carpenter Real Estate in Indianapolis, IN, HomeGain AgentEvaluator member since 1999.




Expanded Version of Tax Credit Allows More Qualifiers
Posted - 11/09/2009

November 9, 2009-President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. "The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules," said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. "Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify." Consider these three examples: 

Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.

Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.

Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight. 

The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. "If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010," Nicholas said. "It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit." 

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. "This means that more people will qualify for the credit - especially in parts of the country with higher costs of living," Nicholas said. "This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit." 

There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples: 

-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence - you could live in one unit and rent out the others

-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).

-The credit applies even if you have co-signers on your mortgage loan 







Big Rebound in Existing Home Sales
Posted - 10/31/2009

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales-including single-family, townhomes, condominiums and co-ops-jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007. 

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. "Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," he said. "We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery." 

Even with the improvement, Yun said the market is underperforming. "Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet," he said. "We're getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy. Without a firm foundation for middle-class wealth recovery, the post-recession economic growth likely will be one of the weakest in U.S. history." 

Early information from a large annual consumer study to be released November 13, the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45% of home sales during the past year. A separate practitioner survey shows that distressed homes accounted for 29% of transactions in September. 

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said affordability conditions remain historically high. "Potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970, but with the first-time buyer tax credit scheduled to expire at the end of next month, people could hold back from entering the market," he said. "Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average," McMillan said. 

Total housing inventory at the end of September fell 7.5% to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0% below a year ago. 

"The current housing supply is the lowest we've seen in two and a half years," Yun said. "If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year. 

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.06% in September from 5.19% in August; the rate was 6.04% in September 2008. The national median existing-home price for all housing types was $174,900 in September, which is 8.5% lower than September 2008. Distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area. 

Single-family home sales rose 9.4% to a seasonally adjusted annual rate of 4.89 million in September from a pace of 4.47 million in August, and are 7.7% above the 4.54 million-unit level in September 2008. The median existing single-family home price was $174,900 in September, which is 8.1% below a year ago. Existing condominium and co-op sales jumped 9.7% to a seasonally adjusted annual rate of 680,000 units in September from 620,000 in August, and are 9.7% above the 561,000-unit pace a year ago. The median existing condo price was $175,100 in September, down 11.7% from September 2008. 

Northeast
Regionally, existing-home sales in the Northeast increased 4.4% to an annual level of 950,000 in September, and are 11.8% higher than September 2008. The median price in the Northeast was $234,700, down 7.0% from a year ago. 

Midwest
Existing-home sales in the Midwest jumped 9.6% in September to a pace of 1.25 million and are 7.8% above a year ago. The median price in the Midwest was $147,600, which is 1.0% below September 2008. 

South
In the South, existing-home sales rose 9.0% to an annual level of 2.06 million in September and are 10.8% higher than September 2008. The median price in the South was $153,500, down 7.6% from a year ago. 

West
Existing-home sales in the West surged 13.0% to an annual rate of 1.30 million in September and are 5.7% above a year ago. The median price in the West was $219,000, which is 15.0% below September 2008. 

For more information, visit www.realtor.org






Lawmakers want to extend homebuyer tax credit
Posted - 10/30/2009

October 30, 2009-(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn. 

While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House. 

Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate's proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners." 

The current tax credit did little for the new-home market in September, the Commerce Department recently reported-news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers-credited with 357,000 sales of previously owned homes so far this year-would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market. 

"Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases-9.2% year over year in September-indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories." 

IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop. 

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. 



Read more: http://rismedia.com/2009-10-29/breaking-news-senate-plans-to-extend-and-expand-tax-credit/#ixzz0VQDM9JQg



You Must Act Fast To Get 8000 Dollars Toward Home Purchase
Posted - 09/28/2009

It may be too late for most first-time home buyers to cash in on free money from the government aimed at stimulating the housing market. Under the American Recovery and Reinvestment Act of 2009 [AARA], a qualifying individual who has not owned a primary residence within the past three years can get a tax credit equal to 10% of the purchase price of a new home, up to a maximum of $8,000.(1) Moreover, unlike similar legislation passed last year, you never have to pay the money back.

But the deadline is fast-approaching. It's not enough to simply make an offer on a property by Nov. 30 -- the deal has to be closed by this date. "Closed" means you actually take title to the property. "When the clock strikes twelve on December 1st, it's over," says Lucien Salvant, a spokesperson for the National Association of Realtors.

Prolonging the Process
The problem is, two things have to happen before you can close on a home: 1) the property has to be appraised, and 2) you need to secure financing. Both are taking longer than they used to. According to Salvant, these days "private lenders are requiring more documentation -- in some cases a lot more" -- before they will approve a mortgage. And, new regulations covering appraisers are also slowing up the process. As a result, Salvant says it's commonly taking 60 days to get from offer to closing.

Toss in the fact that you'll lose a day or two due to the Thanksgiving holiday in late November and it's easy to understand why, if you haven't already started the process, you may be out of luck.

Hail Mary Strategy
Still, if you've already zeroed in on a couple of homes you're considering and you can find a co-operative lender, there's one tactic you might consider: apply for a loan ASAP. In other words, get pre-approved for the amount you'll need to borrow before you even decide which property you want to make an offer on. "Make sure you get 'pre-approved' and not simply 'pre-qualified,'" says Salvant. The former means you've already got the loan, while the latter simply says you're eligible for one.

What Qualifies?
According to the National Association of Home Builders, the property can be a single family home, a condo, a co-op, mobile home, or even a houseboat! It can be new construction or previously-owned. It can also be a home that you are having built as long as you move in by Nov. 30.

Again, the credit is only available if the property you're purchasing is going to be your primary residence. So forget about using it to buy a vacation home or rental property.

Who Qualifies?

The first test you have to meet is the requirement that you have not owned a primary residence in the past three years.
There's also an income limit. Abe Schneier, senior technical manager with the American Institute of Certified Public Accountants, says to be eligible for the credit, your "modified" adjusted gross income [MAGI] this year cannot exceed $75,000 if you file as a "single" taxpayer, or $150,000 if you are married. A partial credit is available provided your MAGI is not more than $20,000 above these amounts.

Using 2008 Income Instead of 2009
Even though you purchase the home this year, the law gives you the option of using your 2008 MAGI if that would enable you to meet the income limit. You might also want to use last year's income if that would mean you can qualify for a larger credit. However, you will have to file an amended 2008 tax return.

The Marriage Penalty
If you're married, both spouses must meet the three-year test about previously owning a home. That is, if you owned a condo, but your spouse rented, as a couple, you don't qualify for this credit. If you both meet the 3-year test, your combined income will determine whether you meet the MAGI test.

However, if you're not married to the person you're buying the property with, then each of you is considered separately. If you both meet the eligibility requirements, you have to split the credit. How you do this is pretty much up to you provided it's "reasonable." One way, suggests Schneier, is "percent of ownership" based upon, say, how much each contributed to the purchase price.

Furthermore, if one of you owned a home within the past three years, but the other didn't or one meets the income requirement, but the other earns too much, then the individual who qualifies can claim the entire credit, according to Schneier. This will not affect how the home is titled. For instance, the two of you can still own it as "joint tenants."

With a Little Help From Mom and Dad
This opens the door for parents to help a child buy a home. Even if his parents have owned their current residence for 20 years and are joint owners of the new home, Junior could qualify for the tax break. As Schneier points out, "It's the person who lives in the home that gets the credit. Not the one who's financing it."

What About the Red Tape?
It's surprisingly simple to claim the credit. You or your tax preparer calculate the amount for which you're eligible on IRS Form 5405 and then enter this figure on Line 69 of your 1040 income tax return. As mentioned above, if your income tax bill is less than the credit, you'll get the difference in a check from Uncle Sam. For instance, if you owe $3,000 in income tax and your credit is worth $5,500, you'll receive a check for $2,500.

Not So Fast
This credit is not meant to help speculators. You'll have to re-pay the credit (known in tax-speak as "recapture") if you don't live in the home for three years.

Why Are You Reading This?!

If you're in the market to buy a home and could qualify for this tax credit, time's a-wastin'. Decide on the home your want. Get your paperwork to your lender ASAP. Be a pest. Check in with your realtor, appraiser and lender frequently to find out how they're progressing. It might seem as if December is a long way off, but it's closer than you think.

1. Since it's a "refundable" credit, you will get a check from the government if your tax liability is less than the amount of your credit.




Leading Indicators Show Recession Bottoming Out
Posted - 09/23/2009

upward_arrowRISMEDIA, September 23, 2009-(MCT)-The U.S. recession is bottoming out and a recovery is near, economists for the Conference Board said recently after reporting that the index of leading economic indicators rose 0.6% in August 2009, the fifth straight increase. 

The coincident index-designed to measure current activity-was flat in August after an upwardly revised 0.1% gain in July, the private research organization said. The increase in July was the first since September 2008 and just the second since the recession began in December 2007. Five of the 10 leading indicators improved in August, and two others were unchanged. The leading indicators are designed to forecast economic activity about six to nine months ahead. "These data add further evidence to the growing view (and our long-held belief) that the official end date of the recession is likely to be sometime in the third quarter," wrote Michelle Girard, an economist for RBS Securities. 

The positive contributions came from slower supplier deliveries, the interest-rate spread, higher stock prices, more building permits and better consumer expectations. The negative contributions to the index came from the real money supply, jobless claims and capital-goods orders. The factory workweek and consumer-goods orders were unchanged in August. The leading indicators rose an upwardly revised 0.9% in July vs. 0.6% previously reported. "These numbers are consistent with the view that, after a very severe downturn, a recovery is very near," said Ken Goldstein, economist for the organization. "But the intensity and pattern of that recovery is more uncertain." 

The leading indicators had fallen for 20 consecutive months before turning higher in April. "Its gains have become very widespread," said Ataman Ozyildirim, an economist for the Conference Board. Over the last six months, the leading index has risen 4.4% after falling 2.4% in the previous six months. Eight of the 10 indicators have improved over the past six months. The coincident index has fallen 2% in the past six months, with none of the four indicators showing improvement. Three of the four coincident indicators improved in August-industrial production, personal incomes and business sales. The fourth coincident indicator-nonfarm payrolls-fell. Personal incomes and sales were estimated by the Conference Board. 

The four coincident indicators are the same ones used by the National Bureau of Economic Research (NEBR) to judge whether the economy is growing or contracting. The NBER is not expected to make a ruling about the end of the recession for several months. 

"For six out of the past seven recessions, the coincident index has bottomed the same month as the U.S. economy," wrote Sam Bullard, an economist with Wells Fargo Securities. "The recent improvement is further evidence that the recession may have ended at the close of the second quarter." 






9 Ways to Stay Safe Online and Protect Your Privacy
Posted - 09/18/2009

online_homespun_9_17September 17, 2009-Nearly everyone is using the Internet these days to find information or connect with others. But surfing the Web can still sometimes feel like the Wild West. Despite technological advances to help reduce the risk of identity theft, becoming the victim of an Internet scam or having your privacy invaded is a persistent threat. And, as a number of recent incidents involving social networking websites have shown us, it can even be fatal. 

Keeping your guard up is essential to avoid trouble on the Internet. Here are nine tips to help you stay safe online: 

1. Be careful who you give your information to. Avoid giving out personal information such as your name, address or telephone number on websites until you have read and understand their privacy policy. For example, be on guard for online promotions or contests in which you may be asked to provide details about yourself. This information could be used to market to you in the future. Never give out your Social Security number or passwords online, unless you are certain the site is secure.

2. Don't reply to spam. Ever get one of those strange, unexpected e-mails for real estate, weight loss, work-at-home or investment opportunities? Your best bet is to delete those e-mails without opening them. Never reply to these e-mails, even to request they remove your name from their lists. Replying will alert the sender that your e-mail is a "live" e-mail attached to an actual person.

3. Use secured websites. Before you purchase a product or service online with a credit card, make sure the connection is secure or encrypted. Look for a small lock icon on the website, or look at the URL address line; a secure connection will begin with https:// ("s" for secured) instead of http://

4. Beware of public wireless access. Don't send personal or confidential information when using public wireless connections in cafes and other public places. Fellow wireless users could potentially monitor what you are doing from only a few feet away.

5. Think before you post. Avoid revealing personal information or photos on websites such as Facebook, MySpace or SecondLife. Personal or embarrassing information and images can haunt you in years to come when you are applying for college or a new job. If it's on the Internet, it's available for a potential employer, your school, a future or current spouse, your mother or grandmother to find.

6. Beware of classified listing meet-ups. When using websites such as Craigslist or Freelist to buy or exchange goods locally, always bring someone you trust with you to meet the seller/buyer. Be cautious about letting strangers into your home or meeting in unsafe places

7. Watch your cookies. Cookies are tidbits of information that websites store on your computer. Some cookies are useful, such as those that store information about you so you don't have to retype info every time you go to that site. Other cookies are used to track your motions through a website. Some companies keep this data for their own usage- however, some sell your information to other marketers. Be sure to monitor and edit the cookies on your computer.

8. Use anti-spyware. Spyware is sneaky software that rides its way onto computers during the download of screensavers, games, music and other applications. Spyware sends information about what you're doing on the Internet to a third-party, usually to target you with pop-up ads. Anti-spyware will help block this threat.

9. Monitor your kids' Internet use. Move computers out of the bedroom and into family space where parents and others can check on your child's Internet use by simply walking by. Set specific times that your child may surf the Web, and set rules about social media websites, such as Facebook, My Space and Twitter. 

For more information, visit www.findlaw.com



Read more: http://rismedia.com/2009-09-16/9-ways-to-stay-safe-online-and-protect-your-privacy/#ixzz0RTw9JeUn



First-Time Buyers Intensify Their Home Search
Posted - 09/18/2009

September 18, 2009-Tired of paying rent and enticed by a first-time home buyer tax credit, 25-year-old Garrett Rebel began his search for a home in August, scouring the suburbs of Dallas for a house to meet his current and future needs. And he's already running out of time. 

The federal tax credit for first-time buyers is "a huge motivator" for Rebel, and he may end his search if the Nov. 30 deadline arrives and he still hasn't closed on a deal. He unsuccessfully submitted an offer on one house; after going back and forth with the seller couldn't come to a price agreeable to both parties. "I haven't found anything that I've fallen in love with," Rebel said. 

Timing is everything for many first-time buyers today. For those who purchase a home this year, the tax credit is for 10% of the purchase price, up to $8,000. Those who have owned a home in the past three years aren't eligible. Buyers also have to meet eligibility requirements regarding income; the current credit begins to phase out for singles who make more than $75,000 and couples who make more than $150,000. 

Unless it is extended, this credit will expire on Nov. 30. "We are seeing an increase in buyers wanting to get closed prior to the tax credit closing deadline," said real-estate agent Amy Downs, who represents Rebel. "We are seeing an increase in sellers wanting to get their homes on the market and closed by this deadline. I feel that if we can get the homes priced accordingly and a strong offer by mid-October, we can beat this deadline with a reputable lender working the buy side." 

Some real-estate agents and mortgage brokers are recommending that first-time buyers close no later than the week before Thanksgiving to ensure that no holiday-related office closings or abbreviated schedules interfere with the process. That means finalizing a purchase on or before Nov. 20. In fact, to make sure you can take advantage of the credit, it's probably best to go under contract no later than the first or second week of October, said Jim Sahnger, mortgage planner with Palm Beach Financial Network in Florida. 

The National Association of Realtors reports that it's taking about two months to complete a home sale in the current market, as lenders scrutinize borrower paperwork and issues with appraisals pop up. In short, first-time buyers probably need to select a property and make an offer by the end of this month. But rushing to meet the deadline is a double-edged sword. The purchase of a home-let alone your first one-isn't a decision that should be taken lightly.

"For anyone, the decision to buy a house has to be a right one," Sahnger said. "While the $8,000 can be great to have, I wouldn't let that force you into a decision. But there is something that works and you want to take advantage of the credit, you can't afford to delay the decision."

For buyers who don't make the deadline, there is a chance the credit will be extended. There are at least 20 bills drafted regarding the credit; one-third of them have been introduced recently, said Lucien Salvant, managing director of public affairs for NAR. Some proposals would not only extend the first-time buyer credit into next year, but would also expand it to include all home buyers, remove income restrictions and raise the maximum amount of the credit, up to $15,000.

By including all buyers, there could be more of a ripple effect as more Americans spend money on moving vans, lawn equipment - any items or services associated with making a move, said Jerry Howard, president and CEO of the National Association of Home Builders. NAHB and NAR have been lobbying heavily for the extension. "The first priority is going to be to renew the $8,000 credit, but we have some good arguments for expanding it," said Jerry Giovaniello, senior vice president and chief lobbyist for NAR. He argues that the credit doesn't cost much but has a huge impact.

If you're a first-time buyer, however, waiting is a gamble. "What you have in front of you now is a tax credit. After that, you don't know what you have," Salvant said. "This thing can go all different kinds of ways."

NAR estimates that about 1.8 million to 2 million first-time buyers will take advantage of the tax credit this year, and says that roughly 350,000 sales wouldn't have taken place without the credit.

But the effectiveness of the credit will eventually peter out because there are only so many potential first-time buyers, said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California. He said that the credit is likely getting many first-time buyers to make their purchases six months to a year earlier than they would have anyway. "In terms of how effective it is, I don't think it does any harm at this point. It's pushing sales forward that would have happened anyway," he said. "You're giving money to people who were going to buy anyway." Increasing the credit amount to $15,000 and expanding it to everyone, however, could end up translating to higher home prices, he added.

Still, there is growing Capitol Hill support for the extension of the credit. Senate Majority Leader Harry Reid, D-Nev., said it needs to be extended by the end of the year, according to a spokesman from his office. And Washington Research Group, a unit of securities firm Concept Capital, recently put the chance of extension at 60 percent.

Yet with Congress currently focusing on other issues, and concerns about the country's rising deficit, some wonder how difficult it will be for housing to garner attention anytime soon. "All eyes are on health care," said Bruce Hahn, president of the American Homeowners Grassroots Alliance.

According to Realtor.com, first-time buyers on average search 12 weeks to find a home. But there are ways for buyers to expedite their journey to closing: Sign up for automatic alerts for properties that fit your criteria. Many buyers start their search online, and it's possible to sign up for e-mail alerts when properties that meet your criteria are added, Realtor.com points out. If you're working with a real estate agent, he or she also may be able to register you for automatic alerts when homes are listed. But make sure the information you receive is fresh - you don't have time to look at unavailable homes.

Do all you can to ensure a smooth mortgage process. Collect pay stubs, bank statements and tax returns to prove income. Get prequalified. And while your loan is in process, don't make major purchases on credit cards - that could delay closing, said Julie Reynolds, a spokeswoman for Realtor.com.

Prepare for closing costs early. Get your insurance company and, if applicable, your homeowner association, to forward a cost estimate to the escrow company early, Realtor.com recommended in a news release. In many states, closing costs must be paid - in cash - at closing.



Read more: http://rismedia.com/2009-09-17/the-clock-is-ticking-as-first-time-buyers-intensify-their-house-hunting/#ixzz0RTtdsJWt



Richardson's Sons Exit in Panthers Shocker
Posted - 09/02/2009

Ongoing sibling disputes led to Tuesday's dramatic changes atop the Carolina Panthers' organizational structure, according to sources.

The team issued a surprise news release during the morning practice announcing the dual resignations of team president Mark Richardson and stadium president Jon Richardson, but gave no reason for their departures.

Sources said the brothers had vastly different ideas about how the organization should be run, which ultimately led their father, team owner Jerry Richardson, to decide the best thing for the business was for both of them to leave.

As a result, the Panthers are no longer a predominantly family-run franchise. The only Richardson still involved in the daily operations is Jerry.

Mark and Jon led the organization over the past year while their father first waited for and later recuperated from the heart transplant surgery.

The elder Richardson is now back in charge.

Jon Richardson, 50, wouldn't discuss whether differences between him and Mark, 49, led to their exits.

"I love my mom and dad, I love my brother and I wish the organization the best," he told The Observer.

The news release said Jon Richardson told staff members last month that he would be stepping aside, which he told the Observer was related in part to health issues.

Different domains

The Richardson brothers had equal authority but different domains. Neither answered to the other.

They experienced the natural sales vs. operations clashes that exist in most pro sports franchises, a dynamic exacerbated by the fact that they are brothers.

Though Jon was in charge of stadium operations, Mark was responsible for acquiring stadium naming rights, sponsorships and stadium signage. Thus, the companies Mark signed on for sponsorships could affect the products and prices for Jon's stadium vendors.

Their differences in personal style have been obvious for years. Mark dresses with a corporate look, while Jon seems more comfortable in khakis.

Mark worked alongside his father in a very visible leading role during the bid to convince NFL owners to award the Carolinas a franchise in the late 1980s and early '90s. During that time, Jon owned a garbage collections business in Chapel Hill. Jon moved to Charlotte to run stadium operations after the franchise was awarded in October 1993.

Neither Jerry nor Mark Richardson could be reached, but they were quoted in the press release.

"Both Mark and Jon made great contributions to the stadium and team that have enabled us to enjoy much success over the last 15 years," said Jerry Richardson. "At the same time, I am thankful that we have a staff that has been in place for many years and knows our philosophy."

Said Mark: "It has been a great opportunity to work with a franchise from the start and have a chance to see it mature."

Rare changes at top

Changes at the top of the organization have been rare for the Panthers. Jon Richardson is the only stadium president in team history. Mark Richardson replaced Mike McCormack as team president in early 1997.

Mark oversaw the team's business operations, including obtaining naming rights twice for the stadium and taking an innovative approach to marketing. That included bringing the team's broadcast rights in-house. He also was a member of the NFL's prestigious Competition Committee, which recommends rules changes each year. He will be replaced in that role, according to a league spokesman.

Jon oversaw the construction of the stadium, its 1996 opening and its daily operations since then.

After practice Tuesday, coach John Fox voiced continued confidence in the franchise's direction.

"I've always been a guy to try to stay in (my) lane," said Fox. "I enjoyed working with both (Mark and Jon). One thing I can say is, I have the utmost trust and confidence in Mr. Richardson doing what's going to be best for this team and organization."

Mark and Jon will remain members of the team's ownership partnership group, according to the news release. Jerry and his wife, Rosalind, and their daughter, Ashley, also are part of the group.

There were no details from team officials about whether replacements will be hired for their positions, or what sort of succession plan was in place for the top spot in the organization.

Owner 'strong as a bull'

Charlotte developer Johnny Harris, a member of the ownership group, said Jerry Richardson met with partners Tuesday morning, apprising them of organizational changes and assuring them that he was leading the franchise.

Jerry Richardson has had a less active role in the past year since news last fall that he needed a heart transplant, which he received on Super Bowl Sunday, Feb. 1.

"Everyone was impressed with Jerry physically," said Harris. "He was engaged and as strong as a bull. When he's challenged, he steps forward and he's a great leader. He was as strong as a bear and committed to having the best franchise possible. The ownership group was entirely behind him."

Harris and Panthers officials said emphatically that the team is not for sale and won't be moving out of Charlotte.

"I'm upset that there's some stuff out there that the team might be for sale," Harris said. "It was clear at the meeting that this team is not for sale."

The Panthers' partnership group includes five Richardson family members and a dozen others, according to the team's media guide. It includes notable names such as UNC system president Erskine Bowles and Family Dollar Stores founder Leon Levine.

Charlotte-based Bank of America Corp. also has close ties to the team. The bank administers a loan for the team's stadium and has the naming rights for the building. Bank of America spokesman Joe Goode said the bank "remains supportive of the Carolina Panthers organization and its fans."




Obama to Rally Support to Democrat's Health Care Bills
Posted - 09/02/2009

President Obama appears to be abandoning hopes for a bipartisan breakthrough on health care reform, as advisers say the president will try to reframe the debate by rallying Democrats around the partisan bills that have already advanced. 

Top White House officials over the past few days have blasted Republicans who were part of a "Gang of Six" negotiating team on the Senate Finance Committee, accusing them of stonewalling progress on what was considered the only bipartisan package in Congress. 

Two senior administration officials on Wednesday confirmed to FOX News that Obama is now actively considering a prime-time address from the Oval Office or an address to a joint session of Congress to invigorate the debate, as Congress returns from a rocky recess. 

And the path forward, as the president sees it, is to unify Democrats around the three House bills and one Senate bill that have already passed out of committee. This strategy suggests the Senate Finance Committee is considered a lost cause and that the White House will use the Democratic Party's strong majority in both chambers to finish the job. 

"We are entering a new phase driven in part by the actions of some in the GOP. They are essentially walking away from the table," said one senior adviser, referring to GOP Senate Finance Committee negotiators Charles Grassley of Iowa and Mike Enzi of Wyoming. 

"Now is the time to begin to pull together the various strands and solutions from the four bills that have been marked up and other proposals," one adviser told FOX News. "Basically all the cards are on the table." 

The assessment comes after Enzi blasted Democratic proposals in a radio address over the weekend and after Grassley asked people for "support in helping me defeat Obama-care" in an August fundraising letter. 

The White House's discontent with their actions was made clear early this week. 

"I think Senator Enzi's clearly turned over his cards on bipartisanship and decided that it's time to walk away from the table," White House Press Secretary Robert Gibbs said Monday. 

White House adviser David Axelrod also condemned their comments. 

Their remarks, he said, "were not exactly consistent with good-faith negotiations." 

Though it was reported that Obama had no plans to insist on a controversial government-run insurance plan in his speech, White House advisers insisted it remains in the mix. 

"The president thinks it's the best way to achieve his ultimate goal -- choice and competition -- but certainly not the only way to get there," one adviser said. 

Officials were not clear on the details of the president's coming push for reform. 

"The president is considering all of his options on how to advance the debate and get reform passed. This includes possibly laying out a more specific vision," the adviser said. "No decisions have been made, though." 

The president's willingness to put more of his own proposals out to the public shows he's been listening to critics, on both sides of the aisle, who say he has not done enough to steer the work of his congressional allies. In the absence of an Obama plan, public confidence in the president's ability to handle the colossal task, and in health care reform itself, has eroded. 

As Obama embarks on what is perhaps his most important political campaign since the election, he still faces the tricky task of bridging the gap between fiscally conservative Democrats and the liberal wing of his party -- let alone peeling off any remaining Republicans willing to strike a deal.

But the president may have to take a clear stand on the so-called public option to really shake up the debate. 

"This speech only has to be two paragraphs long," said a Democratic strategist who asked not to be named. "Two paragraphs saying you're fighting for the public option no matter what. Or two paragraphs saying you're setting it aside to focus on other priorities. Everything else has been said before and heard before. Over and over. If the White House doesn't say one or the other, I'm not sure another speech can make much difference." 




First Time Home Buyers Dominate Real Estate Market
Posted - 08/27/2009

First-Time Home Buyers Dominate Real Estate Market

 

homebuyer-webAugust 27, 2009-With the first-time home buyer's tax credit in full effect, younger buyers are taking the opportunity to enter the real estate market and the New Jersey real estate market has seen its fair share of first-time buyers enter the playing field recently. Across the state, agents are finding that they must consider the first-time home buyers' unique needs and adapt to this new type of client. "Those first-time home buyers who've entered the housing market- drawn by the perfect storm of historically low interest rates, attractive prices and the $8,000 tax credit- expect much more from their Realtors," said Dave Liniger, Co-Founder of RE/MAX International. "They want access, they want answers, and they want ongoing communication through text messaging. They just want to know, 'How fast can I get the information?' and 'How available are you?'"

Part of an 'instant-gratification' and Internet generation, first-time home buyers are tech savvy and educated and they don't want to wait for answers. They are confident and eager to become home owners.

"Making a point to notice how certain generations and certain clients like to communicate is vital. You have to adapt, you have to anticipate, and you have to be ok doing business on the phone, through text message, through email, whatever your client wants," says Anita Jacobus of RE/MAX at Barnegat Bay in Toms River.

First-time home buyers are being drawn to the housing market because of low interest rates, attractive prices, a huge volume of inventory, and the tax credit. Not only do they have options and room to negotiate, but they have $8,000 that they can use to cover closing costs or to just get back come tax time.

"First-time home buyers are a large percentage of our clients right now and we're having the best spring in three years. They are creating a domino effect in the real estate market, purchasing homes, allowing the sellers of those homes to move up or to downsize if they choose, and are stimulating the furniture and home improvement industry as well," said Richard Wieland of RE/MAX First Realty in East Brunswick.

To qualify for the $8,000 tax credit, buyers must meet the first-time home buyer criteria and they must be a first-time home buyer. They qualify if they have not owned a principle residence in the last three years and must close on their home purchase before November 30, 2009. As long as they live in the home for three years, they never have to repay the tax credit.







Cash for Clunkers on Track to Stimulate the Economy
Posted - 1 day ago

Cash for Clunkers Program on Track to Stimulate Economy

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RISMEDIA, July 30, 2009-The governments Cash for Clunkers program (C.A.R.S.) began stimulating the economy a month before the first rebate check was cut to a consumer for a new vehicle. "Manufacturers and dealers have spent millions to reach consumers who qualify for the $4,500 government funded rebates," said Sharon O'Connell from www.CashForClunkersInformation.org.

Big budgets have been activated to implement campaigns targeting clunker consumers who are eligible for the program and the early results suggest the returns will be worth the investment. "We predict that the annualized selling rate for July will exceed 10 million vehicles for the first time this year due to the government program bringing dormant consumers back into the market," adds O'Connell. "We think August could do even better with a million or more sales due to increased demand from the CARS program."

"The stimulus helps local markets more than national car companies because car dealers stimulate the local economy through their big advertising expenditures, job creation and enormous state tax revenue," said O'Connell. "A small dealership who sells 100 vehicles a month spends an average of $500 per car in advertising, which is a total of $50,000 that is spent in local advertising."

Courtesy Chevrolet, one of GM's largest dealerships in the country, "bought new inventory, hired additional salespeople and increased our ad budget by 88%," said Scott Gruwell. "We spent $200,000 on a targeted direct mail and Web campaign to every customer in our market and we launched a regional information portal called www.CashForClunkersDC.com," said Vince Sheehy, owner of www.Sheehy.com in Washington, DC, Virginia, Maryland and Baltimore. "So far we have sold over 100 vehicles while most dealers in our area are just getting started."

Since over 80% of consumers initiate their vehicle searches online, Automotive Manufacturers and retailers have spent a lot of money online. Ford Motor Company is promoting its program on their home page where consumers can link to a website that promotes Ford models that qualify. The New York Honda Dealers Association initiated an integrated campaign weeks before the final ruling to send a targeted mailer to every qualified clunker owner on the Clunker List in New York while most other brands were focused solely on expensive television advertising. The Association also created a regional website, www.NYCarsProgram.com, to educate New Yorkers about the program. "Honda is the most popular brand in the New York market and nearly all Hondas qualify for the Cash for Clunkers program, so we launched an interactive website to educate the public," said Rob Sabbagh Jr., representing www.NYLIhonda.com. www.NYCarsProgram.com provides program information, a clunker calculator and a multi-media consumer tutorial that highlights the fact that nearly every new Honda qualifies. "You don't really need a complicated chart to find a qualifying vehicle at a Honda dealer," said John Mendel, executive vice president of American Honda Motor Co., Inc.

Early Spenders are the Early Winners
Most of the economic activity generated up to this point has come from early spenders who also appear to be early winners in the race to reach clunker consumers. The winning retailers have been marketing to consumers for weeks while others are just getting started. Hyundai and a small group of dealer groups got a head start when they announced they would help consumers participate in the program starting on July 1st, while others were turning them away until the final rule was published on the 24th. The NHTSA and the National Automobile Dealers Assn. warned dealers against doing transactions before the final rules were announced on July 24th. Despite these warnings, Hyundai and a few dealers took the risk to help consumers get rebates when the law said they could. "Hyundai has attributed 10 percent of July's sales to the program and some dealers have generated hundreds of incremental sales," said O'Connell.

"We quickly created a program that helped consumers take advantage of the program and it has helped our sales a lot," said Rick Case, who has 6 Hyundai stores as a part of one of the most successful automotive groups in the country. "So far all our sales are conquest sales. More than 70% of the clunkers were Ford or Chevy trade ins, 71% of the clunkers were SUVs, 93% had over 100k miles and 71% qualified for the $4,500 because SUV's only need a 5 mpg improvement to get the full $4,500 rebate. The average clunker trade in gets 17 mpg and the average new vehicle gets 25 mpg, which is an average of an 8 mpg improvement," explained Case.

"We had over 100 orders by the time the final rule was announced and our customers appreciated the fact that we could help them when they were turned away by other dealers that weren't ready," said Sheehy. It turns out their strategy was not very risky because the Consumer Assistance to Recycle and Save Act clearly states that consumers were eligible for rebates starting July 1st.

For more information, visit www.CashForClunkersInformation.org.



Read more: http://rismedia.com/2009-07-29/cash-for-clunkers-program-on-track-to-stimulate-economy/#ixzz0MkQgPAD8



7 Reasons Buying is Better than Renting
Posted - 1 day ago

Following are the top 7 reasons why it's better to buy than rent in 2009

1. Buying doesn't always cost much more than renting. According to a recent study by the Associated Press, the gap between monthly mortgage payments on a median-priced home and the median rent has decreased from $777 to just $221 in the last three years.

2. Affordability is at an all-time high. In markets across the nation, including the inland areas of California, prices have declined by nearly 40%.

3. Buyers can take advantage of tax benefits of home ownership. Perhaps the biggest tax break is reflected in the house payment homeowners make each month. For most, the bulk of that payment goes towards interest. All interest is deductible, unless the amount is more than $1 million. Property taxes are also deductible.

4. Buyers can purchase homes with little or no down payment. Qualified first-time buyers may be eligible for loans insured by the Veterans Administration (VA), which does not require a down payment. Another loan product gaining popularity are those insured by the Federal Housing Administration (FHA), which require only a down payment of 3.5%.

5. The Tax Credit. First time homebuyers-defined as anyone who hasn't owned a home in the last three years- are entitled to an $8,000 tax credit. (Ownership of a vacation property or a rental property doesn't disqualify homebuyers from this program.) No repayment is required for homes sold after 36 months of occupancy and ownership.

6. Mortgage rates are at all-time lows. Take advantage of low 30 year fixed rates. We haven't seen rates this low in the last 3 decades.

7. It's yours. It feels good to own your own home. After all, you can paint it any color you want, make improvements, and plant a little garden.



Read more: http://rismedia.com/2009-07-29/top-7-reasons-why-buying-is-better-than-renting/#ixzz0MkG6HUcL



Things to do in Charlotte on July 4th
Posted - 1 day ago

THINGS TO DO IN CHARLOTTE( Fourth of July)

Charlotte boasts several community fireworks shows to celebrate the 4th of July. Here is a listing of where there the best ones are as well as some other things to do around town this Independence Day. If you know of a 4th of July Event in the Charlotte area that should be included, please e-mail me at http://charlotte.about.com/mpremail.htm
Charlotte Symphony Pops presents Celebrate America
Friday, July 3, 2009
Orchestra begins at 8:15 p.m.
Albert-George Schram conducts the Charlotte Symphony Pops Orchestra in a patriotic sampling including "The Liberty Bell March" and "America the Beautiful" followed by a stunning fireworks display.
Symphony Park at SouthPark Mall
4400 Sharon Ave.
Charlotte, NC 28211
Independence Day Afternoon Celebration
Saturday, July 4, 2009
10 a.m. - 2 p.m.
Celebrate Independence Day at the Charlotte Museum of History learning about the founders of the Queen City. Admission is free.
3500 Shamrock Dr.
Charlotte, NC 28215
704-568-1774
Red, White & Boom!
Saturday, July 4, 2009
6 p.m. - 10 p.m.
This Uptown display features a US Airways Family Fun Festival to benefit the Second Harvest Food Drive prior to the 20-minute fireworks show which begins at 9:30 p.m.
Memorial Stadium
310 N. Kings Drive
Charlotte, NC 28204
Night of Fire at Carowinds
Saturday, July 4, 2009
12 - 3 p.m. Patriotic Meal
10 p.m. Fireworks
Enjoy a day at Charlotte's only area amusement park, Carowinds, celebrating the 4th of July. Guests can partake in a Independence Day meal and enjoy a fireworks display.
Carowinds Amusement Park
Avenue of the Carolinas
Charlotte, NC 28273

Red Rocks, Whitewater & Blue Grass 4th of July Festival
Saturday, July 4, 2009
Spend a day at the U.S. National Whitewater Center enjoying live music, food, beer, wine and fireworks as well as activities for the whole family.

U.S. National Whitewater Center
5000 Whitewater Center Parkway
Charlotte, NC 28214
704-391-3900

Matthews Fun Family 4th of July
Saturday, July 4, 2009
5:30 p.m. - 9 p.m.
Celebrate in Matthews with bike decorating at 5:30 p.m. followed by a Peoples Parade at 6 p.m. starting in front of Town Hall. After the parade, enjoy a concert by "Too Much Sylvia" to cap off the Independence Day celebrations.

Downtown Matthews
120 S. Trade St.
Matthews, NC 28105
704-321-7275

Davidson's Fourth of July Celebration
Saturday, July 4, 2009
4:30 p.m. - 8 p.m.
Davidson Parks & Rec puts on this annual 4th of July celebration complete with a parade and live music by Rough Draft.

Davidson Village Green
Davidson, NC 28036
704-892-3349

Charlotte Knights vs. Durham Bulls
Saturday, July 4, 2009
7:15 p.m.
The skies will light up in Fort Mill with the Southeast's largest fireworks display following an All-American baseball game between the Charlotte Knights and the Durham Bulls.

2280 Deerfield Dr.
Fort Mill, SC 29715
704-357-8071

Lake Wylie Fantastic Fireworks Display
Saturday, July 4, 2009
9:30 p.m.
There is nothing quite like fireworks over water. Enjoy the scene over Lake Wylie which straddles North and South Carolina just south of Charlotte.

Buster Boyd Boat Landing
S.C. Hwy. 49 at Lake Wylie

96.1 The Beat Live at the Crowne Plaza Charlotte
Saturday, July 4, 2009
The Beat will broadcast live from 6 - 11 p.m. The Crowne Plaza Charlotte hotel will host a party on the parking roof deck with 96.1 The Beat broadcasting live. The roof deck will feature an awesome view of the fireworks at nearby Memorial Stadium.

Crowne Plaza Charlotte Hotel
201 South Mcdowell St.
Charlotte, NC 28204
888-444-0401

Live Music Throughout Charlotte




Top 10 Mistakes of first-time buyers
Posted - 1 day ago

Top 10 mistakes of first-time buyers

 

Buying a home may seem a daunting task, but a little preparation will ease the way. Check out these 10 common pitfalls of first-time homebuyers before starting your search.

 

By SmartMoney·                           

·                             

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The declining home values that are plaguing homeowners are just one of the factors creating an opportunity for prospective homebuyers.

 

Standard & Poor's latest Case-Shiller index, which tracks home prices across 20 major U.S. cities, reported that values dropped 19% in January from a year earlier.

 

Those depressed values, combined with near-record-low mortgage rates and government incentives (an $8,000 first-time homebuyers' tax credit included in the stimulus bill), are luring more first-time home buyers into the market. Indeed, a recent Century 21 Real Estate survey found that more than three-quarters (78%) of potential first-time homebuyers say now is a good time to buy.

 

If you agree, be aware that buying a home comes with plenty of potential missteps. Here are 10 all-too-common mistakes first-timers make.

 

1. Not knowing how much house you can afford.
Many novice homebuyers spend a lot of time researching homes — comparing kitchen layouts and backyard square footage — but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage, says Claire Clark, senior vice president of business development at Prudential California Realty. Without first figuring out how much house you can afford, you risk falling in love with one you can't.

 

2. Assuming foreclosures are great deals.
Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, says Jay Michael, partner at Estate Property Group, a Chicago real-estate brokerage, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower-priced foreclosed home.

 

3. Letting your true feelings show.
No matter how much you've fallen in love with a house, don’t let the seller’s agent in on it. Otherwise, he will gain the upper hand in negotiations.

 

4. Failing to find a good buyer's agent.
Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order, says Michael. After all, buyer’s agents have a fiduciary responsibility to the buyer exclusively — and should be looking out for his best interests. Consider using an agent recommended by a relative or friend. Interview the candidates about their experience; ask if they’ve worked with first-time buyers before and what kind of service you’ll get from them.

 

5. Underestimating the costs of owning a home.
Whether it’s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many homebuyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs, says Erin Baehr, a certified financial planner and president of Baehr Family Financial. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home’s purchase price annually for repairs and upkeep.

 

6. Failing to budget for property taxes.
Property taxes — and the likelihood that they’ll climb over the course of your time in the house — should be factored into any homebuying budget, says Baehr. To get an idea of how much you’ll be paying, call the local assessor’s office or talk to people in the neighborhood.

 

7. Assuming your first offer will get accepted.
As home prices get even more affordable, competition is bound to heat up. “You can’t assume you’ll walk in there, make the offer and get it,” says Clark . Try not to get discouraged if you lose out on the first — or second — house you make an offer on.

 

8. Skipping the inspection.
Before signing anything, hire a professional inspector, says Justin Lopatin, a mortgage planner with American Street Mortgage Co. The seller isn’t likely to tell you there’s mold in the basement or the walls are poorly insulated. Lopatin advises buyers to find and hire their own inspector — independently of the real-estate agent — to ensure there’s no conflict of interest. (You can find inspection companies in the phone book, or by doing a simple Web search with your ZIP code.)

 

9. Doing too much too fast.
Some buyers want to make the house their own right away, says Baehr. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that’s not always the case — especially in today's market. Instead, buyers need to exhibit patience and make changes over time.

 

10. Failing to include a contingency clause in the contract.
A mortgage financing contingency clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in over the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property. Without the clause, he can lose that money and still be obligated to buy the house, says Lopatin.

 

 




Is the FHA the Key to the Housing Rebound?
Posted - 1 day ago
The Federal Housing Administration (FHA) is a primary source of mortgage financing for millions of America’s families and plays a key role in helping bring stability to the housing market. This is the message that the National Association of Realtors® (NAR) recently delivered to the Senate Appropriations Subcommittee. “Without FHA financing, families would be unable to purchase homes and communities would suffer from continued foreclosures and blight,” said Lennox Scott, a member of NAR’s Real Estate Advisory Board and CEO of John L. Scott Real Estate in Bellevue, Washington. In his testimony, Scott shared NAR’s belief about the importance of FHA and concern for the safety and soundness of its programs due to its dramatic growth over a short period of time.

“We believe that FHA has done a good job stepping up to today’s market challenges. However, along with the dramatic growth in market share comes greater responsibility and the need for increased infrastructure and staff,” Scott said. Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30%.

NAR suggests a number of FHA improvements that will help maintain safe and affordable FHA loan products. These improvements include investment in staff and technology; increased oversight and risk management; technical correction to help implement FHA programs; and monetizing the $8,000 first-time home buyer tax credit to allow buyers to apply it toward downpayment requirements.

“The U.S. Department of Housing and Urban Development has made a number of important and valuable changes to FHA over the years that has enabled it to stand up to the challenges of today’s mortgage market,” Scott said. “FHA is now a principal source of financing for millions of America’s families, and without it, the economic crisis would be significantly prolonged. This is why it is so important to invest in FHA improvements and advancements.”

NAR pledged to continue to work for FHA reforms that will ensure the continued success, availability and safety of FHA mortgage insurance programs.




The American Recovery and Reinvestment Act of 2009
Posted - 1 day ago
On February 13, 2009, Congress passed the American Recovery and Reinvestment Act of 2009. The bill was signed into law on February 17th.This $780 billion package includes roughly 35% devoted to tax cuts in 2009 and the rest to spending intended to occur in 2009 and 2010.

A very important part of this legislation provides for an $8,000 tax credit to first-time homebuyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. This credit doe not require repayment. The credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.




Welcome to Charlotte Home Advisers Blog
Posted - 1 day ago
Welcome to Charlotte Home Advisers Blog. We are glad you're here!  Contrary to what you hear on television or read in the newspaper, right now is an EXCELLENT time to buy a home. Interest rates are as low as they've been in sixty years. Affordability is better than ever. There are some great deals out in the marketplace as there is a glut of homes on the market, which means now more than ever is the time to be out there looking for a bargain. According to NAR, there is a 12.5 month supply of homes currently for sale. Builders are offering big discounts as they are sitting on too much inventory. From foreclosures to short sales to sellers looking to get out of their homes for economic reasons, a savvy buyer can find what he's looking for at a great price! Buyers can ask for price reductions, improvements, and/or closing costs and the seller, desperate in many cases to get a contract, will work with you. Let us help you find a home today. We are the Charlotte Home Advisers. Call Rod @ 704-280-5222, or Bob @ 704-619-4494, and we'll help you get started! Have a great day!



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