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The following is a news alert from the National Association of Realtors®
The National Association of Realtors® is now accepting applications for the 11th annual REALTOR® Magazine Good Neighbor Awards. The awards recognize Realtors® for their commitment to volunteer service.
The five winners will be announced in November in REALTOR® Magazine. Each winner will be recognized at the 2010 REALTORS® Conference & Expo in New Orleans and receive travel expenses to the conference, national media exposure for his or her community cause, and a $10,000 grant for the charity. In addition to the winners, five honorable mentions will each receive a $2,500 grant.
"We all know that Realtors® build communities," said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. "The Good Neighbor Awards gives us the opportunity to honor the very best of our Realtor® volunteers who make an incredible commitment of their time and energy to help those in need."
Last year's winners contributed a combined total of nearly 8,000 hours to their causes and drew a standing ovation from more than 7,000 Realtors® and guests during the annual conference's general session in San Diego. The 2009 winners were Greg Adamson, Prudential Utah Real Estate, American Fork, Utah, Heart 2 Home Foundation; Cindy Johnson, Dona Christensen Realty, Woodbury, Minn., The Arc of Minnesota; Helen Marotto, EXIT Homeplace Realty, Hampstead, N.C., Cape Fear Guardian Ad Litem Assn.; Regina Ragon, Prudential Realty Center, Flintstone, Ga., Latin American Community Development; and Samuel Thomas Jr., Imani Realty & Assocs., Willingboro, N.J., QUEST Community Outreach.
"REALTOR® Magazine's Good Neighbor Awards recognize the important role Realtors® play as volunteers in their communities," said REALTOR® Magazine Editorial Director Pamela Geurds Kabati. "We hope highlighting their stories inspires more Realtors® to give their time to important community organizations."
Previous Good Neighbor Award winners say their charities have benefited from the grant money and the increased public exposure. "The Good Neighbor Awards has increased the exposure of The Sport of Giving from our local community to a national audience," said 2008 Good Neighbor Award Winner Sheila Stevens, Prudential Georgia Realty, Suwanee, Ga., founder of The Sport of Giving. "The inquiries that are flowing in to host events in other parts of the country have allowed us to launch new events and help more people. Our mission has become a reality thanks to the Good Neighbor Awards."
REALTOR® Magazine's Good Neighbor Awards is sponsored by Lowe's. In addition to the grant money, each winner will receive a $2,000 Lowe's gift card and each honorable mention will receive a $1,000 Lowe's gift card.
Good Neighbor Awards entries must be received by Friday, May 21, 2010. For more details and a nomination form, call 800/874-6500, visit www.REALTOR.org/gna, or see the March issue of REALTOR® Magazine.
Lowe's (www.lowes.com) has worked with customers to maintain and improve their homes since 1946. Lowe's is proud to support the Good Neighbor Awards. Lowe's is a proud supporter of Habitat for Humanity International, American Red Cross, SkillsUSA/SkillsCanada, and The Nature Conservancy, in addition to numerous nonprofit organizations and programs that help communities in North America. In 2009, Lowe's and the Lowe's Charitable and Educational Foundation together contributed more than $30 million to support community and education projects in North America. Lowe's also encourages volunteerism through the Lowe's Heroes program, a company-wide employee volunteer initiative. Lowe's, a Realtor® Benefits Partner, brings Realtors® exclusive benefits to help build relationships with their customers, generate referrals and expand their client base. The benefits program is featured on www.LowesRealtorBenefits.com.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Cold Reality about Ice Removal
Many states in America are grappling with blizzards and freezing temperatures right now. If you're not in one of those locations, consider your self lucky! If you are, staying safe and warm is probably your primary focus.
Icy walkways and driveways can be dangerous. In some cases, not even a shovel or snow-blower can protect you from that thin, dark, barely visible layer of ice that bonds to surfaces and doesn't thaw until spring.
It can be tempting to buy chemicals at the local hardware store to remove stubborn frozen leftovers. They are very effective. But before you do buy, know what you're shopping for and understand the potential residual effects to your yard,concrete paths, and to the environment in general.
Remove Deep Snow
It is not cost effective to melt deep snow with chemicals. It can also be dangerous to the surrounding environment. Before attempting to remove ice that has bonded to your walkways and driveways remove as much of the snow as you can with a shovel, snow blower, or plow.
Although ice may appear to be frozen on top of pavement, ice actually bonds to porous surfaces. In order to properly remove the ice, it's important to actually break that bond. Some chemical products are designed to do just that. Others are designed to prevent bonds from forming at all.
Choosing Between a De-icer and an Anti-icer
All chemicals for icy winter conditions are not created equal. There are two basic groups:
1. De-icers
2. Anti-icers
De-icers are generally spread over snow or ice. Remove as much as possible before using these chemical's intended to get into the pavement's surface and break the icy bond. De-icers can actually make the snow removal process easier and less work with a much cleaner result.
Anti-icers should be applied before it snows. A little preventative maintenance can go a long way. These chemicals are designed to prevent snow and ice from bonding to paved surfaces. Many manufacturers combine the two products.
Rock Salt, 'to Use or Not to Use'
Rock salt is pretty cost effective. It's inexpensive and easy to spread. However, as harmless and natural as rock salt might seem, it has some pretty nasty side effects.
Rock salt is known to:
Potential risks researched by the U.S. Environmental Protection Agency sent manufacturers looking for environmentally-friendly alternatives. The key to using any chemical is to follow the manufacturer's instructions closely and avoid overuse.
Carefully read the label of any chemical product before you buy it. Better yet, consider strategies that will help you avoid the use of chemicals at all.
Make Technology a Part of the Plan
There are many strategies used today to combat ice. If you are building a home in a location known for harsh weather, consider incorporating some of these strategies. If you are remodeling, or rebuilding decks, sidewalks and driveways, now is a good time to consider your alternatives. You don't have to completely rebuild to simplify the process, there are alternatives you can add on with very little time or expense.
Research the use of:
On Feb. 2 the National Association of Realtors' Chief Economist, Lawrence Yun, said home sale statistics are skewed by the federal home buyer tax credit that sent some shoppers scrambling for a closing in 2009, and others racing to get in on a 2010 expanded and extended version of the federal break.
In fact, Yun said, pending home sales have stabilized and are up from those reported last year. The First Time Homebuyer Tax Credit threatened to sunset at the end of November in 2009. That caused an upswing in the number of homes sold. Then, the tax credit program was extended and expanded. The April 30 deadline for the extension is looming and home sales are again on the rise. The swings can be confusing.
In an NAR press release, Yun said, "These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years."
According to NAR, the Pending Housing Sales Index (PHSI) is a good market indicator. Following is a brief look at its recent performance.
Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. He expects new home sales to remain low, but existing home sales should rise to about 5.6 million this year. In 2009 there were 5.16 million existing-home sales. The increase in sales could help stabilize the market overall. It's simply a matter of supply and demand.
The federal government's extended and expanded home buyer tax credit continues to boost home sales throughout the United States, according to a report published by the National Association of Realtors. For the ninth consecutive month since 2001, pending home sales showed a marked increase.
According to a Dec. 22 NAR report, existing-home sales were up in November "as first-time buyers rushed to close sales before the original November 30 deadline. People hoped - but no one could be sure the tax credit would actually be extended by Congress. It was, and when it's all said and done, about 4.4 million households will claim the tax credit before it expires.
The question is, will pending home sales be self-sustaining when the tax credit expires in April 2010? Housing market experts are warning there will be a natural drop in pending and actual home sales as the rush to take advantage of the home buyer tax credit wanes.
What is the Pending Home Sales Index?
The Pending Home Sales Index is a leading indicator for the housing sector. It's based on pending sales of existing homes. A sale is considered "pending" when the contract's been signed but the transaction isn't yet closed. An index of 100 is equal to the average level of contract activity during 2001.
News of a sharp increase is based on contracts signed in October. The pending sales report published by NAR on Dec. 1, showed a 3.7 percent increase from September 2009. It was 31.8 percent higher than October 2008 when the housing sales crunch was sorely felt throughout America. In September the index was recorded at 110. In October, the index had increased to 114.1.
Celebrate, but be Wary
The market has been historically slow for the past year, so while the increase is good news, it is still reflective of a sluggish economy and a rebound-in-progress. NAR Chief Economist Lawrence Yun again credits the government's housing stimulus package for unleashing "a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future."
The Northeast saw the greatest increase in October - 19.9 percent above September and 44.2 percent higher than it was a year ago. The Western housing market didn't fare quite as well. In fact, the index fell 11.2 percent from September to October. It's still 21.9 percent higher than it was a year ago.
The inevitable end of the tax credit is likely to cause a dip in pending sales as buyers rush to lock in their deals. The American job market continues to be weak, and that is a major factor affecting home sales. While the federal stimulus money has helped, it will not completely correct the market alone.
"Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families," Yun said in the NAR report.
A Kinder, Gentler Tax Credit
Rushed home shoppers are breathing a little easier now that the Worker, Homeownership, and Business Assistance Act of 2009 has extended the famous home buyers tax credit. The extension is actually better than most home shoppers hoped for. The dust has settled and there's great news in the details of the revised program for people who need assistance qualifying for and purchasing a principal residence.
Not only can first-time homebuyers qualify for a tax credit of up to $8,000, repeat home buyers could receive a tax-credit windfall of up to $6,500. Can we hear a "hallelujah?"
Here's the low-down:
In order to qualify for an $8,000 tax-credit, the purchaser must have purchased the home between Jan. 1, 2009 and on or before April 30, 2010. If a binding sales contract is in place by April 30, 2010, a purchase completed by June 30 may qualify.
Uncle Sam's gift to repeat homebuyers (this is new to the tax-credit package) is a $6,500 tax credit if the purchaser has owned a home for five consecutive years out of the prior eight years. The transaction has to take place between Nov. 6, 2009 and April 30, 2010. Binding sales contracts signed by April 30 will likely qualify if the sale is closed by June 30.
Limitations
Now, like most governmental gifts associated with tax credits, this one has some stiff limitations. The income limits have changed since the original stimulus package was announced. There are some important sales dates to remember.
1. Sales occurring after Nov. 6, 2009 and on or before April 20, 2010
2. Sales occurring between Jan. 1, 2009 and Nov. 6, 2009
Income limits for sales occurring after Nov. 6, 2009 and on or before April 20, 2010 are as follows: $125,000 for individuals and $225,000 for married couples filing jointly.
The income limits for sales occurring on or after Jan. 1, 2009 and on or before Nov. 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
Homes priced over $800,000 aren't eligible for either credit. Some expanded tax credit benefits are afforded members of the military, the foreign service and the intelligence community. For a detailed description of those benefits visit the official Homebuyer Tax Credit website.
More good news: homes purchased in 2010 can be claimed on an amended 2009 income tax return.
Sorry, Kids
The federal government had some concern when young - like, 3-year-old - children purchased homes in 2009 and claimed the tax credit on their parents' behalf. The original deal didn't specify how old the purchaser had to be - only that the purchaser had to meet income and homeownership requirements.
The new draft requires home purchasers be 18 or old. They can't be claimed on someone else's return and it's likely the IRS will be sticklers about this given the eyebrows raised when fraudulent claims were discovered this year.
Neither of these tax credits have to be repaid, unless the qualifying home is sold again - or stops being the buyer's principal residence within three years of the initial purchase (you can't buy a home, live in it for a few months and then rent it out).
Taxpayers will be required to submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either tax credit.
Contact us today to find the perfect qualifying home and claim your stimulus tax credit.
October Home Sales Continue Rising Trend
The National Association of Realtors is reporting yet another major gain in the uptrend of sales of existing homes. In a Nov. 23 report, NAR announced a surprising gain in October 2009 sales and declining inventories destined to stabilize falling home prices.
The association continues to credit the Fed's First-Time Homebuyer Tax Credit for October's strong statistics.
According to NAR, existing-home sales surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October. Single-family, townhomes, condominiums and co-ops are inclued in the count. There were only 4.94 million like home sales in October 2008. This year's numbers show a 23.5 percent increase over last year for the same month. "Sales activity is at the highest pace since February 2007 when it hit 6.55 million," the report said.
Lawrence Yun, NAR chief economist said he is surprised by the gain, but expects a decline in sales once the rush to beat the Nov. 30 deadline for the First-Time Homebuyer Tax Credit has past. "With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer," he said.
A revised version of the tax credit has extended federal assistance through April 30. Yun projects homebuyers will continue to push to take advantage of thousands of dollars in savings by meeting the extended deadline.
The economist also credits historically low interest rates for the increase in sales. Freddie Mac is reporting a national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.95 percent in October from 5.06 percent in September. The rate was 6.20 percent in October 2008. Last week, Freddie Mac reported the 30-year rate dropped to 4.83 percent.
The national median existing-home price for all housing types was $173,100 in October, according to the NAR report. That's down 7.1 percent from October 2008. Foreclosures and other distressed properties are being absorbed by a hungry market of new potential homebuyers and that can distort the median price numbers overall.
If you're looking for a great deal on a home and a chance to take advantage of the extended tax credit, contact us today!
Homes in "walkable" communities are becoming more and more popular, according to an August 2009 study released by CEOs for Cities. Not only are they more popular, homes located in these urban areas are showing a marked increase in value.
The study, entitled, "Walk the Walk," concludes, "More than just a pleasant amenity, the walkability of cities translates directly into increases in home values." CEOs for Cities defines walkable neighborhoods as "those with a mix of common daily shopping and social destinations within a short distance."
The study maintains houses with "above-average levels of walkability" sell for a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.
The Walk the Walk study turned defining a community's walkability into a fine science and explores the connection between home values and walkability as measured by a Walk Score algorithm and other mathematical and scientific equations and controls.
Bottom line: People like to walk and more people are creating designer lifestyles that allow them to live without a car. They want to walk to stores, schools, parks and to places that provide them with the services they need. And, they are willing to pay.
"The property value premium for walkability seems to be higher in more populous urban areas and those with extensive transit, suggesting that the value gains associated with walkability are greatest when people have real alternatives to living without an automobile," the study said.
The study's measure of walkability focused on the benefits of walking along with better accessibility in general.
The report concludes, "This research makes it clear that walkability is strongly associated with higher housing values in nearly all metropolitan areas. The choice, convenience and variety of walkable neighborhoods are reflected in housing markets and are the product of consumer demand for these attributes."
As the nation watches the housing market with baited breath, it's good to know people are still looking to a bright future and focusing on ways to increase home values through research and without speculation.
CEOs for Cities -- a national cross-sector network of urban leaders from the civic, business, academic and philanthropic sectors - is calling for urban leaders to pay close attention to walkability "as a key measure of urban vitality and as impetus for public policy that will increase overall property values - a key source of individual wealth and of revenues for cash-strapped governments in a tough economy."
The read the full study, follow this link: Walk the Walk.
Cha-Ching: Home Buyer Tax Credit Extention Looking Good
If you're a potential first-time home buyer lamenting the fact that missed the amazing opportunity to gain an $8,000 tax credit just for purchasing your own home - today you can breath a little easier. The stimulus housing package is scheduled to sunset on Nov. 30, 2009. Now Congress is considering extending that deadline to April 30, 2010.
Bloomberg.com's Brian Faller is reporting a possible tax credit extension could be wrapped up by the US Senate and House as early as Nov. 3. Senate Majority Leader Harry Reid is credited for scheduling a vote Nov. 2 with the hope of whipping the legislation through the House on Nov. 3. Home buyers aren't the only ones that might get a little extra relief - the unemployed could also be marked in the package for extended benefits.
The result could be a kinder, gentler plan that allows some higher-income buyers to get in on the great deal and expand the parameters of the tax credit to include a $6,500 credit for home buyers who have lived in their prior residences for at least five years, according to Faller's report.
The Joint Committee on Taxation expects the home buyer tax credit revision to cost about $10.8 billion over the next 10 years. How will the Fed's pay for all of this? Multinational companies might not be as delighted as home buyers and the unemployed when they learn a delay in a tax break for the multinational companies could be marked to compensate the government's budget.
Congress is putting its proverbial and collective foot down on a few points:
Contact us today and let us help you prepare to take advantage of this historic opportunity to get paid by the government for buying your own home!
What's a Mortgage Calculator and How Can it Help Me?Blessed technology has given us the power to do for ourselves, what we depended on others to do in the past.
Remember calling the operator for "information?" Remember going to the library to research simple issues? Remember scouring the town for tax forms at the eleventh hour? Well, all of that is behind us now. Technology has turned ours into an independent society of do-it-yourselfers who are learning the information they need is right at their fingertips -- online, of course.
Our agency is thrilled to participate in all that technology offers us - and you, our clients. Now you can not only search for a home online, you can zoom right into the neighborhood via web-based maps that will practically tell you what kind of a bike your 10-year-old neighbor rides.
Tools such as our Mortgage Calculator will help you arm yourself with useful information before you go out shopping for a new home. The Mortgage Calculator is easy to use and will help you figure out what your monthly payments will be on a new home loan.
The Mortgage Calculator's final figure is based on many factors. The form looks something like this (you will fill in the blanks with your information and then click on "calculate"):
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MORTGAGE CALCULATOR |
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The calculator does factor in private mortgage insurance (PMI) for loans with less than a 20 percent down payment (we don't like nasty surprises). This tool isn't intended to replace a qualified agent at all. It's another help to prepare you for the shopping trip of your lifetime. It's our intention to arm you with information so you know what you can expect to pay in advance. You can even request the results show an amortization schedule.
The tool isn't foolproof and it doesn't provide definitive answers. The figures are estimated and while it's great information, it's important that you work with a professional mortgage loan officer to calculate final figures.
Go ahead, find our mortgage calculator for home buyers and try it out for yourself. You may be surprised by how much home you can really afford at today's low interest rates. Not ready to buy? The mortgage calculator is a great tool to help you set goals and work toward becoming a home owner.
NAR Bucks for More Housing Bucks from Feds
The National Association of Realtors® is encouraged by the increase in home sales bolstered by an historic federal $8,000 homebuyer tax credit and is seeking an extension of the program. The program is s
cheduled to expire Nov. 30 and NAR told Congress this week, that's too soon.
NAR® Regional Vice President Joseph L. Canfora testified this week of the program's success and urged a Congressional panel to continue offering the monetary encouragement through 2010.
Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel during a U.S. House Small Business Committee hearing that new appraisal processes in the Home Valuation Code of Conduct has caused delays that could prevent some would-be participants from meeting the looming tax-credit deadline.
In an NAR® press release issued this week, Canfora spells out the success of the tax-credit program in hard numbers. "The credit is working," Canfora said. He pointed out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. He said the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.
According to NAR®, $63,000 is shot into the economy every time a home is purchased. Canfora warns the country's housing market is not out of the woods. Reset mortgage rates, unemployment, and quick sale of properties dumped on the market by lenders wanting to take advantage of a more stable economy could curb the economic upswing.
Canfora told committee members, "The more robust the credit and the greater its duration, the greater the chance that the housing market can perform its traditional role of helping the economy move out of a recession." He said the new HVCC standards have caused the loss of home sales throughout the nation.
NAR is encouraging the public to contact their legislative representatives and impress upon them the importance of extending the tax-credit deadline.
