tag:blogger.com,1999:blog-21185089800330944282011-07-28T11:59:48.766-07:00Local Real Estate NewsHot topics related to the real estate market. A place for consumers to seek winning REALTOR advice.Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2118508980033094428.post-18146043315324774032011-07-25T17:45:00.000-07:002011-07-25T17:45:23.909-07:002011-07-25T17:45:23.909-07:00Mixed Messages from Media<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-1814604331532477403?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0tag:blogger.com,1999:blog-2118508980033094428.post-3744526881854238042011-07-22T18:54:00.000-07:002011-07-22T18:54:23.074-07:002011-07-22T18:54:23.074-07:00Interest Rates Climb slightly<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-374452688185423804?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0tag:blogger.com,1999:blog-2118508980033094428.post-15091623358887827512011-03-29T11:11:00.000-07:002011-03-29T11:11:49.284-07:002011-03-29T11:11:49.284-07:00Daily Real Estate News<a href="http://lowes.inman.com/inmaninf/lowes/news/139341">Daily Real Estate News</a><br />Make certain you and your buyers know what they are getting in to.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-1509162335888782751?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0tag:blogger.com,1999:blog-2118508980033094428.post-12323422870730855722010-09-28T11:57:00.000-07:002010-09-28T11:57:44.255-07:002010-09-28T11:57:44.255-07:00Educating Rental OWNERs on the FactsIn this time where so many homeowners are turning to renting their homes, I have come to the conclusion that us agents need to better educate our Homeowners, who are basically becoming a 'commercial' client versus a residential client. There are differences and I am going to do my best to 'get the word out', primarily in how commissions are earned, which like residential <i>there is no set commission and is always negotiable</i>. However, in the commercial world the coop agent doesn't only receive compensation for year 1 of the lease but ALL subsequent lease years, and renewals in the future. I will not fill out a Rental Listing Agreement without making certain commission amounts are paid for EVERY year of an executed lease, not only to me as the listing agent <i>but to the COOP agent as well</i>. The amount of these commissions is of course negotiable, but considering the amount of work STILL required to service rental customers/clients, coupled with the fact that the homeowner is really an investor now, where their personal tax liabilities change, etc., they should probably hire an accountant to make certain they can claim everything available, including commissions paid. <u>This is the cost of doing business or maybe they can try and find a tenant on their own and worry about credit reports, background checks, etc.</u><br />
Additionally, as time and knowledge are most certainly the best thing we can offer our clients, I have been amazed at the conditions of the homes I tour that are up for lease (which are also for sale). Homes that are not SS or foreclosures. Yet the condition of these homes is truly pathetic from very worn carpet, walls in need of painting, stress cracks in ceilings, nailpops, old appliances, windows that have lost their seal, old washers/dryers, decks so filthy you leave footprints walking back inside, excessive weeds in the yard, I could go on, we have all seen them this year. If the owner is not going to make even basic improvements to make the house 'right', the monthly rental price better be adjusted properly, or they better be willing to negotiate the price cause that house is going to sit like a turtle on a stump on a hot day!<br />
Do homeowners really think that JUST because renters are moving in they deserve a crappy house? Do they not realize that listing their house is almost as much work as a regular sale listing for 'pitance' in return. I've had several rental clients whose income is near or above 6-figures but due to many transfer's, they don't want to buy. Can you blame them? ALL renters, whatever income want freshly painted houses with CLEAN or newer carpet, and newer appliances, etc. <br />
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I sincerely hope that our clients will begin to listen when it comes to their rental homes. Owners must understand that this is more of a commercial real estate matter now, and our time is worth more then 'average going rates' <u><b>that for some reason aren't so negotiable</b></u> as they are. And this isn't just a matter for listing agents but coop agents as well, who want to show nice homes to their client's, homes that are deserving of the rental list price being advertised online.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-1232342287073085572?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0tag:blogger.com,1999:blog-2118508980033094428.post-46858550224603681342010-09-22T17:25:00.000-07:002010-09-22T17:25:53.855-07:002010-09-22T17:25:53.855-07:00Shadow Market to EmergeTop real estate experts are predicting that a 'shadow inventory' will be revealed in the 4th qtr of this year with 80% of the inventory in CA, NV, AZ & FL. What is a shadow inventory? REO-bank owned properties that have NOT yet been listed. This will be a market with highly motivated sellers and bring buyers out of their bunkers!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-4685855022460368134?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0tag:blogger.com,1999:blog-2118508980033094428.post-79524525816521720172009-11-06T16:37:00.000-08:002009-11-06T16:37:46.726-08:002009-11-06T16:37:46.726-08:00Obama Signs Homebuyer Tax Credit ExtensionNovember 6, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010. <br />
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The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate. <br />
The following details apply to the homebuyer tax credit expansion: <br />
Who is Eligible <br />
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. <br />
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit. <br />
-All U.S. citizens who file taxes are eligible to participate in the program. <br />
Income Limits <br />
-Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000. <br />
-For married couples filing a joint return, the combined income limit is $225,000. <br />
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit. <br />
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000. <br />
Effective Dates <br />
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010. <br />
Types of Homes that Qualify <br />
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify. <br />
Tax Credit is Refundable <br />
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference. <br />
-For example: <br />
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit). <br />
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit). <br />
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return. <br />
Payback Provisions <br />
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase. <br />
The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit. <br />
For more information, visit www.nahb.org.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-7952452581652172017?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0tag:blogger.com,1999:blog-2118508980033094428.post-47148340650087262522009-10-30T15:59:00.000-07:002009-11-06T16:41:30.089-08:002009-11-06T16:41:30.089-08:00Tax Stimulus Deadline Approches QuicklyNovember 30th is it as far as the 2009 Tax Stimulus. If you are not under contract the 1st week of November chances are you wont close by the 30th and hence will not qualify for the Stimulus. Call me today....lets look at houses this weekend!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2118508980033094428-4714834065008726252?l=barrington-homes.blogspot.com' alt='' /></div>Source2Movehttp://www.blogger.com/profile/06413088251329405745noreply@blogger.com0