Saturday, June 5, 2010
Listing at Spence Enclave
Seller to help with closing costs! Leaving the refrigerator and other appliances. This home is a must see!
Monday, March 1, 2010
What buyers are looking for, and what sellers can do to attract them!
What Sellers Can Do To Attract Buyers This Spring
The local real estate market is buzzing with activity. Spring is in the air. Right now is one of the busiest times for home sales. This year the tax credits for first-time home buyers ($8,000) and repeat buyers ($6,500) have brought out buyers intending to sign purchase contracts by April 30, 2010. Also, affordably low interest rates have increased buying power. That's why well-positioned properties are moving quickly.
If you've been waiting to put your home on the market, or are thinking about selling, now is the time. In this market, to bring serious buyers into your home, you need to be prepared. Here are some key points to remember if you want to take advantage of today's housing market.
Buyers Know Price
There is no beating around the bush. Buyers are savvy and know the price points in our local market. If your home is in the buyer's price range -- and priced correctly for its location, amenities and condition -- your home will attract attention. If it's not priced right, buyers will notice immediately and move on. Additionally, not pricing correctly could help sell your home's competition faster. Rely on us, your real estate professionals, to help you arrive at the optimum price that will get your home sold quickly for the best price.
Move-In Condition
Stage your home to look magazine-perfect and your home will draw buyers in. Take the time to declutter, organize and tastefully set up each room. Comparison shoppers will reward you with interest and offers. Your hard work also will be on display in online photos that entice buyers to drop their mouse and take an in-person look at your home. A well-maintained home will showcase itself in online property sites and will help us get it sold.
Flexibility
First-time buyers often have few constraints on their offer, because they don't have a home to sell. Be flexible to allow any serious buyer to settle/close on your home earlier or later than you anticipated, if the right offer comes up. Your flexibility could mean the difference between a sale and no sale. We will help you negotiate the best terms to keep your buyer interested.
Extra Incentive
You've got the right price, your home is in great condition and staged to sell. You've got the flexibility to accept pretty much any move-in date. Now what? If there is a buyer who has visited two times, but hasn't made an offer, one innovative strategy is to consider approaching the buyer with a reverse offer -- an offer to buy your property that originates from you, the seller. The technique can get negotiations and counteroffers started in the right situation. In this case, you may want to throw in a sweetener such as the swing set in the backyard or the patio furniture.
Maybe you have another item of value that you don't want to move that could help sway the buyer to purchase your home. If you don't want to give an item, perhaps you can offer a specific amount to be credited at closing without lowering the selling price. Consult with us for the best strategy to win over a buyer for your home.
Timing Is Everything
The time is right for selling your home, and buyers are out there shopping. Interest rates are near historical lows and tax incentives like we've never seen are available to first-time and move-up buyers. (As a seller you can benefit too if you sign a contract to buy your next home before April 30, 2010 and close by June 30.) If you are interested in a personal consultation to see what your home is worth, please give us a call. We'd love to meet with you and discuss your home.
The local real estate market is buzzing with activity. Spring is in the air. Right now is one of the busiest times for home sales. This year the tax credits for first-time home buyers ($8,000) and repeat buyers ($6,500) have brought out buyers intending to sign purchase contracts by April 30, 2010. Also, affordably low interest rates have increased buying power. That's why well-positioned properties are moving quickly.
If you've been waiting to put your home on the market, or are thinking about selling, now is the time. In this market, to bring serious buyers into your home, you need to be prepared. Here are some key points to remember if you want to take advantage of today's housing market.
Buyers Know Price
There is no beating around the bush. Buyers are savvy and know the price points in our local market. If your home is in the buyer's price range -- and priced correctly for its location, amenities and condition -- your home will attract attention. If it's not priced right, buyers will notice immediately and move on. Additionally, not pricing correctly could help sell your home's competition faster. Rely on us, your real estate professionals, to help you arrive at the optimum price that will get your home sold quickly for the best price.
Move-In Condition
Stage your home to look magazine-perfect and your home will draw buyers in. Take the time to declutter, organize and tastefully set up each room. Comparison shoppers will reward you with interest and offers. Your hard work also will be on display in online photos that entice buyers to drop their mouse and take an in-person look at your home. A well-maintained home will showcase itself in online property sites and will help us get it sold.
Flexibility
First-time buyers often have few constraints on their offer, because they don't have a home to sell. Be flexible to allow any serious buyer to settle/close on your home earlier or later than you anticipated, if the right offer comes up. Your flexibility could mean the difference between a sale and no sale. We will help you negotiate the best terms to keep your buyer interested.
Extra Incentive
You've got the right price, your home is in great condition and staged to sell. You've got the flexibility to accept pretty much any move-in date. Now what? If there is a buyer who has visited two times, but hasn't made an offer, one innovative strategy is to consider approaching the buyer with a reverse offer -- an offer to buy your property that originates from you, the seller. The technique can get negotiations and counteroffers started in the right situation. In this case, you may want to throw in a sweetener such as the swing set in the backyard or the patio furniture.
Maybe you have another item of value that you don't want to move that could help sway the buyer to purchase your home. If you don't want to give an item, perhaps you can offer a specific amount to be credited at closing without lowering the selling price. Consult with us for the best strategy to win over a buyer for your home.
Timing Is Everything
The time is right for selling your home, and buyers are out there shopping. Interest rates are near historical lows and tax incentives like we've never seen are available to first-time and move-up buyers. (As a seller you can benefit too if you sign a contract to buy your next home before April 30, 2010 and close by June 30.) If you are interested in a personal consultation to see what your home is worth, please give us a call. We'd love to meet with you and discuss your home.
Monday, November 9, 2009
Monday, July 27, 2009
June New Home Sales Rise 11 percent
June new home sales rise 11 percent
By ALAN ZIBEL
WASHINGTON – New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.
While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since last fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.
"The worst of the housing recession ... is now behind us," said David Resler, chief economist at Nomura Securities. "We're turning the corner toward increased activity in housing."
New home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the Commerce Department reported Monday.
Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent in afternoon trading. But with home prices still falling, these companies won't be making much money anytime soon.
The median sales price of $206,200 was down 12 percent from $234,300 a year earlier and off nearly 6 percent from $219,000 in May.
In addition to lower prices, buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.
"The window of opportunity is closing," said Bernard Markstein, senior economist for the National Association of Home Builders.
June's results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction.
Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.
But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.
By ALAN ZIBEL
WASHINGTON – New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.
While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since last fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.
"The worst of the housing recession ... is now behind us," said David Resler, chief economist at Nomura Securities. "We're turning the corner toward increased activity in housing."
New home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the Commerce Department reported Monday.
Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent in afternoon trading. But with home prices still falling, these companies won't be making much money anytime soon.
The median sales price of $206,200 was down 12 percent from $234,300 a year earlier and off nearly 6 percent from $219,000 in May.
In addition to lower prices, buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.
"The window of opportunity is closing," said Bernard Markstein, senior economist for the National Association of Home Builders.
June's results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction.
Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.
But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.
Sunday, July 5, 2009
Realtors See Better Times Really Close/Already Here
6 months from now...
Current chart....
Current chart....Realtors See Better Times Really Close/Already Here
From NAR: http://www.realtor.org/research/economists_outlook/commentaries/rci_hilights0509
The table shows a recovery in confidence about both the current market and the expected outlook in recent months. A score of less than 50 indicates relatively poor market conditions; the current score of 33.5 for Single Family homes is clearly reflective of current market conditions, and the score of 45 shows continued concern in terms of the market outlook. However, overall confidence for the single family market outlook is improving. Increases in confidence are also apparent for townhouses and condos, but to a significantly lesser degree. The data in graph form are portrayed below. The reason for a weak condo market outlook appears to be due to stringent requirements for condo loans.
From NAR: http://www.realtor.org/research/economists_outlook/commentaries/rci_hilights0509
The table shows a recovery in confidence about both the current market and the expected outlook in recent months. A score of less than 50 indicates relatively poor market conditions; the current score of 33.5 for Single Family homes is clearly reflective of current market conditions, and the score of 45 shows continued concern in terms of the market outlook. However, overall confidence for the single family market outlook is improving. Increases in confidence are also apparent for townhouses and condos, but to a significantly lesser degree. The data in graph form are portrayed below. The reason for a weak condo market outlook appears to be due to stringent requirements for condo loans.
Thursday, May 14, 2009
First-Time Homebuyer Tax Credit
FAQ's about the $8,000 First-Time Homebuyer Tax Credit.
Here are some answers:
What is the definition of a first-time home buyer? You are considered a first-time homebuyer if:- You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.- You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.
Do I have to pay the homebuyer tax credit back? How much is the credit for? $7,500 or $8,000?It depends. For homes purchased in 2008, the $7,500 credit (or 10% of purchase price, if less) operates much like an interest-free loan. You generally can repay it equal installments over a 15-year period unless you move out or sell the home earlier than that. The maximum credit is reduced to $3,750 for married individuals filing separately.
For homes purchased in 2009, you must repay the $8,000 credit (or 10% of purchase price, if less) only if the home ceases to be your main home within the 36-month period beginning on the purchase date. The maximum credit is reduced to $4,000 for married individuals filing separately.
What is the definition of main home? Does a condo count? How about an RV? Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence.
What if I don’t owe or pay any income taxes? This is a refundable tax credit, which means that even if you don’t owe any taxes, you will receive the credit amount via check or other means. For example, if before this credit you had a tax liability of $5,000 and withheld $4,000, you would owe the IRS $1,000. If you qualify and claim a $8,000 tax credit, you would now receive $7,000.
What are the income restrictions? The amount of the credit begins to gradually phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. It is completely phased out when your AGI is $90,000, or $170,000 for joint filers.
Can I just buy a home from a relative and pocket the $8,000?You don’t qualify for the tax credit if you bought the house from a “related person.” According to the IRS, a related person includes:
Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.).
A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.
How do they determine the purchase date as applied to the cutoff dates? If you bought an existing home, the date of purchase is your closing date, not the day that you sign a purchase contract or enter escrow. If you constructed a new home, you are treated as having purchased it on the date you first occupied it. (Seems like some wiggle-room here.)
What IRS Form Do I Have To Fill Out? Can I File For 2008 or 2009 Tax Years? That would be the new revised version of IRS Form 5405 (where most of this information is from), which you fill out and attach to Form 1040. Any updated tax preparation software should be able to handle this. If you already bought your house in 2009, you can file either on your 2008 or 2009 tax returns. (Why not get it now?)
What if two unmarried people buy a house together? If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any “reasonable” method. The total amount allocated cannot exceed the smaller of $7,500 ($8,000 if you purchased your home in 2009) or 10% of the purchase price. A “reasonable” method is any method that does not allocate all or a part of the credit to a co-owner who is not eligible to claim that part of the credit.
I am not a U.S. citizen. Can I still claim the tax credit? If you are a resident alien according to IRS Pub 519 and satisfy all the other requirements, then yes you can claim the credit. Nonresident aliens are not eligible.
Here are some answers:
What is the definition of a first-time home buyer? You are considered a first-time homebuyer if:- You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.- You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.
Do I have to pay the homebuyer tax credit back? How much is the credit for? $7,500 or $8,000?It depends. For homes purchased in 2008, the $7,500 credit (or 10% of purchase price, if less) operates much like an interest-free loan. You generally can repay it equal installments over a 15-year period unless you move out or sell the home earlier than that. The maximum credit is reduced to $3,750 for married individuals filing separately.
For homes purchased in 2009, you must repay the $8,000 credit (or 10% of purchase price, if less) only if the home ceases to be your main home within the 36-month period beginning on the purchase date. The maximum credit is reduced to $4,000 for married individuals filing separately.
What is the definition of main home? Does a condo count? How about an RV? Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence.
What if I don’t owe or pay any income taxes? This is a refundable tax credit, which means that even if you don’t owe any taxes, you will receive the credit amount via check or other means. For example, if before this credit you had a tax liability of $5,000 and withheld $4,000, you would owe the IRS $1,000. If you qualify and claim a $8,000 tax credit, you would now receive $7,000.
What are the income restrictions? The amount of the credit begins to gradually phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. It is completely phased out when your AGI is $90,000, or $170,000 for joint filers.
Can I just buy a home from a relative and pocket the $8,000?You don’t qualify for the tax credit if you bought the house from a “related person.” According to the IRS, a related person includes:
Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.).
A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.
How do they determine the purchase date as applied to the cutoff dates? If you bought an existing home, the date of purchase is your closing date, not the day that you sign a purchase contract or enter escrow. If you constructed a new home, you are treated as having purchased it on the date you first occupied it. (Seems like some wiggle-room here.)
What IRS Form Do I Have To Fill Out? Can I File For 2008 or 2009 Tax Years? That would be the new revised version of IRS Form 5405 (where most of this information is from), which you fill out and attach to Form 1040. Any updated tax preparation software should be able to handle this. If you already bought your house in 2009, you can file either on your 2008 or 2009 tax returns. (Why not get it now?)
What if two unmarried people buy a house together? If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any “reasonable” method. The total amount allocated cannot exceed the smaller of $7,500 ($8,000 if you purchased your home in 2009) or 10% of the purchase price. A “reasonable” method is any method that does not allocate all or a part of the credit to a co-owner who is not eligible to claim that part of the credit.
I am not a U.S. citizen. Can I still claim the tax credit? If you are a resident alien according to IRS Pub 519 and satisfy all the other requirements, then yes you can claim the credit. Nonresident aliens are not eligible.
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