Both Houses, President OK Tax Credit Extension, Expansion

The House  and the Senate  passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000. The legislation in both houses was included in a bill to extend unemployment benefits and was signed by President Obama on Friday. “REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urged President Obama to sign this legislation into law quickly to keep the momentum going in this fragile recovery of the nation’s housing market.” Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year. Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Source: The Associated Press (11/5/2009)

For more details, go to: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit 

Stats Continue To Look Good :-)

LISTINGS	Residential (Single Family & Condo)
Oct. 19 – 25, 2009	505
Last Year	509
SOLDS
Oct. 11 – 17, 2009	236
Last Year	195

Statistics

LISTINGS Residential (Single Family & Condo) Oct. 12 – 18, 2009 522 Last Year  492 SOLDS   Oct. 4 -10, 2009 239 Last Year  191 LISTINGS	Residential (Single Family & Condo)
Oct. 5 – 11, 2009	579
Last Year	544
SOLDS
Sept. 27 – Oct. 3, 2009	351
Last Year	325

ECONOMISTS ENCOURAGE TAX CREDIT EXTENSION

When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it.

As many as 40 percent of all home buyers this year will qualify for the credit. It is on track to cost the government $15 billion, more than twice the amount that was projected when Congress passed the stimulus bill in February.

In the view of the real estate industry and some economists, all that money is well spent. They contend the credit is doing what it was meant to do, encouraging a recovery in the housing market that is gathering steam. Analysts say the credit is directly responsible for several hundred thousand home sales.

Skeptics argue that most of the money is going to people who would have bought a home anyway. And they contend that unless it is allowed to expire on schedule in late November, the tax credit is likely to become one more expensive government program that refuses to die.

The real estate industry, including the powerful 1.1 million-member National Association of REALTORS®, wants Congress to extend the credit at least through next summer. The group hopes to expand the program to $15,000 and to allow all buyers, not just those who have been out of the market for at least three years, to qualify. The price tag on that plan: $50 billion to $100 billion.

Source:  New York Times

Statistics

LISTINGS	Residential (Single Family & Condo)
Sept. 28 - Oct. 4, 2009	588
Last Year	566
SOLDS
Sept. 20 – 26, 2009	255
Last Year	261

LISTINGS	Residential (Single Family & Condo)
Sept. 21 - 27, 2009	605
Last Year	533
SOLDS
Sept. 13 – 19, 2009	258
Last Year	172

Statistics

LISTINGS Residential (Single Family & Condo) Sept. 14 – 20 , 2009 630 Last Year  360 (Re: Power Outage of 2008) SOLDS   Sept. 6 – 12 , 2009 199 Last Year  220   LISTINGS	Residential (Single Family & Condo)
Sept. 7 – 13, 2009	533
Last Year	633
SOLDS
August 30 – Sept. 5, 2009	291
Last Year	218

6 Ways To Keep Your Lawn Looking Good This Fall

By Erica Christoffer, Contributing Editor, REALTOR®Magazine Trey Rogers: The Yard Doctor

There is no better time than fall to get yards looking great, according to the “Yard Doctor” Trey Rogers, a professor of turfgrass management in the crop and soil sciences department at Michigan State University. Here are 6 tips from Rogers to help you and your clients take advantage of the seasonal weather and vibrant colors to add dramatic curb appeal.

1. For home owners in the northern portion of the United States, fall is the single best time to fertilize a yard. During the first 10 days of September, lay a complete nitrogen and potassium combination fertilizer.

2. Fall is also the best time to reseed grass. If you have bare spots from the summer, put down a seed mix that matches the yard during the first 15 days of September. Yards with crabgrass will notice the patches turn purple with the first frost. It is important to thoroughly seed and water those areas. “It’s a good time because the ground is still warm, but the days are getting shorter so you don’t have as much day length to rob the moisture out of the soil,” Rogers says.

3. During the first 10 days of October, take care of those pesky weeds and dandelions. Spray a liquid broadleaf herbicide over the yard. Weeds germinate in the fall, so by treating the problem in October, there will be fewer dandelions in the spring.

4. Mow, mow, mow. If you really want a yard to look smashing, dedicate yourself to mowing twice a week with the blade set at 2 ½ to 3 inches through mid-October. “They’ll be surprised when they see how much that makes the grass grow,” says Rogers. Don’t forget to keep watering, too.

5. It’s important to get those leaves off the ground as to not suffocate the lawn. But a better option would be to grind up the leaves and mulch them back into the yard. Most lawnmowers have blades designed for mulching. This provides natural nutrients and can be an organic weed controller — particularly maple leaves, which are a natural herbicide toward dandelions, Rogers says.

6. Play with the fall colors. Display potted mums. Think red. Dogwood bushes are cold-weather hardy and have red or yellow branches. Holly is another great way to decorate the outside of a home, where the bright red berries on the branches can standout.

John (Trey) Rogers, Ph.D., is regarded as one of the country’s leading experts on growing and maintaining healthy lawns. He has been a professor of turfgrass science at Michigan State University for 22 years. He is also a consultant to Briggs & Stratton, a manufacturer of engines for outdoor power equipment, where he has become known as the Yard Doctor. Visit his Web site: http://www.yardsmarts.com

Stats

LISTINGS	Residential (Single Family & Condo)
August 31 - Sept. 6, 2009	652
Last Year	533
SOLDS
August 23 – 29, 2009	288
Last Year	261

More Sellers Turn to Rentals

More people are becoming landlords in an economy where selling a home can be challenging.

The nation’s second-largest home insurer, Allstate Corp., says the number of homeowners converting their homeowners insurance to landlord policies rose 27 percent in the first quarter of 2009.

Jim Bass of Jim Bass Real Estate Group in Frederick, Md., says he has begun offering property-management services for absent owners, many of whom are convinced it will be easier to sell in a couple of years.

Holding on probably isn’t the best answer, says economist Edward Leamer, director of the UCLA Anderson Forecast. Leamer suggests negotiating a short sale instead. “Better to take your losses and move on.”

Another factor to consider is whether renting will reduce or eliminate the value of the capital-gains tax exclusion. Federal tax law requires living in the home at least two of the previous five years to qualify for the full capital-gains tax exclusion when the house is sold. Of course, if there is no profit to be had, then this isn’t a problem.

Source: The Wall Street Journal, M.P. McQueen (09/02/2009)

Sales Still Steady :-)

LISTINGS	Residential (Single Family & Condo)
August 17 – 23, 2009	587
Last Year	690
SOLDS
August 9 – 15, 2009	250
Last Year	230