Wednesday, December 30, 2009
Tuesday, November 10, 2009
Top Five Tips for sellers
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)
Read more: http://rismedia.com/2009-11-09/home-sellers-top-5-home-improvement-projects-based-on-cost-and-return-on-investment/#ixzz0WUpgEzUt
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)
Read more: http://rismedia.com/2009-11-09/home-sellers-top-5-home-improvement-projects-based-on-cost-and-return-on-investment/#ixzz0WUpgEzUt
Friday, October 23, 2009
Buyers issues
RICHMOND, Va. – Oct. 21, 2009 – When the Federal Reserve enacted new rules to protect homebuyers from unfair and deceptive practices, it also made it more difficult to qualify for mortgages.With changes in the Federal Truth and Lending Act, “lenders are examining buyers’ credit under a microscope,” says Bruce McClary of ClearPoint Credit Counseling Solutions, a national nonprofit organization that helps consumers overcome personal finance difficulties. “These more stringent lending standards combined with the expiration of the first-time homebuyer tax credit on Nov. 30 will undoubtedly create even more obstacles for homebuyers.”McClary believes that homebuyers can address the situation best by maintaining a good credit score. He advises consumers to monitor their credit reports, and, if they spot any issues, no matter how minor, to work toward resolving them:• Address credit card debt. If necessary, seek free credit counseling from a trustworthy nonprofit agency.• Save for a downpayment. When the $8,000 first-time homebuyer tax credit expires, buyers will need more of their own money to buy a home. A healthy downpayment shows ability to pay. • HUD-approved housing counseling agencies offer free first-time homebuyer classes and counseling. Buyers who understand the home buying process, real estate terms and how to shop for a mortgage have an advantage. They can prepare for the process and avoid becoming victims of predatory lending. For buyers with credit report issues, a credit counselor can strategize steps for clearing up inaccuracies, paying down debt and improving the numbers.© 2009 Florida
Wednesday, March 25, 2009
Sales continue to rise
From last weeks Orlando Sentinel..
Lower-priced homes and condos sent resales soaring again last month in the Orlando area, continuing a rebound that began six months ago.The Orlando Regional Realtor Association reported Tuesday that its members sold 1,219 homes, condos and town houses in February, up more than 28 percent from the same month last year. Pending contracts in February were double last year's total, an indication that the momentum in existing-home sales continues to build locally even as the nationwide downturn in housing persists.Pending sales by Orlando Realtors rose to 4,348 in February, compared with 2,175 a year earlier. The Realtors also noted that sales so far this month in the core Orlando market are off to a strong start.
Lower-priced homes and condos sent resales soaring again last month in the Orlando area, continuing a rebound that began six months ago.The Orlando Regional Realtor Association reported Tuesday that its members sold 1,219 homes, condos and town houses in February, up more than 28 percent from the same month last year. Pending contracts in February were double last year's total, an indication that the momentum in existing-home sales continues to build locally even as the nationwide downturn in housing persists.Pending sales by Orlando Realtors rose to 4,348 in February, compared with 2,175 a year earlier. The Realtors also noted that sales so far this month in the core Orlando market are off to a strong start.
Tuesday, February 17, 2009
New tax credit details
Feb. 17, 2009 – Florida Association of Realtors has just released the following details of the $8,000 tax credit. According to the most recent analysis, the following rules will apply – though things could change as tax professionals weigh the details:
• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.
• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.
• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.
• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.
• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.
• The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 31, 2009.• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly. The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund. By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.
Thank you FAR!
• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.
• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.
• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.
• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.
• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.
• The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 31, 2009.• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly. The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund. By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.
Thank you FAR!
Monday, January 26, 2009
Improving sales figures.
The latest FAR (Florida Association of Realtors) report shows increased sales activity for the fourth consecutive month with a 27% increase in existing home sales in a year to year comparison. The NAR (National Association of Realtors) reported a 6.5% increase in sales in December compared to November.
There has been a noticeable increase in the number of buyers since Christmas, too. I'm not complaining about how busy I've been but time for an occasional coffee would be nice.
New listings are continually being added to the market so inventory levels remain high. I suspect it will be a buyer's market for some time.
There has been a noticeable increase in the number of buyers since Christmas, too. I'm not complaining about how busy I've been but time for an occasional coffee would be nice.
New listings are continually being added to the market so inventory levels remain high. I suspect it will be a buyer's market for some time.
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