Seller Resources

Don’t be Offended

If you haven’t experienced this scenario, you’ve probably heard about someone who has: A buyer submits an offer on a home much lower than the seller’s asking price. The low offer offends the seller. Not only is it below market value for the home, but it’s an insult to all the care put into to maintaining and updating the house. The seller does not bother to reply to the offer.

Though that seems like a reasonable action on the seller’s part, it may not be the best course. By ignoring the offer, you are all but guaranteeing that this potential buyer will not pursue purchasing your home. Instead, talk to your Texas REALTOR® about whether you should make a counteroffer with a more reasonable purchase price or let the other party know that the offer on the table is not acceptable but that person is free to submit another offer at a higher price.

By taking some action, you keep the possibilities open. Who knows? The potential purchaser may just want to see how low you will go before revealing what he’s willing to pay. Or perhaps because of a difference in his background or personality, he is used to negotiating differently from what you expect. By keeping your emotions in check and responding appropriately, you just may create a situation that leads to the eventual sale of your home.

 

Texas Association of Realtors®

RE/MAX Agents Know the NEW 2009-2010 Tax Credit

 

Tax credit details
The homebuyer tax credit expansion measure includes these provisions:
• Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for homeowners buying a new home by July 1, 2010.
• Homebuyers with contracts as of April 30 qualify for the credit so long as they close the transaction within 60 days.
• The full credit is available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.
• Not available for homes costing over $800,000.
• Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for five consecutive years in the last eight.
• Provides authority to the IRS to provide greater oversight while processing the return and requires that the taxpayer claiming the credit be 18 or older.
• Members of the military, military intelligence and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.

9 Tips for Improving Your Credit Score

 

Posted By Paige On November 14, 2009 @ 12:04 am In Real Estate, Today’s Marketplace, Today’s Top Story, Today’s Top Story – Consumer | Comments Disabled

Obama signs homebuyer, jobless bill assistance

 Reuters – U.S. President Barack Obama makes remarks about a shooting at a U.S. Army base in Fort Hood, Texas, at …

WASHINGTON – President Barack Obama signed into law a $24 billion economic stimulus bill providing tax incentives to prospective homebuyers and extending unemployment benefits to the longtime jobless who have been left behind as the economy veers toward recovery.

The bill-signing at the White House Friday came a day after the House, displaying rare bipartisan agreement over the seriousness of the jobless situation, voted 403-12 for the measure. The Senate approved it unanimously on Wednesday.

The White House said the law, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted last February that aim at spurring job creation.

“The need for such a measure was made clear by the jobs report that we received this morning,” Obama said, citing Friday’s government report the jobless rate hit 10.2 percent last month, the highest since 1983. The rate was 9.8 percent in September.

He called it a “sobering number that underscores the economic challenges that lie ahead” and pledged more work.

“I will not rest until all Americans who want work can find work,” he said during a Rose Garden appearance before reporters.

Lawmakers stressed that the fourth unemployment benefit extension in the past 18 months was necessary because initial signs of economic recovery have not been reflected in the job market.

“The truth is that long-term unemployment remains at its highest rate since we began measuring it in 1948,” said House Majority Leader Steny Hoyer, D-Md. About one-third of the 15 million people out of work have gone at least six months without a job.

The law provides another 14 weeks of benefits to all out-of-work people who have exhausted their benefits or will do so by the end of the year, estimated at nearly 2 million. Those in states where the jobless rate is 8.5 percent or above get an additional six weeks.

The Labor Department announced Friday that that employers shed another 190,000 jobs in October. Obama said job creation traditionally lags behind economic growth, but said it is small comfort to those seeking work.

“So although it will take time and it will take patience, I am confident that our economy will recover,” Obama said. “I’m confident that we’re moving in the right direction. And I promise that I won’t rest until America prospers once again.”

The extra 20 weeks could push the maximum a person in a high unemployment state could receive to 99 weeks, the most in history. Unemployment checks generally are for about $300 a week.

The tax credits, added by the Senate, center on extending the popular $8,000 credit for first-time homebuyers that was included in the stimulus package. The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.

The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.

The credit, said Democratic Rep. Shelley Berkley of Nevada, a state particularly hard hit by the recession, “will allow more people to purchase a home in my district and help stop the continued downward spiral in housing prices caused by the foreclosure crisis.”

Prolonging the life of the homebuyer credit has been a priority of the real estate industry, which says it has been instrumental in beginning to turn around a market that was a major cause of the economic downturn. About 1.4 million first-time homebuyers have qualified for the credit through August, and the National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

The other tax credit allows businesses that have lost money in 2008 or 2009 to get refunds on taxes paid on profits during the five previous years.

The Senate spent more than a month crafting the package and working out partisan fights over amendments, angering lawmakers and others who pointed out that 7,000 people lose their unemployment benefits every day. The National Employment Law Project estimated that 600,000 workers exhausted their benefits in September and October while Congress debated the legislation.

The lead sponsor of the bill in the House, Rep. Jim McDermott, D-Wash., reminded lawmakers that they’ll have to revisit the issue again before adjourning for the year. The bill applies to benefits exhausted this year, and “Congress must act again before the end of this year to continue the extended unemployment benefits that we are now improving.”

The more than $21 billion cost of the tax credits would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes — a fact Obama touted.

“Now, it’s important to note that the bill I signed will not add to our deficit. It is fully paid for and so it is fiscally responsible,” he said.

The cost of the unemployment benefit extension, about $2.4 billion, is offset by extending a federal unemployment tax that employers must pay.

___

The bill is H.R. 3548.

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Internet presence

There’s so much information on the Internet. Literally thousands of real estate sites are out there—all of them with some combination of raw data, opinions, and informative tips for selling your home. Some of these sites proclaim or insinuate that you are better-off selling your home by yourself—without professional representation.With all the available tools, you may be successful. Just remember … it doesn’t take much of a misstep to cost yourself thousands of dollars and a lot of aggravation. Consider a Texas REALTOR® to help you navigate a 21st century real estate transaction.

For instance, a property-valuation site may incorrectly value your home. If you use this information and place your home on the market at a price that’s too high or too low, you risk costing yourself money, additional time to sell, or both. Texas REALTORS® have the experience and knowledge to accurately price your home.

Telephone calls, property showings, open-house visitors, contract negotiations, transaction coordination, and legal risk are a part of the home-selling process. The game has changed, though—these days, you also have to post the property on the Web and market it through the Internet. Research from the National Association of REALTORS® indicates that more than 80% of buyers now heavily rely on the Internet for their home search. Potential buyers now expect lots of online content, especially pictures and video, and they want it to be high-quality, easy to find, organized, and informative.

Make sure you utilize the vast resources available to you on the Internet. And don’t forget to give buyers the online information they need to properly consider your home. If you need someone to help you make sense of real estate information available on the Web, look to a Texas REALTOR®.

Texas Association of Realtors®

The Truth About Today’s Market

“For most folks, no news is good news; for the press, good news is not news.” – Gloria Borger

You hear the bad news everywhere you turn. It’s on the television, the Internet, the radio and in print headlines. What you don’t hear is the good news about the real estate market.

Bad news sells newspapers and gets high television ratings; therefore, the media has no reason to report the upside of today’s real estate market to the average American. This is where I come in. For example, did you know that approximately 30 percent of homeowners own their home free and clear?

The current market also affords some great opportunities for those looking to purchase a home. First-time homeowners, move-up buyers and investors can all benefit from low home prices, large selection and historically low interest rates.

In addition, the government recently approved a First Time Buyer Tax Credit, up to $8,000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. Regulations do apply and can be reviewed at www.federalhousingtaxcredit.com, or just give me a call and I will be happy to discuss it with you.

Call me to hear more about the good news in today’s housing market. I can’t wait to share it with you.

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Check out this landscape designer.  Michael is working on my back yard right now. 

Michael Tanner Landscape Designs

Planning Your Move

Planning your move

As you put your home on the market, the next step is planning the logistics of your move. There are many things to consider, but the item to tackle right away is choosing a reputable moving company. You can ask friends, relatives, and your Texas REALTOR® about their experiences with and recommendations for moving companies.

Keep in mind that many people move between May and September when they’re children are out from school. If you can’t avoid this peak moving time, be sure to call to schedule your move far in advance.

Moving day can be stressful, but thinking ahead and being prepared can make the process run more smoothly. Make sure you’re on hand to answer questions the day the movers are packing your belongings into the moving truck. As a driver does an inventory of the home, walk through with him to verify that he is accounting for everything. It’s also imperative to sign the bill of lading, which is the contract between you and the mover, which will allow for claims to be made and will legally ensure that everything is accounted for when the truck reaches its destination.

A few other helpful tips include not packing your jewelry and other valuables like family heirlooms, antiques, and silverware. It’s better to take these items with you than place them on the moving truck. Also make sure you keep important papers with you like school records, birth certificates, passports, closing papers, and mover estimates. These documents are very hard to replace if lost in your move.

Finally, consider using different colors to designate which boxes go to which room. You can use a red sticker for the living room, green for the kitchen, etc. When the moving truck gets to your home, you can have these colors on the doors of the respective rooms so that the boxes can quickly and efficiently be unpacked.

Texas Association of Realtors®

Understanding the Lingo – Comps

So, you’re selling your home and every single Texas REALTOR® you interviewed to list your home has mentioned “pulling comps”.  Not wanting to appear uniformed, you just nodded your head and played along.

So what is a comp? Simply put, a comp, short for comparable, is the primary set of data used in determining the value of your home.  Comps give you data from all the recently sold property in your neighborhood.  Some of the different data you see might be the age of the house, the square footage, and most importantly, price. Your Texas REALTOR® may use these data to create a Comparative Market Analysis for you.

In any real estate market, the more recent a comp, the more accurate it is. Obviously, the availability of recent comps depends on how active the market has been in your area.

Generally speaking, the most significant comps are those that are closest to your address. This does not account for differences such as one house having a view of the lake, which will add value, or a home backing up to a railroad track, which will detract from the value.

Price per square foot is a significant and well-tested method of comparison, although straight comparison can be deceiving. You can see a big discrepancy if, for instance one property has been neglected and another of exactly the same size, just two doors down, has been well cared for.

Lot size is a factor as well. A 2,400 square foot house on a four-acre lot may sell for quite a bit more than an identical house on a .33-acre lot.

Other factors may include nearby amenities, traffic concerns or access to a main road, landscaping and curb appeal, and the general condition of the exterior of the house—such as the driveway, roof, chimney, or fence.

In the end, it comes down to what the buyer’s bank’s appraiser says the property is worth. That appraiser may use comps to generate his appraisal, but banks or lenders do not take comps into account when considering the amount to loan the buyer; they will only consider the appraisal.

The point is this—there are many factors to sift through when evaluating comps. If you have questions, your REALTOR® should be able to decipher these data and explain the methods she used in pricing your home.

Texas Association of Realtors®

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