As a Real Estate Broker, focused primarily on distressed property sales, I can honestly say that I have. August – October of this year I was just about as busy as I have ever been in the business of Real Estate. Most the people I chat with in Mortgage, Title, Inspection Services, etc. say the same thing. The transactions were typically affordable in nature but it was nice to see a lot of them. More importantly there was a sense of urgency in the market-place. In certain price ranges and neighborhoods demand clearly exceeded supply. When considering the following points I can’t help but feel as if another shoe is about to drop.
- The extension and expansion of the credit has left some recent buyers wondering why they were in such a big hurry. Meanwhile some would-be buyers are feeling a little less confident. All are worried they will or have paid too much.
- Housing demand is typically created by one or more of the following: Household formation, employment opportunities, attractive financing and the lure of home equity. All of these are lacking in my market.
- I sense that many if not most of the recent first-time buyers would have eventually purchased a home regardless. The looming expiration of the tax credit served to get them of the fence. This created a somewhat false demand.
In short I do think we’ll suffer a bit of a hang-over this next year. As a generality banks are holding a bit firmer to their prices when dealing with fore-closed properties. I do expect interest rates to rise at some point. Short sales are just as mixed up as they ever have been. It will be interesting to see how things turn out for the big auto companies after the “cash for clunkers” revenue stops showing up on their bottom line. Perhaps an indicator for the near future in our housing market.
That said, if you’re in the market for a home now, don’t be too concerned. Your income should be secure. The monthly payment should be conservative in relationship to your income. It needs to be the right house at a fair price. If all those pieces fall in place, I say go for it. Prices will inevitably rise & fall and I think the joy of home ownership has been relatively under-rated lately. Planting a tree or shrub wherever you wish, knocking a hole in the wall to hang the family heirloom or driving down your street to the “best” house on the street; some things are priceless.
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Let the giving begin! Bring some cheer to the children and seniors. The weekend after Thanksgiving RTC will have a festively decorated bus waiting in the Meadowood Mall to pick up donated (new, unwrapped) toys for children and gift cards for the less fortunate seniors in our community.
The RTC Toyland Express will be ready to load up starting at noon on the 27th of November and and will continue, non stop until 5 pm on the 29th.
Look for the bus in the parking lot between the men’s Macy’s and Bully’s. It’s a good feeling to know you can send a little comfort and joy in these difficult times.
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Congress has extended and expanded the homebuyer tax credit. The updates will become effective when President Obama signs the bill.
Here are the highlights for the December 1, 2009 to April 30, 2010 Rules:
- First Time Buyer Credit remains unchanged at $8,000.
- First Time Buyer still defined as somone who hasn’t had an interest in a principal residence in the past 3 years.
- New – Current homeowners can now take advantage of a $6,500 credit if the sell their home and buy a new one. These homeowners will have to have lived in the home they are selling for more than 5 consecutive years of the previous 8 years.
- Credit terminates on April 30, 2009. Buyers who have written, binding contracts to purchase in effect on April 30, 2010 will be given until July 1, 201o to close.
- Income limits increased to $125,ooo for single and $225,o0o for married couples.
- Purchase price of the home cannot exceed $800,000.
Please contact your REALTOR for more information, as well as your tax preparer to ensure your eligiblity.
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REALTORS from across the country and around the world are headed to San Diego November 13-16 for this year’s annual National Association of REALTORS convention. I am excited to be attending. This is an opportunity for REALTORS to get up-to-date information on the most pressing issues in our industry. There will be educational opportunities so that we can expand our knowledge base as well as a huge EXPO where I can shop for the latest technology, marketing and business tools. What’s really exciting this year is the use of social media and technology for keeping up to the minute on what is happening at Convention. There is an app for my IPhone and we can follow the convention happenings on Twitter. But, the best part of the convention for me is always getting to meet and network with REALTORS from around the country and the world. The fact that the convention is in beautiful San Diego is a big plus too.
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Our county can conserve more energy. Let’s pledge and win the $5,000.
As of 11/3, Washoe County is only a couple hundred pledges behind Volusia County, Florida in a national competition to conserve energy. Please help us win the competition by signing the pledge and getting your friends and neighbors to sign up by November 30th. Our goal is to capture the $5,000 first place prize to make energy conservation improvements.
We have less than thirty days to go and only 350 more pledges to win! If you haven’t taken the conservation pledge please visit www.greencounties.org/changetheworld.
Also, send this message to your friends, special interest groups, and families. Other than the prize of $5,000, we will receive national recognition and the satisfaction of beating Florida!
Thank you all for your support!
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TOOT TOOT
Not always the happy sound welcomed by all. Residents of Verdi, Mogul, and West Truckee Meadows met at their Citizens Advisory Board Meeting (CAB) in September to find out how the train horn is controlled. Some residents had voiced enough concern in the past that the CAB invited representatives from the Federal Railroad Administration, FRA, and the Union Pacific Railroad, UPR, to attend the meeting to discuss the issue. The frequency and duration of the train horns is the issue. This meeting allowed an interaction with homeowners and the railroad. As always, the issue is not simple. Safety is the first concern of the railroad. The horn must be sounded at all crossings and if the engineer sees anything he considers a hazard. An almost two hour discussion was held with all parties. New liaisons were formed, and connections were established. There are continuing issues with the establishment of a quiet zone in the area. To review the minutes of this meeting check the county website http://www.washoecounty.us/comdev/boards_commissions/cab/cab_index.htm
Awareness of the CAB meeting agenda is always useful. This link will keep you up- dated.
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STEP2, a local non-profit organization that provides recovery treatment for chemical dependent women and their children, announced that it’s 17th Annual Homes for the Holidays fundraiser will showcase five magnificent homes in Montreux for public tours. The annual home tour represents the organization’s largest fundraiser of the year.
Nearly one out of every five women of childbearing age in Washoe County is in need of substance abuse treatment. As the area’s only organization to specialize in drug and alcohol abuse treatment for women and children, STEP2, in response to the staggering statistics, is expanding its treatment capacity. “STEP2’s new facility will double our treatment capabilities from 160 to 320 families per year. This expansion is more important than ever considering the economic downturn which can cause an increase in substance abuse and homelessness. We are honored to be a resource for women and their children to turn to in their time of need,” explained Diaz Dixon, STEP2 Chief Executive Officer.
This year, five generous homeowners in Montreux will open their doors to the public on the weekend of December 4, 2009 to help raise funds for STEP2. The kick-off event for the weekend-long affair is the extraordinary Jingle and Mingle Preview Party gala which will be held on Friday evening, December 4th at The Grove. The evening’s events begin at 4:00 p.m. and include a sneak-peak tour of the homes, an elegant hors d’oeuvre buffet, hosted bar and auctions. The cost per person is $125 for the Jingle and Mingle Preview Party and Twilight Tour.
On Saturday and Sunday (December 5-6, 2009), the homeowners will welcome the public to tour their homes which will all be decorated in the spirit of the season. For only $35, guests may tour the featured homes and get an up close and personal look at stunning architecture, interior design and holiday decor. There will also be a Holiday Shoppe boutique, featuring unique holiday gifts as well as delicious Hollyberry Lunches. The tour will run from 10:00 a.m. through 3:30 p.m.
All proceeds raised from the tour will benefit STEP2 and help the organization provide substance abuse treatment for women and their children in the Truckee Meadows. Without the Homes for the Holidays event, STEP2 would not be as successful as it is today. Tickets went on sale October 12, 2009 and can be purchased at the following ticket centers: Aqua Salon, Best Wishes, Dickson Realty (Caughlin Crossing and Montreux Visitor Center), GJ Rhodes, L’Uva Bella, Paper Moon, St. Ives Florist, Tassels (formally Name Droppers), Whispering Vine and Vista Grille. Tickets can also be purchased by visiting www.step2reno.org or by calling (775) 787-9411.
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After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
By Steve Murray of Real Trends
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A good article for the Wall Street Journal.
Digging yourself out of a mortgage mess.
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Tuesday, November 17, 2009 By: Amy Thyr
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