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Tax Credit Extension Approved!
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To: All REALTORS® From: Vicki Cox Golder, 2010 NAR President Date: July 1, 2010 Re: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated Dear fellow REALTORS®, |
I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.
For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.
Neither of these bills would have passed without your support. Nearly 83,000 REALTORS® responded to our latest Call for Action, sending more than 250,000 letters to Congress asking them to extend the National Flood Insurance Program. I know many of you also raised your voices in support of extending the tax credit deadline.
On behalf of NAR, I thank you, and I ask that you visit the RealtorActionCenter.com and make your voice heard on every issue.
Sincerely,
Vicki Cox Golder, CRB
2010 NAR President
Posted via email from WWW.THESHALLISGROUP.COM
Great Morning Quote…How “Important is Passion and or Burning Desire?”
Does your real estate agent have the “Burning Desire” needed to help you buy or sell a home in this challenging market?
“So let your deepest desires direct your aim. Set your sights far above the ‘reasonable’ target. The power of purpose is profound only if you have a desire that stirs the heart.”
Price Pritchett
Author of You2
………………
My group and I are committed to your success! Yes, “We are passionate about your successful outcome.”
We take our mission seriously. What about the people working for you and or on your behalf? Are they truly passionate and committed to your success?
Weichert Realtors and The Shallis Group: Mission Statement
6 Month Real Estate Market Forecast for the Northeast
Is the Market Really Getting Better or Not?
The Northeast Metro Area has been experiencing slight increases in values and overall demand for the last ninety days. In our professional opinion, this false increase* is not a true indication of the actual overall market conditions. After closer review of the market data, you’ll notice that we are already beginning to see declines in market values and demand.
Transactions from November 2009 to January 2010 or later were “in contract and or closed sales” just prior to the ending of the federal tax credit for first and second time buyers. In addition, as of March 31, 2010 the federal government discontinued supporting the secondary mortgage market by no longer participating in the acquisition of CMBS (Commercial Mortgage Backed Securities). Contrary to the expected increase in retail mortgage rates after March 31, 2010, retail mortgage rates have declined over the last 60 days. We feel that this decrease in mortgage rates was the result of 10 Year Treasuries and the overall Bond markets experiencing new in flows of capital from investors exiting foreign/oversea markets.
Estimated Market Forecast for the Northeast Metro Area Real Estate Economy:
- During Q1-2 of 2010, the Northeast has been experiencing pricing declines between 0 to -.25 per month. Looking forward to Q3-4, we actually anticipate increased downward pressure of between -.25% and -.50 % per month.
- Median priced properties will typically experience less severe declines in demand as well as over all pricing. In contrast, we do anticipate more dramatic declines in the high-end luxury markets as there is obviously less demand and or liquidity for buyers in this market sector.
- We are calling for market stabilization between Q4 of 2010 and Q1 2011 without a return to normal/traditional market appreciate of 3-5% per year until sometime between Q4 2012 and Q1 2013.
Look out for more of Shallis “On the Street Translations” in the coming weeks and as news breaks.
Does your Realtor truly know what’s going on in the ever changing real estate market? Professional knowledge and experience is what you need. Call Sean T. Shallis immediately at 1-800-295-5995 x.911 or contact us on our website to work with the “Market Makers” and get the deal you deserve!
Home Buyer Tax Credit Still Not Over
If you think the home buyer tax credit is over and done with, think again…
Although the home buyer tax credit expired on April 30th, buyers with signed contracts have until June 30th to complete their purchases. With that deadline just around the corner an estimated 180,000 consumers are in jeopardy of missing the deadline and, as a result, missing out on their tax credit.
What’s getting in the way of 180,000 new home owners qualifying?
This one’s a no-brainer, bureaucracy! Due to consumers rushing to meet the April 30th deadline, causing new home sales to rise 15% in April, a huge backlog in the paperwork process was created making the June 30th deadline near impossible for almost two hundred thousand buyers. So, who’s coming to save the day? You guessed it again, the bureaucrats! The Senate voted on Wednesday to allow consumers an additional three months to get their deals completed, giving them an extension from June 30th to September 30th.
Although a vote still needs to take place in the House of Representatives, it seems likely that the legislation will pass. So what does the National Association of Realtors have to say about it? Vicki Cox Golder, president of NAR, said, “These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes.”
Want to know how your Senator’s voted? Check out the roll call here.
Does your Realtor truly know what’s going on in the ever changing real estate market? Professional knowledge and experience is what you need. Call Sean T. Shallis immediately at 1-800-295-5995 x.911 or contact us on our website to work with the “Market Makers” and get the deal you deserve!
Home Buyer Tax Credit Leads to more Fallout
Looks like the Trickle Down effect is actually Trickling UP!
An recent Associated Press article shows home builders less confident in housing market:
WASHINGTON — Home builders are losing confidence in the housing market now that government incentives that spurred home sales have ended.
The National Association of Home Builders said Tuesday its housing market index fell to 17 in June, sinking five points after two straight months of increases. It was the lowest level since March. Builders had been more optimistic earlier in the year when buyers could take advantage of tax credits of up to $8,000. Those incentives expired on April 30, although buyers with signed contracts have until June 30 to complete their purchases. Thanks to the credits, sales of new homes rose nearly 15 percent in April. That followed a nearly 30 percent surge in March, the biggest monthly increase in 47 years.
But now that they are gone, “the reduction in consumer activity may have been more dramatic than some builders had anticipated,” said Bob Jones, a builder from Bloomfield Hills, Mich. and the Washington-based trade group’s chairman.
Many experts anticipate home sales will slow in the second half of this year. In addition, high unemployment and tight mortgage lending continue to keep many buyers on the sidelines.
The trade group’s index is made up of three components. The reading for current sales conditions fell one point to 16, while the index measuring expectations for the next six months fell two points to 26. The index measuring foot traffic from prospective buyers held steady at 13.
The report reflects a survey of 344 residential builders nationwide.
OK…So at the bottom of the article it says, “Post your thoughts” ?
Thinking to myself, it’s not rocket science here kids..Does your real estate professional truly “Get It” ?
These are some actual comments we shared with one of our presenting customers yesterday morning!
Dear Tom Jones,
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending June 4 declined 12.2%. Refinancing applications fell 14.3%. Purchase volume decreased 5.7%.
Does your real estate professional truly “Get it” ? Stop making decisions based on the News.. Call me immediately 1-800-295-5995 x. 911 to work with the “Market Makers” and get the deal you deserve!
WPIX 11 and WPLJ Speak with Real Estate Expert Sean T Shallis
NY PIX Morning News Blog – WPIX-TV: Can you really still rent a beach House this season?
Posted by shallis on May 26, 2010 · Leave a Comment
We want to kick off summer with you, our viewers!
It’s Scott & Todd’s 2010 Summer Blast Off, and we want you to join WPLJ and the PIX 11 Morning News team as we party on the Jersey Shore Friday, May 28 to the sweet tunes of the Barenaked Ladies and Kris Allen.
Come find us Friday morning (starting at 4:30 am) at Jenkinson’s On The Boardwalk in Point Pleasant Beach.
For more information, including directions, visit www.plj.com.
See you there!
Sean T. Shallis of Weichert Realtors and The Shallis Group will be kicking off the summer with his 3rd appearance on the WPIX Morning News on Friday May 28th between 7-8AM live from Jenkinson’s On The Boardwalk at Point Pleasant Beach! Sean will be returning to discuss Jersey Shore rentals for the summer. Don’t forget to tune in and set your DVR’s!
NY PIX Morning News Blog – WPIX-TV
We want to kick off summer with you, our viewers!It’s Scott & Todd’s 2010 Summer Blast Off, and we want you to join WPLJ and the PIX 11 Morning News team as we party on the Jersey Shore Friday, May 28 to the sweet tunes of the Barenaked Ladies and Kris Allen.
Come find us Friday morning (starting at 4:30 am) at Jenkinson’s On The Boardwalk in Point Pleasant Beach.
For more information, including directions, visit www.plj.com.
See you there!
Sean T. Shallis of Weichert Realtors and The Shallis Group will be kicking off the summer with his 3rd appearance on the WPIX Morning News on Friday May 28th between 7-8AM live from Jenkinson’s On The Boardwalk at Point Pleasant Beach! Sean will be returning to discuss Jersey Shore rentals for the summer. Don’t forget to tune in and set your DVR’s!
The Bergen County Real Estate Tax vs School Performance Mashup
If you’re moving to Bergen County for the first time and wondering which town is right for you, there is more to consider besides home values especially if you have a family. After you explore the local resources, culture and transportation options available in the different areas of Bergen County, knowing each city’s property tax rate versus local school performance can be the deciding factor in your decision. It may come as a surprise to know that the city with the highest property tax does not have the high school with the highest SAT score.
Above Average (*Please see the formula used below to calculate the tax amount.)
- Englewood Cliffs – Tax: $1876 SAT: 1581
- Franklin Lakes – Tax: $3148 SAT: 1696
- Paramus – Tax: $3353 SAT: 1600
- Old Tappan – Tax: $3654 SAT: 1735
- Montvale – Tax: $4195 SAT: 1699
![Regional Map [NJTransit]](http://www.njtransit.com/images/hb_final_1031.gif){kind=link}