FAQ Site for the new Fedeal Stimulus First-time Home Buyer Credit

Here is a link to a site launched by the National Association of Home Builders to try to answer most of the frequently asked questions about elegibility requirements and all of the ins and outs of the tax credit created for first-time home buyers in the new Federal Stimulus package.  

Here is a quick summary of the main points of the credit from their site: 

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only.
  
• The tax credit does not have to be repaid.
  
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  

Finally someone speaks out against the stimulus`

CNBC reporter Rick Santelli, from the floor of the CBOE yesterday spoke out against the stimulus.  It was very, very refreshing to see someone finally defend the free-maket economy and blast the latest trend toward collectivism.  He also had some straight-talk about the mortgage bailout and about personal responsibility.  

One interesting point that I have read and he states here is artificially lowering the mortgage rate to 4.5% isn't going to keep many people from defaulting on their loans.  According to Santelli in this piece if you lowered the rate to 0%, 40% of the at-risk loans would STILL default because people simply took out loans far greater than they could ever afford.  That is, unfortunately, the stark reality. 

Here is a link to the video its must-see TV! 

The Power of Photography

I was reading a blog today by a professional photography studio that sells their services to the real estate industry.  As part of their sales process they have commissioned a study about the positive effects of professional photography in selling homes. 

In reading this I found that it was good information for sellers and good reenforcement of what we already know...that homes listed on-line with pictures are always better received by buyers than those without...and those with more pictures better received than those with just one or two.  

Our company has a policy of posting at least six pictures of every listing.  It makes the experience of viewing the home on-line so much more enticing when you feel like you are seeing the entire house...not just the front lawn.  

Now, this site has quantified that people give a higher perceived value to homes that have "professional" photography.  But I think that with the right person behind the camera, you don't necessarily have to pay for a photographer.  A "professional" REALTOR should be properly equipped to take good, high quality photos of your home.  

Of course, that isn't always the case.  In looking through the photos on REALTOR.com you can always find the shots that are out of focus, or of the cluttered bed room or the obligatory bathroom picture with the reflection of the agent on the mirror! 

But, again the real take away here is that some is always better than none.  According to the survey (here's a link to the findings) a $410,000 home is perceived to be worth $435,000 with any pictures in the listing.  That means even the bathroom pictures!  Now, if you want to pay up for the professional photos there is a benefit.  Similar homes listed with professional photos have a perceived value of $460,000.  It's your choice.  

There really is no option; don't let your home be listed on-line without posting numerous pictures. 

What have been your experiences with real estate photography?  Have any funny pictures you want to share?  Have you ever used a professional photographer for your listing photos? 

Save the Dream

Coldwell Banker is working on an initiative among all of their agents and brokers to reach out to families who are at risk of foreclosing on their homes and offer support or resources to assist them and help to "save the dream" of home ownership.  

If anyone knows of a family in those circumstances please let them know about the following two resources:  

1.  The U.S. Department of Housing and Urban Development has launched a resource web site with a Guide To Avoiding Foreclosure with important information. 

2.  Hope Now is an alliance formed by the U.S. Treasury Department, HUD and mortgage counselors and credit counselors to assist people in need and at risk of foreclosure.  Their web site also has a lot of resources and links to assistance that is available. 

Who do you know that can use this information?  Please pass these links along and if you need more assistance contact me.  I will be happy to help "save the dream." 

Real Estate Professionals Are Great Resources When Job Hunting

I read this blog post this morning on ActiveRain.com (you can read my blog there as well) and I thought it was a GREAT point about the networks and reach that Real Estate Professionals have that go largely untapped.

Read Nicole's blog post and keep this in mind next time you run into someone who may be searching for a job...contact a real estate professional in the area you are searching!

Thanks, Nicole, for the great business tip!