Aid for buyersFirst-time home buyers are offered refundable tax credits of up to $7,500 for homes bought between April 9, 2008, and April 1, 2009.
Real Estate Outlook: Housing Bill Approved
by Kenneth R. Harney
With home sales and prices down and unsold inventory up in many areas, the real estate market could use a jolt of good news -- and Congress just provided it.
The massive, 690-page housing bill just approved on Capitol Hill has plenty of mortgage-related provisions in it, but it also has an important stimulus program designed to jump-start housing sales: It's a tax credit, effective immediately, that could cut up to $7,500 off the federal tax return of anyone who buys a house before the end of next June, when it expires.
Buyers have to be first-time purchasers, or renters who haven't owned a house anytime in the past three years. The "credit" is actually more like an interest free loan, repayable over 15 years. Single taxpayers can only qualify for a $3,750 maximum credit. But it still puts thousands of after-tax dollars of incentives into home purchases -- money that wasn't there before.
Starting this week, hundreds of thousands of potential buyers who've been on the sidelines can purchase a new or resale house and qualify for the credit. The National Association of Realtors estimates that up to two million sales could be stimulated by the credit in the coming 11 months, and the National Association of Home Builders anticipates a "multiplier effect" in the move-up segment of the market.
From Realty Times July 31, 2008 Read the entire article at:
http://realtytimes.com/rtpages/20080731_realestateoutlook.htm
Jim Lubinsky
Angela Williams
Jackie Cautela
Re/Max Affiliates
614-766-5330 ext 119
Thursday, August 7, 2008
Discount Brokers
Realty Viewpoint: Discount Broker Leaves Sellers Stranded
by Blanche Evans
Rumors were flying last week that Iggy's House, a discount broker, is out of business. If they're not, they sure are acting like it. According to one of their clients, Janice Dowden, of Burleson, Texas, they aren't returning phone calls or emails.
That's put her in an uncomfortable position. She hired Iggy's House to list her home for zero commission. Now she's got a contract and wants the listing changed in the MLS to Pending, so other Realtors will know the status and not waste their time or gas showing her house.
Published in Realty Times July 7, 2008.
Read the entire article at:
http://realtytimes.com/rtpages/20080707_realtyviewpoint.htm
MLS only and other discount brokerages provide a very limited service. The program may fit a few unique situations, but is very risky for most sellers.
We have a client attempting to move to Columbus from the northeast Ohio area who listed with a discount MLS service. They are very disappointed. They requested a broker tour of their home and no one at the listing company is responding to them.
You only get what you pay for. Be very careful when signing a listing agreement. If you don’t understand what you are signing or it seems “too good to be true” DON’T SIGN!
Local activity
As of July 18, 2008
Single family homes on the market 14,610
Average days on market 119
Closed sales single family YTD 9,872
Average days on market closed 108
Source: Columbus Board of Realtors MLS listings
Days on market has decreased slightly in the past 2 weeks. Number of sales to current active listings suggests a 10.4 month inventory.
RE/MAX Affiliates
The Lubinsky Team
Jim Lubinsky, Angela Williams & Jackie Cautela
614-766-5330 x119
by Blanche Evans
Rumors were flying last week that Iggy's House, a discount broker, is out of business. If they're not, they sure are acting like it. According to one of their clients, Janice Dowden, of Burleson, Texas, they aren't returning phone calls or emails.
That's put her in an uncomfortable position. She hired Iggy's House to list her home for zero commission. Now she's got a contract and wants the listing changed in the MLS to Pending, so other Realtors will know the status and not waste their time or gas showing her house.
Published in Realty Times July 7, 2008.
Read the entire article at:
http://realtytimes.com/rtpages/20080707_realtyviewpoint.htm
MLS only and other discount brokerages provide a very limited service. The program may fit a few unique situations, but is very risky for most sellers.
We have a client attempting to move to Columbus from the northeast Ohio area who listed with a discount MLS service. They are very disappointed. They requested a broker tour of their home and no one at the listing company is responding to them.
You only get what you pay for. Be very careful when signing a listing agreement. If you don’t understand what you are signing or it seems “too good to be true” DON’T SIGN!
Local activity
As of July 18, 2008
Single family homes on the market 14,610
Average days on market 119
Closed sales single family YTD 9,872
Average days on market closed 108
Source: Columbus Board of Realtors MLS listings
Days on market has decreased slightly in the past 2 weeks. Number of sales to current active listings suggests a 10.4 month inventory.
RE/MAX Affiliates
The Lubinsky Team
Jim Lubinsky, Angela Williams & Jackie Cautela
614-766-5330 x119
State of Housing
Realty Viewpoint: New Housing Report: Rocky Road Or Reboom?
by Blanche Evans
The annual State of the Nation's Housing 2008 has just been released by the Joint Center for Housing Studies of Harvard University. Abandoning the upbeat tone of last year's report, the market analysis bluntly says that the economy can go one of two ways -- a severe recession that will take housing with it, or a mild recession which will allow housing to strongly rebound.
Realty Times July 24, 2008, Blanche Evans. Read the entire article at:
http://realtytimes.com/rtpages/20080624_realtyviewpoint.htm
According to a recently read book “Black Swan” the author strongly criticizes projections and forecasts as mostly being wrong. Looking back, most real estate economists were forecasting 2008 to put real estate back on track with recent years. Now they are saying that will take place in 2009 or maybe 2010. Bottom line – no one really knows.
Locally:
There are 14,590 single family homes in the Columbus Board of Realtors MLS active listings as of July 24, 2008. That number is up from a month ago.
The number of “days on market” is currently 120, down from prior months in the high 120’s.
Considering buying? This is a great time to get a good deal.
Have a home to sell? If you are also going to be buying, you can make up the lower sale price of your current home on the home you buy. Especially attractive if you are buying up from to a higher price range.
Jim Lubinsky
Angela Williams
Jackie Cautela
Re/Max Affiliates
614-766-5330 ext 119
by Blanche Evans
The annual State of the Nation's Housing 2008 has just been released by the Joint Center for Housing Studies of Harvard University. Abandoning the upbeat tone of last year's report, the market analysis bluntly says that the economy can go one of two ways -- a severe recession that will take housing with it, or a mild recession which will allow housing to strongly rebound.
Realty Times July 24, 2008, Blanche Evans. Read the entire article at:
http://realtytimes.com/rtpages/20080624_realtyviewpoint.htm
According to a recently read book “Black Swan” the author strongly criticizes projections and forecasts as mostly being wrong. Looking back, most real estate economists were forecasting 2008 to put real estate back on track with recent years. Now they are saying that will take place in 2009 or maybe 2010. Bottom line – no one really knows.
Locally:
There are 14,590 single family homes in the Columbus Board of Realtors MLS active listings as of July 24, 2008. That number is up from a month ago.
The number of “days on market” is currently 120, down from prior months in the high 120’s.
Considering buying? This is a great time to get a good deal.
Have a home to sell? If you are also going to be buying, you can make up the lower sale price of your current home on the home you buy. Especially attractive if you are buying up from to a higher price range.
Jim Lubinsky
Angela Williams
Jackie Cautela
Re/Max Affiliates
614-766-5330 ext 119
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