By: Collin Ellingson
More encouraging news that the First Time Homebuyer Tax Credit will likely be extended and expanded as the Senate agreed this week to initial terms after intense lobbying from the NAR and NAHB, among others.
A recent U.S. News and World Report article on October 29th reported that the terms include an extension to April 20th, 2010 for all contracts, with an additional 60 days allowed for closing. The new terms would also allow EXISTING homeowners to claim up to $6,500, and would increase the income limits for single and married buyers to $125,000 and $225,000, respectively.
While this is encouraging news for the real estate industry, I wouldn’t let the pending extension delay a first-time buyer purchasing decision today. There are no guarantees that the new measure will pass with all terms intact, and a November 30th closing is still within the realm of possibility. First-time homebuyers should take advantage of the sure thing: choosing the home they want, locking in at today’s discounted price, AND taking advantage of the tax credit. That’s a win-win-WIN.
Categories: First-time homebuyer
By: Collin Ellingson
What a great start to the day. I hosted Coldwell Banker NRT Development Advisor’s first-time homebuyer webinar this morning, along with Matt Peters of Coldwell Banker Home Loans. We discussed the $8,000 first-time homebuyer tax credit, as well as the different types of loans that are available to first-time homebuyers.
The 30-minute webinar – including the presentation and audio – is posted online for any agents or buyers who’d like to hear more. Click here to access it.
We hope to conduct similar webinars in the future, so please e-mail me if you have any feedback or questions that you’d like to see addressed in future webinars!
Categories: First-time homebuyer
Tagged: First-time homebuyer
By: Collin Ellingson
Much recent media attention has been focused on how the web and technology is changing the way people search for a new home. Just as significant, however, is the effect that all this new technology is having on how we, as real estate professionals, conduct our daily business. The tools at our disposal, some of the most significant of which have emerged within the past six months, can connect us to existing and future customers in ways we never would have considered just 12 months ago. A myriad of hardware, software, and web-based tools allow today’s real estate professional to remain fully tuned-in to the “conversation” occurring in today’s real estate marketplace. Despite the challenges of the current market conditions, these truly are exciting times!
Recently, I attended the Super Sales Rally at the Georgia Homebuilders Show, facilitated by Meredith Oliver, of Meredith Communications. If you haven’t heard Meredith speak, make sure you do in the future. She is a treasure trove of tech-savvy sales and marketing practices. A key theme of Meredith’s discussion focused on the idea that “sales” and “marketing” are now fully integrated activities. As an agent, if you aren’t using technology and the virtual social arena to sell yourself and your community BEFORE a customer ever sets foot in your office or sales gallery, you are missing an opportunity to connect a homebuyer with the home which suits them perfectly…..yours!
The exciting thing is that today’s technology allows us to be so much more than mere order takers. We can be a truly valuable consultative resource to any prospective homebuyer. Melissa listed a vast array of hardware, software, and social media tools which can transform you from order taker to a proactive hub of real estate information
One tool I was particularly enamored with is the Flip-Camera. This cool little device can, among other things, allow you to take live video of a customer’s property presentation, pop the device into your USB port, and then email the clip afterward as a follow up and memory point of their visit. Imagine how that small extra step makes your community stand out to a prospect after a day’s worth of back-to-back property showings. Meredith also focused heavily on the emergence of Facebook as a vital positioning tool used to define your personal niche as a real estate professional, and generate traffic to your website. There is far too much to list here. Go to www.creatingWOW.com to learn more about Meredith Oliver and her services.
The bottom line is this: Sales IS marketing and marketing IS sales. Enter the virtual marketplace and set up your shop!
Categories: Sales and Marketing
By: Collin Ellingson
I’m sure you have been watching the gradual mortgage interest rate climb to over 5% this week. Most analysts in the financial arena do not forecast a return to lower rates in the near future.
While the phrase “Now is the time to buy” might have become cliché during the past 18 months, it is absolutely the case right now, considering the current market characteristics of low prices, excellent inventory, and low but increasing interest rates.
If agents have ready prospects who are delaying their decision with the hope that rates again fall below 5%, it is important to stress that a delay could potentially translate into higher interest rates and, therefore, higher monthly payments. Even at 5%, rates are still at historically low levels. If customers are first time homebuyers utilizing FHA financing, and they qualify for the $8,000 tax credit, they can use all or a portion of the credit to buy down their interest rate, or toward their down payment (above 3.5%).
Lenders are ready to assist consumers in capitalizing upon these market changes to build urgency and help customers take advantage of the amazing values currently in the market.
Categories: Uncategorized
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