Category Archives: First-time homebuyer

Potential for Tax Credit extension

Posted on October 30, 2009 by | Leave a comment

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.

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Under Contract – What a great feeling!

Posted on October 12, 2009 by | Leave a comment

By: Leslie Williamson

A market in flux. A market of opportunity. According to the economists, a market in flux is coming to an end and a market of opportunity  has begun to take place. We have begun to get back to a more “traditional” pace of growth and absorption. Although the housing industry will more than likely never return to the artificial and unsustainable levels of 2004 and 2005, the American Dream is still alive and well. Homeownership has never been more important to the average consumer.

During the past 120 days Coldwell Banker NRT Development Advisors has taken advantage of the market in flux to create a market of opportunity by repositioning new home communities to sell-out in a tough and competitive environment, but also be a viable for sale opportunity to the consumer. With competitive pricing and aggressive marketing illustrating the value, the final release of homes are under contract and closing at the following communities: Regatta located on James Island in Charleston (more than 50 homes under contract in 120 days) and Mirabella located in Jacksonville (more than 25 homes under contract in 90 days). Just goes to show that strategic positioning is essential in any type of market.

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Posted in First-time homebuyer, Real Estate, Sales and Marketing

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To Extend or Not to Extend?

Posted on October 9, 2009 by | 1 Comment

By: Judy Price

Estimates place the overall number of new homes purchased with the first-time home buyer tax credit at 1.2 Million, with 400,000 homes bought by those who would have never done so in the first place. With the credit set to expire on November 30th, the debate about its extension now goes all the way to Capitol Hill.

This week, Congress did vote to extend the 8K tax credit for the next year to servicemen and women who actively served overseas for three of the last twelve months. This bill now moves on to the President. What remains to be seen if the extension will apply to all first-time buyers or beyond that to all home purchasers.

The market data continues to show signs of hope. On September 29th, the most recent Case-Shiller indices reported that the data from July showed house prices in the United States increasing for the third month in a row. And the August Pending Homes Sales Index posted its seventh consecutive monthly gain in August, the highest reading in 2-1/2 years. In my previous post,  I expressed concern over unemployment’s effect on recovery. Almost 10% of our population is more concerned about finding a job over purchasing a home. It sounds as if we’re stuck in a catch-22. Since housing is such a large part of our economy, it would make sense to continue to provide ways to stabilize it. But if the unemployed cannot qualify for a loan, they won’t have an opportunity to take advantage of the tax credit, resulting in a prolonged recovery in the housing market.

Interest rates remain low, and for those who can make the move, it remains a great time to buy. Would an extension of the tax credit result in another 400,000 new purchases that could boost the economy? I say we should give it a try. As bipartisan support for the extension gains momentum in Congress, it is possible that six-twelve more months of the tax credit may be on the horizon.

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Posted in Bank Owned, FHA financing, First-time homebuyer, Real Estate, REO, Sales and Marketing

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“I should have bought that stock….”

Posted on October 7, 2009 by | 3 Comments

By: Lenny Rindsberg

How many times have you said “I should have bought that stock”….after learning that the stock doubled or tripled in price.  Remember when Google stock IPO’d for $80?  If only we all bought shares then.  Today that same stock is worth $510.  Although I can’t guarantee the same returns in real estate, now is the time that you CAN be able to buy and KNOW you bought at the right time.  Several reasons include:  Continued Historically low interest rates, 1st time Home buyer credit (if you qualify), reduce priced inventory, foreclosures, auctions, etc.  There’s no guarantee that the rates will remain low or that the tax credit will be extended…so why not test the waters to see what kind of deals are out there.  There are some amazing deals out there!!! Don’t take a risk and say “I should have purchased when I had a chance”.  That time is now!  Take advantage of this buyers market today!

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Posted in First-time homebuyer, Real Estate, Sales and Marketing

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Great Start to the Day!

Posted on September 17, 2009 by | Leave a comment

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!

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Educating First Time Home-Buyers Webinar

Posted on August 31, 2009 by | Leave a comment

It is important for all home buyers to be educated.  First time homebuyers have unprecedented buying opportunities that currently exist.  We are hosting a free Webinar on Thursday, September 17 at 10 am during which experts from Coldwell Banker NRT Develpment Advisors and Coldwell Banker Mortgage discuss the tax credit, loan options and more.

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Posted in First-time homebuyer, Real Estate, Sales and Marketing, Uncategorized

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More Condo Auctions – Good or Bad for the Atlanta Market

Posted on April 24, 2009 by | Leave a comment

By:  Leslie Williamson

As reported in the recent AJC Article two more new condo communities will be on the auction block.  What are the pros and cons in relation to the Altanta market?

1) The auctions aid in moving inventory of new product off the market quickly. 

2) The auctions also set or reset the  current Atlanta market prices among new condo communities and resales.

3) The auctions stimulate the economy and bring ready, willing and able buyers to the table, excited to take advantage of the discounted pricing!

4) Auctions take buyers out of the market  - many buyers wait and see the response to the actual auction before moving forward with their own buying decision.

If you are looking for a deal or a steal, take advantage of the auctions, but also do your research, the same deal could be just around the corner offering auction pricing with the auction.

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Posted in Auction, First-time homebuyer, Real Estate

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Fulton County Taxes Going Down!

Posted on April 2, 2009 by | Leave a comment

By: Maria Mena

Last week I received a letter from the Fulton County assessor and couldn’t believe my eyes…

Fulton County taxes are going down!

Fulton County has increased the basic homestead exemption from $15,000 to $30,000 over the next three years starting in 2009. And the best part about it is I don’t have to do a darn thing to get it! Since I am already getting the homestead exemption at $15K it will automatically transition to the new higher amounts.

I don’t know about you but I can really use that $5000 for numerous other things including paying for the higher cost of healthcare which seems to be sky rocketing, do a little shopping, take a quick trip to see my family in Miami, there are some needed home repairs, etc. etc.

The City of Atlanta is also giving folks over age of 65 as well as those with disabilities a break on their city taxes if they make less than a certain amount of money a year so if you know someone that may qualify check it out at the website www.fultonassessor.org.

For many years persons looking to purchase a home have eliminated housing in Fulton County due to the perceived higher property taxes. Not anymore – if you do not own a home and are thinking about buying, this tax break coupled with the additional incentives from the recently approved stimulus package creates a wonderful opportunity to buy a home.

Also, the increased homestead exemption dollars will aid current struggling homeowners keep their house.  I hope this is just the beginning of a trend of changes that will be occurring for home owners in Fulton County.

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Posted in First-time homebuyer, Fulton County Taxes, Real Estate

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One in Five Americans Plan to Buy a Home

Posted on March 29, 2009 by | Leave a comment

By: Leslie Williamson

As stated in the Fox Business article “one in five Americans plan to buy a home despite economic conditions” and 50% of these buyers will be first time home buyers.  In Atlanta, we certainly have the inventory to offer these buyers.  As sellers, we need to make the inventory palatable for these buyers to take action now and, as agents, we need to be equipped with the tools to overcome current buying objectives.

What makes the inventory palatable? In a recent market sentiment survey by Metrostudy, 56% of the builders surveyed stated that reduced pricing on inventory was the most effective incentive.

 As agents, we need to understand all competitive pricing, as well as acknowledge that today’s buyers are now paying closer attention to home values and have researched their buying decisions for several months prior to actually contacting an agent.  Agents need to be able to verbalize and illustrate to the buyers that now is the best time purchase. Coldwell Banker NRT Development Advisors has taken initiatives to educate their agents on the following:

 -       First Time Homebuyers Tax Incentive

-       Knowledge of the competition

-       Up-to-date financing information

-       Establishing a relationship with the buyer

Because of their knowledge of the above,Coldwell Banker NRT Development Advisors agents have been able to provide a viable selling proposition to successfully close sales.

 Per Move, Inc. CEO Steve Berkowitz, ‘It’s not all doom and gloom.  We found Americans are optimistic about homeownership despite concerns.”

 

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Posted in First-time homebuyer, Real Estate, Sales and Marketing

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There’s never a second chance to be a first-time homebuyer

Posted on March 10, 2009 by | 2 Comments

By: Leslie Williamson

There are many firsts in life that I wouldn’t care to do over again – my first day of school, my first date or my first job interview.

But I would love to be in the process of buying my first home all over again.

I wish I had the same opportunities that first-time homebuyers do now.  Prices on new homes – including single family, condos and townhomes – have been discounted and interest rates are at an all time historical low. Developers and home builders are pushing the $8,000 first-time home buyer stimulus as well as offering alternative incentives to entice contracts.  Many of our developer clients are offering stimulus packages that include FHA financing, alternative financing choices, buy-down interest rates, buyer bonuses, and paid closing costs.

And there seem to be plenty of first-time homebuyers taking advantage of these opportunities.  The auction of condos at The Element illustrated that there are first time home buyers in the market.  In fact, CNN’s lead story today talked about the great opportunities for first-time homebuyers and focused one homebuyer who went to an auction planning to purchase a home for his family.  As he told the CNN reporter, “I just have a feeling that in six to nine months, we’re going to start to see a resurgence in the market. So, I think now is the time for us to get into it, if we can.”

This is a great opportunity for the first time home buyer to get off the fence and take advantage of a real estate opportunity that will not get any better.  I just wish I could be one of them.

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Posted in Auction, FHA financing, First-time homebuyer

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