This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
This month's issue includes topics such as:
"The Contract Offer: What Price to Start With"; "Campaign To Extend and Expand Housing Tax Credit"; "Going Green May Help Sell Your Home"; "Housing Starts Are Up Again"; "Selling Your Home May Be Influenced by What Buyers Can't See";
Plus a roundup of June real estate activity as well as much more advice and information.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may be of help to you, your family or your friends, with any real estate questions or services.
Sincerely, Bob Brandt Re/Max Suburban 2311 W. Schaumburg Rd. Schaumburg,IL. 60194 Office Phone 847-985-7050 Direct Line 847-230-7303 Out of area toll free 800-637-9345 Fax 847-985-8029 bob@realtybob.com www.realtybob.com
This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
This month's issue includes topics such as:
"The Contract Offer: What Price to Start With"; "Campaign To Extend and Expand Housing Tax Credit"; "Going Green May Help Sell Your Home"; "Housing Starts Are Up Again"; "Selling Your Home May Be Influenced by What Buyers Can't See";
Plus a roundup of June real estate activity as well as much more advice and information.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may be of help to you, your family or your friends, with any real estate questions or services.
Sincerely, Bob Brandt Re/Max Suburban 2311 W. Schaumburg Rd. Schaumburg,IL. 60194 Office Phone 847-985-7050 Direct Line 847-230-7303 Out of area toll free 800-637-9345 Fax 847-985-8029 bob@realtybob.com www.realtybob.com
This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
This month's issue includes topics such as:
"Real Estate Outlook: Recovery Underway"; "Key to Earning Energy-Efficiency Tax Credits"; "Finding the Perfect Neighborhood"; "Your Front Porch May Help Sell Your Home"; "Appraisers Advise Sellers How to Get Top Dollar";
Plus a roundup of May real estate activity as well as much more advice and information.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may help you, your family or your friends with any real estate questions or services.
This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
This month's issue includes topics such as:
"Real Estate Outlook: Recovery Underway"; "Key to Earning Energy-Efficiency Tax Credits"; "Finding the Perfect Neighborhood"; "Your Front Porch May Help Sell Your Home"; "Appraisers Advise Sellers How to Get Top Dollar";
Plus a roundup of May real estate activity as well as much more advice and information.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may help you, your family or your friends with any real estate questions or services.
This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
This month's issue includes topics such as:
"Real Estate Outlook: Recovery Underway"; "Key to Earning Energy-Efficiency Tax Credits"; "Finding the Perfect Neighborhood"; "Your Front Porch May Help Sell Your Home"; "Appraisers Advise Sellers How to Get Top Dollar";
Plus a roundup of May real estate activity as well as much more advice and information.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may help you, your family or your friends with any real estate questions or services.
The housing market, which has been in decline for three years, has also shown some signs of bottoming. Sales of existing homes have been fairly stable since late last year, and sales of new homes have firmed a bit recently, though both remain at depressed levels. Although some of the boost to sales in the market for existing homes is likely coming from foreclosure-related transactions, the increased affordability of homes appears to be contributing more broadly to the steadying in the demand for housing. In particular, the average interest rate on conforming 30-year fixed-rate mortgages has dropped almost 1-3/4 percentage points since August, to about 4.8 percent. With sales of new homes up a bit and starts of single-family homes little changed from January through March, builders are seeing the backlog of unsold new homes decline--a precondition for any recovery in homebuilding.
Our Re/Max office consistently comes in as the winner in the Schaumburg/Hoffman Estates market, due to the many hard working top agents with years of experience. The report is readily available to all the members of the MLS and looks something like the individual agent report below which shows who has been the number 1 agent in Schaumburg, Hoffman Estates for the last 2 months.
Market Share CriteriaStatus: Closed Property Type: Detached Single, Attached Single Area: Schaumburg, Hoffman Estates Months Back: 2 Months
Total number of units sold in target market:
74
Total number of transaction sides (# of units sold x 2):
148
Total volume sold in target market:
$15,346,450
Agent ID
Agent Name
# Units Sold - 1 Side
# Units Sold - 2 Sides
Total # Tran. Sides
Total Tran. Vol
% Mkt Share
Rank
80663
ROBERT BRANDT
3
0
3
$621,900
2.0270%
1
Key:
# Units Sold - 1 Side = # of units sold in which agent/office listed is the listing agent/office OR the selling agent/office but not both
# Units Sold - 2 Sides = # of units sold in which agent/office listed is the listing agent/office AND the selling agent/Office (Counts double in Total Tran. Vol)
% Mkt Share is the Total # Tran. Sides for the listed agent/office as a percentage of the total number of transaction sides in the target market
The Illinois Housing Development Authority (IHDA) is pleased to announce three Mortgage Credit Certificate (MCC) Programs and an increase in the IHDA Community Partner Credit Certificate Program:
•H The Illinois G-I Home Credit Program - $38,750,000
•H The Decatur G-I Home Credit Program - $6,000,000
•H The I-Loan Certificate Program - $25,971,000
•H The IHDA Community Partner Credit Certificate Program - $28,418,000
Mortgage Credit Certificates (MCCs)
The Federal government allows each homeowner to claim an itemized income tax deduction for the amount of interest paid each year on a mortgage loan. The Mortgage Credit Certificate enhances this benefit. Homeowners with a MCC are allowed to use 20% of their annual mortgage interest as direct federal tax credit, resulting in a dollar for dollar reduction of their annual federal income tax liability. The remaining 80% of their annual mortgage interest will continue to qualify as an itemized tax deduction. (See Example)
The borrower is required to be a first-time homebuyer. In the two G-I Programs there is an exemption for Veterans who qualify. All of the programs have the same income and purchase price limits. These current limits may be found on our website http://www.ihda.org.
The Illinois G-I Home Credit Program
Program:
The Illinois G-I Home Credit Program is a Statewide joint effort of three State agencies: the Illinois Housing Development Authority (IHDA), the Illinois Finance Authority (IFA) and the Illinois Department of Veterans Affairs (IDVA). This initiative builds on financial assistance available in the State under the MCC Program designed for our Military Veterans and Active Duty Service Personnel.
The Illinois G-I Home Credit Program for Veterans and Active Service Personnel offers a valuable annual federal income tax credit with the purchase of a primary residence for as long as the household remains in the property. This credit reduces the amount of federal income tax the borrower must pay
Program Benefits:
Qualifying applicants enjoy the following program benefits:
•· Dollar-for-dollar reduction in annual federal income taxes, equal to 20% of annual mortgage interest.
The remaining 80% of the annual mortgage interest will continue to qualify as an itemized tax deduction for the household. The specific dollar amount of the tax deduction depends on how much interest the borrower pays on the home purchase loan.
The Illinois G-I Home Credit Certificate can be used with any type of conventional mortgage loan. In order to assure financial stability for new homebuyers, participants are encouraged to seek fixed-rate, amortizing loans for a 15 to 30 year period. The G-I Home Credit Certificate can also be matched with FHA and VA loans. The G-I Home Credit Certificate cannot be used in conjunction with the Illinois Housing Development Authority's I-Loan or any other mortgage loan financed with tax-exempt mortgage revenue bonds. The Illinois G-I Home Credit Certificate Program is part of the federal Mortgage Credit Certificate Program (MCCs).
Program Eligibility:
Veterans who have served in active duty[1] and have been honorably discharged. Veterans do not have to be a first-time homebuyer.
Active service personnel (including active duty members and National Guard Reservists) who are first-time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years.
Maximum annual income of household members may not exceed certain federally established income limits based on the county in which you live.
Maximum purchase price may not exceed certain Federally established purchase price limits based on the county in which you live.
Program Criteria:
The MCC will be reserved for qualified purchasers whose loans close February 4, 2009 and later.
Property must be owner-occupied
Property must be primary residence
Program will terminate on use of all available credits or at the discretion of IHDA.
Borrower must have available the following:
$500 fee to participate in the program.
Home purchase Sales contract.
Federal Income Tax returns for the past three years, and any other documents required by the lender.
DD214 if borrower needs the exemption from the first time buyer requirement.
Income and Purchase Price Limits:
Income and purchase price limits vary depending on location. See limits at www.ihda.org under Home Ownership Programs.
Participant Eligibility:
Veterans and active duty Federal military personnel. National Guard and Enlisted Reserves must have been federally activated to duty for purposes other than natural disasters or domestic civil disturbances to qualify.
Participant and others household members listed on the mortgage are subject to credit review.
Property Eligibility:
•H Must be the borrower's principal residence
•H 1 or 2 unit properties
The Decatur G-I Home Credit Program
Program:
The Decatur G-I Home Credit Program has the same criteria as the Illinois G-I Credit Program except the Veteran or Active Duty Service Personnel must be purchasing a home within the City of Decatur.
This Program is effective with loans closed February 4, 2009 through June 30, 2009.
The I-Loan Certificate Program
Program:
The I-Loan Certificate Program is a Statewide MCC Program. This Program follows the guidelines of other MCC programs IHDA has initiated. Purchase price limits, income limits and other criteria that are required in our first-time homebuyer program do apply.
The IHDA Community Credit Certificate Partner Program
Program:
The IHDA Community Credit Certificate Partner Program is designed for municipalities that cede volume cap to IHDA to establish an MCC program designed for the residents of that community. The same guidelines as the above Statewide Program are in effect. The exception is that the purchased home must be in the designated community. The MCC will be reserved for qualified purchasers whose loans close December 10, 2008 and later. The communities presently in the program are listed below.
ARLINGTON HEIGHTS
500,000.00
AURORA
1,875,000.00
BLOOMINGTON
3,770,281.00
CHAMPAIGN
204,031.00
DOWNERS GROVE
1,634,506.25
JOLIET
6,250,000.00
NORMAL
5,384,856.00
SKOKIE
1,250,000.00
SOUTH HOLLAND
625,000.00
SYCAMORE
1,575,793.75
URBANA
1,026,852.00
WEST CHICAGO
2,822,375.00
MACOUPIN COUNTY
1,500,000.00
TOTAL
$28,418,695.00
Availability of funds is on a first-come basis for homes purchased in the above communities as the principal residence of the borrower.
These programs all have purchase price and income restrictions. Terms and conditions may change or be terminated at a future date. Please check our website http://www.ihda.org for current information.
For more information on the G-I program, please click here.
[1]Veterans and active duty federal military personnel. Reserve forces must have been federally activated to duty for purposes other than military schools, Active Duty for Training (ADT), natural disasters or domestic civil disturbances to qualify.
H.R. 1, the "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. View how the U.S. House of Representatives voted> View how the U.S. Senate voted>
The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR's housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next "big" initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.
Homebuyer Tax Credit - The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)
FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.
Neighborhood Stabilization - Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2009 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities' neighborhood stabilization programs.
Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commerical property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses. Back to top
Rural Housing Service - The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program's eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners. Back to top
Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations. Back to top
Tax-Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds. Back to top
Energy Efficient Housing Tax Credits & Grants - To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation's electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts. Back to top
Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate. Back to top
Broadband Deployment - The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions. The grants are subject to "network neutrality" requirements to ensure that broadband networks be free of restrictions on content, sites, or platforms, on the kinds of equipment that may be attached, and on the modes of communication allowed.
The bill also charges the FCC is with developing a national broadband plan that shall seek to ensure that all Americans have access to broadband capability and shall establish benchmarks for meeting that goal.
These provisions are important victories for REALTORS because increased broadband access promotes economic growth and expands opportunities for home sales. A 2006 Commerce Department report determined that property values are 6% higher in communities where broadband is available. Back to top
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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