The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature.
First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year's economic stimulus package. The newly backed program will expand the credit to include existing home owners.
Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.
The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.
The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.
Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension."
But, is this really true? When April 2010 comes around and the housing market is still not in full recovery mode, will the politicians be able to let this go and actually come to an end, or could it possibly become a more permanent subsidy?
It looks as though the $8000 First Time Home Buyer Federal Tax Credit will be extended.
Lawmakers, looking for ways to generate home sales, are talking about extending the First Time Home Buyer Tax CreditAND increasing the income requirements so more Americans can qualify for this incentive.
Experts agree that the extension is all but certain as lawmakers look for the vehicle to bring this before the senate. Per The Wall Street Journal last night, Senate Majority Leader Harry Reid is trying to attach the legislation to a bill that will extend unemployment benefits.
More about the revamped extension:
The new version of the tax credit will have a contract deadline of April 30, 2010 (must have a fully executed contract), with the sale to be finalized on of before June 30, 2010.
Homebuyers who have lived in their home 5 or more consecutive years out of the last 8 years will be eligible for a $6500 tax credit if they "move-up" to a new home." This targets homeowners and not investors.
The income ceiling level will be raised from $75,000 for a single-person and $150,000 for a couple to $125,000 and $250,000 respectively, although neither can purchase a home for more than $800,000 and get the tax credit.
The current tax credit has cost the Federal Government more than 10 billion in lost revenue. The new version will certainly have a greater impact.
What is your opinion of the First Time Home Buyer Tax Credit?
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
Crescent City Tuna Fishing - A Mike Nolan Fishing Adventure
There is a story that goes along with this fishing trip. Here it is as told by John E Evans first and then Mike Nolan:
Well it all started when Mike asked if he could invite a fishing buddy to go with us on a Tuna Fishing trip. Mike said," his name is Doug Oxford, and he's a former fishing guide turned Sheriffs Deputy". I said OK, he's welcome to join us.
Our first trip with Doug was very good and so when we planned another trip Mike couldn't go, but Doug was available and another friend John Conderaque (not sure of spelling). John owned the Smith River Motel, and I met him through Mike. It was around early Sept of 1997, and we headed out very early around 5 am one morning.
As we left the Harbor I noticed what seemed a carpet of small, round Jelly Fish all around us and as deep as I could see. John promptly took out his brand new camera and proceeded to snap shots above and then holding the camera under the water taking shot after shot. I finally asked him to save some film for the fish, at which time we continued on with our mission to catch Tuna. By now we were out about 15 miles and hadn't caught a thing. Conditions were very good and water temp was right, but no Tuna. We had been trolling for some time when I heard radio chatter about Tuna at 9 miles from C.C. I could see a couple of boats inside us, so we picked up the Lures and headed toward them. After we started trolling again, it wasn't long before we had jig strikes and caught a couple of Tuna, so we put the lines back in, and started trolling again. This time when we hooked up, a big seal grabbed the fish. I made a quick move to get away from the seal and started trolling again. We trolled some distance, but had no strikes. I turned back towards the area we had hooked the Tuna, hoping that the seal would be elsewhere by now. I retraced the the path shown on my Chart Plotter back to the area of the catches we'd had, noticing another vessel was also fishing the same area.
Doug said he thought the other fisherman was a retired DFG warden, and we waved and continued on. Now the entire time we trolled I operated the Helm, so i relied on Doug and John to spot any activity behind, and i would do the same ahead. Suddenly, I saw Doug's eyes go wide open and wondered out loud what's that! About that time one of the reels started to scream from a jig strike, and as I looked back to see, a Marlin jumped behind the boat with my lure, (a Mexican Flag pattern) and proceeded to take the line off the reel. I turned the boat around in order to chase the fish so that Doug could tighten the drag and get back some line on the reel, which by this time was almost empty. I put the engine in neutral and watched as Doug proceeded to pull on the Marlin. The fish put on a great show for us and attracted the other boater we had passed.
I was waiting for Doug to hand off the fish so we could all have a turn, since it was my boat and fishing equipment. I didn't think it was to much to ask, but Doug would not hand off. John was taking picture after picture with his brand new Camera of an amazing event. As the Marlin, a Striped Marlin, came to the boat, I put on my gloves and was able to grab it's bill and hold on. It was worn out by that time and put up little resistance. Now, while this was going on John was making a visual recording with his "brand new Minolta." I suggested that rather than kill such a fish, that we release it to live on. Having no voiced objections and the fact that we would have pictorial proof of our wondrous catch, I ordered the engine put in gear and proceeded to revive the Marlin by holding it in a swimming position. It wasn't long before i felt the fish starting to revive, and as I released it, the fish put on a visual glow turning different colors as it left our view. I felt extremely pleased that it was still alive and we were anxious to get back to the dock and brag about our Marlin. I asked John to get the film developed asap, so we could prove the catch.
I heard awhile later that Doug Oxford went to the Triplicate (our local newspaper) and told them how he caught a Marlin and omitted to mention me or my boat and fishing equipment. In the issue of Sept. 6 1997, an article appeared with Doug's version of how he caught a Marlin off C.C. To top it off, John seemed to have had a malfunction with his "Brand New Camera", and only the Jelly fish pics developed. I imagine that the camera ran out of film, but John has never said and I know how bad he felt, so it was best not to ask him. So Fran, by this time you probably wished you'd never asked about the Marlin, but I can tell you it was a thrill for me regardless of the lack of proof. Oh, and by the way, Doug was never invited again.
Here's what Mike had to say about that day:
Howdy Fran,
This pic was taken on a commercial boat, with my son Matt on left, and Ronnie Caron on right. It was the day I changed to drag boat with skipper Joe Caron to sport fish on drag boat instead of Johns boat when marlin was landed.
They never had a albacore on board the 80 year old boat and no gaff, just a hand pick to bend over the rail and pick up tuna. I brought a dozen feather lures and five rods and we lost most of the lures and most of the line as we fought tuna all evening and next morning as we trolled from Brookings to CC the next am. Barbecued shrimp that night, they had caught in their net the day we departed at 5pm from Brookings. All night was the sound of jumping fish attracted to the lights and fish underneath the boat at false dawn when we awoke.
We landed close to 100 albacore by the time we docked in Crescent City at noon the next day. The best pic and most fish I have ever helped catch in less than 24 hours.
That's my side of the marlin story.
Kind Regards,
Mike Nolan
Follow all of Mike Nolan's fishing adventures on my blog.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
I have written plenty of posts on how to be a good listing agent, from giving good customer service, to answering your phone when agents call (or anyone for that matter), to good signage, writing a monthly market report and more.
I also wrote a popular post on realtor.com enhancements, are they worth the money? I would say less than 5% of the 309 comments I received on that post said realtor.com enhancements were worth the money.
Why bring that up? I have sold 10% of the residential listings (per ccmls) that have sold in my market so far for 2009. Only one other agent can say that (we're tied at the moment but I intend to pass that agent up this week) and I DO NOT USE realtor.com as part of my marketing efforts.
First of all I will tell you why I do not use realtor.com, then I will tell you what hands-down has been the single biggest force in driving consumers to my website.
My renewal with realtor.com expired in mid July, so I have 6 months of stats for 2009 on what drove consumers to my website (these stats cover 1/1/09 - 7/16/09).
Active Rain 39.26%
Google 24.69%
Yahoo
FranGattiHomes
Trulia
live.com
PelicanBayStatePrison.net
realtor.com 1.23%
aol
Zillow
I bolded the free sites in the list. Do you see realtor.com on the above list at number 8 although it IS THE ONLY ONE ON THE LIST THAT I PAY FOR (PelicanBayStatePrison.net was my website that I canned because the ROI wasn't worth it [and it came in ahead of realtor.com].) In fact, realtor.com cost more per year than my website! So, I didn't renew and I vowed to put the money I was saving toward assistance with SEO and bettering my website.
However, please focus on the #1 factor that drives consumer's to my website, Active Rain. Several of my listings came from clients who were researching agents on the internet and they came across my blog, read what I had to say, including my monthly market reports, that establish me as THE EXPERT in my market, and hired me to sell their home.
Is it just enough to get a listing though, to be a great listing agent? No. You need to sell homes. A homeowner should ask an agent, "How many homes have you sold this year," and, "What % of the sold homes this year were yours?" Why would a seller want to list with someone who isn't selling homes?That's a question I have asked myself frequently.
Believe it or not, not all RE agents take their job seriously, hard to believe, but there it is.
5 of the 11 homes, or 45%, that have sold so far in 2009 with a sale price of over $400,000 were my listings (I already mentioned 10% of all residential listings sold were mine). I can directly attribute 4 of those sales to my virtual tours on realestateshows (which charges a nominal yearly fee). Most agents in my market don't do a virtual tour and for the sake of me I can't figure out why. Too much time, too much effort, what?
Probably 50% of my listings come from my efforts on Active Rain either directly, from someone who called after reading a post, or indirectly, from a neighbor who called me after I quickly sold their neighbors listing.
To recap -
Active Rain is productive IF DONE RIGHT - I'm not going to go into a long dissertation on what that means. Read ActiveBrads blog if you want to know how to properly use your AR blog. This I can tell you, if you don't plan on blogging to the best of your ability, don't do it. Blogging can really work against you if not taken seriously.
Utilize free websites for posting your listings.
Good signage has been HUGE in my success this year - I wear my name tag everywhere and when people read my name I hear, "Wow, I see your signs everywhere around our county." Name recognition is huge. This can work against you if you're flipping people off or cussing them out when you're driving, not that I've done that.
Do a virtual tour on all your listings- realestateshows (I'm not getting paid for this BTW) is very affordable and takes very little time to post a V.T. Don't be lazy...just do it.
You can fork over the $$ to realtor.com if you want to, but I'd check stats to see if it's cost effective- In this economy, who can afford to do something as costly as realtor.com if it isn't producing a return on your investment?
Have a website - I use Top Producer (they aren't paying me either), but apparently my website is pretty awesome in their eyes, because they give my web address to agents who ask for an example of one of their sites. I get calls every now and again from agents asking how I like the site. I LOVE my Top Producer website. It's VERY affordable and they have awesome tech support. Check it out and see what you think. You can call me if you like--Fran's cell, 707-218-8162--if you would like to ask me any questions, that's what Ambassador's are for.
Write a monthly market report - You're just plain crazy if you are not doing this. You are supposed to be an expert in your market. You establish your expertise when you KNOW your market stats and there is no better way to know your stats than to do a market report. You will dazzle your prospective listing clients with this information. Just do it. Stop being lazy.
Do all these things and if you don't get more and sell more listings, call me. I am not adverse to helping an agent in need, just don't be from my market! Just kidding...sort of.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
Not to mention Pt. Saint George Reef Lighthouse, Battery Point Lighthouse, Batter Point Pier, Redwoods State and National Parks, Point St. George Recreation Area, surfing...need I say more?
Here is a link to a cottage by the beach that I just listed. Let me know if you want more information.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
This is an update for Crescent City/Del Norte County Home Sellers -
The time is quickly approaching for my monthly market report, which is for the general public; however times are tough for Crescent City home sellers right now and I thought I would do an update just for my those of you with active Crescent City/Del Norte County listings.
32 listings have sold since 9/1/09 (I included land sales because many of you have land listed and are concerned with what is going on with that segment of the market).
The median priced Crescent City/Del Norte County residential listing to sell in that time period is $150,000. 19% of those sales were REO's (foreclosed homes), which is down from previous months. The sellers that sold their home in that time period had their home priced to sell. The price was at the lower end of the price range for their size and condition of home. Several upper end homes sold because they were priced to sell. In some cases, the owner financed the home offering good terms and/or kicked in the buyers loan fees and other concessions. That is very common in the current market.
The vacant land sales show an acre dropping from the high of $125,000 for an unimproved acre several years ago to $80,000 and well below. The acre that sold for $80,000 had well and septic in and electricity on the parcel.
Crescent City/Del Norte County buyers are sophisticated! They generally know as much about what's out there as their agent and they know a competitive price because they have researched it on the internet.Buyers are all looking for a bargain. That can make it tough on a seller.
Several of my clients have been following my market reports and know very well what's going on with this market and have priced their home to sell. As we enter what is generally regarded as our slow time of year in the Crescent City/Del Norte County real estate market, I would expect, even with a slow down, those listings that are priced to sell, will.
Please let me know if you have questions, concerns, or would like to discuss this information in more detail. I am happy to speak with you at your convenience.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
Fran Gatti | RE/MAX Coastal Redwoods | frangatti@remax.net | 707-218-8162
135 Third Street, Crescent City, CA
Cottage by the ocean for $229,000.
3BR/1BA Single Family House
offered at $229,000
Year Built
1953
Sq Footage
1,280
Bedrooms
3
Bathrooms
1 full, 0 partial
Floors
1
Parking
2 Uncovered spaces
Lot Size
7,260 sqft
HOA/Maint
$0 per month
DESCRIPTION
Completely remodeled home by the beach. This 3 bedroom, 1 bath home has brand new everything including: new electrical and panel, plumbing, oak hardwood floors, Wilson Art high definition laminate counters, oak doors, trim and cabinets throughout, new stainless appliances, stylish fixtures, porcelain tile floor in bathroom, hearth in living room for pellet or wood stove and a one block stroll to the beach! Call Fran for a showing today at 707-218-8162. Please be sure to check out the additional pictures and don't hesitate to call if you have questions about this lovely cottage by the ocean.
Here is a well written post on credit repair by Lenn Harley. I especially like her comment, "Working with a competent loan officer who will tell folks what they really need to do to be able to qualify for a mortgage loan is the best way."
My clients have had good results doing just that, saving them the expensive fees that some credit repair agency's charge for their services.
INTERESTED IN BUYING A HOME? Fact is, you may not be able to play today if you didn't pay yesterday!
A GOOD CREDIT RATING IS A CONSUMER'S MOST VALUABLE ASSET. The Tax Credit and low interest rates have inspired many folks to consider buying buying a home who never seriously considered that alternative to renting. After all, it's the thing to do these days. Or is it??
Fact is, you can't play if you didn't pay. . . OR, until you pay.
Inspired by a timely post by Ellen & Coc Stephens about credit repair, I suspect that many ActiveRain agents and loan officers have had contacts from consumers who want to buy, but are just simply not credit worthy. Hardly a day goes by that I do not receive a phone call from a consumer who has paid $Thousands of Dollars to a "credit repair" company only to find that their credit has not improved.
Working with a competent loan officer who will tell folks what they really need to do to be able to qualify for a mortgage loan is the best way. Or, if they really need the structure of a service to manage their money, consider. . . .
CONSUMER CREDIT COUNSELING. If it's really out of the consumer's hands, CCC is the only way to go. They are non-profit and a mortgage loan can be obtained with CCC as a credit reference.
Folks just have to understand that bad credit didn't happen to them, they made it happen. They have to clean it up.
Many folks have filed a Chapter 7 bankruptcy in past years to liquidate their bad debt. Sadly, their credit report shows late payments in the past 6 months. WHAT?????
AFTER BANKRUPTCY. Yes, you can obtain a mortgage loan after bankruptcy. 2-4 years following discharge, a consumer can obtain a mortgage loan IF, THEY HAVE. . .
Established new credit
Made payments on time
Have no late payments
Qualify for the payment
Write a good explanation for the cause of the bankruptcy
More depending on your individual cause of the bankruptcy.
No, it isn't automatic. If you have damaged your credit in the past, you will have to earn the ability to obtain a mortgage loan. Folks who filed bankruptcy because of medical expenses will find it easier than folks with discharged consumer credit debt.
If you sold your home through a short sale in the past year, it is unlikely that you'll be able to get a mortgage loan today. I have received several calls with this scenario, often within months of a Short Sale. Not likely to happen.
WHAT TO DO.
Stay out of the mall.
Make credit card and other payments when they come in the mail, not a day before the due date.
Don't shop for automobiles while considering buying a home.
Don't co-sign for anything for anyone.
Develop a plan for saving that extra money rather than spending it.
Stay out of the mall.
GOOD LUCK!! There can be a wonderful home owning experience in your future.
Here are some great quotes from men who have had an undeniable influence on our country. It's interesting how timely Thomas Jefferson's quotes are for our country's current financial crisis.
John Kennedy once said to an assembled group of scholars in the White House, "I think this is the most extraordinary collection of talent, of human knowledge, that has ever been gathered at the White House - with the possible exception of when Thomas Jefferson dined alone.
When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe. Thomas Jefferson
The democracy will cease to exist when you take away from those who are willing to work, and give to those who would not. Thomas Jefferson
It is incumbent on every generation to pay its own debts as it goes. A principle which, if acted on, would save one-half the wars of the world. Thomas Jefferson
I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people, under the pretense of taking care of them. Thomas Jefferson
My reading of history convinces me that most bad government results from too much government. Thomas Jefferson
No free man shall ever be debarred the use of arms. Thomas Jefferson
The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government. Thomas Jefferson
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. Thomas Jefferson
In light of the present financial crisis, it's interesting to read what Thomas Jefferson said in 1802:
Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks-- and corporations that will grow up around the banks--will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered.
Doesn't this sound eerily familar to what is happening in America today?
Thomas Jefferson was the 3rd President of the United States. He and John Adams were most responsible for the writing of our Declaration of Independence. They were very good friends when they were working together on the Declaration of Independence but later became mortal enemies when one became a Republican and one a Federalist.
All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson
I will not be guilty of being silent. Will you?
Don't tell me it can't be done...we can return to our Liberty and Self Government.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
Oregon National Guard Maj. Dominic Oto and Master Sgt. Jerry Glesmann honor one of their fallen, Crescent City resident Capt. Bruno de Solenni at the Portland Marathon.
Fran is the Crescent City/Del Norte County Real Estate Connection. Check out Fran's monthly market reports for insight into how the economy is affecting Crescent City/Del Norte County real estate and be sure to click on the link to REO's and Short Sales for some really good deals! Fran is #1 buyers agent in Del Norte County for number of homes sold in 2007 & 2008 and currently has sold more listings for 2009 than any other agent in her market. Put her expertise and enthusiasm to work for you.
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.
The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature. 
It looks as though the $8000 First Time Home Buyer Federal Tax Credit will be extended.
Crescent City Tuna Fishing - A Mike Nolan Fishing Adventure
Posted by 
Crescent City makes America's Prettiest Towns list at 
This is an update for Crescent City/Del Norte County Home Sellers -
Or, if they really need the structure of a service to manage their money, consider. . . .
;)
;)
