Varied perspectives...angles of housing market predictions by Paul Slaybaugh, one of my most favorite wordcarvers on this site, who has framed the scene in 3 acts and now welcomes Mr & Mrs Homebuyer to the stage...
Housing will not fully recover until 2012. That is when the glut of backlogged foreclosures is expected to be phased out of the market.
Housing will recover by the end of the year. Now that inventory has contracted to average levels for what constitutes “normal” regional markets in major metropolitan areas where prices have declined as much as 50% in the past three years, and month to month sales have steadily increased over the past six months, demand has realigned with supply to arrest the freefall in values.
The housing recovery began in early 2009. Median price increases in some markets indicate that even while many pundits were openly wondering when the bottom of the market would appear, it was actually several months in the rearview mirror.
Many factors and variables, and just as many divergent opinions to boot. So many, in fact, that you almost have to choose amongst the purported experts to determine whether you fall in the half empty or half full category. Job rates, interest rates, unemployment rates … psychiatric rates, for spending too much time poring over the data and extrapolations will render one in need of a head exam.
Overanalysis 101.
You don’t need flow charts to tell you where things stand at the moment. You won’t need a market report to tell you when things are better.
You’ll know the market has recovered when you no longer dread the trip to the mailbox or evening phone calls.
You’ll know the market has recovered when you can confidently re-enable automatic bill pay from your checking account instead of prioritizing which ones get paid this month by how far past due each is.
You’ll know that the market has recovered when you don’t have to decide whether you or a loved one is really ill enough to warrant the cost of a trip to the doctor.
You’ll know the market has recovered when you no longer have to explain to the kids why you can’t go to the zoo or stop for ice cream today.
You’ll know the market has recovered when sleep comes as readily as worry formerly did.
You can stop looking to someone else to tell you when the market is fully healed as the housing implosion is the root of these greater ails. It’s far easier to take stock of your own life, and those of your friends and family, to see where along its arc the pendulum is currently settled. As the finance/housing sector dragged our economy into the muck, it will again lead us back to dry ground. No need to watch the stars for celestial clues. Just do what no pundit can and watch your own life for improvement. You’ll know housing has recovered when both of your own feet are planted squarely on terra firma.
Most importantly, beware the forecasts that don’t jive with your own internal index. Those who would adamantly assert the rosiest or bleakest prognosis are likely more interested in influencing your behavior than in your well being.
“Buy now before prices shoot back up!”
“Sell now before prices erode further!”
When you stop listening to yourself, you risk placing all of your trust in the megaphones of those who have a vested interest in your fear.
Is the housing market improving? Is now the time to buy? The time to sell? For months, I have been asked to provide the answers to these questions. I have dutifully provided my vague predictions with the obligatory caveat that no one truly knows how a free market will behave from one day to the next. I realize, though, that in supplying answers to those who actually give the market context, that we have all been looking at this thing from the wrong perspective. It makes zero difference where I think the market stands at present, and where it is headed. The very consumers who ask me these questions are the ones who will ultimately provide the truth or fallacy to my various hypotheses. So I turn the tables and ask the consumer, the actual authority, the very same question.
“What is the state of the Real Estate market?”
Feel free to comment here or send me an email with your thoughts. Looking for opinions from consumers and laypersons, not agents or financial wizards (all comments welcome, though). I will post the results in a follow-up piece.
Mr. Homeowner & Mrs. Homebuyer, the floor is now yours.
On November 9, 2009, the President approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.
Following are the Primary Q&A's regarding the Tax Credit for Homebuyers
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Tax Credit Versus Tax Deduction
It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
Tax Incentives to Spur Energy Savings and Green Jobs
This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings
This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Auburn AL Real Estate - This is a great opportunity for first-time homebuyers, at a bank-owned, foreclosure price. Newer home in very good condition, with a lovely, partially fenced backyard that has a patio, a firepit and some woods. Appliances include refrigerator. Ceiling fans and crown molding;This house is wired for security and audio systems, too!
Contact me to view this or similar properties at WIMBERLY STATION!
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Auburn AL Real Estate - This is a great opportunity for first-time homebuyers, at a bank-owned, foreclosure price. Newer home in very good condition, with a lovely, partially fenced backyard that has a patio, a firepit and some woods. Appliances include refrigerator. Ceiling fans and crown molding;This house is wired for security and audio systems, too!
Contact me to view this or similar properties at WIMBERLY STATION!
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Auburn AL Real Estate - This is a great opportunity for first-time homebuyers, at a bank-owned, foreclosure price. Newer home in very good condition, with a lovely, partially fenced backyard that has a patio, a firepit and some woods. Appliances include refrigerator. Ceiling fans and crown molding;This house is wired for security and audio systems, too!
Contact me to view this or similar properties at WIMBERLY STATION!
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Getting a HOME INSPECTION is a very important step in the purchase of a home. Whether new construction or a resale property, hiring a state licensed inspector is always recommended. A list of local inspectors is available from your Realtor, and you can check the state website for a complete list of licensed Home Inspectors.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
This year was the 4th Annual Howl'oween Dog Parade and costume contest in downtown Opelika. Besides all the fun and entertainment, the event benefitted Rescue K9-1-1, an orgaization that is dedicated to the rescue of lost and homeless animals in the community.
I am not an advocate of putting clothes on dogs, but have to admit that these dogs were adorable!
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Auburn AL Real Estate - This is a great opportunity for first-time homebuyers, at a bank-owned, foreclosure price. Newer home in very good condition, with a lovely, partially fenced backyard that has a patio, a firepit and some woods. Appliances include refrigerator. Ceiling fans and crown molding;This house is wired for security and audio systems, too!
Contact me to view this or similar properties at WIMBERLY STATION!
Mara Hawks | First Realty | 334-524-2220
255 Deerfield Drive, Auburn, AL
Bank owned, very good condition & great price!
3BR/2BA Single Family House
offered at $144,000
Year Built
2006
Sq Footage
1,421
Bedrooms
3
Bathrooms
2 full, 0 partial
Floors
1
Parking
2 Car garage
Lot Size
.21 acres
HOA/Maint
$9 per month
DESCRIPTION
WELL-DESIGNED, OPEN FLOORPLAN WITH LARGE MASTER SUITE ON ONE SIDE, LARGE BATH WITH GARDEN TUB & 2 WALK-IN CLOSETS; CUTE KITCHEN WITH PANTRY, SWEET BREAKFAST ROOM & ALSO A LOVELY DINING RM WITH CHAIR-RAIL & CEILING DETAIL; WOODBURNING FIREPLACE; PRE-WIRED FOR SECURITY & SOUND SYSTEM; CEILING FANS & EXTRA STORAGE; NOT HOMESTEADED; CABLE AVAILABLE; MUCH MORE THAN YOU'D EXPECT TO FIND AT THIS PRICE!!
see additional photos below
PROPERTY FEATURES
- Central A/C
- Central heat
- Fireplace
- High/Vaulted ceiling
- Walk-in closet
- Hardwood floor
- Dining room
- Breakfast nook
- Dishwasher
- Refrigerator
- Stove/Oven
- Microwave
- Attic
- Laundry area - inside
COMMUNITY FEATURES
- Garage parking
OTHER SPECIAL FEATURES
- Great backyard with nice landscaping, woods & firepit.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/ Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, feel free to contact me with a request.
NOTES from HOME: Nationwide appraisals need a gauge adjustment, to determine the difference between a well cared for home and one that is completely run down. The current system is delivering disproportionate comps and severely complicating and slowing down home sales.
The National Association of Homebuilders (NAHB) called on Congress this month (October) to take a leading role in the housing market and help get America back on its feet, by addressing the appraisal issue, and also to extend---and even improve--- the $8000 first-time homebuyer tax credit, suggesting it be offered to anyone who is purchasing a principal residence.
"Not only are we continuing to feel the impact of foreclosures and short sales in the market, but we're facing a severe credit crunch for acquisition, development and construction (AD&C) lending," said Robson. "Meanwhile, the use of foreclosed and short-sale properties as comps is resulting in inappropriately low appraisals that are effectively sinking one quarter of all new-home sales right now. Add to this the fact that demand and home sales are already showing signs of slowing with the pending Nov. 30 expiration of the first-time home buyer tax credit." (NAHB)
ACT SOON to take advantage of the $8000 tax credit, offered to qualifying buyers that close on a home by November 30th.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
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.
On November 9, 2009, the President approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010. 
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