NP Dodge Real Estate Blog

The $6500 Tax Credit in Layman Terms from NP Dodge

NP Dodge Real Estate — Wed, 25 Nov 2009 10:39:22 -0600

Here is the scoop and a great 'understandable' reference guide for the $6,500 Current Home Owner Tax-Credit:

Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit. You can move up, down, sideways...There are no restrictions on what type of home you buy, it just has to be a personal residence so you could sell a million dollar home and buy a townhome for $150,000 and as long as you meet all the other limitations you qualify for the $6,500 tax-credit.

What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer ("long-time resident") as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit. Again, you do not have to 'move-up'! You just need to have owned a personal residence for 5 consecutive years out of the last eight. You could currently be living in an apartment and have owned a personal residence from 2002-2007 (a full five years) and qualify for the credit if you buy a home on or before April 30, 2010!

How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit. This is a true tax-credit! For example: If your federal income tax at the end of the year was $8,300 and it just so happens that you withheld exactly $8,300 then you would get a refund check for $6,500 or 10 percent of the purchase price of your home.

Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts. In others word, if you make more that these limits then you may qualify for a portion of the credit. For example: You are single and you made $135,000 then you would qualify for 50% or $3,250 of the credit. If you still have questions on this one give me a call and I will walk you through your scenario 740-5008,

How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were for different amounts of money. The previous credit was only for First Time Home buyers and you had to pay it back to Uncle Sam! This one is for current home owners who sell a personal residence and buy a different one. Oh, and you don't have to pay it back!!

How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). Fill out the form and provide a copy of the HUD-1 Settlement statement when you file your taxes.

What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. This is not a misprint, you can buy any type of home it just has to be a personal residence. So you can't buy a vacation home, investment property...it has to be a personal residence! To my knowledge their are no houseboats for sale on npdoddge.com. :)

It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse's family members. Please consult with your tax adviser for more information. Also see IRS Form 5405. This has been added just to clear up the crazy scenarios that people will come up with to try and qualify for credits such as this one.

Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010). The dates are the most important factor here. Buying a new home is an outstanding way to take advantage of this credit just make sure you are on track with the process so your new construction home closes on or before June 30,2010!

Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives a $6,500 tax credit would owe nothing to the IRS. This is a true credit! If you withheld the exact amount of taxes that you owe then you would get a check from Uncle Sam for this credit!

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $6,500 in income taxes. If the taxpayer receives a $6,500 deduction, the taxpayer's tax liability would be reduced by $975 (15 percent of $6,500), or lowered from $6,500 to $5,525.

If I'm qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year's income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. In other words: You close on your home and then file an amended return and the tax credit is in your pocket possibly within weeks after your closing takes place so don't think you have to wait until you file your taxes next year to obtain the monies from this credit.

Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.

For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount. When in doubt we urge you to visit with your tax adviser.

For a complete list of details click here: npdodge.com/taxcredit

Robert Wiebusch ~ NP Dodge Blog Author

Feel free to call me direct if you have any questions about the $6,500 tax-credit. 740.5008

NP Dodge Real Estate Agents Succeed With Technology

NP Dodge Real Estate — Tue, 10 Nov 2009 16:14:41 -0600

Technology plays an ever-increasing role in real estate today. From the way consumers search for properties to the ways agents communicate information and stay connected with their customers, the business landscape is constantly changing. We know because we've helped change it. NP Dodge provides the best tools in the business to help our sales associates reach prospective buyers and sellers, stay connected with clients and get more business done in less time. From innovative research tools to web-based marketing & customer-relationship programs to online listing & contract support, NP Dodge puts technology to work where it counts-helping our agents focus on business and respond to their customers' needs. Our company-wide support network, NPDodge Office, exemplifies that technology at work. This interactive web-based database gives NP Dodge agents 24/7 access to a vast range of documents and information-From current interest rates and e-forms to marketing materials and industry reports, it's virtually everything an agent could ask for.

First Time Homebuyer Tax Credit Extension Rumors

NP Dodge Real Estate — Fri, 30 Oct 2009 16:56:45 -0500

From the NP Dodge Research Division: Clearing the muddy waters of the First Time Homebuyer Tax-Credit Extension. If you are a first time homebuyer trying to take advantage of the current $8,000 tax-credit program then it is imperative that your closing takes place prior to the deadline on November 30th, 2009! We will continue to monitor the progress of this possible extension/expansion and will be sure to keep you all informed. Thanks for watching and have a great day!

'Pro Active Chat' Intrusive or a value add for a website user?

NP Dodge Real Estate — Thu, 22 Oct 2009 11:11:55 -0500

First impressions have always been lasting so why should anything be different on a website? Why shouldn't the people behind the website reach out to the very users that are searching and do it in real time when their attention is focused? We have been wrestling with this concept here at NP Dodge where a consumer can strike up a live chat with one of our licensed Realtors® and engage us in conversation but what happens when we engage the user? Will they be scared off? Do they want to remain anonymous while they browse Bank Owned Homes or Career Information or do they really want someone to reach out and proactively engage them based on their movement through our site? We would love some feedback and honest responses to what you think! Does this proactive engaging scare you or does it make you think that the people behind a given website really have their act together given that they are accessible in real time and truly want to help the website user?

NP Dodge invites you to the Buy the Big O Show!

NP Dodge Real Estate — Wed, 07 Oct 2009 11:08:50 -0500

ONE WEEK UNTIL THE SHOW-Get your FREE ticket at NPDODGE.COM.

Enter to Win a 32" Flat Screen TV!!

Complete the entry form below and bring it with you to our booth (# 419 & 421).

CLICK HERE for your personal invite! It contains music, so make sure your speakers are turned on.

We hope to see you at the Buy the Big O! Show

Wednesday, October 14, 2009, 8:30-5:00 p.m.

Qwest Center - Booth 419 & 421

To print your FREE ticket, go to www.npdodge.com and click on the link in the bottom left corner.

NP Dodge Rebuilding Together 2009

NP Dodge Real Estate — Tue, 06 Oct 2009 14:56:39 -0500

Congratulations and a huge thank you to all who participated in this year’s Rebuilding Together project on Saturday. There were more than 60 of us—old, young, teens and even a baby—who came together on a brisk, fall morning to help improve not only the home of one very needy family, but make a huge impact in their neighborhood as well. One neighbor forlornly said that now she had the worst house on the block after noticing the talents of our crew. We’ll have to keep her in mind for next year. The project wouldn’t have been successful without the talents, leadership and drive of Rick Stowe and Sheryl Fisher-Stowe. Another factor in making our work day a huge success was all of the determined volunteers to get the job done in addition to the many wonderful donations received. Many thanks to those who donated household items and participated in the food drive. What a wonderful feeling for this family to come home to a newly renovated home and a stocked pantry. The Parker family complete with four young daughters were ecstatic and very appreciative of the transformation of their home. I know that many of our volunteers left with a feeling of satisfaction in what we accomplished together. Similar to our past projects, we once again achieved our goal of providing these families with the continued independence to live in safer and more secure environments.

Free website - Wix.com

It's time to Buy the Big O! Show again

NP Dodge Real Estate — Wed, 23 Sep 2009 15:31:18 -0500

Real Estate Agents Are Mobile - Their Back Office Should Be Too!

NP Dodge Real Estate — Wed, 26 Aug 2009 13:51:52 -0500

NP Dodge Unveils New Mobile Website for its Sales Associates~

Omaha, Nebraska - Today NP Dodge Real Estate introduced the mobile version of their back office website npdoffice.com. This new site, m.npdoffice.com, is packed with features that NP Dodge Sales Associates can use to streamline their daily activities like listing hit reports, market reports, the latest interest rates from First National Bank and more.

"We understand the need for our agents to be mobile and want them to have the tools and technology that allows them to thrive in this ever changing environment," said Mike Riedmann, President of Residential Sales. "Timely information is imperative to the success of our sales associates and providing them a website that can be accessed from their phone is a natural step for us."

Brian Marasco, an agent with NP Dodge, said "The ability to have npdoffice.com on my mobile phone is just another great example of the benefits of being an Agent at NP Dodge...whether I need an important real estate form that I can email to my client, view current market reports I can forward on to my buyer or seller, or even another agent's phone number...it's all at my fingertips!"

NP Dodge is the oldest family owned real estate company in the United States. The company currently maintains 15 offices in Nebraska and Iowa and have over 500 sales associates. For instant access to homes available in your area and throughout the United States or to find out more about one of the fastest growing real estate companies in Nebraska and Iowa visit the premier real estate website in the region: npdodge.com, and when on the go: mobile.npdodge.com.

What features do you have or wish you had from a mobile website to make you more effective in your daily real estate business?? We want to know!

Fun had by all at the NP Dodge Company End of Summer BBQ

NP Dodge Real Estate — Wed, 19 Aug 2009 09:29:35 -0500

Fun was had by all at the company BBQ this year! Geat food, great co-workers and great fun! Leaders of the NP Dodge Company served up some tasty food from the HY-Vee there were even a few prizes won by folks who just showed up!

Congrats to these winners:

- 19" flat screen TV - Jamee Clasen - Commercial - TomTom GPS - Marlene Seitz - Property Management - IPOD Touch - Karrie Boccovi - NEI - $100 VISA gift card - Ashley Fischer - NEI - $50 gas card - Robin Young - Title Services - $50 gas card - Patty Vaske - Insurance - $25 gift card to California Pizza Kitchen - Melissa King - Title Services - $25 gift card to Barnes & Noble - Darcy Holmes - NEI

Free website - Wix.com

NP Dodge Wildcats! Class A Senior Legion State Championship

NP Dodge Real Estate — Thu, 30 Jul 2009 14:59:08 -0500

The Wildcats are once again at the top this year...and are getting ready for the Class A Senior Legion State Championship!

Millard West "NP Dodge Wildcats" (American Division Champions)

VS.

KB Building Services (National Division Champions)

This Saturday, August 1^st

1:00 pm

Westside Field, 8701 Pacific St., Omaha

They won it all last year - can they do it again?

Please stop by the game to give the guys your support!

And don't forget to wear your NP Dodge shirt.

Condo market and new construction market indicators...improving.

NP Dodge Real Estate — Thu, 23 Jul 2009 16:24:43 -0500

All,

I had the pleasure of visiting with Jeff Robb of the Omaha World Herald this morning and just couldn't help but share a few market indicators that have us here at NP Dodge very excited about the Fall months and the housing market in general for Omaha, Nebraska.

First up is the condo market:

The chart below shows pending condo sales up by nearly 30% year over year when comparing June. This is a great sign that units are being purchased and decreasing the oveall condo inventory levels. Both great indicators of positives times ahead.

Next stop is the new construction market:

Tha chart below shows pending home sales for new construction properties up nearly 66% when comparing June. This is a great sign that inventories are being absorbed and closed sales going into the second half of the year will be greatly impacted by the new construction market.

NP Dodge Blog Author ~ Robert Wiebusch

The much anticipated Riverfront Place update!

NP Dodge Real Estate — Fri, 17 Jul 2009 10:22:09 -0500

NP Dodge Real Estate~Riverfront Place Condo News:

Riverfront Place has sold six condominiums in Tower II since the Downtown Living Tour at the end of May. These sales have boosted total pre-construction sales to approximately 60% in Tower II. With groundbreaking forecasted for this summer or early fall, great purchase opportunities for those seeking a remarkable brand of living are still available. Take in the views and learn about the unique lifestyle being experienced on Omaha's riverfront by visiting the 5th floor tower model 11:00 A.M. to 5:00 P.M, or schedule your visit online at http://www.riverfrontplace.com

Free website - Wix.com

Three reasons why a REALTOR® loves his iPhone

NP Dodge Real Estate — Mon, 29 Jun 2009 09:17:14 -0500

The iPhone continues to impress and this latest roll out of the 3G Sis no exception! Below I have described a few of my favorite features and how a REALTOR® could use this phone/tool to stay a step ahead of the competition.

Video: This is by far my favoritve feature! It gives you the ability to record a video, say of a property (I like to call it a 60 second commercial) and then shoot that video straight to YouTube or via email. You could set up a distribution list of email addresses and have your listing video in the inbox of hundreds before you leave the listing appointment. You also have the ability to trim the video down to size if you have a goof at the beginning or end. One minute is a pretty safe bet as the phone will automatically trim down the video before it sends it up to YouTube or via email.

A fully functional web browser in your pocket at all times is key! Having access to the county assessor sites, MLS, and everything beyond gives you answers when your clients need them most. the browser on the iPhoneis second to none and extremely easy to use!

I use this one daily to find businesses, property addresses and anytime someone asks, "do you know where...." Maps will pin point your location and then guide you to the doorstep of your next showing. Best of all this app is built into your phone and you don't have to have a GPS built into your vehicle or attached to your dash board.

The iPhone is a tool that 9.99 out of 10 times, can provide you and your clients or potential clients with answers when others have to take the time to go 'look it up'. This phone is sweet and there's a few reason why I love my iPhone. What are your favorite features, apps or uses for your iPhone?

Robert Wiebusch~NP Dodge Blog Author (& iPhone user)

Young volunteers launch home repair mission

NP Dodge Real Estate — Mon, 29 Jun 2009 08:15:09 -0500

By Kirby Kaufman
WORLD-HERALD STAFF WRITER

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When organizer Todd Skrzyniarz shouted "Illinois!" inside Grace University's teen-filled auditorium, half of the audience screamed.

Some 215 middle and high school students from six states plus Nebraska were at the university Sunday for the kickoff of a weeklong volunteer effort to improve homes in northeast Omaha.

The Mission Omaha Foundation is working with the youths to paint, weatherproof and build decks and wheelchair ramps.

The young people are from Texas, Oklahoma, Illinois, Indiana, Michigan and Colorado as well as Nebraska. The initial meeting began at noon Sunday with a barbecue. The students will work all week in teams of five youths and one adult. A total of 36 crews will work at 32 homes. Each participant had to raise $448 to cover room and board.

Mission Omaha, the sponsoring organization, raised about $68,000 to cover materials and other costs. Most of that came from donations from NP Dodge, Catholic Charities, Rebuilding Together and Brush Up Nebraska.

Mary Rosenthal, Mission Omaha president, said fundraising continues.

Mission Omaha is working with Group Workcamps Foundation, a nonprofit that sponsors mission trips that send teens to cities to help elderly, low-income and disabled homeowners.

The foundation organizes trips throughout the country. This is the first year it has worked in Omaha.

Rosenthal said the effort brings people together to make a difference for people like Michael Fideler.

The 62-year-old Omaha man is having his self-described "blistering" yellow home repainted this week.

"I appreciate it a lot. I mean I can't do much anymore because I lost a leg and I'm on dialysis three days a week," Fideler said.

Fideler said the house hasn't been painted in about 12 years.

The volunteers hit the streets today and wrap up Friday.

Rosenthal said the experience also helps the helpers.

"It gives them a chance to share in their faith, help someone who needs their help and grow themselves spiritually," she said.

Contact the Omaha World-Herald newsroom

Big thanks to First National Bank! College World Series!

NP Dodge Real Estate — Tue, 23 Jun 2009 09:32:15 -0500

Big thanks goes out to our friends at First National Bank! This is just another reason why NP Dodge loves our lending partner First National Bank! The food was great, the drinks were cold and the game was a great one. Thanks again for inviting us down to the College World Series!!

Free website - Wix.com

NP Dodge is Moving to 'Midtown Omaha'!!

NP Dodge Real Estate — Tue, 16 Jun 2009 12:20:17 -0500

NP Dodge Announces New Midtown Residential Sales Office

Omaha, Nebraska - NP Dodge Real Estate is pleased to announce the lease and renovation of their newest residential sales office located in midtown Omaha at 4502 Leavenworth Street. The new sales office is scheduled to open mid July and will be a convenient stop for midtown and downtown customers. It will be another great touch-n-go office for NP Dodge sales associates. The new office will be co-managed by Carole Souza and Tim Reeder.

"We're very excited to have this new location for our sales associates, customers and clients," said Mike Riedmann, President of Residential Sales. "Having this facility will allow us to better serve the expanding midtown community and the growing interest from young families in this area. We are here to help them when they need us most. We believe it's the perfect time to open a midtown office."

The new midtown office will have over 2,500 sq. ft. of finished office space. It will open as a satellite to the Pacific Hills office with a staff of sales associates who specialize in Midtown properties including the Good Life Group plus a part time administrative assistant.

NP Dodge is the oldest family owned real estate company in the United States. The company currently maintains 15 offices in Nebraska and Iowa and has over 500 sales associates. For instant access to homes available in your area or to find out more about one of the fastest growing real estate companies in Nebraska and Iowa visit the premier real estate website in the region: npdodge.com, and when on the go: mobile.npdodge.com.

NP Dodge Realtor featured in the Omaha World Herald

NP Dodge Real Estate — Tue, 16 Jun 2009 07:07:23 -0500

Twenty-nine-year-old Robert Wiebusch, director of operations at NP Dodge, is the first Nebraskan to be named to Realtor Magazine’s annual “30 Under 30” list.

Published Wednesday June 10, 2009

A real go-getter

By Stefanie Monge
WORLD-HERALD STAFF WRITER

« Money

Related News

The operations director for NP Dodge Real Estate achieved a milestone this month when he became the first Nebraskan named as one of REALTOR Magazine’s “30 Under 30.”

For the past 10 years, the magazine, which is the official publication of the National Association of Realtors, has recognized 30 real estate professionals younger than 30 who have demonstrated leadership, success and innovation in their field, said Stacey Moncrieff, editor in chief.

Robert Wiebusch has spearheaded NP Dodge’s efforts to integrate social media and other new technology into the company’s operations, said Herb Freeman, chief operations officer and director of builder services at the company.

Moncrieff said “30 Under 30” started as a way to “enliven the magazine by featuring young people coming into the business.” The median age of association members was in the low 50s, and young professionals could provide new ideas for their more seasoned counterparts, she said.

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The real estate industry experienced an influx of young people who joined the profession straight out of college during the real estate boom earlier this decade, Moncrieff said.

Wiebusch joined NP Dodge as an intern during his senior year of college and started working there full time after his graduation in spring 2006.

He manages business operations, which includes financial analysis, studying emerging technologies, developing policy based on new legislation and helping with the company’s social media presence.

Moncrieff said Wiebusch stood out among the magazine’s applicants for the “Under 30” honor because of his ability to innovate and embrace new technologies.

The staying power of a company like NP Dodge, which has existed for five generations, depends on its ability to adapt and “stay fresh” even during a downturn in the market, she said.

Freeman said Wiebusch started a company blog that provides information about current market conditions, interest rates, the first-time homebuyer’s tax credit and other information useful to clients.

Wiebusch said he wanted to establish a company presence on sites like LinkedIn and Face- book to gather informal feedback. Such information might be helpful in adjusting the business strategy to better fit clients’ wants and needs, he said.

Wiebusch helped to implement a new mobile property search feature on the NP Dodge Web site that allows customers to access information about properties via their personal mobile devices.

He launched a research and statistics division of the company that provides a “state of the market” report that provides local and national real estate market information.

Wiebusch also recently established an Omaha chapter of the Board of Realtors Young Professionals Network. He said the group has about 30 real estate professionals under 40 and will hold its first meeting this month.

The new group will serve as a platform for young professionals to share their ideas with real estate veterans, he said.

“It’s a breeding ground for future leaders.”

Moncrieff said REALTOR Magazine’s staff narrowed the field of about 400 candidates for the “Under 30” honor to 50 and allowed the public to vote online to help decide the winners. More than 13,000 votes were cast, she said, but they were not the sole factor in determining the winners.

Moncrieff said geographic diversity also played a role in determining the final 30. The magazine receives far more applications from states such as Florida and California than Nebraska, she said.

Contact the writer:

444-1085, stefanie.monge@owh.com

Contact the Omaha World-Herald newsroom

Form 5405 - First-time Homebuyer Credit

NP Dodge Real Estate — Fri, 05 Jun 2009 08:58:04 -0500

NP Dodge and the marekt in general is experiencing record home sales here in Omaha Nebraska and Council Bluffs Iowa in the Price Ranges up to $175,000 which is no doubt attributed to the First-Time Homebuyer Credit. Below is a snap shot of the all important First-time Homebuyer Credit form put out by the IRS. This form has all the info on the credit; who is eligible, what the requirements are, who can claim the credit...

Here's a link to the form direct from the IRS website: http://www.irs.gov/pub/irs-pdf/f5405.pdf

Some great info for the First-time Homebuyers out there still looking to take advantage of this rare opportunity: http://www.npdodge.com/homebuyersguide.cfm

Realtor Magazine 30 Under 30 Calss of 2009 ~ Thanks to all who voted for Robert Wiebusch!

NP Dodge Real Estate — Fri, 22 May 2009 09:09:08 -0500

From the Print Magazine Published

www.REALTOR.org/realtormag

Main Article Main 30 Under 30 Page

ROBERT WIEBUSCH

Mission to Modernize: Just because a brokerage is more than 100 years old doesn't mean it can't be a leader in technology and social networking. As operations director for NP Dodge, Robert Wiebusch created the company's first blogs, Facebook page, and Twitter presence. He also helped implement a new mobile property search program for the brokerage Web site.

A trusted source: For all the emphasis on new and emerging media, Wiebusch also stays in touch with more traditional news outlets. "I gather information on the Internet, do some analysis, and act as a source for local reporters. We get quoted regularly."

Making smart cuts: With a degree in finance from the University of Nebraska, Wiesbusch keeps a close eye on the brokerage's bottom line. Once a week, he sits down with a stack of bills, looking for ways to cut costs. Last year, he saved an estimated $500,000 by making operational changes.

Learn more: www.npdodge.com/robertwiebusch

ROBERT WIEBUSCH, 29
Operations director
NP Dodge
Omaha, Neb.

◄◄ Previous Next ►►

Thanks very much to all who voted! I really do appreciate the support!

Robert

Can you really search Foreclosures on the NP Dodge Website?

NP Dodge Real Estate — Wed, 20 May 2009 09:37:04 -0500

Bank Owned / REO / Foreclosed Homes????

That is an excellent question and of course the answer is yes! NP Dodge has incorporated a fully functional search solution for Bank Owned / REO / Foreclosed homes for the Omaha Nebraska area and Council Bluffs Iowa area. I just did a search for only those listings that are new and are Bank Owned / REO / Foreclosures and pulled up 19 listings in Omaha Nebraska. I did another search for Bank Owned / REO / Foreclosues in the Westside school district and found only one listing.

We are pleased to bring this functionality to our website and trust that the buying public who is searching for bank owned homes will find this new method of searching very useful. I almost forgot...Every Bank Owned listing that goes into the local MLS will show on our website! You don't have to check another website, we have more data and information about homes that are currently on the market than any other broker in the area. www.npdodge.com

While most of these homes are priced for immediate sale, we encourage you to go to our advance search and enter similar search criteria. You will then use the Comparison Chart feature to compare your results with the Bank Owned Home you initially selected from the list.

The data is subject to change or updating at any time without prior notice. The information was provided by members of The Great Plains REALTORS® Multiple Listing Service, Inc. Internet Data Exchange and The Southwest Association fo Realtors and is copyrighted. Any printout of the information on this website must retain this copyright notice. The data is deemed to be reliable but no warranties of any kind, express or implied, are given. The information has been provided for the non-commercial, personal use of consumers for the sole purpose of identifying prospective properties the consumer may be interested in purchasing. The listing broker representing the seller is identified on each listing

Robert Wiebusch ~ NP Dodge Blog Author

Tax Credit Can Be Used for Down Payment

NP Dodge Real Estate — Tue, 12 May 2009 15:06:22 -0500

This is great news for the real estate industry and is a great tool for folks to leverage the tax credit.

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today's Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. "I do think we have some early signs that the market overall is stabilizing," Donovan says. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."

The morning session included a panel discussion that was moderated by CNBC's Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation's taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

"Right now the Federal Reserve is the market," said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. "What will be the effect when the Fed stops buying?" Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

"We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy," said NAR President Charles McMillan. "We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond."

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR

These $100K properties are flying off the shelf!

NP Dodge Real Estate — Fri, 08 May 2009 15:03:01 -0500

The title of this post comes from one of our agents vie a Linkedin status update. So I thought I would take approximately 12 and half minutes to see if this statement is in fact true!

This first chart is a look at the whole Omaha housing market. We are currently sitting on 4.6 months of inventory based on pending home sales which is a 3.4 percent improvement when comparing April 09 to April 08 pending home sales. Not a huge jump we are heading in a positive direction when other areas of the country are not as fortunate. The Omaha housing market is going to be neatral for at least the next few months. The second chart is a look at Homes selling between 75K and 125K...

We are currently sitting on 3.7 months of inventory for homes priced between 75K and 125K which is nearing a sellers market! Pending home sales have increased over 20 percent when comparing April 09 to April 08. This is no doubt a result of first time home buyers jumping off the fence to take advantage of the 8K tax credit coupled with low interest rates. This perfect storm for buyers is nearing it's end in this price and may have already past. NP Dodge agents are telling stories of multiple offers and having listings sell in a day in the price range below 200K. End result is that Rob Cerveny was correct in his statement of "These $100K properties are flying off the shelf".

Robert Wiebusch ~ NP Dodge Blog Author

Kudos to the Omaha Chamber of Commerce!

NP Dodge Real Estate — Thu, 30 Apr 2009 16:20:01 -0500

This is simply an outstanding video that the Omaha Chamber of Commerce put together

Tax credit is shaking the trees in Omaha

NP Dodge Real Estate — Thu, 30 Apr 2009 15:51:51 -0500

The Nebraska Real Estate Commission hosted Chris Bird this week at the state convention. Chris Bird is a former IRS agent of 16 years and had a wealth of knowledge that he shared openly with those Realtors who attended his class. I will break this info up into several posts so my fingers don't cramp up! :)

Here is some of the info he shared about the first-time home buyer tax credit:

1. What's this new home buyer tax incentive for 2009??

The 2008 $7,500, repayable credit is increased to $8,000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8,000 amount. If the house costs less than $80,000, the credit will be 10% of the purchase price. This is an individual purchases a home for $60,000 the credit would be $6,000. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2. Who is eligible??

Only first-time home buyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

A Deeper question that may apply to some:

1. If I claim my 2009 $8,000 credit on my 2008 tax return, will I have to repay the credit jest as the 2008 credit of $7,500 has to be repaid??

No. Congress anticipated this confusion and has made specific provisions so that there would be no repayment of 2009 credits that are claimed on 2008 returns. You can essentially close on your home, then amend your 2008 return and receive your credit a couple weeks after closing!

My fingers are cramping...More to come on this fantastic topic! As always, for all information real estate related check npdodge.com.

Robert Wiebusch~NP Dodge Blog Author

Real Estate Market insight from the NP Dodge Research and Statistics Division

NP Dodge Real Estate — Mon, 20 Apr 2009 14:30:43 -0500

All,

I have the privilege of heading a ‘crack' division of the NP Dodge Company called the, 'NP Dodge Research and Statistics Division' which takes on any number of projects to help with making educated decisions and forecasting. One tool that we use is open to the public on our website and is laid out below. It allows our site users to drill down into the county that they are interested in to find out useful information about the market trends.

These dedicated individuals of this ‘crack' division have pledged to study the real estate market trends here locally and will continue to provide in real time the information that it takes to make a wise decision as it pertains to real estate.

We welcome any and all special requests...

Check us out at http://www.npdodge.com/freemarketreports.cfm or email us at rwiebusch@npdodge.com

Free Real Estate Market Reports

NP Dodge now has available Real Estate Market Trend Reports containing data compiled from the MLSs located in Omaha and Council Bluffs. These reports will give you an opportunity to view trends in the market over the past 15 months. They are specific to active, pending and sold properties in Omaha, Council Bluffs and the surrounding areas. The reports are updated monthly with more in-depth reports being available from one of our real estate professionals.

For your convenience, we have customized the following individual reports for the Omaha MLS and CB MLS. These reports pertain only to single family, detached, residential properties for both existing and new construction. You need only to click on the particular name below to view and print either or both of them. If you a looking to buy a home or sell a home, this is just one of the many indicators to help you with the process.

Omaha Residential Report

Council Bluffs Residential Report

To begin your own custom report, select the MLS area and then select either the Total MLS or a specific county of interest. You will then be given a list of specific reports depending on the data you wish to view. You may also obtain more detailed reports, by clicking SPECIAL REQUEST and filling in the required information. A real estate professional will respond back to by the end of the following business day with your requested information.

MLSAreaReport Type

Omaha
Council Bluffs