Shelley Beeney's Blog

When to put your home on the market??

Shelley Beeney (Real Living HER) — Thu, 21 Jan 2010 15:36:22 -0800

Buying or selling a home in 2010?

A top realtor recommends that you don't wait until spring.

Although conventional wisdom says that spring is the best time to put your home on the market, buyers and sellers who want to take advantage of the expanded U.S. Homebuyer Tax Credit need to do so now. Here's why:

· The tax credit has been extended, but qualified buyers must be under contract by the April 30 deadline. That means sellers must list their homes in January and February-and buyers need to start looking now.

· The tax credit has been expanded. No longer just for first-time buyers, it now includes repeat buyers who have lived in their home for five consecutive years of the last eight.

· Take advantage of historically low home prices and low interest rates.

· Don't miss this opportunity. There is no reason to believe that Congress will extend this provision.

Get all the facts and figures, as well as the best winter staging and pricing advice. Call Shelley Beeney at Real Living/HER at 937/645-6507 or visit www.ShelleyBeeney.com to receive a free Tax Credit Packet. As a top-producing realtor in the Marysville area, she understands the real estate challenges you face.

Great article about selling your home from Yahoo - Don't wait call me today!

Shelley Beeney (Real Living HER) — Tue, 05 Jan 2010 13:04:09 -0800

Homeowners should buck the conventional wisdom about selling in the spring.

Putting a home on the market in this grim real-estate climate might seem like lunacy considering how heavily the market favors buyers. Home prices are down 28% from their national peak in the second quarter of 2006, according to the S&P/Case-Shiller home price index, which tracks sales in 20 major housing markets. Still, listing a home during certain months can improve a seller's odds.

See More: The Best Time Of Year To Sell A Home

Late spring and summer are usually thought of as the best times to put a home on the market because buyer demand builds steadily through spring. Sales then peak during the warmest months, when it's easiest for families to move without uprooting their children from school. But this year, experts predict that the selling boom, which normally starts in spring, will hit at a different time than it has in the past. Sellers with flexibility should market their homes earlier in the year.

According to data from Zillow.com, an online real-estate database, the volume of home sales was highest in June, July or August every year since 2000. This year, however, an $8,000 credit for those buying their first home--that expires on June 30, 2010 and requires buyers to have closed on a home by April 30, 2010--will force buyers to speed up their decisions. Historically low interest rates also suggest that sellers will face a busier market as early as February.

"This year, we're anticipating sales will peak earlier," says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. "The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition."

The Economy Upsets Seasonal Trends

House hunting may have traditionally sped up after March, but nothing about the last few years in real estate has been traditional. In 2008, sales failed to pick up with their usual gusto in late winter because the financial crisis cast a shadow of fear over buyers, and lending seized up.

"Between the fall of 2008 and March of 2009, there was a long dead period in real estate," says Ken Shuman, spokesman for the real estate Web site Trulia.com. "You don't want to buy a house if you don't have job security, and a lot of people had jobs but didn't feel too secure about them."

2009 didn't follow typical trends, either. Fall, when sales usually plummet, saw more sales activity than usual this year because of the introduction of the government's tax credit, which was initially set to expire on Nov. 30, 2009.

Improving the Odds

Granted, some sellers have no choice but to sell at a slow time of year. Job relocation and the need to free up assets are facts of life that can deprive families of the luxury of waiting until the peonies bloom to put their homes on the market.

But Hall says that there are ways to improve your chances of a sale if you have to list your home late in the year, like playing up holiday decorations and shoveling walkways to maximize curb appeal. She adds that selling at this point in the cycle isn't always the worst fate.

"Look at how you can turn it to your advantage. Maybe because you're forced to sell at a different time, there will be less competition," she says. "Also, be realistic about your price. If you know you're selling at a tough time, it can be a tough call, but you might have to drop that price a little."

Shuman and Hall agree that the season shouldn't be the only factor homeowners consider when getting ready to sell. Paying attention to the vagaries of the local real-estate market, where inventory and prices can fluctuate week to week, will offer more guidance to sellers than simple seasonal trends.

"Check out your local inventory," says Hall. "Read the housing-market blogs, follow the local market really carefully, and look at the unemployment rate. That will make a big difference."

For smart sellers, Shuman and Hall agree, taking a chance and starting the sale process earlier will reap distinct benefits in 2010.

"The beginning of the year is going to be make-it-or-break-it," says Shuman. "If you're a seller, get your property listed as early in the year as you can."

First Time Homebuyer Tax Credit

Shelley Beeney (Real Living HER) — Sat, 28 Feb 2009 18:37:20 -0800

Ohio Housing Finance Agency
Mortgage Revenue Bond Program & MCC

First Time Homebuyer Tax Credit is now available to homebuyers using OHFA Single Family Programs for purchases between January 1 and November 30, 2009.

As Modified in the American Recovery and Reinvestment Act

Shelley Beeney (Real Living HER) — Fri, 13 Feb 2009 20:26:46 -0800

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Shaded

February 2009

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

The Economic Stimulus Bill

Shelley Beeney (Real Living HER) — Fri, 13 Feb 2009 11:50:07 -0800

TO: State and Local Association Government Affairs and Communications Directors
FROM: NAR Government Affairs
RE: Economic Stimulus Bill
DATE: 12 February 2009

PLEASE NOTE ASSOCIATION EXECUTIVES WILL RECEIVE THIS EMAIL AT APPROXIMATELY 2:30 PM EASTERN TIME

The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) has been reconciled by the House and Senate. The details of the legislation have not been finalized but we expect the legislation to include a number of important housing provisions, including the remedies for the housing crisis that NAR prescribed at the annual meeting in Orlando, Florida.

Homebuyer Tax Credit - a $7500 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and September 1, 2009. The credit does not require repayment. Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit, as well.
FHA, Fannie and Freddie Loan Limits - Revised loan limits for FHA, Freddie Mac, and Fannie Mae. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the HUD Secretary.
Foreclosure Mitigation & Neighborhood Stabilization - Funding for states and local communities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized.

These elements of the American Recovery and Reinvestment Act of 2009 are the pillars of the NAR Housing Stimulus Plan presented to the 111^th Congress. Additionally we continue to work closely with the Department of Treasury and Secretary Timothy Geithner to implement a mortgage buy-down program. NAR also recommended that the Treasury Department expand the Term Asset-Backed Loan Facility (TALF) to include commercial mortgage-backed securities as eligible collateral. The Treasury has approved this recommendation and this will encourage investment in the commercial real estate market.

The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1)
Additional Housing and Other Provisions of Interest to NAR

Rural Housing Service - Increased funding for the Rural Housing Service direct and guaranteed loan programs.
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.
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.
Energy Efficient Housing - Grants for energy retrofits for federally assisted housing (section 8), funding for Energy Efficiency & Conservation Block Grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.
Transportation - Spending for upgrades and repairs of road, bridges and transit facilities.
Broadband Deployment - Grants to make broadband available in unserved communities

Make no mistake-our work with Congress and the Treasury Department is not yet completed, as the leading advocate for homeowners and the real estate industry, the National Association of REALTORS will continue to address the issues facing Americans who are trying to purchase a new home, protect their current home or preserve investment opportunities in residential and commercial properties.

NAR recognizes the efforts of the members of Congress and the Senate who understand that without a housing recovery, an overall economic recovery is impossible.

Today's Market

Shelley Beeney (Real Living HER) — Thu, 21 Aug 2008 13:04:04 -0700

Monday, August 18, 2008

Dear Sellers,

As a seller, it's important for you to understand the nature and complexity of the U.S. real estate market during the recession we've been experiencing in recent years. With job losses, a slowing in the economy, and increased debt per household-in part due to overextended borrowers in the sub-prime loan realm-Americans are feeling less inclined to make major home purchases. Basically, there's an overabundance of inventory in the market with a lack of buyers to match the supply. It's also becoming increasingly difficult for low income buyers with decent credit scores to receive home loans from lenders.

The good news is that we've already hit bottom and are on our way to slow and steady economic prosperity in the housing industry. Unfortunately, it may be another year or so before the market begins to show a pronounced upswing. Since the average price of a home has fallen and transactions have declined, it's important to market your home at a price point that's sensitive to the slow, but steady rebound of the housing market. The government has recently passed a housing act that grants tax credit to first-time homebuyers upon the purchase of a new home. This stimulus hopes to further improve the conditions of the U.S. housing market.

As a seller, it's equally important that you prepare your home to meet the standards of the current housing market. Improve the resale value of your home by keeping up with the maintenance of your home, preparing for open houses or showings and following the suggestions of a professionally certified real estate agent. A basic understanding of the market along with mutual cooperation with a real estate professional will ensure the sale of your home during a more stagnant period in the housing industry.

For more information on market trends and what you can do as a seller to better understand the market, contact me today!