The New First Time Home Buyers Tax Credit and Expansion

It looks like the extension and expansion of the $8,000 First Time Homebuyers Tax Credit is a done deal so what does that mean for The Real Estate industry?

1st - It allows first time homebuyers to continue to buy in a great market and get money back from the government! Don’t get me wrong, I’m not a fan of increasing the national debt, but this incentive is increasing real estate sales and helping the economy to begin its recovery so I believe it is money well spent!

2nd - Congress has expanded the program to include homebuyers who have lived in their home 5 of the past 8 years. This is HUGE since many people are upside down in their mortgage. This will give homeowners the incentive to go ahead and sell their homes even if they are taking a loss and buy another home at a great deal using the $6,500 credit to offset the difference! This will result in more sales in the market place and again increase the real estate market, further helping us out of this recession. Since the deadline is April 30th, it will also increase sales throughout the winter, which are usually slower months for real estate.

3rd - It also increases the income limits to $125,000 for individuals and $225,000 for married couples. This will widen the pool and more people will qualify for the program!

What can Real Estate agents do to get ready for this program?

We need to position ourselves in the market by taking as many listings as we can! When these people are looking for homes, wouldn’t you like to have the listing they are looking for? We are already seeing a limited supply of GOOD homes in the first time home buyers price range so prepare your buyers for that and don’t let them lose their perfect home!

Move up buyers, who have homes priced in the first time buyer range, will come out winners. They can put their home on the market and sell at a reasonable price, then buy a higher priced home at a great deal and get the tax credit if they qualify.

The best way to take advantage of this is to contact your client list and educate them on how they can take advantage of this program and how it can work for them! Many people may not even know how this could help them, so it is your job to let them know. Remember, you are doing your clients a favor by informing them and you will be surprised how many of your clients are on the fence and this key information can make the difference!

Your Nashville, Franklin and Brentwood Homes For Sale Source!

HOME SALES DECLINE, PENDING SALES GET BOOST
Your Nashville, Franklin and Brentwood Homes For Sale Source!

There were 1,604 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 24.9 percent decrease compared with 2,135 closings in April of 2008.

Year-to-date closings are down compared to last with year with 7,898. That is a 28 percent decrease compared to the 10,979 closings reported through April 2008.

“Home sales in Greater Nashville continue to decline, but there are some encouraging signs,” said GNAR President Mike Nichols. “First, the rate of decline in sales is still significant, but much smaller than it has been in recent months. And second, pending sales are increasing. The spring and summer are traditionally the strongest seasons for home sales, so we do expect to see some growth in coming months.”

A comparison of sales by category for April is:

2,135 Closings April 2008
Residential - 1,713
Condominium - 281
Multi-family- 27
Farms/Land/Lots - 114

1,604 Closings April 2009
Residential- 1,336
Condominium - 180
Mulit-family- 19
Farms/Land/Lots- 69

There were 1,865 sales pending at the end of April, compared with 2,342 pending sales at this time last year. The average number of days on the market for a single-family home was 91 days.

The median residential price for a single-family home during April was $164,500 and for a condominium it was $149,900. This compares with last year’s median residential and condominium prices of $180,000 and $162,000, respectively.

Inventory at the end of April was 24,408, down from 24,670 in 2008. The current inventory of properties by category, compared to last year, is:



Inventory April 2008 was 24,670
Residential - 15,741
Condominium- 2,602
Multi-family- 391
Farms/Land/Lots - 5,936

Inventory April 2009 was 24,408
Residential - 14,855
Condominium- 2,575
Multi-family- 395
Farms/Land/Lots - 6,583



“Inventory is fairly stable right now, and is actually almost right where it was a year ago,” Nichols added. “Farm, land and lots is the only category that is up significantly. Residential and condominium are both down. Farm, land and lots will likely stay where it is until homebuilding activity begins to increase again. For those trying to sell their home, it makes sense to have it fixed up inside and create as much curb appeal as possible. Competition for buyers is still very significant so preparation and proper pricing are critical to making transactions happen.“

The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400

Your Nashville, Franklin and Brentwood Homes For Sale Source!

First Time Buyer 2009 Tax Credit Information

Brentwood TN Real Estate

Now is the time to buy, we are here to help!

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400

Your Nashville, Franklin and Brentwood TN real estate and homes experts!

$15,000 Home Buyer Incentive!

$15,000 Home Buyer Incentive, What It Could Mean For Nashville, Brentwood and Franklin TN Areas!


Will a $15,000 home buyer incentive work in Nashville?

ABSOLUTELY!!! If the $15,000 home buyer incentive passes Congress in its present form, we will see a HUGE boost in the sales activity here in Nashville. We are currently working on the perfect storm with record low interest rates, sellers willing to negotiate, add to that a new buyer's incentive and we will see buyers falling off the fence in droves to buy that house they have been waiting for! This will also create a 2-fold benefit: By offering this incentive, it will help shore up the housing market and boost consumer confidence, then with a newfound $15,000 in their pocket, the consumers will likely spend this newfound windfall thereby stimulating the economy even more! Two benefits from one addition to the stimulus package - it doesn't get better than that!

Here are the details as I know them. For every home buyer that purchases a home this year, they will receive 10% of the value of the home up to $15,000 credit on their annual taxes. This is for a primary residence only and they do NOT have to be a first time home buyer! They also do NOT have to pay it back! This is a huge benefit to help encourage buyers to go ahead and make a purchase or LOSE the potential for a FREE $15,000.00 tax deduction!!

I also took a $160,000.00 house and with FHA financing and 3.5% down, the buyers would have enough credit to reimburse them for the down payment and make the payments for nearly a year. A FREE house for a year, would you take that?!


With the inventory we have on the market, the last thing anyone expects to hear is that we have a shortage. That may just be the case toward the end of this year when it comes to New Construction here in Nashville. With banks running scared on lending, builders are having a tough time getting bank loans to build more homes. Many of the small to medium size builders are working on selling their current inventory but are not able to start new ones. Here are some numbers:


Even though we have a decent month's supply currently on the ground, if the builders are not able to replace that inventory, it will dwindle down quickly to the least attractive homes. At that point, the large and cash builders will be in control and be able to charge more for their homes due to the limited supply. What should we do? Let buyers who want a new home know what is going on, and that NOW! is the time to make that decision before their choices are limited and costly!! We are the only education in real estate most buyers ever get, we must get out there and let them know what they need to know! This is a great time to buy and a great time to use a RE/MAX Elite agent, as we are historically among the best informed and most trusted agents in the world!
* Permission to re-publish courtesy Robb Campbell CEO RE/MAX Elite Brentwood TN*



Brentwood TN Homes for Sale

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400

Your Nashville, Franklin and Brentwood TN real estate and homes agent!

Will a 15,000 homebuyer incentive work in Nashville?

ABSOLUTELY!!! If the $15,000 home buyer incentive passes congress in it's present form, we will see a HUGE boost in the sales activity here in Nashville. We are currently working on the perfect storm with record low interest rates, sellers willing to negotiate and add that to a new buyers incentive we will see buyers falling off the fence in droves to buy that house they have been waiting for. This will also create a 2 fold benefit. By offering this incentive, it will help sure up the housing market and boosting consumer confidence. Then with a new found $15,000. in their pocket, the consumers will most likely spend this new found windfall therefore stimulating the economy even more. Two benefit's from one addition to the stimulus package. It doesn't get better than that.

Robb Campbell
RE/MAX Elite
615-661-4400

HOME SALES IN GREATER NASHVILLE REMAIN SLOW IN NOVEMBER

There were 1,243 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 45 percent from the 2,2,60 closings reported for the same period last year.

And, there were 22,824 closings year-to-date in 2008. That is a 29 percent decrease compared to the 32.112 closings reported through November 2007. “The real estate market in Greater Nashville is clearly feeling the effects of national economic trends,” said GNAR President Mandy Wachtler. “It has taken longer for the trends to have their impact here, and the impact is still less than many other locations.

And, we anticipate that we will be among the places where positive trends are seen earlier than other locations, as well. Even with the current market conditions we have, there is still no better place to be than right here."

A comparison of inventory by category for November is:
Total Inventory ResidentialCondominiumMulti-familyFarms/Land/Lots
November 2007

22,301 14,557 2,404 418 4,922

November 2008

23,467 14,167 2,453 375 6,472

There were 1,267 sales pending at the end of the month, compared with 1,946 pending sales at this time last year. The average number of days on the market for a single-family home was 81days. The median residential price for a single-family home during November was$165,000, and for a condominium it was $150,000. This compares with last year’s median residential and condominium prices of $179,900 and $167,035, respectively.

Inventory at the end of November was 23,467, up from 22,301 in November 2007. The current inventory of properties by category, compared to last year, is:
A comparison of inventory by category for November is:
Total Inventory

Residential Condominium Multi-family Farms/Land/Lots
November 2007

22,301 14,557 2,404 418 4,922

November 2008

23,467 14,167 2,453 375 6,472

“Inventory remains plentiful but seems to be leveling out, especially for residential and condominium properties,” said Wachtler. “There are loans available at what are still remarkable rates and transactions are still getting done at fair market prices for both buyers and sellers."

The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.
©Copyright 2007-2011 GNAR.

Vanessa Stalets

615-957-6333

RE/MAX Elite

615-661-4400
Brentwood TN Real Estate

How to Avoid Foreclosure

Brentwood TN Real Estate and Homes for Sale

This article is also featured prominently on Trulia! http://www.trulia.com/voices/marketcrisis

Foreclosure is a very stressful ordeal. Many homeowners that are facing foreclosure avoid dealing with the facts that put them into this situation in the first place.
While there are some home owners that knowingly engage in mortgage fraud and never intend on making a single payment, most homeowners are honest people who have simply been caught in unfortunate circumstances.

Many homeowners facing foreclosure have made payments faithfully for years, but they find themselves in a situation where they are simply unable to make the payments anymore.
There are numerous reasons why home owners can be facing possible foreclosure. Job loss is one of the most common. Having a sudden illness or medical emergency can also be reasons for not being able to make house payments on time. There are other extenuating circumstances, such as divorce or the inability to pay an interest rate that has increased. No matter what the cause for the situation, there are several steps you can take in order to avoid foreclosure on your home.

The best defense is a good offense. Don't ignore the situation. Don't just toss the letters from the mortgage company into the garbage and avoid phone calls. If you know that something is happening and that you will be unable to pay your mortgage payments on time, the very first thing that you should do is call your mortgage lender!

The second thing to remember is that your mortgage holder does not want to foreclose on you. Most mortgage lenders want to work out some sort of payment schedule so that you can keep your house and they will be able to get their payments.

Be honest with the mortgage company. Let them know what your situation is and when they can expect to have a payment. Your main goal is to keep the mortgage company from filing a Notice of Default. If a lender files a Notice of Default, your options are severely limited, so you need to take control of the situation and make the first move toward finding a resolution.

By contacting your mortgage company and requesting time to make up the payments that you have missed, you will be well on your way toward avoiding foreclosure!

Vanessa Stalets
615-957-6333
RE/MAX Elite
615-661-4400

Brentwood TN Homes

Your Brentwood TN Real Estate Expert!