Tax Credit Extended!

Just about two hours ago, in the 25th hour, the Senate concurred with the House and passed the stand-alone bill to extend the first time home buyer's tax credit so buyers can still take advantage of the credit up to September 30, 2010. This is ONLY for buyers who were already in contract at the April 30, 2010 deadline--the assumption is that it will only benefit about 180,000 buyers who are currently in short sale transactions and have not received final approval so that they can close escrow. Full Article

First Time Home Buyer Tax Credit Extension?

The Senate has approved extending the "close dates" on transactions where buyers, who qualify for the FTHB tax credit, will receive another 3 months, until September 30, 2010, to close those transactions that qualify for the tax credit. This does NOT give buyers who got into contract after April 30th any benefit, and, in truth, the estimates are that it will only affect approx. 180,000 first time homebuyers.

It is, however, good news for those who may be waiting on approvals for short sale transactions and who were in contract prior to April 30th but are unlikely to close by June 30th.

Please note, this has been sent to the House of Representatives, so final approval will rest with their vote, expected next week.

MARKET FLASH

If annual trends hold this year, May should be a strong month for real estate. According to Lawrence Yun, NAR’s chief economist, there is a broad home sales recovery occurring in nearly every part of the country. Two trends to note are that sales have been above year-ago levels for the past 9 months while inventory has trended down from year-ago levels for the past 20 months.

What fed this growth? The home-buyer tax credit that was in effect until the end of April is being credited for preserving up to $1 trillion in housing wealth, according to Yun. Single-family home sales are over 13% higher than a year ago.

Home prices have stabilized and mortgage interest rates are historically low. There is a sense that the market is turning and conditions are optimal in most of the country.

New EPA law for House built prior to 1978

There is a new federal statute requiring contractors to be certified in order to do remodeling work on properties built prior to 1978. This will affect those of you who hire people to work on properties in preparation for sale. Full details here: http://www.epa.gov/lead/pubs/renovaterightbrochure.pdf

Growth!

March 15 (Bloomberg) -- The U.S. housing market is poised to withstand the removal of government and Federal Reserve stimulus programs and rebound later in the year, contributing to annual economic growth for the first time since 2006.

An Easy Answer

Today at our meeting I was asked what I have done to become a successful Realtor. I replied: "I really haven't done anything but be myself."

It reminded me of a quote from my favorite, Dr. Seuss: “Today you are You, that is truer than true. There is no one alive who is Youer than You.”

Cheers,

-Mike

Mike gets global recognition from 2009 Premier Club

On Wednesday I received an award from The 2009 Premier Club. The Premier Club is a sales associate recognition program that identifies referral achievement in the Leading Real Estate Companies of the World® which we (Alain Pinel) are a member. I'm very appreciative of this recognition and thanful for all your support. I look forward to helping you and your families for years to come. -Mike