The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.
Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.
The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat opposed.
The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills.
The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.
The amendment does not extend the deadline for homebuyers to qualify for the tax credit, NAR said in urging lawmakers to approve it, but simply extends the deadline for closing transactions already in contract.
"Since these applications were already in the pipeline and figured into the program's cost, the extension of the closing deadline should not incur any further government costs," NAR President Vicki Cox Golder said in a statement.
There has been some speculation that some homebuyers will attempt to submit fraudulent claims for the tax credit by backdating documents showing they were under contract by April 30, and that extending the deadline for closing would expose the government to more fraudulent claims.
Thursday, June 17, 2010
Tuesday, June 1, 2010
Home Buyer Tax Credit Extended for Military Personnel
The popular Home Buyer's Tax Credit has expired for all Americans, except for three very deserving groups: the brave men and women of the uniformed services of the U.S military, members of the Foreign Service of the U.S., or employees of the intelligence community who are actively serving outside of the U.S. on "official extended duty." Official extended duty is defined as any period of extended duty outside of the United States for at least 90 days during the period beginning December 31, 2008 and ending before May 1, 2010. That's right. Thanks to the Worker, Home Ownership, and Business Assistance Act of 2009, which was signed into law by the President on November 6, 2009, qualified military service members have one extra year to take advantage of The Homebuyer's Tax Credit of up to $8,000 for first-time buyers and up to $6,500 for certain repeat buyers. This means qualified military members must be under contract on a purchase by April 30, 2011 and close on the deal by June 30, 2011. Qualified military buyers can also utilize this tax credit along with other available benefits from the Department of Veterans Affairs (VA), making this dollar-for-dollar tax credit extremely financially attractive with today's lower home prices and lower interest rates. That's because the VA allows qualified military borrowers to purchase certain homes in certain areas with no money down and no private mortgage insurance. To be a qualified first-time home buyer and receive a tax credit of up to $8,000, the buyer and his or her spouse cannot have owned a home in the last three years. Unlike the Home Buyer Tax Credit for civilians, however, the maximum purchase price of a home is $800,000 under this program – anything over that and the tax credit is invalid. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. To be a qualified "repeat buyer" or non first-time buyer and receive a tax credit for up to $6,500, a buyer must have lived in his or her current residence for five out of the last eight years. The rest of the requirements are generally the same as the $8,000 tax credit. You served your country, let us serve you. If you or someone you know is looking to purchase a new home and may qualify for this incredible opportunity, please don't hesitate to give Brett Knowles a call right away! 910 279-3000
Wednesday, May 19, 2010
Sea Coast Realty Ranks High Nationwide!!
Sea Coast Realty Ranks Highly Among Nation’s Top Real Estate Companies
Posted: 18 May 2010 09:05 AM PDT
REAL Trends 500
Coldwell Banker Sea Coast Realty is among the country’s largest and most successful residential real estate companies named in the recently released 2010 REAL Trends 500 report. The list is released annually by REAL Trends, Inc., the residential real estate industry’s leading source of analysis and information.
The REAL Trends 500 report ranks the country’s top residential real estate companies by closed transactions and by sales volume. In 2009, Coldwell Banker Sea Coast Realty closed 2,799 sales, ranking #151 in the list of “The 500 Largest Brokers in the U.S.” ranked by closed transactions. Sea Coast Realty closed $579,520,735 in sales volume in 2009, ranking #162 in the list of “The 500 Largest Brokers in the U.S.” ranked by sales volume.
Coldwell Banker Sea Coast Realty ranked #23 out of more than 1,074 Coldwell Banker affiliated companies in the U.S. Coldwell Banker was ranked as the country’s #1 real estate franchise again this year, closing more than $128 billion in sales and almost twice as many sales transactions as the next leading real estate franchise.
Locally, Coldwell Banker Sea Coast Realty performed similarly well. In 2009, it closed more than twice as many sales as the next leading company. Sea Coast Realty has claimed the title as southeastern North Carolina’s top selling real estate company for ten years in a row.
Posted: 18 May 2010 09:05 AM PDT
REAL Trends 500
Coldwell Banker Sea Coast Realty is among the country’s largest and most successful residential real estate companies named in the recently released 2010 REAL Trends 500 report. The list is released annually by REAL Trends, Inc., the residential real estate industry’s leading source of analysis and information.
The REAL Trends 500 report ranks the country’s top residential real estate companies by closed transactions and by sales volume. In 2009, Coldwell Banker Sea Coast Realty closed 2,799 sales, ranking #151 in the list of “The 500 Largest Brokers in the U.S.” ranked by closed transactions. Sea Coast Realty closed $579,520,735 in sales volume in 2009, ranking #162 in the list of “The 500 Largest Brokers in the U.S.” ranked by sales volume.
Coldwell Banker Sea Coast Realty ranked #23 out of more than 1,074 Coldwell Banker affiliated companies in the U.S. Coldwell Banker was ranked as the country’s #1 real estate franchise again this year, closing more than $128 billion in sales and almost twice as many sales transactions as the next leading real estate franchise.
Locally, Coldwell Banker Sea Coast Realty performed similarly well. In 2009, it closed more than twice as many sales as the next leading company. Sea Coast Realty has claimed the title as southeastern North Carolina’s top selling real estate company for ten years in a row.
Monday, May 10, 2010
Thursday, May 6, 2010
Another Satisfied Customer!!
Overall service was very good. Very knowledgeable of market and pricing. Provided good guidance.
~C.Gillick
~C.Gillick
RISMEDIA, May 6, 2010—(MCT)—
Spring cleaning is turning into spring remodeling this year for many homeowners.
Home improvement projects are starting to make a comeback after frugal consumers pulled the plug on remodeling and renovation work during the downturn.
With the economy showing signs of stabilizing and retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes’ appearance and value by repainting their bathrooms, installing new floors and carpets, and upgrading their kitchens.
Maritza Vega Gentry, a property manager from Glendale, Calif., said she’d hoped to begin remodeling her home in 2007 but put her plans on hold when the stock market crashed. This year, she said, she’s feeling more confident about the economy and plans to spend at least $5,000 on recessed kitchen lighting, ceiling fans and two sun roofs.
“I just sat back and waited for three years,” Gentry said while checking out light fixtures at Home Depot in Burbank, Calif., recently. “Now I’m back to doing what I was supposed to be doing: remodeling and taking care of business. I’m doing every repair that I can right now.”
In a survey recently released by American Express, 62% of homeowners said they planned to embark on home improvement projects in 2010, spending an average of $6,200 on enhancements.
It’s a relief for the battered home improvement market, which saw consumer spending plummet about 27% since 2007 as homeowners delayed or scrapped remodeling plans.
According to a report this month by the Joint Center for Housing Studies at Harvard University, the sector is estimated to see nearly 5% growth in 2010—although industry experts caution that a full rebound will take a while.
“The gradual recovery in the broader economy should encourage more remodeling spending by homeowners,” said Nicolas P. Retsinas, director of the housing studies center. “This year could produce the first annual spending increase for the industry since 2006.”
In their most recent earnings reports, Home Depot Inc. and Lowe’s Cos., the nation’s two largest home improvement retailers, posted better-than-expected fourth-quarter results and said consumers seemed to be more willing to take on costlier projects.
At Lowe’s, based in Mooresville, N.C., “the worst of the economic cycle is likely behind us,” Chief Executive Robert A. Niblock said recently in a call with analysts.
Atlanta-based Home Depot said fourth-quarter business picked up in some areas in California and Florida—states hit especially hard by the housing crisis—and said that of its top 40 U.S. markets, all but two showed improvement at same-store sales, or sales at stores open at least a year.
“All of this gives us some cause for optimism in 2010,” Chief Executive Frank Blake said in a call with analysts. “We’ve been waiting for this transition for a long time.”
For fiscal 2010, Home Depot estimated that same-store sales would increase 2.5%; Lowe’s projected that its same-store sales would rise 1% to 3%.
Business still isn’t where it used to be for Sergio De Paula, a general contractor from South Pasadena, Calif., who specializes in installing outdoor kitchens. In the last few years, he saw revenue decline 40% to 60% as clients halted projects or opted for more modest outdoor setups. “Now that the worst of the housing crisis is over, they’re starting to invest again, so we’re getting a lot more calls,” De Paula said. “It’s nowhere near pre-recession levels, but at least it’s starting.”
Joe McFarland, western division president at Home Depot, said many customers are now opting for do-it-yourself projects instead of hiring professionals, leading to a boost in sales of power tools, fertilizer and fruit and vegetable plants. “The downturn changed people’s outlook on the way they spend money for years to come,” he said. “We’re all anxiously awaiting what the new normal will be.”
(c) 2010, Los Angeles Times.
Distributed by McClatchy-Tribune Information Services.
Spring cleaning is turning into spring remodeling this year for many homeowners.
Home improvement projects are starting to make a comeback after frugal consumers pulled the plug on remodeling and renovation work during the downturn.
With the economy showing signs of stabilizing and retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes’ appearance and value by repainting their bathrooms, installing new floors and carpets, and upgrading their kitchens.
Maritza Vega Gentry, a property manager from Glendale, Calif., said she’d hoped to begin remodeling her home in 2007 but put her plans on hold when the stock market crashed. This year, she said, she’s feeling more confident about the economy and plans to spend at least $5,000 on recessed kitchen lighting, ceiling fans and two sun roofs.
“I just sat back and waited for three years,” Gentry said while checking out light fixtures at Home Depot in Burbank, Calif., recently. “Now I’m back to doing what I was supposed to be doing: remodeling and taking care of business. I’m doing every repair that I can right now.”
In a survey recently released by American Express, 62% of homeowners said they planned to embark on home improvement projects in 2010, spending an average of $6,200 on enhancements.
It’s a relief for the battered home improvement market, which saw consumer spending plummet about 27% since 2007 as homeowners delayed or scrapped remodeling plans.
According to a report this month by the Joint Center for Housing Studies at Harvard University, the sector is estimated to see nearly 5% growth in 2010—although industry experts caution that a full rebound will take a while.
“The gradual recovery in the broader economy should encourage more remodeling spending by homeowners,” said Nicolas P. Retsinas, director of the housing studies center. “This year could produce the first annual spending increase for the industry since 2006.”
In their most recent earnings reports, Home Depot Inc. and Lowe’s Cos., the nation’s two largest home improvement retailers, posted better-than-expected fourth-quarter results and said consumers seemed to be more willing to take on costlier projects.
At Lowe’s, based in Mooresville, N.C., “the worst of the economic cycle is likely behind us,” Chief Executive Robert A. Niblock said recently in a call with analysts.
Atlanta-based Home Depot said fourth-quarter business picked up in some areas in California and Florida—states hit especially hard by the housing crisis—and said that of its top 40 U.S. markets, all but two showed improvement at same-store sales, or sales at stores open at least a year.
“All of this gives us some cause for optimism in 2010,” Chief Executive Frank Blake said in a call with analysts. “We’ve been waiting for this transition for a long time.”
For fiscal 2010, Home Depot estimated that same-store sales would increase 2.5%; Lowe’s projected that its same-store sales would rise 1% to 3%.
Business still isn’t where it used to be for Sergio De Paula, a general contractor from South Pasadena, Calif., who specializes in installing outdoor kitchens. In the last few years, he saw revenue decline 40% to 60% as clients halted projects or opted for more modest outdoor setups. “Now that the worst of the housing crisis is over, they’re starting to invest again, so we’re getting a lot more calls,” De Paula said. “It’s nowhere near pre-recession levels, but at least it’s starting.”
Joe McFarland, western division president at Home Depot, said many customers are now opting for do-it-yourself projects instead of hiring professionals, leading to a boost in sales of power tools, fertilizer and fruit and vegetable plants. “The downturn changed people’s outlook on the way they spend money for years to come,” he said. “We’re all anxiously awaiting what the new normal will be.”
(c) 2010, Los Angeles Times.
Distributed by McClatchy-Tribune Information Services.
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