Real Estate Information

The Home Buyer's Tax Credit is back with a vengeance. Formerly just for those purchasing their first homes, the credit has now been expanded to homeowners who have been in the home they are currently vacating or selling for 5+ years.

The Key Points: (so you can look smart at the watercooler, church, etc)

• $8000.00 Tax Credit for FIRST TIME BUYERS (first home ever or have not owned primary for 3 years) extended into 2010
• $6500.00 Tax Credit ADDED to the mix for current homeowners who have been in their current primary residence (not investment home) for 5+ yrs. This is KILLER for those who have been eying currently sweet deals thinking about moving "up", "down" or "over" in this market
• For EITHER credit you must have your home purchase "under contract" by April 30, 2010 and it must be closed by July 1, 2010.
• Income limits have been increased - up to $125k for a single buyer or up to $225k income for married couples
• Home purchases OVER $800k do not qualify
• As before, neither of the credits ever need to be paid back - FREE MONEY!

I agree wholeheartedly with the rest of the world on the fact that our Government is leveraging our lives away with these federally sponsored bailouts, etc, but it doesn't change the fact that these programs: #1 - exist, and that #2 - people would be complete idiots for not taking advantage of the great opportunties they create.

Thoughts?

The final episode in our "Real Estate Halloween" series! Let's just have a really honest dialogue here. The only thing more frightening than Short Sales, Poorly Staged Homes and of course...Lowball Larry, are OVERPRICED LISTINGS! They take longer to sell, sell for less money, and are part of the inventory problem in not just St. George, Ut, but every real estate market in the world!

Jeremy dons his best "Weekend at Bernie's outfit to discuss the phenomenon of overpricing and how Sellers benefit on their NEXT PURCHASE by pricing right NOW! DON'T CHASE THE MARKET....LEAD IT!

Let's get serious here folks....nobody likes a low-baller!

In this, our 3rd segment of our 5-party series "Real Estate Halloween: 5 Things that keep me up at night",  Jeremy Larkin talks about why Lowball Larry does the things he does and not only HOW Buyers can specifically overcome reluctance to buy in this changing market, but why those who don't are missing out big time! 

SHOUT OUT TO JUAN VALDEZ!

Really...truly....painfullly....CLASSIC! This is just too funny and illustrates the pain that 99.9 % of buyers are feeling when trying to buy bank-owned homes right now!

Enjoy and GIVE US SOME FEEDBACK!

Thanks to all of you for your support and rave reviews of installment #1 in the "Real Estate Halloween" 5-part series: Short Sales! I had a "fittish" sleep last night for sure after spending so much time dwelling on that subject.

That brings us to installment #2 in our Halloween Spooktacular! THE POORLY STAGED HOME. This subject strikes fear the hearts of serious Real Estate Agents worldwide, turns off thousands of Buyers from truly considering an otherwise decent home, and is one of the great downfalls of many a Seller.

We actually SHOW YOU what NOT to do with some shots of poorly staged homes, as well as WHAT to do with some great shots of well-staged homes that sold QUICKLY and for top dollar.

Click on the video below to enjoy:

Welcome to part 1 of a 5-part, 5-day series titled  "Real Estate Halloween: 5 Things That Keep Me Up at Night."  This is a Hallloween Special and OF COURSE, Jeremy is costumed up in something different every day so this series is NOT TO BE MISSED.

Part 1: Short Sales.

Jeremy (naturally) dons a Mullet for this episode to discuss short-sales. What can we say? They send chills down my spine! They take too long, they are confusing, and Buyer and Seller have no control in the process. Necessary evil? Yes, but it doesn't mean we like it.

Watch the video for my rules on "when" to offer on a short-sale as well as the top 3 trends to expect in 2010.

One of my FAVORITE (not) situations as a Real Estate Professional is the Buyer who wants a "bargain" on a "bargain." We show them a KILLER deal and they immediately say, "so what do you think we could get it for?"

I like to refer to this guy as "Lowball Larry." Have you met him? Is wearing your pants right now?

In today's report we talk about the fact that home sales nationwide are up 9.4% month over month - a 2 year HIGH,! And the fact that many, many properties in the St. George area are selling for FULL PRICE or HIGHER in literally just a few days.

Buyers beware - the deals are right in front of you and may never get any better.  CHECK OUT THE VIDEO:

Am I the only one who is just SICK AND TIRED of the summer heat? What a pleasure it was to journey up to the Veyo Pool, one of our long cherished family traditions. It is just so quaint, the grill is OFF THE CHARTS and the kids worship the whole experience. HERE IS A SHORT VIDEO of the day including crawdad fishing!

 As a lifetime resident of the St. George area I have always maintained that there are 4 stages people go through each summer. It looks like this:

Stage 1 (Late may through June): "Finally I can go swimming! I just love this dry heat!"

Stage 2 (July 1 to July 31): "MAN it is hot! Well, I guess it's around 4th of July time so what else can we expect? Summer won't last forever."

Stage 3 (Aug 1st to Aug 31): "Ok, that is ENOUGH! I can't stand another day of it. My back is dripping and I can't even go outside!"

Stage 4 (Sept 1 to verifiable cooldown): "I thought summer was over?!?! I can't believe this 'Indian Summer' BS....it may be time to move to Alaska!)

And by mid October of course we are into what my brother and I refer to as "Chamber of Commerce weather" which makes St. George an easy sale for delusional marathon runners and rich World Senior Games attendees.

At the end of the day I still see this as the greatest place on earth. Clean air, light traffic, cooler than Phoenix or Vegas but not cold enough for any real snow, close to National Parks, and more.

Now does someone have a phone # to the chamber of commerce for a weather report?.......

Listen up.

Remember the old $6000.00 Utah "Home Run" Grants? I'm referring to the FREE money the State of Utah was giving away this Spring to Home Buyers purchasing homes that were brand new and had never been lived in (this includes condos / townhouses).

There were 1600 total grants available and they were GONE in under 120 days. Version "2.0" of the grant made its' debut today in the form of $4k.

The main difference between the $4k and $6k is that the new $4k can be reserved prior to the completion of construction of the home.

We assisted multiple Buyer clients in securing both the $6k and the $8k tax credit for 1st-time Buyers. Can those of you who already own a home IMAGINE that?.....$14k in free money to buy a home? For those who don't dilly-dally (and qualify as 1st-time Buyers) they will be able to secure up to $12k if they close before November 30, 2009, the cutoff date for the National tax credit - see HERE for details).

The phrase of the day is "GET CRACKIN!" With 1950 of these available and the prospect of the $8k tax credit drying up I imagine application activity for the Home Run Grant will be "brisk."

For a fantastically detailed fact sheet on the program, click HERE.  I imagine there will be many questions and both myself, as well as my preferred lender team will be happy to answer.

Cheers!

It is September 1st at the writing of this piece. You can only put this off so long you know, and if you are considering purchasing your "first"* home and taking advantage of FREE money in the form of an $8000.00 tax credit, your time is short!

A quick definition of "first time buyer." You either: A - have never owned a home before, or B - have not owned a primary residence in the past 3 years.

What could you do with $8000.00?!?!? Many buyers are borrowing that amount from friends or family, then paying them back after closing. Others are putting it into the home for repairs and upgrades, and still others are just keeping it for a rainy day.

Logic Behind "Time Running Out"

To receive the $8000.00 tax credit you must have closed on your home purchase by no later than November 30th, 2009. Assuming that it takes 30-45 days to process and fund a home mortgage these days, (and it does), that puts you at October 30th at the LATEST to put a firm contract together on a place. October 15th is more like it.

Find a great real estate agent who understands this process in depth, and an even better mortgage person and get on it. NOW!

A FEW SHORT VIDEOS TO WATCH ABOUT THE TAX CREDIT - GREAT STUFF:

JEREMY LARKIN Discusses Tax Credit from St. George Blvd: HERE

Detailed view of the tax credit, who qualifies, how to get it:  HERE