Birmingham Michigan Realtors
The homebuyer tax credit has been extremely successful and has really had a positive impact on the real estate market. Hundreds of thousands of homes have been sold as a result of buyers taking advantage of the tax credit. The credit was scheduled to expire on November 30th but has been extended and expanded! The new credit will be good thru April 30th! Here are some of the specific details:
Continue reading ‘HOMEBUYER TAX CREDIT IS EXTENDED!’ »
The landscape of mortgage lending has been in a constant state of flux over the past year with guidelines getting stricter and many programs being eliminated. One of the hardest hit areas has been Jumbo Lending. A Jumbo Loan exceeds the Fannie Mae / Freddie Mac loan limit which is currently $417,000.
We are constantly looking for new wholesale relationships that offer better terms for our buyers and we just discovered some new programs available to Jumbo borrowers! Take a look at these examples:
Continue reading ‘New Jumbo Loan Options’ »
The Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week. The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year.
Good for Move-up & Fresh Start Buyers
The legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
Good for YOUR Real Estate Business
The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
Continue reading ‘Senate Extended First Time Home Buyer Tax Credit 85-2’ »
Dr. Douglas H. Hardy, chairman of SKBK Sotheby's International Realty in Birmingham, who is showing homes to Fiat executives, says they are awed by the size of appliances in U.S. kitchens, such as this one in Bloomfield Village. He adds: "The size of the refrigerator blew their minds."
Three months after Italy’s Fiat took a controlling stake in Auburn Hills-based Chrysler, new Chief Executive Officer Sergio Marchionne has a condo in Birmingham and more Italian executives are moving into the area.
“Everyone is genuinely excited that the Italians are coming,” said Ed Nakfoor, a Birmingham-based retail consultant. “Everyone thinks they are these chic people.”
Dr. Douglas H. Hardy, chairman of SKBK Sotheby’s International Realty in Birmingham, whose firm is handling Fiat’s relocation’s, said Birmingham, Bloomfield Hills and Bloomfield Township have been popular locations. Potential buyers are looking at homes starting at $200,000.
“We are working with two to three a month,” said Hardy. “They are sending their top people so far. They are establishing a camp first.”
Still, most Fiat executives moving here are leasing, despite low home prices. That’s in contrast to the 1998 union of Daimler-Benz and Chrysler. German employees settled here in greater numbers and tended to purchase homes, said Carolyn Bowen-Keating, a relocation specialist for Coldwell Banker Weir Manuel in Birmingham.
Continue reading ‘Italians get taste of U.S. Kitchens, stores wow Fiat’s execs’ »
The following is a statement by National Association of Realtors® President Charles McMillan:
“The Federal Housing Administration is playing a crucial role in providing mortgage financing to the housing market, as mortgage and banking systems have faced collapse. While FHA’s capital reserve ratio has declined, that is not surprising for an agency dealing in housing finance in today’s market, and there is no sign that a taxpayer bail-out will be required. FHA stands in contrast to entities in the private sector, including Fannie Mae, Freddie Mac and many large banks that have needed tens of billions of dollars in federal funds.
Continue reading ‘FHA Taking Steps to Ensure Taxpayer Money during Housing Crisis’ »
Realogy Corporation, a global provider of real estate and relocation services, announced its support of a bi-partisan Senate bill (S. 1678) recently introduced that would create a six-month extension of the $8,000 federal tax credit for first-time homebuyers and move the current expiration date forward to June 1, 2010.
“This is an important next step for maintaining positive momentum toward a recovery in the housing markets and the overall U.S. economy,” said Realogy President & CEO Richard A. Smith, who also serves as chair of the Business Roundtable’s Housing Working Group. “While we applaud this effort and support passage of this prudent and necessary legislation, we also want to make it clear that we will continue to work with Congress to broaden the scope of the credit.
“Specifically, Realogy supports expanding the existing first-time homebuyer tax credit to all homebuyers of a principal residence, increasing the size of the tax credit, and eliminating the existing income eligibility caps, all of which we believe are critical to the ‘move-up’ or repeat buyers who we expect will drive the essential second phase of a housing recovery.
Continue reading ‘Realogy Supports Bill To Extend First Time Homebuyer Tax Credit to June 1st’ »
Trulia is excited to introduce our ‘Trulia Mayor’ program, a new initiative that will help strengthen and expand the Trulia Voices community including nearly 400,000 real estate professionals.
Trulia Mayors are great social media role models and innovators, and will represent the opinions of real estate professionals in various Trulia efforts. Mayors will attend frequent roundtable meetings, get sneak peeks of upcoming projects and will provide their input in content quality matters on Trulia Voices. Additionally, Trulia Mayors will be participating in various PR and marketing efforts, such as co-hosting local events and co-authoring newsletters and articles, to spread their knowledge and provide expert advice to consumers and professionals alike. Bottom line – it’s pretty cool.
Continue reading ‘SKBK Sotheby’s Has a Mayor of Trulia’ »
