The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.1% to 110.1 in September, following a 6.4% increase in August. It was the eighth consecutive monthly increase and the highest reading since December 2006. Read more here.
Legislators today voted to extend the $8,000.00 first time home buyer credit. Many say that the credit is responsible for the spike in the local real estate market while others criticize it as not being enough of an effort to stimulate the economy.
The President is expected to sign the extension making the credit available to first time home buyers through June 2010. The program has also been expanded to benefit certain home owners who will be buying again within the credit period. Income caps have also been increased along with the purchase price cap. You can read more about the specifics of the extension here.
The United States Senate leadership amended a proposition to substitute an expiring $8,000 first-time home buyer tax credit, extending the credit to higher-income borrowers and to others who already own real estate, according to Bloomberg.
The program would extend the revised credit to April 30, 2010. It will also make the credit available to homeowners and buyers earning up to $125,000, or $225,000 for couples, this is an increase from $75,000 for individuals and $150,000 for couples available current available.
I had to share this jewel of wisdom/sales advice.
Jeffrey Gitomer is an off the wall, real world speaker and writer and an expert in sales and marketing. I follow his “rants” regularly and occassionaly I am compelled to share his take.
I have been speaking recently with many of my real estate business partners about their valid frustration over the Home Valuation Code of Conduct (HVCC) and how it unnecessarily jeopardizes transactions for homeowners and potential buyers.
The Federal Law imposed to protect consumers, as many others like it, is quickly becoming more of a burden then a benefit for the very consumer it is designed to protect.
There is an effort in the industry to encourage lawmakers to reconsider the HVCC. You can learn ore about the effort here and sign a petition that will be presented to lawmakers.
For those who may not be familiar with the code The Home Valuation Code of Conduct stipulates how appraisers, loan officers, lenders and real estate agents can handle the real estate appraisals in part it states that:
The mandate of the institution of a third part vendor has caused a pricing shift. The cost of appraisals has not yet increased dramatically which means there is less of a profit now to be shared between the third party vendor (appraisal management company) and the actual appraisal company. The result is that appraisers with little or no experience are being used to reduce cost to the appraisal companies. Appraiser work loads are being increased and appraisers are working in unfamiliar markets/geographic areas.
Read more about the Home Valuation Code of Conduct here.
Sign the petition here.