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NAR, the National Association of Realtors has issued a “Red Alert” call to action, asking all Realtors to join them in reminding congress how important the Mortgage Interest Deduction (MID) is to national and local real estate markets, and to the economy as well.
There has been talk recently of changes to, or the elimination of, the homeowner’s tax deduction for mortgage interest. The federal policy choice to support and nurture home ownership has been in the Internal Revenue code since its inception. Now is not the time to undermine that basic decision.
The tax system does not “cause” home ownership, People buy homes to satisfy many social, family and personal goals. The tax system facilitates home ownership. The tax system supports home ownership by making it more affordable
The state of the real estate market, whether thriving or struggling, has a huge ripple effect, either buoying, or depressing local economies. Research has consistently shown that a reduction or loss in the MID will cause the value of existing homes to fall. Research also shows that this loss in value is never fully recouped.
With the help and support of its members, the National Association of Realtors has stood up, once again, in support of the MID. They are asking for your continued support.
Realtors, you can go to the NAR website, Realtor.org, and will be connected via cell phone to your representatives in the House, as well as in the Senate. There is also a list of talking points (from a Realtor’s stand point)
For anyone else interested in taking a stand and voicing your opinion, you can find your representatives by going to;
From the National Association of Realtors, Friday, July 1, 2010; “I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.”
Today, June 30th 2010, marked the end of the $8,000 Federal First Time Homebuyer’s Tax Credit, as well as the $6500 Move-up Credit. Congratulations to all who were able to take advantage. If you recently closed escrow, or are currently in escrow, you may also be able to take advantage of the California tax credit for first time buyers…but you need to hurry! There are very strict application time limits, limited funds and limited applications being accepted…many of which are already in. For more information on the California Tax Credit, check out the following link to the California Franchise Tax Board, and as always, also talk to your tax professional.
It will be interesting to see if the June Sales Data shows any significant numbers as homebuyers hurried to close on time. There has been much debate on the subject. Did the Tax Credit improve sales….or was it a bust? Stay tuned.
When Mike and I meet with new clients we want them to be completely comfortable with the whole process of buying and/or selling a home. One of the first things we tell them is that there is no such thing as a dumb question in real estate. So, when creating an email for our Radio Show listeners, we didn’t have to search very far for the name; NoDumbQuestion@gmail.com We love to answer your questions…. It keeps us on our toes 😉 So, bring on those questions you’ve been afraid to ask (we promise not to laugh….or roll our eyes) because there really are no dumb questions.
Here’s a Thanksgiving poem for all to share. Enjoy…
TWAS THE NIGHT OF THANKSGIVING,
BUT I JUST COULDN’T SLEEP.
I TRIED COUNTING BACKWARDS,
I TRIED COUNTING SHEEP.
THE LEFTOVERS BECKONED –
THE DARK MEAT AND WHITE,
BUT I FOUGHT THE TEMPTATION
WITH ALL OF MY MIGHT.
TOSSING AND TURNING WITH ANTICIPATION,
THE THOUGHT OF A SNACK BECAME INFATUATION.
SO, I RACED TO THE KITCHEN, FLUNG OPEN THE DOOR,
AND GAZED AT THE FRIDGE, FULL OF GOODIES GALORE.
GOBBLED UP TURKEY AND BUTTERED POTATOES,
PICKLES AND CARROTS, BEANS AND TOMATOES.
I FELT MYSELF SWELLING SO PLUMP AND SO ROUND,
‘TIL ALL OF A SUDDEN, I ROSE OFF THE GROUND.
I CRASHED THROUGH THE CEILING, FLOATING INTO THE SKY,
WITH A MOUTHFUL OF PUDDING AND A HANDFUL OF PIE.
BUT, I MANAGED TO YELL AS I SOARED PAST THE TREES….
HAPPY EATING TO ALL – PASS THE CRANBERRIES, PLEASE.
MAY YOUR STUFFING BE TASTY,
MAY YOUR TURKEY BE PLUMP.
MAY YOUR POTATOES ‘N GRAVY HAVE NARY A LUMP.
MAY YOUR YAMS BE DELICIOUS.
MAY YOUR PIES TAKE THE PRIZE,
MAY YOUR THANKSGIVING DINNER STAY OFF OF YOUR THIGHS!!
Mike’s “Heritage Turkey” raised by a local 4-H’s from Petaluma. The BEST flavor in a turkey money can buy! 28 pounds of “Slow Food” magic. And that I know it’s not just a big, fat seagull–they left all the vital parts for identification!! Yummmmy!
From the Mike Kelly and Allison Norman Team…..HAPPY THANKSGIVING TO ALL
The Northbay Association of Realtors(NORBAR)California Association of Realtors(CAR) and the National Association of Realtors(NAR) is working feverishly with congress to extend the $8000 tax credit.
The Federal Tax Credit which is due to expire on November 30, 2009, has been a huge buoy to the current market for first time homebuyers. Recent surveys show that 30-50% of first-time buyers would not have purchased a home without the tax credit.
Statistics show that every home purchase has a ripple effect into the local economy of approximately $63,000. With the local economies,( ie; contractors, plumbers, home improvement stores, home furnishing stores, city revenue…the list goes on) tied so closely to the “health” of the real estate market, its easy to see that this tax credit is a valuable tool…..and helps more than just the first time buyer.
Your support should be voiced to your local congress representative; contact info below; Continue reading Help Keep the $8000 Federal Tax Credit Alive; Call to Action
The $8000.00 First time home buyer tax credit is set to expire on Nov 30th, 2009. This is the date you will need to CLOSE ESCROW if you wish to claim the credit. With escrows taking at least 30 days to close…and often more, you should have an accepted offer in escrow no later than October 30th , 2009…and that’s pushing it. With many escrows taking 45 days to close, the best scenario Continue reading First Time Buyer Tax Credit; Okay…I’m going to keep hammering this one home until the very end. …it’s THAT important!
Allison Norman is primed and ready to go for her solo debut as the guest host of Mike Kelly’s radio show, “The Real Estate Hour” 9-10 am on Sunday 1350am, www.ksro.com.
I’ll be talking to one of my favorite people; Team Leader of Keller Williams Realty, Sonoma County; Eileen Morelli. We’re going to talk about why Keller Williams is going so strong in THIS market….what Keller Williams Realty has to offer its agents….and how that benefits buyers and sellers. Plus Eileen’s take on where this market is going, from her vantage point as a managing Broker with 140+ sales associates. Eileen has been around Sonoma County Real Estate as long as Mike has. I’m looking forward to picking her brain 😉
The $8000.00 First time home buyer tax credit is set to expire on Nov 30th, 2009. This is the date you will need to CLOSE ESCROW if you wish to claim the credit. With escrows taking at least 30 days to close…and often more, you should have an accepted offer in escrow no later than October 30th , 2009…and that’s pushing it. Best scenario is to get an accepted offer into escrow by October 1st. Yikes! That means you have approximately 40 to 60 days to find a home and more importantly (and more challenging) to get an offer accepted amongst the flurry of competition from other buyers doing the same thing.
There has been much speculation that this credit will be extended. The National Association of Realtors and the National Association of HomeBuilders have been lobbying the Senate Finance Committee and the House Ways and Means Committee with justifiable reasons to extend the credit. Their Stance is this; Continue reading First time Home buyer Tax Credit is coming to an end….???