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Real Estate News
November, 11 2009 Top Five Home Improvement Projects Cost vs Retunn on Investment[1]RISMEDIA, November 10, 2009—HomeGain.com, one of the first websites to offer Web-based free instant home values, announced that it has released the results of its nationwide home improvement and home staging Home Sale Maximizer survey. HomeGain’s recent survey shows the top do-it-yourself home improvements that Realtors recommend to home sellers. HomeGain received responses from nearly 1,000 Realtors nationwide and configured a list of the top 12 do-it-yourself (DIY) home improvements that cost under $5,000 and benefit sellers most when they sell their homes. According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are: 1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI) 2. Home staging ($300 cost / $1,780 price increase / 586% ROI) 3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI) 4. Landscaping ($320 cost / $1,500 price increase / 473% ROI) 5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI) Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home’s sale price, or an 872% return on investment. “Many Realtors agree, especially in a buyer’s market, that sellers who make these recommended home improvements often get their homes sold faster and at higher prices,” stated Louis Cammarosano, General Manager at HomeGain. “We have customized our Home Sale Maximizer online home improvement tool to help identify and prioritize the projects that can increase the salability and selling price of a home.” Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damaged floors, updating kitchen, painting outside of home, and updating bathroom/s. The home improvement projects with the highest price increases to a home’s resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting the outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 price increase). “Inexpensive cosmetic home improvements and basic improvements greatly enhance the value of the home,” stated Carol Wilson of Carpenter Real Estate in Indianapolis, IN, HomeGain AgentEvaluator member since 1999. November, 07 2009 5 Questions to Ask Yourself Before Selling Your Home on Your Own5 questions to ask
November, 06 2009 Details on the New Tax CreditRISMEDIA, November 6, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010. The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate. The following details apply to the homebuyer tax credit expansion: Who is Eligible -First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. -Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit. -All U.S. citizens who file taxes are eligible to participate in the program. Income Limits Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000. -For married couples filing a joint return, the combined income limit is $225,000. -Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit. -The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000. Effective Dates -The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010. Types of Homes that Qualify -All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify. Tax Credit is Refundable -A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference. -For example: -A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit). -A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit). -All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return. Payback Provisions The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase. The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit. For more information, visit www.nahb.org. RISMedia welcomes your questions and comments. Send your e-mail to: Continued Looking for a way to stand out from the crowd? You can with your own personalized magazine. Use Home By Design as a personal branding tool to increase referrals, drive listings and increase sales. Get a free sample and FIND OUT HOW. Learn More St Louis Area Real Estate Blog as of Fri. Nov 6thFri June 4th, 2009 May Real Estate Statistics for the Greater St Louis area:
Although the market is not doing as well as last year the losses in May are not as bad as previous months in 2009. We are expecting a slow recovery the rest of the year. The market still remains strong for buyers due to:
The Two Latest Signs Housing Is Recovering Mon June 29th The latest numbers indicate the trends for sales in the St Louis area continue to be down from 2008. As of June 29th - month to date . . . There were 1427 closings as compared to 2008 there were 2078 closings which is a 31% reduction in the number of sales. When the month end numbers are available we will keep you posted. Sunday Juy 12th, 2009 The latest sold stats are in for:
With only a slight decrease in the number of sales the market seems to be headed in the right direction. For detailed information concerning your zip-code or area go to the market analysis page on our web-site. Juy 19, 2009 The number of homes and condo closings in St Louis City, St Louis County, St Charles County, Franklin County, and Jefferson County as repoted in the MLS have decreased so far this month as compared with July of 2008 (Month to-date):
The good news is that the sales so far this month seem to be getting better due to the $8000 tax credit and continued low interest rates. In todays market homes are not only in a price war they are also in a beauty contest. Buyers today are not only looking for a good value they are looking for a home with not much to do. Daily Real Estate News | July 20, 2009 | Share Housing Experts: Now Is a Perfect Time to Buy Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away. For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek. He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers. He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of 5/29, it had fallen to a 9.6-month supply. Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy. Source: BusinessWeek.com, Marc Roth (11/17/2009) For more details about our local market please go to the market analysis tab on our web-site . . http://www.coldwellbankerpremier.com/marketanalysis.html Wed Juy 29th, 2009 Some great news for the St Louis area . . . St Louis is one of 22 cities to show an increase in home prices. For last month home values increased about 3.3.% Sun Aug, 2nd, 2009 We are proud to announce that Coldwell Banker Premier Group is the number 1 affiliate Coldwell Banker office in Missouri year- to -date in terms of sales. Sun Aug 9th, 2009 The real estate market continues to improve with over 2200 closings scheduled for Aug. We are seeing more people come to the open houses and more requests for property information than we have seen in a very long time. Of course we still a re not back to the market we saw 24 months ago but we do believe the real estate market is beginning to turn. Our company alone closed on over $11 million in July. Sat Aug 22nd Survey shows that women are faster than men in selecting a house. Nearly 70% of women knew their home was right for them the day they saw it. The figure for men was 62%. Concersns about personal safety was a deal breaker for both men and women. Sunday Aug 30th As the article indicates on our Home Page the time is growing near to take advantage of the $8000 tax credit for 1st time buyers. People need to start making plans now and should plan on closing at least 2 weeeks early. For more details call one of our offices.
Friday September 4th August 2009 shows an increase in the number of homes that sold compared with August 2008. Exact numbers will be available shortly. Hooray ! Sun Sept 13th The Final numbers are in via our Mls Sytem for the month of Aug and the market does seem to be improving . . .
These numbers are for St Louis, St Louis County, Jefferson - Franklin - St Charles Counties for homes and condos that have sold or the month of Aug The losses over the last severla months do not see mto be as drastic as previouus months. The lower ave. sales price is probably dut to the first time buyer tax credit. Wed Sept 16 th, 2009
If you are looking to take advantage of the tax credit PLEASE make sure your home closes on or before Nov 30th, 2009 Fri Sept 25th, 2009
Fed Keeps Interest Rates Federal Reserve Stands Pat on Low Interest Rate By Don Lee Print Article RISMEDIA, September 25, 2009—(MCT)-The Federal Reserve recently maintained short-term interest rates at near zero and offered no indication of any imminent change in that policy, even as the central bank gave a more upbeat assessment of the U.S. economy. Since its previous monetary policy meeting in mid-August 2009, “economic activity has picked up following its severe downturn,” the Fed said in a statement. Moreover, the panel noted, activity in the long-struggling housing sector has increased. However, Chairman Ben Bernanke and his colleagues on the 12-member group said that consumer spending, while apparently stabilizing, continued to be constrained by job losses and sluggish income growth. Overall, “economic activity is likely to remain weak for a time,” with substantial slack, or unused capacity, damping cost pressures and keeping inflation subdued, the Fed said. Against this setting, the central bank announced it was leaving the target for the federal funds rate, a benchmark for all interest rates, between zero and 0.25% for “an extended period.” Although hardly anybody was predicting a change in policy, there has been growing discussion inside the Fed and elsewhere about when and how the central bank should step back from its expansive monetary policy and extraordinary interventions, given concerns about long-term inflation and the signs that the economy is recovering. In a nod to such concerns, the Fed statement noted that although the central bank will continue with its previously announced plan to buy $1.25 trillion of government agency mortgage-backed securities to support the housing market, the policy-setting committee “will gradually slow the pace” of this and some other purchases. Last month, policymakers announced plans to wind down their program of buying $300 billion of Treasury securities, another emergency measure that the Fed undertook to drive down long-term interest rates and prop up the economy. (c) 2009, Tribune Co. Distributed by McClatchy-Tribune Information Services. For information on interst rates in the St Louis area please feel free to call. U.S. Monthly House Price Index Estimates 0.3% Price Increase from June to July 2009 RISMEDIA, September 25, 2009—U.S. home prices rose 0.3% on a seasonally-adjusted basis from June 2009 to July 2009, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.5% increase in June was revised downward to a 0.1% increase. For the 12 months ending in July, U.S. prices fell 4.2%. The U.S. index is 10.5% below its April 2007 peak. The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from June to July ranged from -0.9% in the East South Central Division to + 1.6% in the Pacific Division. Sun Oct 4th Here are the stats for the month of Sept as compared with last year compiled by the mls. These are for homes and condos in St Louis City, St louis,Franklin, Jefferson and St Charles Counties. 2008 2009 Sales 2047 2097 Volume $366,653,285 $366,395,512 Days on Market 98 91 Based on this information the market seems to be improving. Much of it can be attributed to the 1st time buyer traffice because of the Tax Credit program. Fri Oct 9th, 2009 As reported in the Real Estate Daily News . . .
Fri Oct 16thEconomists Predict Housing Recovery
Fri Oct 23rd, 2009Big Rebound in Existing-Home Sales Sundat Nov 1st, 2009 This past week the Senate passed a bill to Extend the $8000 tax credit but also added a tax credit of $6500 for those who have lived in their home for 5 years and then buy another home as their main residence. This bill has to be passed by the House and approved by the President. Fri Nov 6th, 2009 With the passage of the extension of the tax bill . . . Nearing all -time low interest rates . . . A great supply of homes to slect from . . . The "Perfect Storm" for buyers is here. Pre-Recorded 24/7 "Hot Line" Information Number For All Homes on the MarketBy dialing the following number you can hear a pre-recorded message about each home currently on the market. The sytem also has the capability of giving you the aproximate payments on the home based on your down payment. All you will need in calling this number is the address or MLS identification #. Just call:
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