Asid Idris Real Estate Agent

It seems likely that the U.S. Senate will approve a deal to extend the First-Time Homebuyer Tax Credit, but the devil is in the details.

Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are among those who think that there should be some fiscal offset for the cost of the extension. Spending any more money on the stimulus effort also could stir up a hornets' nest in some circles.

The proposal in the Senate that appears to have the most likelihood of passage would extend the $8,000 credit through March 31, then its value would drop by $2,000 for each of the subsequent three quarters of 2010. This plan was offered by Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

Source: Associated Press, Andrew Taylor (10/26/2009) and The Wall Street Journal, John D. McKinnon (10/27/2009)

In a seller's market, it means the supply cannot keep up with the demand. Put whatever price you want on your home because after all, in a seller's market, it's not as much about price as it is "Location. Location. Location."

Well guess what? In case you've been hiding under a rock, we're in a buyer's market right now…NOT a seller's market! And a buyer's market is exactly the opposite of a seller's market. It means we have an over supply for the amount of demand. We have more sellers than we do buyers!

When this happens, your house has become a commodity. And like any other commodity, it's all about the price. Here's a great analogy . . . "If you bought stock last year and that stock was worth $49 per share and today you need to sell that same stock and it is now worth $25 per share, what could we sell it at? Twenty-five is right."

How do you know if your home is over priced for the market? Well here's what the National Association of Realtors has to say:

• If you've had 10 or more showings with no offers, you're at least 5% over priced
• If you've been on the market 2-3 weeks and you've had no showings, you're at least 10% over priced

If you're a homeowner thinking of selling, this may not be the news you were hoping for, but I believe, "If I don't tell my sellers the truth, it's like I'm taking money from their bank accounts."

We didn't create this market, but as Realtors, our job is to properly communicate the numbers as best as possible so our sellers can make the decisions that are best for them.