I am writing to let you know of a positive development for the real estate industry that was announced earlier today by the Business Roundtable, an association of chief executive officers of leading U.S. corporations. Specifically, the Business Roundtable's Housing Working Group - which is chaired by Realogy CEO Richard A. Smith - issued a set of recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.
The Business Roundtable's recommendations are as follows:
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
"We believe targeted, demand-side solutions - such as the ones Business Roundtable is recommending today - will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole," said Smith in the Business Roundtable's press release.
IT MUST BE SPRING AGAIN. THE BUYERS ARE STARTING TO COME OUT IN FULL FORCE. THE PROPERTIES THAT ARE PRICED UP TO ABOUT 225,000 HAVE BECOME VERY COMPETITIVE AS WELL. MY LAST BUYER WAS OUT BID ON THREE OF HIS LAST OFFERS. LUCKILY WE HAD SUCCESS ON THE FOURTH TRY WITH A HOME ON THE MARKET ONLY 5 DAYS. MY OTHER BUYERS ARE REALIZING HOW GREAT A OPPORTUNITY THEY HAVE WITH THE FIRST TIME BUYER TAX CREDIT OF 8,000. PEOPLE ARE STARTING TO SEIZE THIS OPPORTUNITY. BUYERS ARE ALSO PUTTING MORE MONEY DOWN ON CONTRACTS TO HELP ENSURE THEY HAVE A STRONG OFFER. THE HIGHER PRICED HOMES HAVE COME DOWN TO TREMENDOUS VALUES AND ARE ALSO INCREASING THEIR BUYER ACTIVITY. WE ARE CONTINUING TO SEE BUYERS OUT LOOKING. SOME OF THE THINGS THAT ARE DISCOURAGING BUYERS IS THE AMOUNT OF INVENTORY. THEY ARE CONTINUING TO SHOP PRICE FIRST AND FOREMOST. IN OUR MARKET YOU NEED TO STAND OUT FROM THE CROWD AND PRICE A HOME COMPETITIVELY AND KEEP THE PROPERTY WELL MAINTAINED. A GOOD REALTOR WILL TELL YOU ALL NECESSARY STEPS TO MAKE YOUR HOME STAND OUT. ALSO BUYERS ALWAYS REMEMBER YOU SHOULD HAVE YOUR AGENT SIT DOWN WITH YOU BEFORE YOU EVER PUT IN A OFFER TO DISCUSS YOUR DOWN-PAYMENT, MORTGAGE AMOUNT, TAXES, CLOSING COSTS, AND YOUR MONTHLY BILL. YOU SHOULD ALWAYS KNOW THIS A HEAD OF TIME. I WANT YOU TO BE AS COMFORTABLE AS POSSIBLE WHEN MAKING SUCH A HUGE DECISION. IF YOU HAVE ANY QUESTIONS PLEASE DON'T HESITATE TO CONTACT ME.
CENTURY 21 RAUH & JOHNS
NICHOLAS CHRISTOPHER
856-582-0366 OFFICE
856-364-3518
MY PRIORITIES ARE SIMPLE, THERE YOURS.
The spring market is finally picking up some steam. Our office put out 37 contracts last week. There is a increase in buyer activity and showings have also increased. If your thinking of buying or selling now is the time to make your move. For the buyers out there remember that the 8,000 first time buyer tax credit will expire 12/1/2009. Also interest rates have inched up a bit this week. Some of the rules have also changed with short sales and how the banks are willing to work with you. In a ever changing market trust on someone with experience and integrity.
If you have any questions on any of the recent activity please contact me at once. I look forward to working each and everyone of you.
Century 21 Rauh & Johns
# 1 Century 21 Office in New Jersey for 8 Consecutive Years!!!
Nicholas Christopher
Unfortunately I don't have good news to report this time around. Another builder has gone by the wayside. They were THP Properties located in Pennsylvania. On the bright side they did not conduct much business in our area. It is still a tremendous loss for those who have given them a deposit or have a partially completed home. Even with our market on the rebound it still shows that we are not out of the woods yet. Remember when working with me we go over the exact numbers to make sure you're able to afford the home of your dreams and not become another statistic. I look forward to helping each and everyone of you achieve the dream of home ownership. Remember there is the first time buyer tax credit of 8,000. This new incentive helps both buyers and sellers. There are also other grant programs out there. Contact me for details.
Century 21 Rauh & Johns
#1 Century 21 Office in NJ for 8 Consecutive Years!!!
Nick Christopher
856-582-0366 Office
856-364-3518 Cell
Unfortunately I don't have good news to report this time around. Another builder has gone by the wayside. They were THP Properties located in Pennsylvania. On the bright side they did not conduct much business in our area. It is still a tremendous loss for those who have given them a deposit or have a partially completed home. Even with our market on the rebound it still shows that we are not out of the woods yet. Remember when working with me we go over the exact numbers to make sure you're able to afford the home of your dreams and not become another statistic. I look forward to helping each and everyone of you achieve the dream of home ownership. Remember there is the first time buyer tax credit of 8,000. This new incentive helps both buyers and sellers. There are also other grant programs out there. Contact me for details.
Century 21 Rauh & Johns
#1 Century 21 Office in NJ for 8 Consecutive Years!!!
Nick Christopher
856-582-0366 Office
856-364-3518 Cell
Century 21 Rauh & Johns #1 in New Jersey & Delaware Team Township where you become part of our family with every settlement. April 2008/2009 Graduate Floyd Wickman's SMART Program.
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