The government passed the extension of the 1st Time Home Buyers Tax Credit last week. This was a long anticipated move and will certainly help more people buy homes in the months ahead. The interesting part of the extension was the inclusion of a $6500 tax credit for move up buyers that purchase a new primary residence. To qualify, a buyer would need to have lived in their current residence for 5 of the last 8 years. They are not required to sell their existing home, but must declare the new home as their primary residence. It will be interesting to see how many people take advantage of this. It may help break the sales slump of homes in the higher price points. Click Here to see The Florida Realtors issued this press release.
There are many people that feel the economy will benefit in 2010 from the stimulus packages set forth in 2009. Unemployment and inflation appear to be two issues that are not quite at the forefront of most agendas, but may ultimately have the greatest say in the viability and sustainability of any recovery. The full force of economic growth will not be felt until the jobless rate decreases. The risk of inflation may not be as great during the early phases of the recovery as policy makers are typically hesitant to raise interest rates significantly or sharply during any initial economic improvement. While I am not suggesting that interest rates will be low indefinitely, it does appear that the increases will be gradual. It's Good News for consumers if this theory holds true. Click here to see an Interesting article on CNBC.
Green Building Council Update: I was re-elected as Chairman of the GBC for 2010 at the November 4 meeting. I thank everyone for their support.
Please join me at our next FREE Education and Networking Event on Wednesday November 18 at 8:00 at the Volusia Building Industry Association Offices.
Our program Green Interior Solutions and Green Landscaping is sponsored by US Blinds, who will be providing a free breakfast for you to enjoy during our presentation. We have also arranged for a speaker from the University of Florida to present the Green Landscaping portion of our event.
The event is open to the public and is your last chance to attend an official event this year. Please rsvp for this great event by email as space is limited. Click Here to visit the Green Building Council Website.
Markets have stabilized slowly over the last few months. While there have been many first time home buyers taking advantage of the $8000 tax credit, there are a significant number of investors buying up property.
As these homes are bought, renovated, and rented, the values of these homes are likely to increase due to the work and money invested in them. This will add to the taxable, which in turn should increase
The amount of money collected by state, federal and local governments in property taxes. While this is not a complete answer, it is one area that can help offset the massive government spending currently taking place. When real estate investors enter the market, it is usually a sign that prices may have reached the bottom. Most investors will not purchase a home where the rents will not cover the mortgage and expenses. It must be a good time to buy, or they would invest their money elsewhere. Given the fact that investors are buying, it is my impression that it is a GREAT TIME TO BUY.
There have been many efforts to help homeowners this past year. Varying degrees of success have been reported among the numerous well intended programs. I applaud the success stories Of those that have been able to refinance, or have their loans modified in a meaningful and sustainable way. Unfortunately, not everyone in that is in need of help has received it. Even worse, some that have received help are disappointed to find that the relief was only temporary. Click here to see an article from Reuters News with more information.
There are a growing number of people on the brink of abandoning their homes, as they feel they will never catch up. Click here to see a story from Florida Realtors with sobering statistics. There are concerns that the Fed may soon stop buying mortgages at their current pace. It is not reasonable to believe that this activity can continue indefinitely. Click here to see an article From Realty Check with some interesting facts. Does this mean that we are heading back down the road to more troubled times in the housing market. I do not believe so.
The next FREE Green Building Council event is Wednesday October 21 at the Volusia Building Industry Assn offices. The event begins at 8:00am with a free breakfast provided by our sponsor The Center For Business Excellence.
Our program, "Green Stimulus Dollars Now Available For Employers and Job Seekers", will provide critical information on how to obtain Green Stimulus dollars NOW for new green job hiring as well as training dollars for job seekers to retrain for a new career.
Networking begins at 8:45am .You will not want to miss this one. Please RSVP by email today as this one will fill up fast. Email : ron@daytonahomesonline.com
 |
|
|
Real Estate Agent and Loan Officer in Daytona Beach Florida. A trusted full service professional for all of your your real estate consultant and mortgage specialist needs. One Stop Shopping.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
