Zakiyyah Newman- Philadelphia Realtor (Philadelphia Real Estate)

The Fed announces today that it will commit $800 Billion Dollars, to help ease tension for consumers, and small business. This is a glimpse of light at the end of a long tunnel for home buyer's and all who have suffered losses to their jobs, and failing business's who have been unable to keep up with their loan payments, as a result of troubling economic times.

Here is the breakdown, the Fed will purchase $100 billion of debt from Freddie Mac, Fannie Mae, and the federal home loan banks. Another $500 billion for mortgage-backed securities backed by Fannie, Freddie and Ginnie Mae. The remaining $200 billion is just the starting point it will that amount on a non-recourse basis to holders of AAA rated asset-backed securities backed by “newly and recently originated” loans, such as for education, automobiles, credit cards and loans guaranteed by the Small Business Administration, the Fed said.

This will be a trickling down effect, no huge impact at this time, but certainly a step forward in the right, and necessary direction. For all consumer's looking to make a house purchase, refinance, or to take out a college loan, it is absolutely the optimum time to take advantage of a much cheaper payment than you would have had all year long, as the interest rates on credit have dropped considerably over night.

Gathered below are just some important tax credits that should be taken into account when filing your 2008 tax returns. The end of the year is fast approaching.

I. CURBING THE RISING COSTS OF OWNING A HOME

The bill would provide home owners

Additional standard deduction for real property taxes.

who claim the standard deduction with an additional standard deduction for State and local real

property taxes. The maximum amount that may be claimed under this provision is $500 ($1,000

for joint filers). This proposal applies for tax year 2008. This proposal is estimated to cost

$1.537 billion over 10 years.

II. REDUCING EXCESS SUPPLY IN THE MARKET

Refundable first-time home buyer credit. The bill would provide a refundable tax credit that

is equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500)

by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008

and before July 1, 2009. Taxpayers receiving this tax credit would be required to repay any

amount received under this provision back to the government over 15 years in equal

installments. The credit begins to phase out for taxpayers with adjusted gross income in excess

of $75,000 ($150,000 in the case of a joint return). This proposal is estimated to cost $4.853

billion over 10 years.

VII. REVENUE PROVISIONS

Modification of exclusion of gain on sale of a principal residence.

The bill amends the

current law exclusion of up to $250,000 ($500,000 if married filing a joint return) of gain

realized on the sale or exchange of a principal residence. Under current law, the sale of a home

will qualify for this exclusion if the home is a taxpayer's principal residence for at least two of

the five years ending on the sale or exchange. This exclusion applies even if the home was

initially purchased as a second home. Under the bill, if a taxpayer moves their principal

residence to a second home, the taxpayer will only be able to utilize this exclusion to the extent

that it relates to the period of time when the home was first used as a principal residence and to

the extent that it relates to the period of time that the home was owned prior to January 1, 2009.

This proposal is estimated to raise $1.394 billion over 10 yrs

Click here to review the entire Housing Assistance Act of 2008.

Homeowner's find value in their home often times more than a buyer, or Realtor® and why shouldn't they? It's their home. Seller's value in many circumstances however is driven by emotional attachment and not completely on market values occurring in their immediate neighborhood. Selling it for all its worth is an awesome concept and holds true if the price is set right. Over price your home and fail to give way to negotiations can cause a seller to loose out on a qualified and ready buyer.

Selling your home? Here are some tips:

10 Ways to Get your Home Sold Quickly!

• Locate an agent who is knowledgeable about your market, who is a good communicator, an agent who will listen to your needs and one who is not interested in telling you just what you want to hear, but the truth.

• Set a realistic price and realistic goals. Understanding that adding features and benefits to your home doesn't always mean adding value. A new Jacuzzi tub for example does not add value to a home. Carefully compare the benefits of your home vs. a neighboring home that recently sold and current active listings in the neighborhood. How does your home compare?

• Price right the first time to avoid price reductions and keeping your home on the market for a long period.

• Keep your home updated, stay on top of the appliances in your home, major mechanics, the roof, and the yard. It would greatly help if you had a home inspection done before listing your home to provide to prospective buyers. This would alleviate issues after a buyer has had a home inspection and help to eliminate negotiations since hopefully you would have made the repairs the home inspector suggested, or adjusted the price of your home appropriately. Be sure to keep all receipts of the work that was performed to provide to the buyer.

• Get a home warranty and offer it with the sell of your property. This is a great asset and tool often times overlooked by buyers and homeowners. Let's say you did do a home inspection, when the home inspector notes that there are problems, call up the warranty company and they will come out and have it repaired. Home Warranty's cover most major mechanics of the home.

• Get rid of all things unused. Think less is more. Pack up personal mementos, family pictures, and all the clutter. A buyer likes to come into a house and visualize what their things will look like in the home.

• Sometimes repainting walls isn't necessary but you should always give them a good wipe down. If your going to purchase a carpet, or paint make sure it's in a neutral color. No bright or bold colors. If you have wood floors, and they can be refinished nicely don't put carpets over them! Buyer's love hardwood floors, or at least the option to put down carpet and the color they choose.

• If you have pets or if you smoke thoroughly clean the carpet, and the furniture or opt to purchase new items. People without pets or those who do not smoke can be very sensitive to smell even if the smell isn't apparent to the seller, it is often an immediate turn off to buyer's.

• Always, Always.... keep your house clean. Have beds made, bathroom cleaned, dishes put away, and ready to show! It may be difficult to do if your not a neat freak, but it will pay off. Make it easy and convenient for a buyer to come and look at your home. Add a lockbox to your property for realtors to show their clients. This feature is imperative. Often a home gets passed up and on to the next if it's too difficult to show.

• Get creative and competitive with other listings. If your selling a condo consider paying a yr. of condo fees at settlement or a buyer's parking for 1 yr if your living in the city, offer a seller's assist or to pay a buyer's portion of transfer tax. You can even to offer a bonus to a buyer's agent who would work harder to get their buyer to you.

Good Luck!

By now you have heard about the 6 alarm apartment fire in Conshocken, PA. Almost everyday in the news we hear of a family being displaced by a house fire, and our sympathy always goes out to them. This being a major fire, displacing hundreds of people, the law of six degrees of separation unfolds and almost insantaneously a friend is telling us about their friend who lost everything in the Conshocken fire. It gets people thinking, could this happen to me?

I, like so many loath bills. I hate insurance payments, premiums, deductibles, etc. I crinch at it all but at the end of the day I know it's for a necessary purpose. We all dream of living in a world where insurance doesn't exist and we'd still be wonderfully taken care of if injury, ailment, theft or lost happens in our lifes unfortunatley that just isn't the case. Insurance all though a pain is our life line.

This bring me to the improtance of renter's insurance. It is an absoulute necessity for tenants! The biggest myth is that the landlord has it covered, absoultely not. The landlord pays insurance for the landlords property and not for the tenants personal belongings. A landlord is not responsible for theft, personal injury that could happened in your apartment by your own neglicence to you or someone else, damge to the property that is not covered in your lease, and a place to stay for months on in if your apartment is no longer livable. Make no mistake, renter's insurance, no matter if you are renting a luxury condo in the city or a $600 a month apartment, a landlords responsibilty is to themselves.

And get this, renter's insurance is a bargain. It ranges anywhere from $5 -$20 a month. You can even have it tied in with your car insurance and the prices even out.. If you pay a year in advance you can save up to $100. It's so worth it and will be sure to bring you piece of mind. Ask your friends for referrals or email me!

Philadelphia unlike many metropolitans has managed to stay above water, and by all accounts still a very stable market; despite what we hear and see on our evening news. If you don't believe me, come into my office midday and witness agents hustling and bustling, managing listings, and shopping their buyer's around.

Buyer's are out there. Yes, the inventory of homes are in large supply. Is this a buyer's market? Absolutely. The key to real estate in this city and really any market is to set a realistic price and realistic goals. From December 2007 till present an average of homes in Philadelphia have stayed on the market for 92 days.

According to Bizjornal.com $12.3 billion in development is under way in Center City and University City. The tourism industry fueled by the ever popular Pennsylvania Convention Center has benefited significantly over the pass year. With the expansion of the Pennsylvania Convention Center underway and $75 million dollars in tax credits given to the film industry, Philadelphia can openly spell out "Persistence". What does this mean to you? A Philadelphian or Philadelphian at heart can expect to see more retail shops, more restaurants, a push in a so-so job market, a growth in population, and still a stable and promising real estate market.

Also see: The Philadelphia Inquirer for their take on the market.