Tuesday, February 17, 2009
Real Estate CyberConvention is here again!
Have you ever gone to a convention in your pj's? It's that time of year again! Every year for the past five years or so, I've attended an online convention, with classes, online instruction that can be accessed throughout the day, great speakers and even booths of vendors with giveaways. I can listen in whenever I want and it's all FREE! If you're a Realtor or in a real estate related business (I suspect anyone else who wanted to learn could come too) register today for the RECS CyberConvention being held Feb. 22 through 28th. Click on the link above (It may be in the title, I can't seem to get this linking thing to work right!) to register. Be sure to tell them that Judi Stull sent you!
Sunday, February 15, 2009
More on Tax Credits
Yet another update about the tax credits reported on earlier. The $8000 is for First Time Home Buyers buying their principal residence. Here's a note from Jeff Harris at Wells Fargo:
"I read a preliminary summary of the new Tax Credit in the Economic Stimulus Package. The credit is $8,000 for first time homebuyers purchasing their principal residence. (not vacation homes or rental properties). The credit would be calculated when the tax returns are done, not provided at closing.
Looks like the 2008 higher loan limits are also being reinstated. That will bring Howard County up from $494,500 to $560,000!"
The $15,000 proposed tax credit is for any home buyer, not just first timers, buying a principal residence. It has gone through the Senate and Congress as of today and is waiting for the President's signature. More to come as I get it!
"I read a preliminary summary of the new Tax Credit in the Economic Stimulus Package. The credit is $8,000 for first time homebuyers purchasing their principal residence. (not vacation homes or rental properties). The credit would be calculated when the tax returns are done, not provided at closing.
Looks like the 2008 higher loan limits are also being reinstated. That will bring Howard County up from $494,500 to $560,000!"
The $15,000 proposed tax credit is for any home buyer, not just first timers, buying a principal residence. It has gone through the Senate and Congress as of today and is waiting for the President's signature. More to come as I get it!
Friday, February 13, 2009
Updates on the Stimulus Package and More Legislative Updates
Well, there may be some changes to what I blogged last time - here's what I just received from Mike Homberg, a Branch Manager at 1st Mariner Bank:
Here is what has passed and you can see (the) affect (on) our industry:
For qualified home purchases in 2009, the legislation:
Stipulates that the $8,000 tax credit does not have to be repaid, unlike the tax credit passed last summer;
Keeps the tax credit refundable, or claimable regardless of tax liability;
Extends the sunset date from July 1, 2009 until Dec. 1, 2009 so that consumers can utilize it during the critical summer and fall buying months;
Allows tax credit home buyers to participate in the mortgage revenue bond program; and
Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds. (If CDA adopts this, it could be a great opportunity for 1st time buyers because they will have the money upfront to spend.)
So, I don't know yet whether we get $8000 or $15000 for home buyers, but I do know that the National Home Builders Association was saying that it had to be $15000 and was working for that number. We'll wait and see as more changes come up.
I also heard from State Delegate Warren Miller today with a run down on what's happening in Annapolis. They started voting on bills this week, but as there are 1307 bills in the House and another 915 in the State Senate with more to come, they've got their work cut out for them this session. He had some good information about some "Bad Bills" coming up, one for selling garments with fur or other animal products and one for presumption of abandonment on gift certificates. Since it doesn't have to do with housing, I won't post it here, but feel free to write to me or to Del. Miller for more information.
From his email: "The Maryland General Assembly's website address is mlis.state.md.us You are welcome to review all bills that have been filed for this session and then let me know your opinion. I also encourage you to come to Annapolis and make your views heard. You can email me at warren.miller@house.state.md.us to find out more about the Legislative process."
It is our duty and privilege to learn more about our government and how it works. At a course yesterday on 2009 Legislative Updates it was pointed out by a classmate that "some looney" from down the road might really want something done and keeps bugging their legislator until to get rid of them, the legislator may introduce a bill suggesting their (the looney's) idea. (These are technical terms, folks!) If we don't pay attention to what's going on in our government and speak up, then not only might this crazy idea get passed, but it then reflects upon all of us and affects all of us.
I've been told that one call or email from us to our legislators is worth the thoughts of 500 people. So make your voice heard! Speak up for the things that are important to you!
Here is what has passed and you can see (the) affect (on) our industry:
For qualified home purchases in 2009, the legislation:
Stipulates that the $8,000 tax credit does not have to be repaid, unlike the tax credit passed last summer;
Keeps the tax credit refundable, or claimable regardless of tax liability;
Extends the sunset date from July 1, 2009 until Dec. 1, 2009 so that consumers can utilize it during the critical summer and fall buying months;
Allows tax credit home buyers to participate in the mortgage revenue bond program; and
Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds. (If CDA adopts this, it could be a great opportunity for 1st time buyers because they will have the money upfront to spend.)
So, I don't know yet whether we get $8000 or $15000 for home buyers, but I do know that the National Home Builders Association was saying that it had to be $15000 and was working for that number. We'll wait and see as more changes come up.
I also heard from State Delegate Warren Miller today with a run down on what's happening in Annapolis. They started voting on bills this week, but as there are 1307 bills in the House and another 915 in the State Senate with more to come, they've got their work cut out for them this session. He had some good information about some "Bad Bills" coming up, one for selling garments with fur or other animal products and one for presumption of abandonment on gift certificates. Since it doesn't have to do with housing, I won't post it here, but feel free to write to me or to Del. Miller for more information.
From his email: "The Maryland General Assembly's website address is mlis.state.md.us You are welcome to review all bills that have been filed for this session and then let me know your opinion. I also encourage you to come to Annapolis and make your views heard. You can email me at warren.miller@house.state.md.us to find out more about the Legislative process."
It is our duty and privilege to learn more about our government and how it works. At a course yesterday on 2009 Legislative Updates it was pointed out by a classmate that "some looney" from down the road might really want something done and keeps bugging their legislator until to get rid of them, the legislator may introduce a bill suggesting their (the looney's) idea. (These are technical terms, folks!) If we don't pay attention to what's going on in our government and speak up, then not only might this crazy idea get passed, but it then reflects upon all of us and affects all of us.
I've been told that one call or email from us to our legislators is worth the thoughts of 500 people. So make your voice heard! Speak up for the things that are important to you!
Wednesday, February 11, 2009
$15000 Tax Credit for Homeowners?
Yesterday, the Senate passed an un-precedented Economic Stimulus package worth $838 Billion, more than the one suggested by the House at $819 Billion, in the hopes that Pres. Obama will sign it on President's Day next week. There's still scant Republican support for the bill and some of the items on it are questionable, in my mind and the minds of many others, (such as $1B for improving parks, which is nice but has nothing to do with stimulating the economy!) but it will provide a great opportunity for home buyers. A $15000 tax credit for people purchasing their primary residence is proposed.
According to the article linked above, "The bipartisan amendment to the stimulus package, offered by Sens. Johnny Isakson (R-Ga.) and Joe Lieberman (D-Conn.) and approved by unanimous voice vote, would create a $15,000 home buyer tax credit available to all purchasers of a principle residence for one year after its date of enactment. The tax credit would not have to be repaid and buyers could claim it against their 2008 and/or 2009 tax returns.
The $15,000 home buyer tax credit would replace and sunset a much narrower tax credit that was enacted last year. Available only to first-time home buyers, the current $7,500 tax credit works like an interest-free loan that must be repaid over a 15-year period. It is set to expire on July 1.
Extending and expanding the home buyer tax credit will spark the activity the economy needs to stop shedding jobs and begin creating them, said Robson."
While the First Time Buyer tax credit loan was a great idea, I really love the idea of offering ALL buyers a $15000 tax credit that does not need to be repaid! This will help reduce the overloaded inventory of homes available throughout the country, allow first time buyers a huge incentive to purchase a home at a great rate and help slow foreclosures and increase consumer confidence, which is certain to have a positive reaction in recovery from this tough economic time.
While this change affects me directly and that makes me happy, I still can see such a wonderful outcome for the country that I have to applaud it for it's own sake.
I met with Senator Allan Kittleman and our Howard County District 9 Delegates Warren Miller and Gail Bates on Wednesday night at the Dist. 9 Open House in Annapolis - along with a couple hundred other people I guess! However, in talking with Warren and with Gail, who are both Republicans, I can see that they are happy that legislation will be taking place that will help the recovery. They are all working hard to protect our interests in Howard County, and though I now live in Carroll County, I'm still proud of the jobs that they are doing. I spoke briefly with my current Senator, David Brinkley, who is wonderful and always willing to talk with his constituents. I spoke with Senator Larry Haines for Westminster, who is also a Realtor, so I see him regularly, but he does an excellent job also.
If you have the opportunity to meet with your elected officials, please do so. They love to hear what is going on in the community.
According to the article linked above, "The bipartisan amendment to the stimulus package, offered by Sens. Johnny Isakson (R-Ga.) and Joe Lieberman (D-Conn.) and approved by unanimous voice vote, would create a $15,000 home buyer tax credit available to all purchasers of a principle residence for one year after its date of enactment. The tax credit would not have to be repaid and buyers could claim it against their 2008 and/or 2009 tax returns.
The $15,000 home buyer tax credit would replace and sunset a much narrower tax credit that was enacted last year. Available only to first-time home buyers, the current $7,500 tax credit works like an interest-free loan that must be repaid over a 15-year period. It is set to expire on July 1.
Extending and expanding the home buyer tax credit will spark the activity the economy needs to stop shedding jobs and begin creating them, said Robson."
While the First Time Buyer tax credit loan was a great idea, I really love the idea of offering ALL buyers a $15000 tax credit that does not need to be repaid! This will help reduce the overloaded inventory of homes available throughout the country, allow first time buyers a huge incentive to purchase a home at a great rate and help slow foreclosures and increase consumer confidence, which is certain to have a positive reaction in recovery from this tough economic time.
While this change affects me directly and that makes me happy, I still can see such a wonderful outcome for the country that I have to applaud it for it's own sake.
I met with Senator Allan Kittleman and our Howard County District 9 Delegates Warren Miller and Gail Bates on Wednesday night at the Dist. 9 Open House in Annapolis - along with a couple hundred other people I guess! However, in talking with Warren and with Gail, who are both Republicans, I can see that they are happy that legislation will be taking place that will help the recovery. They are all working hard to protect our interests in Howard County, and though I now live in Carroll County, I'm still proud of the jobs that they are doing. I spoke briefly with my current Senator, David Brinkley, who is wonderful and always willing to talk with his constituents. I spoke with Senator Larry Haines for Westminster, who is also a Realtor, so I see him regularly, but he does an excellent job also.
If you have the opportunity to meet with your elected officials, please do so. They love to hear what is going on in the community.
Sunday, February 8, 2009
New Year, New Business, New Blog, New Everything!
I've cleared out the archives and decided to start over. As of the beginning of 2009, I was back to just being Judi Stull at RE/MAX Advantage Realty. I currently don't have a team or belong to someone else's team and it's really great!
I'm seeing a change in the real estate market locally. In January, I listed three properties, two of which sold within a few days of listing them. Prices have come down some, interest rates are some of the best we've ever seen and it seems that people aren't quite as nervous about making a move. It's encouraging!
According to the latest from the Maryland Association of Realtors (MAR), housing affordability has improved in the fourth quarter of 2008 and the First Time Homebuyers Housing Affordability Index rose to 62.2 percent from the third quarter level of 54.6 percent. "Compared to 2006 and 2007 levels of 46.6 and 49.3 percent respectively, this is a substantial improvement to Maryland consumers." You can read the entire article and see past quarterly statistics here: http://mdrealtor.org/HousingResearchStatistics/HomebuyerAffordabilityIndex/tabid/160/Default.aspx
According to MAR's Housing Statistics for December 2008 and as reported by MRIS, here are a few interesting facts about the Counties where I most often work:
Units Sold, first for 2008 then compared to 2007 and the percentage difference
Anne Arundel Co. - 301, 401, -24.9%
Baltimore City - 319, 445, -28.3%
Baltimore County - 450, 471, - 4.5%
Carroll County - 81, 107, -24.3%
Frederick County - 145, 160, - 9.4%
Howard County - 171, 196, -12.8%
All Maryland - 3227, 3550, - 9.1%
Changes in Average Price for 2008, then 2007 and the percentage changed
Anne Arundel Co. - $364,760, $395,990, - 7.9%
Baltimore City - $169,907, $177,397, - 4.2%
Baltimore County - $284,627, $306,021, - 7.0%
Carroll County - $344,906, $345,820, - 0.3%
Frederick County - $276,595, $326,373, -15.3%
Howard County - $416,933, $463,153, -10.0%
All Maryland - $315,934, $347,209, - 9.0%
Active Inventory for Dec. 2008, then compared to Dec. 2007
Anne Arundel Co. - 3810, 3876
Baltimore City - 4563, 5473
Baltimore County - 4360, 4028
Carroll County - 1160, 1115
Frederick County - 1872, 2006
Howard County - 1622, 1677
All Maryland - 43,674, 44,097
Sorry, all of my carefully composed spacing isn't staying and it's making that hard to read.
However, I'm sure you can see as well as I can that Howard County is staying pretty close to the Maryland average, and is somewhere near the middle of the few counties that I've shown here. While Frederick County has not dropped off quite as much in sales, they have had one of the larger drops in value.
Our Government Affairs group at MAR has given us a list of six items that are some of our 2009 Legislative Issues. The one that I think would be most interesting here is number 6.
Real Estate Taxes: MAR opposes new real estate taxes. Although the real estate industry generates about one-quarter of economic activity in the state, it generates about 45% of total County/City government revenues. Maryland ranks 13th among U.S. states in terms of absolute real estate tax levels.
I will continue to attend meetings in Annapolis throughout this year and speak to our legislators about our opposition to new Real Estate Taxes. I will be in Annapolis on Monday to speak with Senator Allan Kittleman, and Delegates Gail Bates, Warren Miller and Susan Krebs about this and other items. They are all "Real Estate Friendly" legislators already. While I understand that our government does need money to run, I think our home owners pay their fair share already and am working to keep our home ownership costs low. Please continue to vote and to contact our legislators about issues that are close to your heart!
Have a great month!
I'm seeing a change in the real estate market locally. In January, I listed three properties, two of which sold within a few days of listing them. Prices have come down some, interest rates are some of the best we've ever seen and it seems that people aren't quite as nervous about making a move. It's encouraging!
According to the latest from the Maryland Association of Realtors (MAR), housing affordability has improved in the fourth quarter of 2008 and the First Time Homebuyers Housing Affordability Index rose to 62.2 percent from the third quarter level of 54.6 percent. "Compared to 2006 and 2007 levels of 46.6 and 49.3 percent respectively, this is a substantial improvement to Maryland consumers." You can read the entire article and see past quarterly statistics here: http://mdrealtor.org/HousingResearchStatistics/HomebuyerAffordabilityIndex/tabid/160/Default.aspx
According to MAR's Housing Statistics for December 2008 and as reported by MRIS, here are a few interesting facts about the Counties where I most often work:
Units Sold, first for 2008 then compared to 2007 and the percentage difference
Anne Arundel Co. - 301, 401, -24.9%
Baltimore City - 319, 445, -28.3%
Baltimore County - 450, 471, - 4.5%
Carroll County - 81, 107, -24.3%
Frederick County - 145, 160, - 9.4%
Howard County - 171, 196, -12.8%
All Maryland - 3227, 3550, - 9.1%
Changes in Average Price for 2008, then 2007 and the percentage changed
Anne Arundel Co. - $364,760, $395,990, - 7.9%
Baltimore City - $169,907, $177,397, - 4.2%
Baltimore County - $284,627, $306,021, - 7.0%
Carroll County - $344,906, $345,820, - 0.3%
Frederick County - $276,595, $326,373, -15.3%
Howard County - $416,933, $463,153, -10.0%
All Maryland - $315,934, $347,209, - 9.0%
Active Inventory for Dec. 2008, then compared to Dec. 2007
Anne Arundel Co. - 3810, 3876
Baltimore City - 4563, 5473
Baltimore County - 4360, 4028
Carroll County - 1160, 1115
Frederick County - 1872, 2006
Howard County - 1622, 1677
All Maryland - 43,674, 44,097
Sorry, all of my carefully composed spacing isn't staying and it's making that hard to read.
However, I'm sure you can see as well as I can that Howard County is staying pretty close to the Maryland average, and is somewhere near the middle of the few counties that I've shown here. While Frederick County has not dropped off quite as much in sales, they have had one of the larger drops in value.
Our Government Affairs group at MAR has given us a list of six items that are some of our 2009 Legislative Issues. The one that I think would be most interesting here is number 6.
Real Estate Taxes: MAR opposes new real estate taxes. Although the real estate industry generates about one-quarter of economic activity in the state, it generates about 45% of total County/City government revenues. Maryland ranks 13th among U.S. states in terms of absolute real estate tax levels.
I will continue to attend meetings in Annapolis throughout this year and speak to our legislators about our opposition to new Real Estate Taxes. I will be in Annapolis on Monday to speak with Senator Allan Kittleman, and Delegates Gail Bates, Warren Miller and Susan Krebs about this and other items. They are all "Real Estate Friendly" legislators already. While I understand that our government does need money to run, I think our home owners pay their fair share already and am working to keep our home ownership costs low. Please continue to vote and to contact our legislators about issues that are close to your heart!
Have a great month!
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