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Great news for home buyers, sellers and owners, alike.  The homebuyer tax credit has been expanded to include step up buyers, who have owned a home for 5 years.  It also extends the tax credit through the end of 2010.  

GREAT NEWS! 

It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and odds are it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing a home, by April 30, 2010, to participate and receive the full credit available.

The credit will continue until the end of 2010, but the amount of tax credit will drop by 2 percent every 90 days.  The graduated benefit should help the housing market recover into and through the 2010 summer selling season.

Here is the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit.  The latest version extends the program to home sales signed not closed by April 30. Purchasers would have another 60 days to close the sale.  The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut slightly to a $7,290 cap.  Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Property auction

Real estate auctions are a fast and efficient method for selling property.   They work on the principle of competitive bidding and provide an ideal situation for buyer and seller, alike.

The Benefits for Sellers Include:

• Speed- The auction selling process is swift and accelerated. 
• No Negotiations- Auctions eliminate haggling, counteroffers and remove the seller from the pain of negotiating.
• No Home Showings- Buyers are given specific dates and times that the property will be Open to the Public for viewing, before bidding begins.  The process eliminates the hassle’s of showing the home to numerous people, one person at a time.
• Certainty -The seller knows exactly when the property will sell, decreasing long-term carrying costs, such as mortgage payments, taxes, maintenance and insurance.
• Qualification- Potential Buyers are required to Pre-Qualify for financing before they can bid on the property.
• Exposure- Auction exposes property to a wide range of qualified buyers and the aggressive timeline to sale increases interest and urgency.
• Competition-Auctions create competition among buyers.  Due to the competitive nature of auctions, it is not unusual for the auction price to exceed the price the seller would have gotten through negotiations. 
• Real Value- Auction sales are live, real time events.  The auction process assures that the seller that the property was sold at its real market value.
• Serious-Buyers who attend auctions arrive ready and willing to buy.

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In an effort to soften the sharp housing downturn, the Senate recently passed a $150 Billion Bill to provide relief for homeowners, in theory, for homebuilders, for certain.

The “foreclosure relief” bill, which now moves to the House for approval, sounds helpful, but falls shamefully short on solutions or assistance for homeowners losing their houses.   In fact, the only set aside for those facing foreclosure is a $100 million in counseling assistance, which possibly makes sense to prevent over-borrowing, but accompishes nothing after the fact.

Relief for Homebuyer’s received a mention in the bill, but the real help offered was for the benefit of bankers, developers and builders.   

The bankers and builders receive a $25 Billion Dollar Tax Rebate and plans to steer buyers to their foreclosed properties, with the lure of a $7000 future tax credit.   The bill provided a $0.00 tax credit, if homebuyer’s purchase a home owned by anyone else.

Translation:  Homeowners, who are paying their mortgages on time, will suffer an immediate $7000 loss in home value, as they attempt to compete against lenders, builders and developers when selling their property.

In Conclusion:   The $150 BILLION Dollar Relief bill harms taxpayers and homeowners, and does little for families in financial trouble.  The only “help” offered is for the politicians, banks and the powerful, cash laden, National Association of Home Builders, who threatened to stop handing over millions of dollars in campaign donations, unless they were cut in on the taxpayer give away.   The result.  When the votes were counted… the money counted more.  The Senate sealed the deal by a 84 to 12 margin.

Question:  Have we had enough, already???   Don’t you think if the US Congress really wanted to help the housing market, they would simply offer a $7000 tax credit to anyone who buys a home that they intend to live in (ie: no investors), no strings attached???    Instead, homeowners and buyers are penalized in favor of the banks and builders who likely created this mess in the first place.

Action:  I urge everyone who cares about their home to immediately write their State Representive in protest, before this bill is passed.    We don’t have millions of dollars for lobbiest or bribes to get their attention, but we do have numbers and the power of the pen on our side.