Posts Tagged ‘Real Estate Conditions and Trends’
Los Angeles New Law: NO MORE Graffiti!!
LOS ANGELES — Under an ordinance just approved by the City Council, all new buildings in Los Angeles including homes must have anti-graffiti coating, unless the owners sign a contract vowing to remove any graffiti on their property within 72 hours from notification.Did First Time Buyer Tax Credit Help Sellers?
The $8000 Tax Credit for first time home buyer’s (people who have not owned a home in the last 3 years) expires on November 30, 2009. With the expiration date drawing near, the Realtor and builder lobby groups are pushing lawmakers to extend the program for another 6 months. If they are successful, it will cost taxpayers of nearly $15 BILLION.
“Yea” or “Nay”??? Before we cast our vote, we decided to find out whether the tax incentive successful or not? Specifically, did it persuade people to jump into the market? Would it be a good investment for taxpayers going forward?
According to a poll conducted by Zillow, the tax credit was persuasive.
- 18 percent of home buyers said the tax credit was the main reason they pushed to buy a home before November 30, 2010.
- Based on the number of first time buyer’s in the marketplace, a 6 month extension could persuade another 335,000 (18 percent) buyers to buy a home of their own.
- If the first time buyer credit is extended, home sales would likely increase 5 percent. Without it, sales would be down as much as 2 percent.
- Only 31 percent of first time buyers said the credit had no influence on their decision to purchase.
- 69 percent of buyers said the tax credit was important in motivating them to buy a home this year.
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First-Time Buyers Dominate Housing Market
Mega real estate website, Realtor.com (owned by Move Inc), released survey results which showed that 54 percent of the people planning to purchase a home this year are first-time home buyers. This is good news for home sellers because first-time buyers do not have another property they have to sell.
In a press release statement, Steve Berkowitz, CEO of Move, Inc had more encouraging news. “It’s not all doom and gloom” said Berkowitz. “We found Americans are optimistic about homeownership despite concerns.” He blamed the surge in first time buyer interest on the housing crash…”has created significant demand for homeownership especially among first-time buyers,” Berkowitz continued.
Home seller’s, builders and real estate agents can use this information to their advantage when marketing property. For example, half (50%) of the first time buyer’s polled had not heard about the $8000 tax credit, so be sure to make them aware of it. Every little bit of information helps, as most first timers are scared about timing.
Some more interesting facts about marketing to First-Time Buyer is:
- Most prefer more space, or more house for the dollar, over all other amenities. Be sure to price your home to be the best house for the money.
- Other options that appeal to first time homeowners are energy saving features, such as energy star appliances, insulation, home improvements and upgrades; a bigger yard or outdoor entertaining area; updated amenities. Emphasize the features in your home that address these popular “wish list” items.
- A better location was also on the wish list for first timers. If your property is located in a convenient, safe and social area of the city, be sure to let them know what is nearby. You may want to visit walkscore.com and post your walkscore rating on your advertising.
Thank you for visiting InfoTube.net home for sale website. Sellers can place a free property listing on the site. The site is loaded with freebies, advise and helpful features. At InfoTube.net, Buyers can search the for fantastic deals and seller’s can do homework on the competition.
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