Hello Coldwell Banker,
I am pleased to announce the 2010 Buyer Bonus Event, a national sales event designed to extend the benefits of the Home Buyer Tax Credit program after the April 30th deadline. The program was designed as a way to keep homebuyers in the market after April 30th, while extending the benefits of the government program to a much wider audience of potential homebuyers.
The event will begin May 1st and end July 31st. The launch is timed to coincide with the April 30th expiration of the government’s Homebuyer Tax Credit.
Home sellers will have the option to opt-in to the program. Home sellers that participate will agree to refund 3% of their final purchase price as a credit of up to $10,000 to the buyer at close. It’s open to all homebuyers and there are no eligibility or qualification restrictions. There will be national marketing support including tags on TV advertising, banners on coldwellbanker.com and other local sites that link to a landing page where consumers can search participating properties. There will be local marketing support, which will be covered in detail in future communications.
Next week, all non-distressed home sellers will receive a letter sharing details of the promotion and inviting them to participate in it. This will be an opportunity for you to start a discussion with your client on how this program could help motivate buyers to make an offer on their home.
If the response from the “10 Day Sale” in 2008 is an indication of how sellers respond to our national campaigns, the Buyers Bonus Event is an opportunity that you don’t want to pass you and your seller by.
Please contact Taila Gillespie if you are interested in viewing homes that offer this program! 619.888.2223 or taila.gillespie@coldwellbanker.com
Thank you!
Taila Gillespie
Monday, April 19, 2010
Saturday, April 17, 2010
Housing Inventory Is Rising Again
Daily Real Estate News | April 13, 2010
Housing Inventory Is Rising Again
Housing inventory is rising again, increasing the odds that prices will take another dip, says real estate data company Altos Research.
Housing inventory fell steadily beginning in April 2009 until the end of the year. In January 2010, it began rising in the 10 cities that Altos tracks: Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Denver, and Washington, D.C.
“If the numbers don't continue to move up pretty significantly, we could very well start 2011 at the same place we started in 2009," says Scott Sambucci, Althos’s vice president of data analytics.
Source: Inman News, Andrea V. Brambila (04/09/2010)
Housing Inventory Is Rising Again
Housing inventory is rising again, increasing the odds that prices will take another dip, says real estate data company Altos Research.
Housing inventory fell steadily beginning in April 2009 until the end of the year. In January 2010, it began rising in the 10 cities that Altos tracks: Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Denver, and Washington, D.C.
“If the numbers don't continue to move up pretty significantly, we could very well start 2011 at the same place we started in 2009," says Scott Sambucci, Althos’s vice president of data analytics.
Source: Inman News, Andrea V. Brambila (04/09/2010)
Calif. Lawmakers Pass Housing-Crisis Tax Relief
SACRAMENTO, Calif. (AP) — The Legislature passed a bill Thursday that could help many homeowners who were hurt by the housing crisis save thousands of dollars in taxes.
The bill would provide relief for homeowners who received mortgage modifications, lost their homes to foreclosure or sold their houses for less than they owed on their mortgages. It would prevent the canceled debt from being treated as taxable income.
Currently, some types of debts that are forgiven can be considered as income and taxed by the government, meaning that homeowners spared from an overwhelming mortgage can face huge tax bills.
Congress addressed the problem with the Mortgage Forgiveness Debt Relief Act of 2007. The recent legislative action conforms California law to that federal tax change, which runs through 2012.
"The mortgage debt tax relief provision in this bill will provide financial shelter for tens of thousands of Californians," said Sen. Ron Calderon, D-Whittier. "It's about time we gave these folks a helping hand. They've lost their homes and they've sat by fretting over a whopping state tax bill they can't afford."
The Assembly and Senate passed the bill after removing a provision about tax fraud penalties that drew objections from Republican Gov. Arnold Schwarzenegger.
The bill also specified that renewable energy companies that received grants through the American Recovery and Reinvestment Act would not have to report those grants as taxable income.
Schwarzenegger told reporters Thursday he intended to sign the bill.
"We want to give people the relief that they need, and we want to do everything we can for businesses, also for homeowners," Schwarzenegger said.
Taxpayers who already filed their 2009 returns can file an amended return, said Brenda Voet of the Franchise Tax Board. On the amended form, they would reduce their stated taxable income by the amount of debt that was forgiven.
Voet said the change would go into effect immediately after the governor signed the bill into law. Homeowners whose debt was forgiven and who have not yet filed their tax forms can omit the amount of forgiven debt when calculating their taxable income.
Some Republicans continued to oppose the legislation because it introduced a variety of tax increases. Assemblyman Ted Gaines said those tax increases could amount to $82 million.
One change would expand the number of children whose unearned income is taxed at their parents' tax rate, rather than the lower tax rate those children previously enjoyed.
Another change would increase penalties to corporations that fail to file a return.
"It's awfully troubling when we're going to provide a benefit to one class of taxpayer and have another class pay for it," said Assemblyman Roger Niello, R-Sacramento.
Democrats said the tax increases were minor and explained that those changes also conformed California law to federal law.
___
Associated Press Writer Robin Hindery contributed to this report.
Copyright 2010 The Associated Press.
FOR MORE INFORMATION ABOUT HOW THE TAX CREDIT CAN HELP YOU VISIT http://www.TailaGillespie.com
The bill would provide relief for homeowners who received mortgage modifications, lost their homes to foreclosure or sold their houses for less than they owed on their mortgages. It would prevent the canceled debt from being treated as taxable income.
Currently, some types of debts that are forgiven can be considered as income and taxed by the government, meaning that homeowners spared from an overwhelming mortgage can face huge tax bills.
Congress addressed the problem with the Mortgage Forgiveness Debt Relief Act of 2007. The recent legislative action conforms California law to that federal tax change, which runs through 2012.
"The mortgage debt tax relief provision in this bill will provide financial shelter for tens of thousands of Californians," said Sen. Ron Calderon, D-Whittier. "It's about time we gave these folks a helping hand. They've lost their homes and they've sat by fretting over a whopping state tax bill they can't afford."
The Assembly and Senate passed the bill after removing a provision about tax fraud penalties that drew objections from Republican Gov. Arnold Schwarzenegger.
The bill also specified that renewable energy companies that received grants through the American Recovery and Reinvestment Act would not have to report those grants as taxable income.
Schwarzenegger told reporters Thursday he intended to sign the bill.
"We want to give people the relief that they need, and we want to do everything we can for businesses, also for homeowners," Schwarzenegger said.
Taxpayers who already filed their 2009 returns can file an amended return, said Brenda Voet of the Franchise Tax Board. On the amended form, they would reduce their stated taxable income by the amount of debt that was forgiven.
Voet said the change would go into effect immediately after the governor signed the bill into law. Homeowners whose debt was forgiven and who have not yet filed their tax forms can omit the amount of forgiven debt when calculating their taxable income.
Some Republicans continued to oppose the legislation because it introduced a variety of tax increases. Assemblyman Ted Gaines said those tax increases could amount to $82 million.
One change would expand the number of children whose unearned income is taxed at their parents' tax rate, rather than the lower tax rate those children previously enjoyed.
Another change would increase penalties to corporations that fail to file a return.
"It's awfully troubling when we're going to provide a benefit to one class of taxpayer and have another class pay for it," said Assemblyman Roger Niello, R-Sacramento.
Democrats said the tax increases were minor and explained that those changes also conformed California law to federal law.
___
Associated Press Writer Robin Hindery contributed to this report.
Copyright 2010 The Associated Press.
FOR MORE INFORMATION ABOUT HOW THE TAX CREDIT CAN HELP YOU VISIT http://www.TailaGillespie.com
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