Posts Tagged ‘nar’

3.8% Tax: What’s True, What’s Not – by Robert Freedman

There has been press that there will be a tax on real estate transactions in the new year.  Here is the real story as told by NAR as to whom this really could affect.  

Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8 percent tax on real estate. NAR quickly released material to show that the tax doesn’t target real estate and will in fact affect very few home sales, because it’s a tax that will only affect high-income households that realize a substantial gain on an asset sale, including on a home sale, once other factors are taken into account. Maybe 2-3 percent of home sellers will be affected.

Read more on this topic at 3.8% Tax: What’s True, What’s Not.

Congress Reauthorizes Flood Insurance for 5 Years – a Reprintt

The following is a reprint from the National Association of Realtors, a trade organization for realtors.  NAR has been campaigning hard to encourage the senators and representatives to pass this important legislation for the homeowner. 

On June 29, 2012, the Senate and House passed the Flood Insurance Reform Act as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure within a few days. This is the culmination of a successful multi-year REALTOR campaign and a final push at NAR’s Midyear Legislative Meetings & Trade Expo in May 2012.

It would not have been possible without the leadership of Reps. Biggert, Waters, Bachus and Frank, as well as Sens. Johnson, Shelby, Tester and Vitter.

Since 2008, Congress had been extending the National Flood Insurance Program a few months at a time. Twice this led to shutdowns, including one that stalled more than 40,000 home sales in June 2010 alone. Passage of this 5-year re-authorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage.

The bill ensures the program will continue long-term for more than 5.6 million business- and homeowners who rely on it, achieves one of NAR’s top priorities for the year, and means taxpayers will spend less on federal assistance for flood disasters over the long run. NAR will continue to monitor the legislation as it is implemented.

Realtors and NAR and other realtor organizations understand how important this flood insurance is to the homeowners that we serve. 

Joan Parcewski  Woods Real Estate

Rental Sector Tightens – Reprinted from HousingWire.com

With so many caught up in the foreclosure crisis and forced to find rentals, there is a rental crunch.  Many are looking for 3 or more bedrooms.  Needlesss to say these rentals are snapped up as quickly as they go on the market.  This is good news for landlords and investors looking to buy properties to rent. 

The nation’s homeowner housing vacancy rates declined in the first quarter as supply conditions in the rental sector tighten and the proportion of families in tenancy reached a 15-year high.

Rental vacancies dipped to 8.8% in the quarter, 0.9% lower than a year earlier and 0.6% below the previous quarter, according to the Department of Commerce’s Census Bureau. The homeownership vacancy rate stands at 2.2% in the period, down 0.4% from a year earlier and 0.1% from the fourth quarter of 2011.

Some 34.6% of families rented their home in the first quarter, increasing from 34% at the end of 2011.

Because the housing recovery is driven by investors and cash buyers acquiring homes to rent out, the nation’s rise in rental rates continues, analysts at Capital Economics said.

“We think that the rental rate may rise slightly further yet, with the necessary flipside being that fewer households will own their own home,” analysts said. “This is positive for landlords, whose rental yields are approaching 6%.”

The bureau reported a national homeownership rate of 65.4% in the first quarter, falling 1% from the year-ago figure and 0.6% from the previous quarter.

Among regions, the rental vacancy rate was the highest in the South at 10.8% and lowest in the West at 6.3%. The Northeast was the only region to experience an annual rise in its vacancy rate in the first quarter, ascending from 6.8% to 7.8%..

For rental housing by area, vacancies inside principle cities (8.8%), in the suburbs (8.7%) and outside metropolitan statistical areas (9.2%) were not statistically different from each other.

“We expect strong demand and constrained supply to contribute to rental inflation of 3% or so in 2012, and for landlords’ rental yields to improve to 5.75%,” Capital Economics analysts said. “That would comfortably beat the yields available on Treasurys.”

for other topics visit http://www.housingwire.com/news/pending-home-sales-rise-remain-above-2011-levels

Ongoing Education is Important to All Professions – Including Real Estate

Have you ever picked up a business card at an open house or perhaps were handed a business card by a real estate agent and wondered, besides the word “agent,” what do those other letters stand for (REALTOR, CBR, SRES, LMC……).  

Did you know that not all real estate agents are REALTORS?   According to the National Association of Realtors (NAR): “The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics…..REALTORS® are pledged to a strict Code of Ethics and Standards of Practice” that includes all ethical requirements related to working with consumers and fellow agents as well as truth in advertising.

All agents are required to take a specific number of continuing education hours to renew their licenses every 2 years (the number of hours required is dependent on the state in which they are licensed). 

As any professional will tell you, it is important to stay current in your profession, be it a CPA, a Financial Advisor, a Realtor.  Rules change.  New laws are written.

The Real Estate profession is no different.  Agents need to know what the new rules are and how they affect their business and their dealings with with their customers and other agents.  A person with designations after their name has voluntarily made both  a financial investment and a time commitment to take the courses and obtain the designations that show their commitment to clients and their diverse needs (eg SFR – Short Sales and Foreclosure Resource, SRES – Senior Real Estate Specialist, CIAS – Certified Investor Agent Specialist, CBR – Certified Buyers Representative). 

Joan Parcewski, Realtor & Notary

GRI (Graduate Realty Institute), CBR (Certified Buyers Representative), SFR (Short Sales & Foreclosure Resource), LMC (Loss Mitigation Certified), CDPE (Certified Distressed Property Expert), SRES (Senior Real Estate Specialist), CIAS (Certified Investor Agent Specialist), & GREEN

YOU are my Top Priority. I believe that ongoing Education as well as Experience are important components of success both personally and professionally.  Let’s work together to implement the most current strategies to make YOU successful in your real estate journey, while building a lifetime relationship.   

Clean Homes Sell Faster

Welcome back to our guest blogger Kevin Coates from Servpro in Billerica.  Have you ever visited homes for sale and found homes that you just wanted to leave right after you got into the front door.  Well he is why

Clean Homes Sell Faster”

It is a fact:  A clean, fresh smelling home sells faster. Unfortunately, not all homes are maintained in the same way. Nearly all realtors are faced, at some point, with a difficult listing to show. There are reasons realtors encourage clients to keep homes in tip top condition.

  • Increased market value
  • Shortened list to sale conversion times.
  • Enhanced reputation for quality listings and quick sales.

The link below is from the official site of national realtor association. This will help with tips of what should be done prior to your home entering the market. http://www.realtor.com/Basics/Sell/PrepHome/GetReady.asp?source=web

Kevin Coates

Servpro Billerica/Tewksbury

978-663-9833

http://www.servpro.com/franchise/9893.com

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