Date Archives June 2010

Dealing with Home Buyers’ New Psychology

When we started, we were looking at new construction, and I had to tell them that whatever they wanted changed would have to be done by them, at their expense after closing, as the builders were not going to make any concessions or alterations. … That’s a difference that matters – both to actual sales numbers and perceived sales numbers – to the market’s collective psyche, if you will. See for yourself (PDF). Add to this the fact that the average Days on Market in May 2006 was 69 and the average Days on Market in May 2010 is 106 and the market rightfully feels slower.

…Many Sellers don’t want to “give their homes away” (hint: price your home to sell from Day One ) and many Buyers want to feel like they get a “deal” and many buyers have unreasonable expectations – resale homes are used homes; they are not new construction.

…They also are prepared to walk away if things don’t go their way – there will be another house that suits their needs and wants; five or six years ago, another house would come on the market, but it would probably have been more expensive.

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Charlottesville Twitter Week in Review – 20 June 2010

I’ll be watching the # worldcup in Crozet @ Fardowners # RT @ jessicachapin : Question of the day – how do you balance your desire to make a REAL difference in the world (cont) # @ TomRoyce I see your incompetence & raise you – Dr. … Here are a few – in reply to jessicaleap # Trying to decide where to watch the US play tomorrow morning # WorldCup # RT @ PhxREguy Despite what MANY are saying, an extension to the closing deadline 4 homebuyer tax credit ISN’T LAW YET.[ ] # @ MortgageDr touché. in reply to MortgageDr # RT @ Emarieg : I hate negotiating. … Exchanges – [I feel better RT-ing @ wsj than@foxnews] # RT @ USHUD : – Freddie Mac and Fannie Mae Ordered to De-List From NYSE [well, that’s comforting] # I’d really like it to not rain today. Soccer game this afternoon. 🙂 # RT @ bookofjoe : Re: BP: It’s impossible to imagine a surgeon proceeding with an operation if she isn’t capable of (cont) # Having commentators who understand & sound like they understand soccer is a huge improvement vs last # WorldCup Thanks, # ESPN # Calling internationally via Google Voice: cheap.

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So … Has the Tax Credit Closing Deadline Been Extended? Maybe.

I’m reading this morning that the amendment was approved: The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit. … I read this on the OpenCongress site – Dems Lose Big on Unemployment Insurance/Tax Extenders Vote After two weeks of solid debate — and two weeks of people having their unemployment insurance cut off because of congressional inaction — the Senate this morning took their first test vote on passing H.R. 4213 , the “American Jobs and Closing Tax Loopholes Act of 2010.” … As you know, Senator Reid has been supporting an amendment to H.R. 4213 that would extend the deadline for closing for the homebuyer tax credit from June 30 to September 30. … But also yesterday, earlier in the day before Senator Reid’s amendment, the Senate voted against a motion that would move closer to ending debate on the bill and passing it.

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Pick up this week’s C-Ville – Living as a Charlottesville Local

(#10) If you’re in town, pick it up for their “Summer in Charlottesville” insert; I think it’s quite excellent. If you’re not, let me know and I’ll scrounge up a copy for you. … One or the other. 🙂 ( #15 ) While you’re there, feel free to vote for yours truly as “best real estate agent” in Charlottesville . ** why the asterisks? Because when folks refer to “Charlottesville” they typically are referring to “the Charlottesville area” – meaning Charlottesville and Albemarle, and often Nelson, sometimes Greene, frequently Fluvanna and sometimes Louisa.

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Monday Reading – Strategic Defaults and Tax Credit Extenstions

Renewing the first-time home buyer’s credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs.

… As soon as the proposed amendment to the H.R. 4213 – the American Jobs and Closing Tax Loopholes Act of 2010 is posted on either GovTrack or OpenCongress , I’ll note it here.

…With the FairTax, mortgage interest rates fall by about 25 percent (about 1.75 points) as bank overhead falls; this is a huge savings for consumers. … Lower interest rates, the repeal of the income tax, the repeal of all payroll taxes, and the prebate mean that people have more money to spend and have an increased opportunity to become homeowners.

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