National Association of REALTORS ® Government Affairs Division

Termination of Credit Purchases after

Binding Contract Rule None So long as a written binding

Purchase by a Dependent No Provision Ineligible

Rule None Purchaser must attach

I will be hosting an open house on Sunday 9/28/08 from 1-3 at 505 Philadelphia Rd Joppa MD 21085.   This Beautiful Custom Home is priced at $570,000.   It has a 1 Car Attached & 3 Car Detached Garage with Heat, 2 Master Suites, Possible In Law Suite in the Lower Level, 2 Decks, a HUGE Screened in Porch that over looks the Pergola & .94 Acre fenced in Back Yard.   Large Kitchen with Custom Stone backsplash, glass fronted cabinets, built in desk & island.   All bedrooms have walk in closets.   This is a must see.   For more information feel free to call Tanya T Lewis, Realtor 443-414-4002

A New Bill was passed for 10% of the purchase price of the home or up to a $7500 credit towards closing cost.   This credit is for 1st time home buyers that have not owned a home in the last 3 years.   This is basically an interest free loan that gets paid off over the next 15 years.   The credit is good for up to $3750 per person, with a max of $7500.   So if you are a single person purchasing a home by your self you would be eligible for up to $3750, a married couple or 2 unmarried people that are purchasing a home together would be eligible for up to $7500.   There is a salary restriction of up to $75,000 for a single person and $150,000 for joint filing.

This article from the washington post gives good detailed information on the credit:

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/30/AR2008073003013.html?sid=ST2008073003077&pos=

PRESS RELEASE

May 7, 2008                                                         FOR MORE INFORMATION, CONTACT:

                                                                                                                                                                                      Harford County Association of REALTORS ®, Inc.
                                              Mark Wilson, Executive Vice President

        info@HarfordREALTORS.com
410-569-0750                      

A Housing Market to Embrace

There is an old saying “ œOpportunities are never missed.   Someone will take the one you miss.   Today™s housing market might just be an opportunity you should examine before you believe the national media headlines.

While sales of existing homes are off from their high, last year was still the fifth best year on record for existing-home sales.   As for prices, the national median existing-home price remains within 2 percent of the all-time high set in 2006, according to Julie Duley, President of the Harford County Association of REALTORS ®.

The number of sales increased by 96% in March 2008, compared to February 2008 in Harford County. (Source: MRIS)

œThe biggest enemies of today™s housing market and the economy in general are pessimism and uncertainty, Duley said.   Statistics clearly suggest a sizable pent-up demand in the marketplace.   Yet home sales have remained soft.   Why?   Lack of buyer confidence, according to Duley.

The lack of buyer confidence not only impacts homeowners and the housing industry, but could easily spread to the economy.   Any further weakening in the housing market and its related housing wealth impact could slow the economy into a œno growth zone, she said.

So what can we do to bolster confidence?   Duley suggests we look at the facts.   Over the past two years:

·                 Average wages have risen by 8 percent

·                 4.3 million jobs have been added

·                 Total household net worth (assets minus liability) was more than $6 trillion higher in 2007 than 2005 (despite some losses in housing equity)

·                 Nearly 2 million new households were formed

œThis all suggests that there are many more people with jobs at higher wages and with higher wealth accumulation, Duley explained.   œHowever, the rising inventory of homes on the market and slower sales indicate that these potential buyers are uncertain and may be sitting on the fence.

œOver time, homeownership has proven to be a good long-term investment.   A look at today™s market fundamentals makes a very good case for buying a home if your life and family conditions warrant it, Duley said.  

œI encourage fence-sitters to get into the market and look around, Duley said. œI think you™ll be pleasantly surprised at what you find.

She added that there are many low-cost, sound mortgage products today “ from prime conforming loans to those insured by the Federal Housing Administration.   The economic stimulus package recently signed into law by the president will also help expand the availability of affordable and safer home financing options.

The package increases the loan limits on FHA-insured loans, as well as those purchased by Fannie Mae and Freddie Mac. Higher FHA loan limits will help an additional 138,000 Americans purchase homes and allow nearly 200,000 owners to refinance and potentially keep their home, according to research from the National Association of Realtors ^®.

In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will help as many as 500,000 people refinance their loans and could help reduce foreclosures by as much as 210,000. On top of that, more than 300,000 additional home sales could be generated.  

In the end, these higher loan limits alone can be expected to reduce housing inventories and strengthen home prices by two to three percentage points, according to NAR.

Consult the Government Affairs section of Realtor.org —   http://www.realtor.org/gapublic.nsf/pages/economic_stimulus   — for specifics on the economic stimulus package, including a chart of the new loan limits by metro area]

œSo join the fight against irrational pessimism “ take a look at your local housing market and think, just think, of the possibilities, she said.

Contact your neighborhood REALTOR ® to gets the true facts on the real estate market in your neighborhood or visit www.HarfordREALTORS.com.

Price of Stamps are increasing on May 12, 2008 to $.41.   Below is the link to the USPS

http://www.usps.com/prices/

I found this wonderful article that goes through all of the supposive advantages of renting versus buying in any market.   Check it out:

http://www.thesimpledollar.com/

PRESS RELEASE

February 14, 2008                                             FOR MORE INFORMATION, CONTACT:

                                                                                                                                                                                      Harford County Association of REALTORS ®, Inc.
                                              Mark Wilson, Executive Vice President

                    info@HarfordREALTORS.com
410-569-0750                      

Keeping Your Pains and Gains Straight

With some recent media reports about real estate losses, housing slumps and home price declines, it can be easy to lose perspective.   Julie Duley, President of the Harford County Association of REALTORS ® says it™s time for a reality check.  

œWhen you look closely at who™s experiencing real estate gains and losses, the overall picture comes into focus, Duley said. œShort-term fluctuations don™t have as much impact on owners and investors who bought with a long-term perspective.

Over the past three decades, home values have risen an average of 6 percent annually. Of course, all real estate is local, and markets vary by region. In some markets, people who bought homes within the past year or two have seen the value of their investment go down. But real estate is not a quick-in, quick-out investment.

According to statistics from the National Association of Realtors^Ã’, a buyer who purchased a median-priced home five years ago has seen an average home value gain of $54,000 during that time; in Las Vegas, the gain averages $150,000, and in Miami, the same buyer would have averaged a $200,000 gain.

œReal estate market conditions are like the weather forecast “ the local conditions are much more meaningful than national data, Duley said.

Even so, some homeowners who have seen gains over the long term may perceive losses because of short-term market fluctuations. For example, buyers in Anaheim, Calif., saw an average median price increase of 13 percent between 2004 and 2006. In 2007, prices there have declined 0.6 percent “ a bit lower than last year, but still leaving a healthy gain from three years ago.

œIn most cases, consumers and homeowners who are in it for the long-term will come out well ahead, Duley said.

The long-term value of housing as an investment is compounded by the power of leveraging. A $10,000 used for a down payment on a median-price U.S. home at a typical home price appreciation of 5 percent will return $110,000 after 10 years. The same $10,000 invested in the stock market appreciating at 10 percent annually will return $23,600.

œNo wonder the Federal Reserve shows consistent year-after-year results of the staggering difference in net worth between homeowners and renters. In a recent study, the average homeowner had $184,400 in net worth versus only $4,000 for the average renter, Duley said.

Keeping Your Pains and Gains Straight”add one

History also provides its own type of perspective. In hindsight, times of crisis often turn out to be times of opportunity. With over 4 million net new jobs added in the past two years “ a timeframe during which the volume of home sales have steadily fallen “ a significant pent-up demand has developed. As a result, home sales and prices are forecast to rise in 2008 compared to 2007.  

œIn many areas, this may be the best time in years to buy a home, Duley said. œSmart and serious investors look at the long term. Those investing in a home and keeping it for a typical holding period of six to 10 years will likely see their investment pay off financially. At the same time, they will enjoy all of the non-tangible benefits of homeownership.

So although some homeowners may be experiencing short-term pain, those with a long-term perspective will more than likely see overall gains.

Contact your local REALTOR ® for more information on your neighborhood real estate values or visit

www.Harford REALTORS.com.

This week you should receive your Maryland Property Tax Assessment notice in the mail.  According to yesterday’s Washington Post, there is an application inside the assessment which you need to fill out in order to apply for the Homestead Property Tax Credit.  This credit was automatically given to you in the past, if you were eligible, which most of us are. This year you must apply for it.  The homestead credit limits the amount of assessment increase on which a homeowner will pay property
taxes in that tax year on the one property actually used as the owner’s principal residence.

THIS YEAR IF YOU DO NOT FILL OUT THE APPLICATION YOU WILL NOT BE GRANTED THE HOMESTEAD TAX EXEMPTION AND YOUR TAX BILL WILL GO UP ACCORDINGLY.

If you have further questions, or to download the application,  you can visit the Maryland Department of Assessments website at www.dat.state.md.us

The Maryland “Non-resident withholding tax” rate is due to increase on January 1, 2008 from 6 to 6.75% for individuals and from 7 to 8.25% for corporations.  The non-resident tax rate increase will affect those closings that take place January 1, 2008 or later.

Did you know that you can have your name removed from Junk Mail Lists?   Simply write to the address below.   They send out lists every 6 months, so it could take awhile to see a reduction in your junk mail.   It could reduce your junk mail by up to 75%!   That is a great way to start the new year out by helping the environment!  

Mail Preference Service

Direct Marketing Association

6 East 43rd Street

New York, NY 10017