Tax Credit Expires, But Buyers Still Have Savings Options

There are mere hours left to finish negotiating your contract if you want to take advantage of the federal home buyer tax credit. However, if you miss the deadline, you may still be able to save up to $8,000.

Members of the U.S. military, foreign service, and intelligence communities have an extra year to take advantage of the credit, but that's ONLY if they were on extended duty (90 days or more) between Jan. 1, 2009 and Apr. 30, 2010.

Also, ANY home buyers that buy homes participating in the Coldwell Banker Buyer Bonus Sales Event will receive a credit at closing for 3% (up to $8,000) of their purchase price. Hurry! The offer begins May 1, 2010 and ends July 31, 2010. To find participating homes, please visit www.coldwellbanker.com/buyerbonus or contact Coldwell Banker Sea Coast Realty.

Check out this YouTube sneak peek of the national commercial for the Coldwell Banker Buyer Bonus Sales Event, coming soon to a TV near you.

Coldwell Banker Extends Benefits of Home Buyer Tax Credit With "Buyer Bonus" Sales Event

Thousands of Sellers to Offer Credit Up to $8,000 from May 1 Until July 31, 2010

To find participating homes, please visit www.coldwellbanker.com/buyerbonus or contact Coldwell Banker Sea Coast Realty.

PARSIPPANY, N.J. (April 26, 2010) — Coldwell Banker Real Estate LLC today announced the launch of its Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit.

In a recent survey of Coldwell Banker Real Estate professionals, nearly half indicated that they had worked with home buyers who would have missed out on the home buyer tax credit in November of last year had it not been extended. In addition, while 34 percent cite the current tax credit extension (expiring April 30) as the primary reason their customers are currently for searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit.

That is why on May 1, 2010, immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (up to $8,000), when part of an accepted offer, of their home’s purchase price to buyers who sign a contract before July 31, 2010. There is no deadline for a closing date.

“The federal government did its part to encourage millions of Americans to achieve their dream of home ownership with the help of the home buyer tax credit,” said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC.

“As the credit expires, Coldwell Banker Real Estate is encouraging buyers who haven’t found a home yet to continue looking, while bringing a new audience of home buyers who were unable to qualify for the tax credit into the market. We are confident that this private sector solution will represent a significant step toward continued recovery of the housing market.”

“The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” said Gillespie. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace.”

Participating homes will typically be identified by Buyer Bonus Sales Event yard sign riders and tagged as a Buyer Bonus home online at http://www.coldwellbanker.com/. While searching for a home online, home buyers can simply check the box labeled “Buyer Bonus Sales Event” to find participating properties nearby.

All home sellers who take part in the Buyer Bonus Sales Event will receive broad marketing support from Coldwell Banker Real Estate LLC, including:

• National television commercials beginning May 1, 2010; extensive online advertising;
  
• Promotion on http://www.coldwellbanker.com/;
  
• Updates on the event to be shared on Coldwell Banker Facebook, Twitter pages & the Coldwell Banker blog, Blue Matter;
  
• A video posting to the Coldwell Banker On Location channel highlighting the practical value of $8,000.

Home sellers that are interested in participating in the Coldwell Banker Buyer Bonus sales event can contact their Coldwell Banker Sea Coast Realty sales associate or call 1-800-522-9624.

To find participating homes, please visit http://www.seacoastrealty.com/ or contact Coldwell Banker Sea Coast Realty.

Home Sales Boosted by Homebuyer Tax Credit

Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

NAR Chief Economist Lawrence Yun said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends.

“Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

Total housing inventory at the end of March rose 1.5% to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8% below a year ago, and is 21.7% below the record of 4.58 million in July 2008.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey shows first-time buyers purchased 44% of homes in March, up from 42% in February. Investors accounted for 19% of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27% in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4% from March 2009. Distressed homes, typically sold at a 15% discount, accounted for 35% of sales last month—unchanged from February.

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

Single-family sales up 7.3%Single-family home sales rose 7.3% to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3% above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6% from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis and Boston.

Condo sales up 3.1%Existing condominium and co-op sales increased 3.1% to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3% higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7% below a year ago.

Regional home salesRegionally, existing-home sales in the Northeast increased 6.0% to an annual level of 890,000 in March and are 25.4% higher than a year ago. The median price in the Northeast was $249,800, up 8.9% from March 2009.

Existing-home sales in the Midwest rose 7.2% in March to a pace of 1.19 million and are 15.5% above March 2009. The median price in the Midwest was $139,300, up 0.2% from a year ago.
In the South, existing-home sales increased 7.1% to an annual level of 1.97 million in March and are 13.9% higher than a year ago. The median price in the South was $154,800, up 5.2% from March 2009.

Existing-home sales in the West rose 6.6% to an annual rate of 1.30 million in March and are 14.0% above March 2009. The median price in the West was $209,400, down 7.9% from a year ago.

Source: NAR & Houselogic.com

Published: April 22, 2010

Visit Houselogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Forbes Ranks Jacksonville NC #1 City for Jobs

Jacksonville, North Carolina is America’s best place to get a job, according to Forbes magazine.
The 2010 list of “Best Cities For Jobs” was released this week. Last week Forbes also ranked Jacksonville #75 in its list of “Best Small Places For Business and Careers.”

According to Forbes’ Joel Kotkin, Jacksonville’s economy grew 1.4% last year and government jobs there grew 3.3%. Those numbers wouldn’t have been a big deal a few years ago, but they’re exceptional considering the negative growth in many places across the country. Experts say that metro areas focused on one industry aren’t recession-proof, but seem to be recession-resistant, especially college towns, government centers, military bases, and healthcare centers.

“The area includes the massive Marine Base at Camp Lejeune, a beehive of activity since the U.S. started waging two wars in Afghanistan and Iraq,” says Kotkin, also noting that the area’s employment base has grown 22.8% since 1998.

While Marine Corps Base Camp Lejeune and Marine Corps Air Station New River are undoubtedly the area’s top employers, there are also a wide variety of civilian jobs in the Jacksonville area.

“There are big name contractors hiring local people and former Marines to work on base,” Ralph Leeds, director of the N.C. Employment Security Commission in Jacksonville, told the Jacksonville Daily News. “People don’t realize the big names are here because they don’t have an office with their name out front, but companies like Boeing, General Dynamic and Northrop Grumman keep a lot of people employed.”

“We have been recognized a lot lately for the strong housing market here and the low cost of living,” he said. “Of course, a lot of it has to do with the base, but Coastal Carolina Community College and Onslow Memorial Hospital are also big boosts to our local economy.”

"Cash for Appliances" Expected to Boost NC Economy

North Carolina shoppers only have four days to take advantage of a "Cash for Appliances" program offering 15% off new Energy Star appliances. Some local retailers are staying open longer and offering extra discounts to cash in on the anticipated rush.

North Carolina chose Earth Day to kick off the NC Energy Efficient Appliance Replacement and Rebate Program. The program offers North Carolina residents a 15% instant savings when they purchase new Energy Star clothes washers, dishwashers, refrigerators & freezers to replace old appliances. That means that an appliance that normally costs $500 will only cost $425. Shoppers will have to hurry to take advantage of the savings though. The program only runs from Thursday, April 22 through Sunday, April 25, 2010.

The so-called "Cash for Appliances" program is similar to its predecessor, "Cash for Clunkers." The $8.8 million North Carolina program is part of the American Recovery and Reinvestment Act. Each state decided how to distribute their allotted funds. This program is designed to stimulate the economy with sales of new appliances and create energy savings by getting Americans to trade older appliances for newer, more energy efficient models.

"Appliances consume a huge amount of our electricity, so there's enormous potential to both save energy and save families money every month," said Department of Energy Secretary Steven Chu in a press release. "These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy and create jobs."

North Carolina's program is similar to a program Florida launched last week. Florida planned for its program to last 10 days, but after the second day, the $17.5 million it allotted for the program had been exhausted. Florida's program offered 20% off the purchase of new energy efficient appliances. That means that Floridians spent $87.5 million on appliances in just two days. That means North Carolina shoppers may want to get out and take advantage of the offer sooner, rather than later.

Local appliance retailers are anticipating many more shoppers than usual, thanks to the program. Some are planning extended hours to accommodate the rush and others are even offering additional savings.

"I think a lot of people have been aware of the program and they've been looking ahead," Mindy Hughes of Crossroads Appliance Center in Supply told the Wilmington Star-News. Her store launched an advertising campaign about the rebate last month. "We've got a couple of remodels that have been sparked off by this program, which is great for us. Once they get one new item, they look at remodeling the whole kitchen." Hughes is planning on opening her store an hour early and staying open as late as necessary to serve her customers.

Atlantic Appliance is normally open 9 a.m.-6 p.m. Thursday and Friday and 10 a.m.-2 p.m. on Saturday. Instead, it will stay open until 8 p.m. these days. It will still be closed on Sunday.

Just across from Coldwell Banker Sea Coast Realty's main office, retailer hhgregg in Mayfaire Town Center will be open 6 a.m.-9 p.m. Thursday thru Saturday. It's also offering 30% off Energy Star appliances those days. The store is also open Sunday 11 a.m.-7 p.m., but some anticipate the funds for the "Cash for Appliances" program may be exhausted by then.

Lowe's and Home Depot are offering an additional 10% off Energy Star appliances more than $398. Both retailers are open Thursday thru Saturday 6 a.m.-10 p.m. and Sunday 8 a.m.-8 p.m, though Home Depot will open at 5 a.m. Thursday.

Thru Saturday, Sears is offering 30% off Energy Star appliances, in addition to the 15% "Cash for Appliances" savings. Its store hours vary by location.

To qualify for the North Carolina "Cash for Appliances" program, Energy Star clothes washers, dishwashers, refrigerators & freezers must be replacing an older appliance that will be recycled. Sales tax will be applied to the price of the appliance prior to the 15% instant rebate. Buyers must be North Carolina residents and purchase the new appliances from a participating North Carolina retailer. For more information on NC Energy Efficient Appliance Replacement and Rebate Program, please visit ncappliancerebate.com.

Participating retailers in our area are:

Onslow County

• Best Buy, 1116 Western Blvd., Jacksonville
• Boomtown Furniture, 625 New Bridge Street, Jacksonville
• Freedom Furniture and Electronics, 2153 Lejeune Blvd., Jacksonville
• Furniture Fair, 507 Bell Fork Road, Jacksonville
• Furniture Fair, 2015 Lejeune Blvd., Jacksonville
• Home Depot, 479 Western Blvd. Hwy 17, Jacksonville
• Lowe's, 1255 Western Blvd., Jacksonville
• Lowe's, 425 Yopp Road, Jacksonville
• Major Appliance & Furniture Co., 2129 Lejeune Blvd., Jacksonville
• Marine Corps Community Services, Birch and Holcomb Streets, Camp Lejeune
• Sears, 344 Jacksonville Mall, Jacksonville
  

Pender County

• Lowe's, 106 Wilkes Lane, Hampstead
• Sears, 15530 US Highway 17, Hampstead
  

New Hanover County

• Atlantic Appliance & Hardware, 914 S. Kerr Avenue, Wilmington
• Badcock Home Furniture & More, 2642 Carolina Beach Road, Wilmington
• Best Buy, 309 S. College Road, Wilmington
• Ferguson Bath & Kitchen Gallery, 1925 Dawson St., Wilmington
• hhgregg, 830 Inspiration Drive, Wilmington
• Home Depot, 5511 Carolina Beach Road, Wilmington
• Home Depot, 210 Eastwood Road, Wilmington
• Island Appliance, 5946 Carolina Beach Road, Wilmington
• Kitchen Dreams, 700 Military Cutoff Road, Wilmington
• Lowe's, 5110 S. College Road, Wilmington
• Lowe's, 354 S. College Road, Wilmington
• Sears, 3500 Oleander Drive, Wilmington
  

Brunswick County

• Badcock Home Furniture & More, 4511 N. Main Street, Shallotte
• Crossroads Appliance Center, 50 Green Swamp Road N.W., Supply
• Home Depot 150-1 Shallotte Crossing, Shallotte
• Lowe's, 351 Whiteville Road, Shallotte
• Lowe's, 5084 Southport Supply Road S.E., Southport
• Sears, 5302 Main Street, Shallotte
• Shallotte Electric Stores, 4900 Main Street, Shallotte
  

Duplin County

• Brandsource, 111 E. Southerland Street, Wallace
• Brewer Co. True Value Hardware, 348 N.E. Center Street, Faison
• Harrell's Department Store, 107 S. Wright Street, Burgaw
• Lanier & Smith Ace Hardware, 4646 South NC Highway 50, Chinquapin
• Page Audio-Video-Appliances, 312 N. Front Street, Warsaw
• Rochelle Furniture Co., 111 W. Fremont Street, Burgaw
• Sears, 1315 N. Norwood Street, Wallace

The dance begins: Negotiation to buy a home

Provided by Coldwell Banker®

You've found the home of your dreams. So how do you snatch it for the price you're willing to pay? Making an offer is an art.

You could offend a seller with an unreasonably low price or reference out-of-date market information, says Bob Irwin, author of the book "Tips and Traps When Negotiating Real Estate."

Of course there is no one, surefire tactic, but here are some common tips for gaining the upper hand:

Learn about the seller's situation.
Having a clear understanding of the seller's big picture will help you determine how badly or quickly he or she needs to sell the home. That may indicate how much room exists to adjust your bid price, says Julie Reynolds, spokeswoman for Realtor.com.

Does the seller have a contingent offer on another home that depends on this deal? Are they selling to relocate for a job? Are they trying to avoid foreclosure? Is the family emotionally attached to the house?

A seller who owns the house without a mortgage may be able to accept a slightly lower price than an owner who has to pay off a hefty loan upon a sale.

Research nearby sales prices.
It's important to do your homework to find out how much comparable houses in the area are selling for and how many days they're on the market. The more recent the sale, the better the benchmark. There are a variety of websites that offer this information, including realtor.com, zillow.com, and trulia.com.

Survey the house.
Sure, it may look like the home you've always imagined you would grow old in, but be on the lookout for red flags that can lead to big problems down the road, such as black mold, cracked foundations or roof decay. You can ask the seller to price the cost of the repairs into the deal.

"At the end of the day, the house may not be worth it when you realize its true condition," Irwin said. "Know what you're buying."

Don't low-ball.
Don't insult the seller with a price that is far too low, especially if the house has just been listed for sale. You don't want to short-circuit negotiations from the get-go. Be realistic and offer a price below what they're asking but above what they would balk at.

Don't be desperate.
No matter how small the selection, you shouldn't decide that a particular house is the only one for you. By remaining detached you will be less likely to pay top dollar and will be in a better negotiating position.

Get pre-qualified.
Know what you can afford, and remember that you may have to put down a large percentage of the purchase price. A preapproval letter from a lender shows you are serious and able to come through on the deal.

Negotiate closing and escrow costs.
Closing costs include things like city and county property taxes, attorney fees, title and insurance. This is an area open to negotiation that can save you a lot of money, but can also feel like an endgame in chess. If the seller doesn't have an obligation to pay off their mortgage once the deal closes, they may be more likely to budge on this.

Request contingencies.
Ask for a reasonable period of time for a home inspection and title approval, as well as geological and pest reports. You may be able to use information from those reports to justify a lower price.
Meanwhile, find out if you are allowed a loan contingency in the contract that will protect you until the deal is closed.

"Buyers are often going into negotiations assuming that they'll be able to renegotiate based on what inspections will show," Irwin said. "It's a buying strategy that many people use, and the seller may even expect that."

Strike while the iron's hot.
Real estate is often highly competitive. Act quickly if the deal is good, or else someone else will. Visit many homes so that you'll recognize what you want when you see it. Even in a slow market, it's a bad idea to procrastinate.

Consider a fixer-upper.
If you find you're priced out of the market, you may be able to find a home in a good neighborhood that's in poor condition. If you're willing to put the sweat and a little more money into it, it could be worth your while.

Wilmington Opens NC's First Bicycle Boulevard

Saturday, North Carolina's first bicycle boulevard will open in Wilmington.

The Ann Street Bicycle Boulevard is part of the River to the Sea Bikeway, an 11-mile bicycle route that follows the Historic Beach Car Line, which carried vacationers from downtown Wilmington to Wrightsville Beach by trolley.

Officials hope the project will reduce traffic and pollution by providing appealing alternative to gas-burning vehicles.

Grand opening festivities will take place Saturday, 10am-1pm on Ann Street, between 9th and 10th Streets and will include giveaways, music, games, and activities.

For more information, please visit www.rivertoseabikeway.com.

Sea Coast Agent & Buyers Featured in USA TODAY

Today Jessica Riffle Edwards of Coldwell Banker Sea Coast Realty is featured in a USA TODAY article that asks, "Will tax credit help first-time buyers ignite home sales?"

Her client, Michael Jennings, says the April 30 deadline for the $8,000 homebuyer tax credit was a factor in his decision to buy a home after 3 months of house hunting.

"The tax credit was a big factor. I wouldn't have moved as quickly as I did," Jennings says. "You really hate to miss out on that chunk of change...”

Home buyers have only two weeks left to take advantage of the home buyer tax credit. The program offers up to $8,000 tax credit to first time home buyers and $6,500 to buyers that have owned their current home for five of the last eight years.

To learn more about the tax credit program, please visit www.seacoastrealty.com/8000now.

Coldwell Banker YouTube Channel Hits 1 Million Views

Coldwell Banker On Location, Coldwell Banker's YouTube channel focused on listing, community and agent profile videos, continues to redefine the use of video in real estate. Just 11 months after launching in May 2009, Coldwell Banker On Location has drawn 1 million channel views.

Since Coldwell Banker Real Estate launched their brand channel on YouTube to debut Coldwell Banker On Location, the site has more videos on its YouTube site than any other real estate brand.

"We believe that video plays a major role in the home buying and selling process," said Michael Fischer, senior vice president, Marketing, for Coldwell Banker Real Estate LLC. "There is no other medium that can showcase the personality of a home and agent more effectively than video. And our agents, from all corners of the world, have responded by posting more than 11,000 videos to date. Clearly, Coldwell Banker On Location has set a high bar for video use in our industry, but more importantly home sellers are starting to expect video as a part of the marketing portfolio of a home."

Recognizing the power of video, Coldwell Banker Real Estate recently unveiled a new commercial featuring Coldwell Banker On Location.

"Consumers searching for homes have so much information available to them," said Fischer. "But data and photos can only do so much. We have clearly come a long way from when a picture was worth a thousand words and the only visual a potential homeowner could utilize. Video is now a mainstay in real estate and consumers are proving this to be true."

Click on the video titles listed below to see some of the Coldwell Banker On Location videos produced by Coldwell Banker Sea Coast Realty:

• Buying Foreclosures and Bank-Owned Properties
• Carolina Beach, NC - Tips from the Locals
• Ginger Harper on Southport, NC
• Coldwell Banker Sea Coast Realty Moves Jacksonville, NC
• Michelle Gurrera on Wilmington, NC
• Pat Maloney Says "Test Drive" Your New Home
• Sharon Zak on Boiling Spring Lakes, NC
• Ken Keegan on St. James, NC
• Sean Skutnik Explains Why You'll Love Leland, NC
  

Coldwell Banker On Location also features video tours of Coldwell Banker Sea Coast Realty listings produced by our agents! Check out all of our videos by visiting Coldwell Banker On Location and searching for any of the cities we serve, including Wilmington, Jacksonville, Carolina Beach, Oak Island, Leland, Kure Beach, Surf City, Topsail Island, Sneads Ferry, Surf City, Wrightsville Beach, and Hampstead.

Want to see more videos featuring produced by Coldwell Banker Sea Coast Realty? Check out Sea Coast's YouTube channel at www.youtube.com/cbseacoastrealty or follow us on Facebook at www.facebook.com/seacoastrealty.

Ft. Hood Hero Returns Home to Wilmington

Hometown hero Kim Munley will return home to Wilmington to serve as grand marshal of Saturday's Azalea Festival parade.

Munley garnered national attention after she was wounded while trying to stop the deadly shooting at a Fort Hood, Texas Army base in November. Since then she has appeared on "The Oprah Winfrey Show" and was a guest of the first lady Michelle Obama for the 2010 State of the Union address.

Munley was born in Wilmington and grew up in Carolina Beach. After graduating from Wilmington's John T. Hoggard High School in 1993, she studied law enforcement at Cape Fear Community College. Before she became a police officer in Ft. Hood, Texas, Munley worked as a law enforcement officer in Wrightsville Beach, at the University of North Carolina Wilmington, and for New Hanover Regional Medical Center.

Munley says she is doing some soul searching while she recovers from gun shot wounds to her wrist and both legs. She told the Wilmington Star News that she might even return to the Wilmington area. "It's my roots. Eventually I think we might be coming back," Munley said. "There's something pulling me that way."