Coldwell Banker Offering Buyer Bonus

Home sales surged in March and April as home buyers hurried to take advantage of the federal home buyer tax credit that expired April 30, 2010. Eager to maintain that momentum, Coldwell Banker recently launched its own home buyer incentive program.

Coldwell Banker Sea Coast Realty hopes its Coldwell Banker Buyer Bonus program will encourage buyers who haven’t found a home yet to continue looking. It also aims to bring a new audience of home buyers who were unable to qualify for the tax credit into the market. The program offers benefits similar to the federal home buyer tax credit without any income or property eligibility requirements.

Buyers of participating Coldwell Banker Buyer Bonus homes get a refund of 3 percent (up to $8,000) of the purchase price of their home at closing. That’s great news for home buyers, because it means less cash that they’ll need when they close on their home. They also won’t have to wait until tax time to get the money back from the government.

“I think it’s a fabulous idea. [Glenda Newell] told me about it when I was filling out the listing information,” said Susy King of Wilmington. This week, she listed her condominium in The Village at Mayfaire with Coldwell Banker Sea Coast Realty sales associate Glenda Newell. “I saw what kind of activity the home buyer tax credit had, so I immediately said, ‘yes,’ because I want to sell my house.”

“We think the Coldwell Banker Buyer Bonus program will make participating homes stand out from the competition,” says Coldwell Banker Sea Coast Realty president Tim Milam. He says that since the Buyer Bonus program kicked off last week, several buyers have shown interest in the participating homes. He expects even more inquiries from home buyers and sellers as print, online, and television advertising for the program ramps up locally and across the nation.

Unlike the federal tax credit, there are no income or property eligibility requirements. The Coldwell Banker Buyer Bonus program is open to all home buyers and sellers. The program won’t last forever. The deadline for making an accepted offer on a participating home is July 31, 2010.

To search for homes participating in the Coldwell Banker Buyer Bonus program or to read program details, please visit www.coldwellbanker.com/BuyerBonus.

Local TV News Features Sea Coast Agent Shannon Lee

Coldwell Banker Sea Coast Realty's own Shannon Lee was featured on WWAY News Friday as she helped her client, Lisa, search for a home just hours before the expiration of the federal home buyer tax credit.

This morning Shannon tells us that she and Lisa did get a home under contract before midnight Friday, so Lisa will get the $6,500 tax credit for repeat home buyers!

If you missed the Friday deadline for the tax credit, it's still not too late to save. Now, home buyers can save up to $8,000 when they buy homes participating in the Coldwell Banker Buyer Bonus sales event. The program has fewer restrictions than the federal tax credit, but it only lasts until July 31, 2010.

Click here for details or call 1-800-522-3624.

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.

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.

Staging a Home for First-Time Homebuyers

When it comes to staging a home for sale, it is important that sellers create a warm and inviting atmosphere that will appeal to as many potential buyers as possible.

Today, due to an abundance of low-priced homes to choose from, historically low interest rates and an $8,000 federal tax credit incentive, first-time homebuyers account for a greater number of these potential buyers than ever before.

However, sellers looking to attract this coveted demographic need not do a complete design overhaul. Staging a home for first-time homebuyers is easier than one might think.

Below are seven simple staging tips from Coldwell Banker Sea Coast Realty to help boost a home’s appeal and give owners the competitive edge necessary when selling a home.

Stage rooms with one purpose.
Extra rooms that have a mishmash of uses can confuse and even deter first-time homebuyers, so staging rooms with one purpose is vital. Keep in mind that these buyers are generally young couples without children, and rooms should be presented as areas equipped to meet their needs. So turn those playrooms and storage dens into a home office or the kids’ bedroom into a guest bedroom.

Tackle the easy “do-it-yourself” projects.
In a recent Coldwell Banker survey, 81 percent of brokers said today's first-time home buyers consider move-in conditions to be very important when searching for homes. To ensure that a home is in tip top shape make sure to replace outdated kitchen and bathroom fixtures, apply a fresh coat of paint to a worn wall and refinish the kitchen cabinets. Providing a sleek and modern look wherever possible can make a huge difference in the eyes of first-time homebuyers. To learn more about what home styles are “in fashion,” ask a local Coldwell Banker agent about the styles seen in homes that are selling in the area, and purchase a current interior design magazine for ideas.

Focus on the living areas.
A living room is an area in which potential first-time buyers should be able to envision themselves entertaining friends or gathering with their family. With that in mind, homeowners should make the area appear as large and functional as possible by removing any unnecessary furniture and decorations.

Make sure the master bedroom appeals to both sexes.
The master bedroom of a couple’s first home is often the first bedroom they will share. When staging this room, make sure that it appeals to buyers of both sexes. Remove any feature that seems too gender-specific and paint the walls a neutral color.

Clear the room of family portraits.
First-time homebuyers are looking for a home they can picture their family living in, not the previous owner’s. Coldwell Banker Sea Coast Realty recommends taking down family portraits, personal collections and knickknacks. Removing these items will also eliminate clutter and ensure that people are looking at the house for sale, not at the photos from the last family vacation.

Furnish the home, but don't overdo it.
While an empty home looks spacious, it is hard for new buyers to visualize their belongings in a home if they are staring at ceilings, floors and bare walls. Leave the basic components of each room, but make sure there is still plenty of open space.

Don’t forget to spruce up the yard.
First impressions often play a role in a consumer’s decision making process. In fact, 21 percent of participants in a recent Coldwell Banker survey knew their home was the one for them before even walking inside. Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim. Couples looking for their first home often have less yard work under their belts and will appreciate the seller’s attention to detail.

For more information, please visit www.SeaCoastRealty.com or find us on Facebook.