Cole & Toni Smith

Duplex Lots Available in Carson City-$50,000 each for 2 deeded lots

Cole Smith — Wed, 10 Mar 2010 15:30:00 GMT

Sierra Nevada Realty Group is pleased to announce 7 new duplex lots listings in Carson City. Known as Sundance Ridge II these lots are fully improved with all utilities to the curb. These are unique in that for $50,000 each you are buying two deeded lots that will aloow for future sales of townhomes. The offering has been priced way below the actual development cost of $68,500 for each site.

Ski In Ski Out Lot-Pending

Cole Smith — Wed, 10 Mar 2010 15:27:00 GMT

Sierra Nevada Realty Group is pleased to announce that 1638 Needle Peak Dr. a custom Ski In/Ski out lots at Heavenly Mountain is in escrow. This is a very unique site as very few lots exists with direct access to the ski run.

Severe Weather Impacts Home Sales

Cole Smith — Wed, 10 Mar 2010 15:26:00 GMT

Pending Home Sales Down; Severe Weather Impacting Market Print Article RISMEDIA, March 10, 2010—Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January 2010, fell 7.6% to 90.4 from an upwardly revised 97.8 in December, but remains 12.3% higher than January 2009 when it was 80.5. Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” he said. As such, abnormal swings are expected in housing data. “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June,” Yun said. “The real question is what happens in the second half of the year. If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward.” The PHSI in the Northeast fell 8.7% to 71.3 in January but is 20.5% higher than January 2009. In the Midwest the index dropped 8.9% to 81.2 but is 11.8% above a year ago. Pending home sales in the South slipped 2.1% to an index of 98.1, but the index is 18.0% higher than January 2009. In the West the index dropped 13.2% to 102.9 but is 1.4% above a year ago. For more information, visit www.realtor.org.

Tax Credit Clarification

Cole Smith — Thu, 07 Jan 2010 19:20:00 GMT

The Expanded Home Buyer Tax Credit Could Chase Away the Winter Blues

By Ken Trepeta, Director, Real Estate Services Print Article

RISMEDIA, January 7, 2010—As we begin 2010, both real estate professionals and home buyers have something to look forward to and more importantly, take advantage of—the extended and expanded home buyer tax credit.

Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit.

To help everyone better understand the extended and expanded home buyer tax credit, here are some highlights of the changes.

Who can claim the credit?

“First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years, they must have been in the same home for five consecutive years.

Another key point is that the existing home does not need to be sold. One must, however, occupy the new home as a principal residence and do so for three years or risk recapture of the credit. Also, the new home does not need to cost more than the old home despite the concept that it is directed at “move up” buyers.

How much is the credit and what are the income limits?

The maximum allowable credit for first-time home buyers is $8,000 or 10% of the sales price, whichever is less. For current homeowners, it is $6,500 or 10% of the sale price, whichever is less. Under the extended home buyer tax credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum credit.

The credit decreases for single buyers who earn between $125,000 and $145,000 and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit deceases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income – over $145,000 for singles and over $245,000 for couples – are not eligible for the credit.

What are the deadlines for qualifying for the credit?

Under the extended home buyer tax credit, as long as a written binding contract to purchase a home is in effect on April 30, 2010, and the deal is closed by July 1, 2010, one can claim the credit.

Will the tax credit need to be repaid?

No, the buyer does not need to repay the tax credit if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale. Another provision of the law waives the recapture provisions for service members who receive orders that require them to move.

Are there any other critical provisions?

-There are three provisions people should be aware of:
-There is an $800,000 limitation on the cost of the home
-The purchaser must be at least 18 years old on the date of purchase
-For a married couple, only one spouse must meet this age requirement and dependents are not eligible to claim the credit

Finally, as an anti-fraud measure, purchasers must attach documentation of purchase to his/her tax return claiming the credit. Normally this would be a copy of the HUD-1, but could include other documents memorializing the settlement.

As with all tax matters, responsibility for complying with the tax code belongs to the taxpayer. Real estate professionals should recommend that their buyers consult their tax professionals to ensure eligibility for the credit and the proper way to claim the credit. For more information including the required IRS forms please contact the Internal Revenue Service at 800-829-1040.

Ken Trepeta is the Director, Real Estate Services for the National Association of REALTORS® Real Estate Services program

Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum

Cole Smith — Tue, 27 Oct 2009 13:14:00 GMT

RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Even with the improvement, Yun said the market is underperforming. “Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet,” he said. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy. Without a firm foundation for middle-class wealth recovery, the post-recession economic growth likely will be one of the weakest in U.S. history.”

Early information from a large annual consumer study to be released November 13, the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45% of home sales during the past year. A separate practitioner survey shows that distressed homes accounted for 29% of transactions in September.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said affordability conditions remain historically high. “Potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970, but with the first-time buyer tax credit scheduled to expire at the end of next month, people could hold back from entering the market,” he said. “Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average,” McMillan said.

Total housing inventory at the end of September fell 7.5% to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0% below a year ago.

“The current housing supply is the lowest we’ve seen in two and a half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.06% in September from 5.19% in August; the rate was 6.04% in September 2008. The national median existing-home price for all housing types was $174,900 in September, which is 8.5% lower than September 2008. Distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales rose 9.4% to a seasonally adjusted annual rate of 4.89 million in September from a pace of 4.47 million in August, and are 7.7% above the 4.54 million-unit level in September 2008. The median existing single-family home price was $174,900 in September, which is 8.1% below a year ago. Existing condominium and co-op sales jumped 9.7% to a seasonally adjusted annual rate of 680,000 units in September from 620,000 in August, and are 9.7% above the 561,000-unit pace a year ago. The median existing condo price was $175,100 in September, down 11.7% from September 2008.

Northeast
Regionally, existing-home sales in the Northeast increased 4.4% to an annual level of 950,000 in September, and are 11.8% higher than September 2008. The median price in the Northeast was $234,700, down 7.0% from a year ago.

Midwest
Existing-home sales in the Midwest jumped 9.6% in September to a pace of 1.25 million and are 7.8% above a year ago. The median price in the Midwest was $147,600, which is 1.0% below September 2008.

South
In the South, existing-home sales rose 9.0% to an annual level of 2.06 million in September and are 10.8% higher than September 2008. The median price in the South was $153,500, down 7.6% from a year ago.

West
Existing-home sales in the West surged 13.0% to an annual rate of 1.30 million in September and are 5.7% above a year ago. The median price in the West was $219,000, which is 15.0% below September 2008.

For more information, visit www.realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Vote on homebuyer tax credit could come soon

Cole Smith — Tue, 27 Oct 2009 13:11:00 GMT

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WASHINGTON - Top Democrats in the Senate are pressing a plan that would extend a popular tax credit for first-time homebuyers but gradually phase it out over the course of next year.

The proposal, by Majority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-Mont., would extend the $8,000 tax credit — which expires Nov. 30 — through March 31. Its value would drop by $2,000 for each of the subsequent three quarters of 2010.

The plan, which could face a vote in the Senate this week, appears aimed at countering a far more generous $17 billion bipartisan plan that would extend the $8,000 credit through June 30, 2010, boost the income cap for eligibility and open the credit to all buyers, rather than first-timers.

Senators are manuevering to add the homebuyer tax credit extension to legislation to extend unemployment benefits by up to 20 weeks. That bill faces a key test vote on Tuesday.

Supporters say the tax credit has helped revive the housing market and say that if it's cut off as scheduled at the end of next month, home sales could drop off.

Reid sought to schedule a vote on the competing measures on Monday but was blocked by top Senate Republican Mitch McConnell of Kentucky, who is demanding votes on unrelated GOP proposals.

One such proposal would require people receiving unemployment insurance to be processed through the E-Verify program to prove legal immigration status and would require all federal contractors to use E-Verify. E-Verify is an Internet-based system that employers use to check on the immigration status of new hires.

The Democratic plan also would extend the ability of money-losing businesses to claim refunds on taxes paid during profitable times up to four years ago. All businesses could take advantage of the credit; when passed in February it was limited to smaller companies with annual revenues of $15 million or less.

The provision is especially popular with homebuilders who made huge profits in the housing boom but are struggling today. Critics say it's a giveaway to some of the very companies that helped build up the housing bubble years ago.

59% of Home Buyers Rely on Low Down-Payment Government Mortgages

Cole Smith — Thu, 22 Oct 2009 14:30:00 GMT

RISMEDIA, October 21, 2009—The new home market is cooling down and government intervention has been a key driver to new home sales, according to a recent monthly survey of home builders, just released by John Burns Real Estate Consulting.

In addition to the tax credit that expires Nov. 30, government mortgage programs have been critical in 2009. The survey reveals that 59% of this year’s sales have been dependent on FHA, VA or USDA financing programs with 96.5% to 100% LTV.

What percentage of your home buyers this year used this type of financing?

Region Cash FHA Jumbo Other Conforming USDA VA Don’t
Insured Loans Loans Loans Know
Midwest 3% 59% 1% 18% 3% 3% 13%
Northeast 7% 41% 8% 28% 2% 6% 8%
Northwest 5% 34% 13% 31% 6% 11% 1%
Northern CA
Region 4% 68% 0% 16% 0% 8% 3%
Northern
Florida 6% 47% 2% 15% 16% 9% 5%
Southeast 7% 48% 6% 18% 3% 11% 7%
Southern
California 6% 48% 15% 19% 0% 8% 3%
Southern
Florida 22% 59% 4% 13% 0% 3% 0%

The highest use of FHA financing was reported by Northern California builders, while Southern Florida builders reported the highest percentage of cash purchases. “The cash sales are most likely due to investor purchases of attached homes,” said Jody Kahn, a vice president with the firm.

Not surprisingly, Southern California reported the largest use of jumbo mortgages. “The tough underwriting and higher pricing of jumbos has constrained sales of move-up homes,” said Kahn.

This month’s survey consists of 262 home building industry executives from public and private companies. In total, their insight is reflective of on-the-ground conditions in 86 MSAs and 1,741 communities.

“The good news for builders is that there seems to be momentum behind the effort to extend the federal tax credit and that the FHA is going to become more conservative, but not significantly curtail operations,” said CEO John Burns. “Political winds can change quickly though, so stay tuned.”

Survey Highlights:

-The average unsold, finished inventory per community decreased nationally to 2.7 from 3.7 last month. This significant decline in inventory indicates the speculative starts from the summer are being converted to closings. Regions reporting significant declines in inventory per community since last month include Southern California, the Northwest and Southern Florida.

-Average net sales per community dropped from 2.0 to 1.6 nationally, returning to levels last seen in June and July. The net sales rate declined in seven regions compared to only one during the prior month. While significantly better affordability, low conventional mortgage rates, and the federal tax credit continue to support new home sales, builders across the country are reporting declines in traffic and sales rates in September and into October. Some builders lacking entry level inventory to close by November 30th are losing sales to competitors. Seasonality is also contributing to declining sales.

-Last month’s reports of price increases in California softened this month. Pricing in Southern California is now rated flat, while Northern California pricing is decreasing. This month, Southern Florida builders rated pricing as increasing. The direction of new home prices was unchanged nationally this month, and remains hovering near flat, as builders reporting further decreases in prices offset those builders seeing flat or increasing prices.

-Builders started more homes in 4 of 10 regions, and trimmed starts in 3 regions. The Northeast, Southeast and Northwest regions are all reporting increased starts in the 8% to 9% range. The Southern Florida region reported the largest increase in starts this month. Notable declines in start rates were reported in the Midwest, Southern California and Northern Florida.

For more information, visit www.realestateconsulting.com.

First Time Home Buyer Tips

Cole Smith — Fri, 09 Oct 2009 15:01:00 GMT

Tips for the first time home buyer starting their search today:

-Searching – Search While You Sleep – Since 87% of all buyers start online, you probably will too. On Realtor.com it’s easy to sign up for email alerts and create personal portfolios for homes of interest. Soon you’ll be searching while you sleep, at the office or even while you’re at an open house. You’ll be the first to know if a home you want comes up for sale or receives a price reduction.

-Negotiating - Freshness counts. You don’t have time to look at unavailable homes. Stale data on prices, time on market, features, or property values puts you at a disadvantage when negotiating.

-Appraisals - Appraisals can be a problem today; make sure the lender can deliver the appraisal on time. Your loan will not be approved if it doesn’t appraise for the agreed price, so don’t delay. If the property doesn’t appraise for the bid price, ask for a desk appraisal; you’ll receive a second look.

-Finance - Don’t let the financing process slow you down; 35% of first-time buyers find the mortgage application and approval process more difficult than what they expected. Start saving pay stubs and bank statements now. Collect your tax returns; anything proving your income qualifies you for the home you want.

-Closing - Get your insurance company and the home owner association, if applicable, to forward a cost estimate to the escrow company early. This will make it easier for them to more accurately estimate your closing costs, which in many states must be paid in cash at closing.

New Credit Card Act

Cole Smith — Mon, 05 Oct 2009 16:41:00 GMT

15 Billion in Credit Card Fees Charged! …and the New “Credit Card Act”

Market Issues by Jeff Mandel and Marlin Brandt Print Article

RISMEDIA, October 5, 2009—In the last year, have you experienced a credit card interest rate increase, a fee you felt was unfair or a credit line reduction for no specific reason? If so, did you receive any notice or explanation as to why? Were you aware of your options when your interest rate was significantly increased? Did you realize that your credit scores were most likely negatively affected by these changes? For most Americans, the answers are not favorable. Many consumers across the United States feel as though they are held hostage by the credit card companies and deal with the lack of transparency as a “necessary evil.” To pour salt on the wound and highlight the magnitude of the challenge, it was reported that credit card providers collect around $15 billion in penalty fees each year.

The good news is that the government is trying to help rectify some of the challenges noted above. The Credit Card Accountability, Responsibility and Disclosure Act of 2009—commonly referred to as the Credit Card Act (“The Act”)—was signed into law on May 22, 2009 and represents some of the most protective credit card consumer legislation in 60 years. Everyone who uses a credit card should at least have a basic understanding of The Act and how it could impact their personal situation and credit profile.

Effective August 19, 2009, two key provisions of the law were enacted. First, until now, consumers were only given 15 days notice if their interest rate was going be changed by their credit card provider. Now, they must alert you 45 days prior to any change. For card holders who read their notices, this gives them reasonable time to call their creditor and “plead their case” for a better interest rate before it takes effect. If you have a good credit profile and they won’t reduce your rate, then move your business to a competitor. Secondly, card holders will now have 21 days instead of 14 to make their payments. This is a real win for consumers who are fighting to keep on top of their bills and those who travel a lot.

The most significant portions of the law go into effect on February 22, 2010. Here are a few highlights of those changes:

NO UNFAIR CHANGES – Unlike today, credit card issuers will not be able to change your credit status at anytime, for any reason. So, if you miss a payment with one creditor, another cannot automatically increase your interest rate or drop your credit limit, which often

unfairly affects your credit scores.

RESTRICTIONS UNDER 21 – Consumers under the age of 21 will need a co-signer or a job in order to get a credit card. This is designed to help control the number of young, college-aged students building up credit card debt and negatively impacting their credit profile before they even graduate.

OVER-LIMIT FEE CONTROL – Credit card companies will no longer be allowed to let card holders exceed their limit without having the card holder’s permission to do so. If you have not agreed to allow over-limit exceptions, your card will simply be declined, protecting your credit score and protecting you from over-limit fees.

LATE FEES – If your credit card provider charges late fees, they must clearly disclose them on your monthly statement.

CREDIT CARD AGREEMENTS – Changes occur so often that consumers don’t know which agreement is accurate. Creditors will now be required to have a copy of your credit agreement available for you on a website.

Americans need a healthy flow of credit in our economy. However, for too long, credit card company practices have steadily grown unfair against the consumer. The Act takes a strong, positive first step forward in creating transparency for everyone. Nevertheless, it is still critical to actively manage and monitor your credit profile to ensure you are fully aware of any changes.

Jeff Mandel (left) is president and Marlin Brandt is COO of ApprovalGUARD. For more information, visit www.ApprovalGUARD.com.

For a complete summary of the Credit Card Act, see the “Latest News” at www.approvalguard.com.

Barone and Reed Great Food

Cole Smith — Fri, 02 Oct 2009 15:20:00 GMT

For the second time in the past couple of weeks we had an excellent meal at Barone and Reed in Minden. I highly recomend this restuarant. Chef Christoph is a master at his trade. Service was equally as good.

Gardnerville Bank Owned Condo $109,000

Cole Smith — Fri, 02 Oct 2009 15:15:00 GMT

This is a first time buyers dream opportunity to won at the price of rent. call for details 775-690-2916

One in Five Homeowners Filed for Bankruptcy to Avoid Foreclosure in June

Cole Smith — Tue, 29 Sep 2009 23:58:00 GMT

RISMEDIA, August 5, 2009-One in five people who receives credit counseling before filing for bankruptcy cites avoiding foreclosure as the primary reason they are choosing bankruptcy, according to information collected by Consumer Credit Counseling Service (CCCS) of Greater Atlanta.

In June, the national nonprofit financial counseling agency found that 3,620 persons or 21.6% of the 16,744 people who received pre-filing bankruptcy counseling planned to file for bankruptcy to avoid foreclosure. The agency collected information about the connection between bankruptcy and foreclosure in April, May and June 2009. The decision to file for bankruptcy to avoid foreclosure appears to be a consistent trend during that period.

In May, the agency provided pre-filing bankruptcy counseling to 16,038 Americans. During that month, 3,464 persons, or 21.6% of the total, cited avoiding foreclosure as the reason to file for bankruptcy. In April, CCCS of Greater Atlanta provided pre-filing bankruptcy counseling to 17,603 individuals and 20.4% of those counseled, or 3,598 persons, stated that avoiding foreclosure was the reason for choosing bankruptcy.

Under federal bankruptcy laws, individuals who file for bankruptcy under chapter 13 are protected from foreclosure as long as they continue to make their monthly mortgage payments. Once the individual’s bankruptcy plan has been approved, they must continue making their mortgage payments to avoid the risk of foreclosure.

First Time Home Buyer $8000 Tax Credit

Cole Smith — Tue, 15 Sep 2009 21:17:00 GMT

Realtors (R) nationwide are taking action by emailing or calling their state repersentatives to lobby to extend the expiration (November 30, 2009) of this valuable program.

Tax Credit Spurs Home Sales

Cole Smith — Thu, 10 Sep 2009 14:19:00 GMT

RISMEDIA, September 10, 2009—(MCT)—A gauge of future U.S. home sales rose more than expected in July 2009 to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall. The National Association of Realtors recently said its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2% to 97.6. It was the sixth straight increase, and 12% higher than the same month last year. The index of pending home sales could indicate how sales completed this month and next will turn out.

1683 Hyde Virtual Tour Posted

Cole Smith — Thu, 20 Aug 2009 03:28:00 GMT

Water Front Living in Nevada... click here http://www.tourfactory.com/538059