The 2007 Debt Relief Act will disappear with advent of the fiscal cliff. That means any relief from foreclosure, short sale or modification will be taxed. What about mortgage tax deductions? That too would disappear. But the number of buyers would be unaffected. That is because only 25% of the homeowners who can deduct their mortgage interest actually do. However, the rest of the items in the sequestration bill, such as higher tax rates and large spending cuts, will take effect and that will reduce the number of buyers. Capital gains taxes will go from 15%- 20%. And the FHA may still need a bailout, but will there be money to do that? However, remember that the FHA still has a bunch of money in an account that they don't count. If they did, they wouldn't need a bailout.
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TBSWDailyShow:
Builders are lending and making really good profits. Pulte's revenues went up 70% in the 3rd quarter, 6x the revenues of sales. And they aren't the only ones.
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Cmlynski@housingwire:
Robert Wentenhall of Royal Bank of Canada predicts more than one million in housing starts in the US in 2013. The reasons are low inventory, stable pricing and low interest rates. While the fiscal cliff looms, it is still better to own than to rent.
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So far, while housing is starting to rebound, the government's jobs report hasn't found a rebound in construction jobs. That is because builders subcontract most of the work and most of the subcontractors are smaller and newer so are not yet reflected in the employment numbers.-Nin-Hai Tseng -CNN
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What do you do with your past customers? Connect with them at least monthly to keep you in their minds and vise versa. Make a data base and send monthly or weekly newsletters. Maybe you know of something else that will allow you to connect with them on a regular basis. Use it!
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Home prices are expected to continue to rise due to investors. But as the investors continue to buy up blocks of properties, that will at some point reach a tipping point when the prices and investments even out. Then investors will reduce investing and prices will drop somewhat again. However, if underwriting standards remain at their present levels, that will discourage individual home buyers. Expect a 5% increase in home prices for the next year.-Keri Ann Panchuck in HousingWire
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Mortgage rates are expected to remain below 4% for all of 2013, says Fannie Mae. Vacancy rates should fall to 2002 and 2003 levels for multi- and single family units.-mhopkins@housingwire.com.
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If the employment number are true for the 25-34 year olds, then we should see a growth in their housing purchases. Unemployment is at 7.9% right now, but was 9.2% last year.-Keri Ann Panchuck in HousingWire
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TBSWDailyShow:
12 Tips from Gary Keller of KellerWilliams:
1. Run toward the market
2. Do what you don't want to do for lead generation
3. The law of equilibrium-you should succeed just as well in down markets as in up markets because you are competing with fewer agents
4. Cut your expenses to the bone
5. Invest in your marketing needs to make your money (lead generations)
6. Get educated
7. Top agents focus on lead generation
8. Hard work on lead generation is more important than pure talent in sales
9. Prospecting works better than marketing
10. If you argue for your limitations, you get to keep your limitations
11. Have a capture strategy
12. Lead generation must be what you do first thing in the morning not last thing at night
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From MoneyNews:
The Federal Reserve said on Wednesday it would keep interest rates near 0 until the unemployment rate is at 6.5%. But this will hold only if inflation is projected to stay below 2.5% one to two years in the future. It will also continue printing money.
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TBSWDailyShow:
FHA loan limits for all areas-https://entp.hud.gov/idapp/html/hicostlook.cfm
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U.S. bank repossessions grew 11% from October and 5% from last year.-Keri Ann Panchuck in HousingWire
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Check out our website- RealEstateAuctions.com.
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