Zac Pasmanick - The Zac Team

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Why Are Experts Calling the Housing Market Bipolar?

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Wondering how the real estate market is looking these days after the expiration of the First Time Home Buyers Tax Credit? According to recent articles, the market is actually being called bipolar. Many experts feel today's market is being pulled in different directions and are unable to predict which way it will end up.

With that being said, there have been implications of an improving market with the rise of sales and prices. However, there has also been a significant increase in the rise of interest rates and home repossessions. In addition, the market is also facing millions of foreclosures that need to be sold but have not been listed. This shadow inventory could potentially cause a rift in a recovering market if they hit the market all at once.

Taking these points into consideration, many experts are predicting somewhat of a negative impact for the short term but a positive impact by the end of this year.

Greetings neighbors,

Although most have heard by now that the federal First Time Home Buyer Tax Credit has expired, however there is one group who still has until next year to take advantage of the ever so popular tax credit.

Those who are members of the Armed Services now have a new deadline of April 30, 2011. This deadline is extended only to those who identify as "qualified service members" which are typically those who are members of: the uniformed services of the U.S. military, Foreign Service of the U.S., or an employee of the intelligence community.

One may ask the reasoning behind the extension for those in the Armed Services and it's a pretty simple one. Those who are a part of the armed services may have missed out on the tax credit due to being overseas serving our country.

In addition, another modification for those in the Armed Services include the waiving of the repayment of the tax credit if one moves out of their home within three years due to government order extended duty service. For those consumers who are not involved with the Armed Services, if a tax credit has been received and one decides to move out within three years, the tax credit would have to be repaid.


Hello neighbors,

It seems that one Southern state is picking up where the "First Time Home Buyer Tax Credit" left off.

The state of Florida has recently announced their "Home Buyer Mortgage Credit". That's right, days after the expiration of the federal government's "First Time Home Buyer Tax Credit", Prudential Florida Reality and Florida Home Finance Group will collaborate to produce a mortgage credit that will offer incentives to buyers with a desire to obtain homeownership in Florida.

The "Home Buyer Mortgage Credit" which began 3 days ago (May 1st), will offer qualifying home buyers a lender paid 1% interest rate reduction during the first year on fixed rate mortgages financed through Florida Home Finance Group, an affiliate of Wells Fargo Home Mortgage. In addition, these properties will need to be under contract by May 31, 2010. Those who are looking to purchase as well as those selling a home will have an opportunity for great customer service, security, and on time closings with Florida Title and Guarantee.

In addition, another incentive which started May 1st for participating Prudential Florida Reality home sellers will include an offer of up to 3% of the purchase price for buyers to utilize as a credit towards the closing cost or a concession on their mortgage rate for properties under contract on or by October 31, 2010.

It's That Time Again, See What Tax Breaks May Apply to You

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

It's that time again, tax time, and many people are hoping they don't have to pay back especially with the past year being so difficult economically. This year, tax payers will have a few more deductions and credits to work with that will hopefully "stimuli" their pockets. Here are a few tax breaks listed by RISMedia tax payers may want to consider:

Donations to Haiti - If you made a much needed charitable donation to earthquake victims then you can deduct this on your 2009 return. Remember this is only good for cash donations that were made by check, text, or credit cards. Clothing and other property donated does not qualify.

Making Work Pay Credit- This is good for credits up to $400 for single filers and $800 for joint filers that fall within certain income brackets. Implemented to give consumers more money at a fast past, employers actually decreased the amount of taxes taken out in one's paycheck. To claim this particular credit, filers will need to fill out the new Schedule M if filing a 1040 or 1040A.

Home Buyer Credit - The much talked about home buyer tax credit is sure to be filed this year by many first time buyers who are eligible to receive up to $8000 as well as non-first time buyers who are eligible for up to $6500. In order to claim this credit you must currently have a house under contract by the end of April and close by the end of June.

Car Sales Tax Deduction- If you made purchases such as a new car, motorcycle, or mobile home between February 17, 2009 and the end of last year, it is possible that you will be able to deduct the sales tax paid on the first $49,500 of the purchase price. Remember, itemization is not required for you to receive this deduction.

These are just a few examples of possible breaks you may want to consider when filing your taxes this year. To read the complete article and to see the remaining tax breaks click here.

 

 

 

The Good and the Bad of the 2009 Real Estate Market

by the zac team @ RE/MAX Greater Atlanta

´╗┐Hello neighbors,

We are now entering into the second week of the New Year and we hope everyone is off to a prosperous start. Looking back at the previous year, there were plenty of ups and downs in the real estate market. Today we take a looks at the highs and the lows of the market of 2009.

Highs of last year's market include:

The first time Home Buyers Tax Credit enabled many to purchase their first home which had a major impact on 2009's real estate market.

Fourth quarter comes to a much stronger end than what was anticipated. Factors that contributed to this include: the confidence of buyers, decreased home prices, low interest rates and incentives, and economic improvements.

More qualified buyers surfaced in 2009 compared to previous years.

2009 marked a great beginning in regulating fraud and deception in the real estate market.

Despite major banks failing and an unprecedented number in foreclosures, the real estate market never ceased to exist.

Lows of last year's market include:

Many contracted their buying and many real estate agents started losing their faith in the market.

Lending is lower than ever. The average person can't just get a loan anymore.

Large banks are now in control of the mortgage industry which can negatively impact consumers, competition, and is bad for capitalism.

The appraisal system went haywire!

Market Index showed an increase in builder confidence

by the zac team @ RE/MAX Greater Atlanta

the zac team  |  404.564.7272  |  www.zac.biz

Dear Neighbors,
The National Association of Home Builders / Wells Fargo Housing Market Index showed an increase in builder confidence to the highest levels since June 2008. Read the whole story here!

Further closing delays in the future? With a new mortgage law in effect as part of the Truth in Lending Act, closing could be delayed in accordance with the mandatory three-day review period, further extending an already lengthy process... Click here for more!

Housing lobbyists in high gear. A hot topic in Washington (when not talking about health care reform) is whether to extend the first time home buyer tax credit and by how much and to whom. Senator Johnny Isakson has laid his $15,000 proposal on the table again as a maximum limit to extend the credit to. Click here for the full article!

Baby Boomers and Millennials will turn around market. Dave Liniger stated at the RE/MAX Summer Conference of Broker/Owners and Managers this week that, while he sees the market facing more foreclosures for the next couple of years, that he predicts the large numbers of baby boomers (ages ~ 45-63) and Millennials (ages ~ 15-29) will initiate the turnaround in the market through their demands for homeownership. Read the article here from RE/MAX!

Who do you want to work with? I can teach you how to get the very simple Buyer’s Agency Agreement signed from every buyer that you WANT to work with, both from the leads I provide and from your own sources of business. Our extensive internet marketing is generating more leads than my team can possibly work. If you don’t have enough and would like some of them, please call to discuss at 404.564.7272.

We are starting a new training group soon and I am looking for a team of motivated agents who want to make at least $70K within their first 12 months at the zac team! Through the end of July, we have closed 53% more transactions than the same time period last year! Click here for more info!

I’m also looking to expand our listing department and am in need of an additional listing partner to co-list properties with. This is a great opportunity for me to share 30 years of experience in the real estate business! Click here for more information on our listing partner position.

Please email me your resume at zac@zac.biz or give me a call at 404.564.7272 for a confidential conversation.

"Don’t let what you can’t do interfere with what you can do."
— John Wooden, a Basketball Hall of Famer

Sales numbers up in second quarter. The National Association of Realtors recorded a four percent increase in existing home sales on average across the nation. Check out more statistics here!

Upcoming Atlanta real estate homes for sale from the zac team @ REMAX Greater Atlanta!

Power of the in-law suite. In-law suites are becoming a less-underground tool to affording home ownership. In Toronto, 20 percent of rental units are secondary suites. Read more about how this could help you or your clients here!

Commissions, short sales, and Fannie Mae. The National Association of Realtors published a press release covering Fannie Mae’s short sales commissions policy! The press release includes guidelines as well and information on the appeals process. Click here to read more!

Mike Ferry TV. Whether you subscribe to the Mike Ferry organization or not, everyone can benefit from Mike’s weekly advice tidbits in his online show at www.MikeFerryTV.com. Check it out!

Build your business on facebook. Yes, it’s one more webinar of the many you’ve probably already done or heard about, but I thought I’d share anyway! It’s free and it’s today from 2-3 p.m. and it will discuss the how to’s of business pages, events, listings, etc. Register here!

"Uncommon leadership has common traits." Click here for Harvey Mackay’s weekly inspirational (and insightful) column!

Wishbones needed! Do any of you have any loved and lucky wishbones you’re looking to sell? Then please give my Closing Manager, Jimmy, a call at 404.564.7274. Thanks!

Best wishes for a successful week!
Zac

404.564.7272 | zac@zac.biz | www.zac.biz | http://blog.zac.biz

Good to know from last week:
When the borrower, but not co-borrower, is a first-time home buyer... This is not an uncommon situation, especially when a parent buys a home with their child, and yes, the borrower is still eligible for the first-time home buyer credit per the IRA website. Our mortgage consultant, Pat Griffin, suggested that we check out the good question and answer section on the IRS website - click here!

Quick reference for the new tax credit, Wells Fargo movie time, and the Crackberry

by the zac team @ RE/MAX Greater Atlanta

Hello Neighbors,
Following is my Wednesday Morning with Zac email that goes out to local real estate agents in the Atlanta area and, as usual, I would like to share it with you, too!
And this week marks the one year anniversary of Wednesday Morning with Zac!

As the debate rages as to the effectiveness of the new Homeowner Affordability and Stability Plan, we as real estate agents should continue to do all we can to stabilize the economy by helping homeowners stay in their houses and helping buyers take advantage of historically low rates. The AJC ran an article this Sunday titled "Home rescue builds up hope" which discussed both sides of the issues. Oh yes, and my opinion snuck its way in at the end of the article... Read it here.


Atlanta home prices continue to dip. A report released yesterday by Case-Shiller shows that Atlanta home prices are on line with June 2002 values. Read more here...


Success rides on what you know, who you know, and who trusts you. Now, more than ever, your best safety net is, well, YOU. Read more here about the "return on reputation." Your reputation and knowledge can make or break you, which is why you’ll find me at conferences and seminars across the nation. The next one that my team will be attending will cover working with buyers.

We know the top 14 objections that Buyers give when purchasing a home... Here are the first three:

1. "It’s not the right time to buy."
2. "The area is too new."
3. "The area is too old."

More importantly than just knowing these, we actually know how to respond to these objections, so that any Agent can still leave with a signed contract that day. Can you do the same? Now you can learn how!

It’s rare that I publicly endorse an event, however, I feel so strongly that our real estate community can take advantage of this great educational event that I am recommending it to everyone!

Mike Ferry, one of the nation’s most successful real estate coaches, is bringing his team to Atlanta for a one-day seminar titled, "How to Show & Close Buyers!" Topics include prospecting, pre-qualifying, handling objections, establishing standards, and showing property. The Mike Ferry system has been very rewarding and my whole team and I will be there. I hope to see you there, too!

Click here for the info sheet to learn more!
Click here for the registration form to fill out and fax back in!


If you have any questions, please call Lourdes at 800.448.0647, ext. 5304. And my team and I will see you there!

We are searching for two additional agents who, if given an abundant amount of leads, can close at least two additional transactions per month. If that’s you, then I have those leads. Seats in our office are filling up, so please call me directly at 404.564.7272.

Quick reference for the new first-time home buyer tax credit! Click here for the chart from the National Association of Realtors that gives you a side-by-side comparison of the previous $7,500 tax credit versus the $8,000 one just passed.

Certified Distressed Property Expert. I just returned from Denver where I spent a few days immersed in the world of short sales and, in the past few weeks, have spent 28 hours learning the ins and outs of short sales. I am more determined than ever to help homeowners avoid foreclosure! However, short sales can be an intensive process and I would love to help you with your short sale referrals if you find yourself without the time to handle them. Please call me directly at 404.564.7272 so we can effectively help sellers avoid foreclosure.

Upcoming seminars & investing classes. Whether seeking knowledge for your personal real estate investing or looking for continuing education classes, John Adams has it all. If you follow his articles in the AJC and are interested in his upcoming seminar schedule, you can check it out here!

Upcoming listings:
M West: 2BD / 2.5BA for $218,850
East Lake: 4BD / 2.5BA for $500,000

Wells Fargo + the movie theater = "Meeting the Market Challenge 2009." On March 12th, Wells Fargo is presenting a live broadcast to 50 theaters across the country featuring Brian Buffini, David Bach, & Andre Brooks as they discuss their outlook on the market and helping buyers make informed decisions. Popcorn and coke included! Click here to register before March 10th!

"I wish I had bought back then!" Of course, nobody can predict when the market will officially turn around, but we can sure talk about it! And talk about how this is the year to buy, the stars are aligning, and you don’t want to miss out on the fantastic opportunities going on now. Millions of Realtors can’t be wrong, right? Click here for more!

Take action to support a statewide Home Buyer Tax Credit! HB 261 is separate from the current housing rescue plan and creates a one year Georgia Homebuyer Tax Credit for the purchase of an eligible single-family residence with a purchase price between $40,000 and $300,000. Read more and express your support here in the Georgia Association of Realtors Action Center!

Supra eKey for Crackberry. So, you bought your Blackberry and you know it does all these amazing tricks, but do you know how to take full advantage of it? From using your smart phone as a Supra key to managing and marketing your listings, you can learn it all at the Georgia Real Estate School’s class! Click here for the registration form!

Do you have friends who are interested in joining the real estate business? We have a link on our careers page to real estate licensing, appraisal, and home inspection schools!

Plug up the money drain! Do you find yourself trying to figure what else you could cut out of your budget to make the tight fit these days? Try cutting the advertising, practicing your scripts, and bringing your own coffee to work. Click here for an article!

Top Ten Tips to be a Successful Seller. Here is a great article to help guide your sellers as they go through the process of going on the market and maintaining an active listing! Click here...


Best wishes for a successful week!
Zac

404.564.7272 | zac@zac.biz | www.zac.biz | http://blog.zac.biz

P.S. Good to know from last week...
Foreclosure Dictionary. This is an extremely comprehensive list of foreclosure and REO terms and definitions which can help you with contracts, clients, and perhaps your trivia game. Click here!

Displaying blog entries 1-7 of 7

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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