: Arizona: Phoenix

There is a lot of speculation about how, when and who the "NEW" Homebuyer Tax Credit affects.  We should be very clear in our information and learn how to effectively make the most of the opportunity.  If you are serious about building your database and business.  It is time to get your butts up and do something about it. 

The 90/10 Rule will apply! 

• What side of that equation will you be?
• How to make the most of this? 

Well, If I'm a REALTOR and I'm not (but I am going to do this anyway).  I would call the best marketing rep from a title company or Loan Officer (hopefully me) and request a list of homeowners that purchased in 2004 or before.  Then I am going to send them flyers, newsletters, bulletin, etc to tell them that they can upgrade and/or keep their property as an investment or not and move to a better home while obtaining $6,500 as a tax credit. I am also going to get on the internet and work out a massive Social Media campaign to get the buyers (and likley sellers) calling me!! 

Don't take my advice, I am just speaking out loud of what I am going to do!

What you need to know!

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

Here we go folks!!!  I suspect we are about to face a firestorm of controversy and business as the Homebuyer Tax Credit is set to be extended not only to First Timers but also to "Existing Homeowners". 

I know that some in the AR community have been reluctant of this program but it has done wonders for the Arizona market.  I support and look forward to the extension especially for the fact it is inclusive of the existing homeowners.

"The Senate today voted to extend and expand a tax credit for home buyers as an added boost for the recovering real estate market, and also approved a provision to continue giving aid to the long-term unemployed.

The measure, adopted on a strong bipartisan vote of 98-0, also would extend and expand a tax benefit for businesses with losses. The House is expected to follow suit within days, and President Obama is expected to sign it into law.

To keep fueling the real estate rebound, the legislation would extend the $8,000 tax credit for first-time home buyers to April 30. It now is set expire at the end of the month. More importantly, it also would provide a new $6,500 tax break for existing homeowners who want to move up to a new home, as long as they have lived in their current residence for five consecutive years out of the last eight."

You Tube can make you look like a boob!  "How to Buy a Bank-Owned Home"

As I often do, I received another one of those emails from friends and associates that contain some funny video or joke.  This one was different.  I confess! As I was drinking water at my desk, I could hardly contain the laughter from forcing the water up to my nostrils. Not was it only funny, but it was a sad and true satirical parody of what and how people outside of our industry see us people inside the industry.  Let me elaborate a point.  I have spent some considerable time and effort listening to experts and self-proclaimed Social Media Gurus explain the power of Social Media and the opportunity for it to actually work against us if we are not kind and genuine to those people we serve.  In our world, they are called Clients, Buyers, Borrowers, Applicants.  Unfortunately, some of us forgot that they are also known as people. 

Click on the You Tube logo to see the video:

Unfortunately, we are sometimes put into a dark corner of most of these people's minds as "Greedy, Selfish, Self Serving, Self Righteous, and down-right not so customer friendly" as I see so many of us profess.  When we continue to act in this manner and refuse to look into the fishbowl from the outside every once in a while, we tend to forget what we look like to others aka "Clients, Buyers, Borrowers, Applicants. Sellers, etc". 

I heard the other day some REALTOR at the Gary Vaynerchuk event here in Mesa, AZ ask if Gary or anyone else for that matter should be "Afraid of Big Brother" referring to the FTC's threat of combing through the blogosphere.  After seeing this video, I thought to myself, "We should be more afraid of how we behave and how we actually treat our friends who we call "Clients, Buyers, Borrowers, Applicants, etc" and be sincere in our efforts and not so much worried about our commissions.  This statement always brings to mind, the movie "Field of Dreams".  "BUILD IT AND THEY WILL COME".  Our industry has created an atmosphere that we will all have to wrecken with at some point or another.  I sense Social Media will be the deliver of bad news for some and will be the Godsend for others.

DO NOT get me wrong!  I am not being self-righteous here.  I do it for the money but I also do it for the love of what I do best as I am convinced that many of us share the same passion and reasons.  However, those of us behaving badly, I have a piece of advice. 

You Tube will make you look like a boob!