Shared The silver lining in the real estate sector – home prices are up.
	Shared Taking Out A Mortgage? Banks Will Monitor Your Credit 24/7 Now.
	Published Don’t miss a minute of the Memphis Music and Heritage Festival.
	Shared Existing Home Inventory declines slightly in August.
	Checked in 2 times. (MAAR) Memphis Area Association of Realtors Comcast Folklore Hall Stage – Memphis Music and Heritage Festival
	Shared Does Your Realtor Have a Side Job?.
	Shared Property Values Fall As Property Taxes Rise.
	Checked in 3 times. Payne’s Bar-B-Q Burke’s Books (MAAR) Memphis Area Association of Realtors
	Checked in 2 times. Sam’s Club Little Italy Pizza
	Checked in 3 times. Memphis Music and Heritage Festival Comcast Folklore Hall Stage – Memphis Music and Heritage Festival Center for Southern Folklore
	Shared Another potential home seller chases the market down.
	Shared Realtors, Builders oppose another Housing Tax Credit.
	Published Still Plenty of Music in store at Memphis Music and Heritage.
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	Checked in 3 times. Memphis Music and Heritage Festival Memphis Music and Heritage Festival Comcast Folklore Hall Stage – Memphis Music and Heritage Festival
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Weekly summary of real estate news, Memphis comments, and other interesting stuff – September 7th is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

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Soon after HUD Secretary Shaun Donovan  dropped the hint, in a CNN interview, that there might  be another home buyer tax credit on the horizon,  the Calculated Risk Blog posted the thoughts of economist Tom Lawler, that rumors of of another credit would hurt the struggling real estate market by causing buyers to hesitate, or even stop working toward their purchase, in anticipation of the new credit taking effect.

Calculated Risk also reported that a HUD spokesman, when asked if a new home buyer tax credit might be in the works responded, “No news here…there are no discussions underway to revive the credit.”

I hope we don’t see another tax credit and that we don’t even hear any more rumors about one, and here’s why:

1.  Without the previous tax credits, the real estate market would have corrected by now.  As the market stands now, able buyers are waiting for the market to hit bottom, and there is a lot of conjecture that better deals are yet to come.    The credits prolonged the inevitable market rock  bottom in prices.  We won’t be able to call the bottom, only report on the recovery.

2.  Phoenix Real Estate Blogger, Jay Thompson, is 100% correct that the prospect of receiving an$8,000 tax credit is a pretty poor reason for buying a house.  Making the biggest purchase most people will in their lives should be based on a lot more complex reasons and financial considerations than collecting a few  thousand bucks for doing the deal.

3.  If the government is intent on spending money to to stimulate the housing market,  why not spend some of it helping communities fix up blighted properties, HUD foreclosures, and neglected properties to make them eligible for mortgages?  Bolster local initiatives to help people (owner-occupants) purchase in not so desirable areas?  Sponsor community gardens?  Help homeowners keep their homes?  Ah, but not of that really puts much money in the real estate agent’s pocket; nor does any hint of government intervention in distressed properties and neighborhoods please real estate investors.

Home values in certain segments of this area are significantly eroded by rental properties nearby, yet Memphis continues to be touted as a great town for investors.  Home ownership is still a big part of the American Dream.  Owners take pride in their property and in their community.  Renters have little investment other than their security deposit.  Let’s use some of those Federal bucks to build some community pride.  That’s the key to improving the housing market – and keeping our communities strong!

Related articles

• Real Estate Weekly: Home-buyer tax credit not likely to make an encore (marketwatch.com)
• HUD Secretary: Who’s up for another homebuyer tax credit? (hotair.com)
• Will the Homebuyer Tax Credit Return? Should it? (phoenixrealestateguy.com)

3 reasons we don’t need another home buyer tax credit is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

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1. Only 7 days left for the $6500-$8000 tax credit

In the ever-changing world of real estate, it seems that more and more real estate “professionals”  are taking additional jobs to supplement their incomes.  It’s hard to give up those big bucks you make when you finally get a deal to the closing table.

In his post on the 1000 Watt Consulting Blog, The whole world is watching, Brian Boero discusses what could become a trend among recognizable, established real estate brokerages to recruit “dual-career agents”.  This is just one factor that further dilutes the public perception of real estate professionals.   I deliberately did not use the term REALTOR®  here, because the National Association of REALTORS® trade organization has not had a solid position or membership requirement that practitioners pursue a  full-time real estate career, and, frankly, they get the same amount of dues from full-time and part-time members.

Although it’s and advertisement for a company I am not affiliated with, this video tells the dual career agent story brilliantly:

To the consumers who may be reading this post:  Have you had a good experience with a part-time real estate agent you would like to share?  Do you know if your agent is/was a full-time practitioner or a real estate hobbyist?  Do you care?

Related articles

• Professional is as professional does (memphisrealestatebuzz.com)

Is your agent doing real estate as a second job? is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

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	Checked in at Center for Southern Folklore
	Published Nice Video tribute to Jim Dickinson.
	Shared Home Sales Fell 25.5% in July, Renewing Economic Anxiety – NYTimes.com.
	Shared More Negative News Flow Coming.
	Shared Homeowner Confidence in Real Estate Market Dips; 1 in 3 Think Worst Is Yet to Come.
	Checked in at Payne’s Bar-B-Q
	Shared [Census] U.S. New Home Sales Fall 32.4% Y-O-Y, Lowest Level Since 1963.
	Shared Existing Home Sales Plummet in July, Down 27 Percent.
	Shared Wells Fargo Requesting Motivation Letter From Potential Borrowers?.
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	Published No stranger in this house.
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	Shared Another Housing Tax Credit?.
	Shared Gibbs: Housing Tax Credit not high on list of options.
	Checked in 3 times. Memphis Ear Nose And Throat (MAAR) Memphis Area Association of Realtors Center for Southern Folklore

Weekly summary of real estate news, Memphis comments, and other interesting stuff – August 31st is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

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Even as I read articles in black and white from reputable sources about  resale charges and transfer fees,  I am still in shock and disbelief that anyone could attempt to perpetrate a 99 year gouge on property buyers.

The realtor.org daily news updates reports that protest is rising over resale charges, which are transfer fees contractually  imposed by home builders and developers of some properties demanding a 1 percent transfer fee  be paid to them every time the property is sold for the next 99 years.  Could a real estate attorney who doesn’t represent the home builders and developers please explain how this practice could possibly be legal?

The CNN source story for the realtor.org article gives more details.

Related articles by Zemanta

• A one percent resale tax for homeowners for the next 99 years? (walletpop.com)
• The latest real estate rip-off? (money.cnn.com)
• Home-Resale Fees Under Attack (online.wsj.com)
• Coalition targets long string of transfer fees (seattletimes.nwsource.com)

Developers and home builders hatch plan to keep their hands in consumers’ pockets is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

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