Home Buyer Tax Credit; Extension into 2010

Several of our buyers have asked about the rumors of extending the tax credit into 2010 and also allowing "Repeat Home Buyers" access to the tax credit. The below article was in todays USA Today.

Senators agree to extend home-buyer tax credit

By Stephen Ohlemacher, Associated Press WriterWASHINGTON — Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6% in September, and some industry representatives blamed uncertainty about the tax credit.Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.Majority Democrats have refused to add the amendments.If the Senate passes the bill, it would go to the House, which passed a similar bill extending unemployment benefits last month. House leaders have also said they support extending the tax credit for home buyers.Sen. Chris Dodd, D-Conn., has been negotiating for several weeks with Sen. Johnny Isakson, R-Ga., to craft an extended tax credit for homebuyers that would pass the Senate.Lawmakers didn't release a cost estimate for extending the tax credit, though similar proposals were projected to cost about $10 billion.Industry representatives said uncertainty about the tax credit is hurting new home sales. September's decline was the first since March.It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors."Buyers right now have an incentive to hold off, not knowing whether the credit will be extended," Salvant said.About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.The tax credit for money-losing businesses is a favorite among Republican lawmakers. Businesses could get tax refunds by using losses from 2008 and 2009 to offset taxable profits made in the previous five years. Under current law, they can only offset profits from the previous two years.The provision would help a variety of industries, including retailers, manufacturers and home builders, though it's expensive."It's clearly a way to put cash in the hands of some major economic players," said Clint Stretch, a tax policy expert at Deloitte Tax.A similar proposal that was ultimately dropped from the economic stimulus package enacted in February would have cost nearly $20 billion over 10 years. Lawmakers are working to reduce the price tag.Because people are so strapped for cash, this is a good way to get refunds when businesses need them for operating expenses, said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation.

Open House and Mother's Day Art Show- Briarcliffe Acres

Watermark Real Estate Group and The Global Awareness Project (GAP) have partnered to present a Real Estate Open House and Art Show in prestigious Briarcliffe Acres. This event will be held at 167 Palmetto Lane on Thursday, May 7, 2009 from 5:00pm-8:00pm for members of the media and invited guests. The public is invited to participate in a general open house on Sunday, May 10, 2009 from 3:00pm to 5:00pm. Local artists will be presenting their work while participants preview this historic home for sale. This private home, just 1 block to the beach, was one of the first four to be built in Briarcliff Acres. It boasts a backyard of ocean swash and wildlife habitat certified by the National Wildlife Federation.

http://www.watermarkagents.com/listings/909114

This event will also serve as a fundraiser for Global Awareness Project (GAP) through the silent auction of pieces by the late, local artist and real estate developer, John Schwartz. These “concrete flowers” were created by Schwartz in the 1940’s out of remaining materials, during the construction of one of Myrtle Beach’s original landmarks, Lakeside Motel. The Global Awareness Project (GAP) was founded in 2007 by co-founders Carl Kerridge and Jessica Durivage who recognized that one of the greatest unmet needs of non-profit organizations is the ability to build community awareness of their missions, activities and accomplishments. GAP’s vision is to assist with the marketing and promotion of other non-profit organizations through multimedia art, photojournalism and documentary work. They accomplish this through creative projects such as organizing art shows which bring all walks of the community together to honor local culture.

For more information, please visit http://www.theglobalawarenessproject.org/.

Directions to the house:
From Hwy 17 BusinessTurn into Briarcliffe Acres via Middle Gate Rd (North Entry). Follow Middle Gate towards the beach. When the road splits, bear right onto Beach Drive. Go through 1 stop sign and Turn left onto Palmetto Lane.

SC's STATE SHELL: The Lettered Olive

I was walking down the beach a few weeks ago and noticed this beautiful shell everywhere, thanks to the beach renourishment that's currently happening along the Grand Strand. It's wonderful to see that something that protects our beaches and property values can also blanket the beach with this beautiful free souvenir.
According to the SC.gov website, the Lettered Olive is also known as Oliva Sayana. It was designated the official shell of the State by Act No. 360, 1984. Dr. Edmund Ravenel of Charleston, South Carolina, an early pioneer in concholgy, found and named the Lettered Olive shell which is quite prolific along the South Carolina Coast.

Real Estate Marketing with today's Internet Technology

New Internet technologies are constantly changing the way real estate companies do business. Good Internet marketing is a necessity for today's successful real estate companies. Buyers and sellers should always question potential real estate agents on how they intend to use Internet technology to make real estate transactions quicker, smoother and simpler. Below are a few of the technologies that we are utilizing with our clients.

Youtube.com - This is a great site that allows agents to share videos and slide shows of properties to enhance their listings.

Craigslist.com - A free online classified advertisement site that allows agents to market listings. Today's savvy buyers look in more than one place for their next home!

Realtor.com - This site was one of the first real estate search sites to go online well over a decade ago. Today Realtor.com attracts 5 to 6 million unique visits monthly — twice as many as its closest competitor.

Data from the National Association of Realtors the median age of home buyers was 39 in 2007, the median age among Realtors is 51. And, among first-time home buyers, 49% were between 25 and 34 years old. Make sure the company that you select to work with understands technology and how to use it to work with today's technology savvy buyers and sellers.

Indian Summer in October

Hard to believe it is the end of October and the temperatures this past weekend were in the 70s. Are temperatures in the 70s unusual in late October? Maybe not. When you look at the average temperatures for our area, you maybe surprised at how good the weather can be for Myrtle Beach. With weather like we had this past weekend, there is no wonder why Myrtle Beach is such an attractive destination for visitors and retirees.

Average Temperatures for the Myrtle Beach Area
Winter
December: Air Temp 60 & Water Temp 50
January: Air Temp 56 & Water Temp 51
February: Air Temp 58 & Water Temp 51
Spring
March: Air Temp 64 & Water Temp 56
April: Air Temp 72 & Water Temp 66
May: Air Temp 79 & Water Temp 71
Summer
June: Air Temp 85 & Water Temp 78
July: Air Temp 87 & Water Temp 83
August: Air Temp 87 & Water Temp 80
Fall
September: Air Temp 83 & Water Temp 77
October: Air Temp 75 & Water Temp 72
November: Air Temp 67 & Water Temp 60

Source WeatherBase.com

Preparing for hurricanes along the Grand Strand

Hurricane season starts on June 1st and ends on November 30th. Along the Grand Strand, September is typically the most active time for hurricanes and tropical storms. Planning in advance of the storms and keeping up to date with the current tropical weather outlooks are key in keeping you and your family safe.

Watermark Real Estate Groups has listed a few websites and tips that we find helpful for getting thru Hurricane Season:

• Stock up on food, medicines, and supplies. Don't forget about your pet supplies!
• Drinking water is important. One gallon of water per person per day
• Know your evacuation routes
• Properly store & secure yard furniture and outdoors items
• Fill your cars with gas
• Keep cell phones, flashlights, radios, weather radios, and batteries on hand
• Check all windows and doors to make sure they are secured
• Keep valuables, personal papers, and insurance information in a waterproof container

Myrtle Beach Chamber - Hurricane Info

American Red Cross Tips

Weather Underground

NOAA Tropical Weather

Hard Rock Park - A Great Value!

One of the newest attractions in Myrtle Beach is the beautiful Hard Rock Park. As a local and a Hard Rock Park Ambassador, I have the luxury and benefit of enjoying the park anytime. The free pass for ambassadors definitely helps....thanks HRP! So, for visitors to Myrtle Beach, here are some the reasons you should add this to you list of Myrtle Beach to-dos.

You get an all-day pass! You can leave the park and come back anytime so I suggest you get there early to take advantage of this benefit. This pass is perfect because you may want to come during the day, ride the rides, go back to your hotel, change and be back for the evening concerts, shows or fireworks.

While you're at the park, you may want to take a break from the heat. So, chekc out one of the many shows that they offer throughout the day. Now, these on not just your average shows. I saw the County on Ice a few weeks ago and couldn't believe the performance. These guys and gals are ICE Skating!!.... to country music.... on a stage.....who would of thought.?! They were flipping, jumping, dancing and being thrown around to all the country hits....my favorite genre of music. The whole time, you can't even can't take your eyes off the stage for fear of missing something.

The Rides!! - Oh yeah.....I forgot:)) These rides are amazing....all set to rock and roll music. Whether you like crazy coasters like the Led Zeppelin or more mellow rides like the Moody Blues, there something for everyone. Plus there are a lot of kids treats, like a mini water park, mini ropes course and the traditional kids/baby rides.

Speaking of rock and roll....as you walk around the park, pay attention to the acoustics. I heard the pr/media info about the great sound systems but was a bit skeptical. But, now that I have seen, I understand. As I was walking from Born in the USA into British Invasion, I couldn't even remember that I was just singing a Bruce Springsteen song just 30 seconds ago. It' crazy! I don't know how they've done this, especially since everything is outdoors, but they've done it well.

At night, you can sing and dance to amazing concerts, both regional and national including Sister Hazel who played 4th of July Weekend. After the show, walk over to the lake and enjoy an awesome firework show set to the music of Bohemian Rhapsody. The park closes late so even when the fireworks show is over...around 11...the night is young!

Bottom line.........if you love rock and roll, rides, coasters, concerts, shows, fireworks, food, drink and fun.....Hit Hard Rock Park!! http://www.hardrockpark.com/

All of this for only $50. Plus, with the current family promotions, the cost is just $40 per person. Of course, they offer discounts for kids. Is that a great deal or what?!