When Is a Real Estate Agent a REALTOR®?
A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.
Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.
Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.
Working for America's property owners, the NATIONAL ASSOCIATION OF REALTORS® provides a facility for professional development, research, and exchange of information among its members.
Tuesday, August 25, 2009
The Basics: 2009 First-Time Home Buyer Tax Credit
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Friday, August 21, 2009
Mortgage Rates Lowest Since May
McLEAN, Va. (AP) — Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said.
The average rate for a 30-year fixed-rate mortgage was 5.12%, down from 5.29% last week, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47%.
OVERDUE: Job losses push mortgage delinquencies to a record
Low mortgage rates can spur refinance activity and make home buying more attractive. The last time rates for 30-year mortgages were this low was the week of May 28, when they were 4.91%.
Rates on 30-year mortgages fell to a record low of 4.78% in April, but then rose to 5.6% after yields on long-term government debt, which are closely tied to mortgage rates, climbed.
Frank Nothaft, Freddie Mac's chief economist, said Treasury bond yields fell nearly a quarter of a percentage point over the week, bringing mortgage rates down.
The yield on the benchmark 10-year Treasury note rose Thursday to 3.48% from 3.46% late Wednesday.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
The average rate on a 15-year fixed-rate mortgage was 4.56%, down from 4.68% last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.57%, down from 4.75%. Rates on one-year, adjustable-rate mortgages fell to 4.69 from 4.72%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages. Fees averaged 0.6 point for five-year adjustable-rate loans and 0.5 point for one-year adjustable-rate loans.
The average rate for a 30-year fixed-rate mortgage was 5.12%, down from 5.29% last week, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47%.
OVERDUE: Job losses push mortgage delinquencies to a record
Low mortgage rates can spur refinance activity and make home buying more attractive. The last time rates for 30-year mortgages were this low was the week of May 28, when they were 4.91%.
Rates on 30-year mortgages fell to a record low of 4.78% in April, but then rose to 5.6% after yields on long-term government debt, which are closely tied to mortgage rates, climbed.
Frank Nothaft, Freddie Mac's chief economist, said Treasury bond yields fell nearly a quarter of a percentage point over the week, bringing mortgage rates down.
The yield on the benchmark 10-year Treasury note rose Thursday to 3.48% from 3.46% late Wednesday.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
The average rate on a 15-year fixed-rate mortgage was 4.56%, down from 4.68% last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.57%, down from 4.75%. Rates on one-year, adjustable-rate mortgages fell to 4.69 from 4.72%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages. Fees averaged 0.6 point for five-year adjustable-rate loans and 0.5 point for one-year adjustable-rate loans.
Friday, August 14, 2009
How to Keep Pet Urine from Damaging Your Lawn
How to Keep Pet Urine from Damaging Your Lawn
Not allowing your dog outside, without a leash, would be the ideal situation to avoid problems with your lawn. However since this is not realistic, because dogs get loose or strange dogs visit your lawn, there are ways to repair your lawn after a dog "strike".
Steps
Understand that the quickest and most effective way to prevent lawn damage is to dilute the offending liquid with water.
Water will wash away the corrosive agents and dilute the urine. This also helps with odors.
Read certain studies on this subject and find that urination can actually have fertilizing affects if it is diluted before 8 hours have elapsed.
To prevent lawn damage for the dedicated lawn gardener is to improve the soil quality. This can be done by using fertilizers and other lawn food to promote soil health.
Tips
For female dogs (females' urine is far more toxic to lawns than urine from males): Give your dog a brewer's yeast tablet every day. They love the taste, it's good for them, and their urine will become non-toxic.
Warnings
Strange dogs visit at all hours. You may not even know when or where they deposit their urine. It might, therefore be difficult to notice these areas until the grass is burned.
Things You'll Need
Water hose
Fertilizer and lawn food/turf builders
Not allowing your dog outside, without a leash, would be the ideal situation to avoid problems with your lawn. However since this is not realistic, because dogs get loose or strange dogs visit your lawn, there are ways to repair your lawn after a dog "strike".
Steps
Understand that the quickest and most effective way to prevent lawn damage is to dilute the offending liquid with water.
Water will wash away the corrosive agents and dilute the urine. This also helps with odors.
Read certain studies on this subject and find that urination can actually have fertilizing affects if it is diluted before 8 hours have elapsed.
To prevent lawn damage for the dedicated lawn gardener is to improve the soil quality. This can be done by using fertilizers and other lawn food to promote soil health.
Tips
For female dogs (females' urine is far more toxic to lawns than urine from males): Give your dog a brewer's yeast tablet every day. They love the taste, it's good for them, and their urine will become non-toxic.
Warnings
Strange dogs visit at all hours. You may not even know when or where they deposit their urine. It might, therefore be difficult to notice these areas until the grass is burned.
Things You'll Need
Water hose
Fertilizer and lawn food/turf builders
Tuesday, August 11, 2009
Tuesday, August 4, 2009
Caulking - An Important Part of Home Maintenance
Caulking – An Important Part of Home Maintenance
Caulk is a substance that has many important uses. It is widely used in construction to seal openings where air and water might enter wall cavities, helping to prevent water damage, increase energy efficiency, and prevent insects from crawling through cracks into your Lennar home.
Caulk is also used around faucets, pipes, drains, bathtubs and other plumbing fixtures. It provides a moisture barrier, keeping water away from areas that could be damaged if exposed to water. Caulk can be used to close small cracks and gaps that may result from the movement of materials due to changes in temperature. Finally, caulk is often used to provide a neat finish in corners and at the joints of unlike materials.
A flexible caulking compound has been applied to several areas around your home, both inside and outside. Over time, it will deteriorate and need to be repaired or replaced. This is one of the most common – and simplest – homeowner maintenance items. Caulk is relatively inexpensive and easy to apply.
You should check for caulk deterioration on a regular basis around plumbing fixtures, window frames, door frames, floors, and countertop backsplashes. Don’t forget to inspect for caulking deterioration on your home’s exterior, particularly between the foundation and the siding, at the corners and angles between siding materials, and around any objects protruding from exterior surfaces – such as vents, pipes, chimneys, and faucets. Finally, make a point to inspect for caulk deterioration anywhere water is present, such as bathrooms and kitchens; paying special attention to areas such as where tile meets showers and sinks. These areas need to be re-caulked as soon as you notice any deterioration or separation to prevent water damage from occurring.
It is easy to protect these areas by using caulk, and you should plan to do so as part of your summer home maintenance plan since caulking responds better if applied under warm conditions. First, remove the old caulking completely using a putty knife or a scraper, and make sure the area is dry. Then, re-apply new caulk following the line where the two surfaces meet. Hold the caulking gun at a consistent forty-five degree angle to send the caulk deep into the surface you intend to seal. Caulk in one straight continuous stream, avoiding stops and starts along the way.
Make sure the caulk sticks to both sides of the crack or seam. If caulk oozes out of the crack, use a putty knife to push it back in. Make sure to send the caulk to the bottom of the opening to avoid bubbles, and don’t skimp, you want it to form a smooth bead that will seal the crack completely. After you’ve applied the caulk, moisten the tip of your finger and run it along the seam to compress it and wipe off any excess caulk. Let it dry. Doing this as soon as you notice a problem area may save you a lot of time and money down the road.
There are many types of caulks and sealers available. Each type is formulated for a particular application. When shopping for caulk, always refer to the product packaging and if in doubt, ask a qualfied contractor or check with the store clerk for help in determining the best type of caulk for your task at hand.
Caulk is a substance that has many important uses. It is widely used in construction to seal openings where air and water might enter wall cavities, helping to prevent water damage, increase energy efficiency, and prevent insects from crawling through cracks into your Lennar home.
Caulk is also used around faucets, pipes, drains, bathtubs and other plumbing fixtures. It provides a moisture barrier, keeping water away from areas that could be damaged if exposed to water. Caulk can be used to close small cracks and gaps that may result from the movement of materials due to changes in temperature. Finally, caulk is often used to provide a neat finish in corners and at the joints of unlike materials.
A flexible caulking compound has been applied to several areas around your home, both inside and outside. Over time, it will deteriorate and need to be repaired or replaced. This is one of the most common – and simplest – homeowner maintenance items. Caulk is relatively inexpensive and easy to apply.
You should check for caulk deterioration on a regular basis around plumbing fixtures, window frames, door frames, floors, and countertop backsplashes. Don’t forget to inspect for caulking deterioration on your home’s exterior, particularly between the foundation and the siding, at the corners and angles between siding materials, and around any objects protruding from exterior surfaces – such as vents, pipes, chimneys, and faucets. Finally, make a point to inspect for caulk deterioration anywhere water is present, such as bathrooms and kitchens; paying special attention to areas such as where tile meets showers and sinks. These areas need to be re-caulked as soon as you notice any deterioration or separation to prevent water damage from occurring.
It is easy to protect these areas by using caulk, and you should plan to do so as part of your summer home maintenance plan since caulking responds better if applied under warm conditions. First, remove the old caulking completely using a putty knife or a scraper, and make sure the area is dry. Then, re-apply new caulk following the line where the two surfaces meet. Hold the caulking gun at a consistent forty-five degree angle to send the caulk deep into the surface you intend to seal. Caulk in one straight continuous stream, avoiding stops and starts along the way.
Make sure the caulk sticks to both sides of the crack or seam. If caulk oozes out of the crack, use a putty knife to push it back in. Make sure to send the caulk to the bottom of the opening to avoid bubbles, and don’t skimp, you want it to form a smooth bead that will seal the crack completely. After you’ve applied the caulk, moisten the tip of your finger and run it along the seam to compress it and wipe off any excess caulk. Let it dry. Doing this as soon as you notice a problem area may save you a lot of time and money down the road.
There are many types of caulks and sealers available. Each type is formulated for a particular application. When shopping for caulk, always refer to the product packaging and if in doubt, ask a qualfied contractor or check with the store clerk for help in determining the best type of caulk for your task at hand.
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