Tax Credit Legislation Discussed in Senate
The tentative tax credit agreement of yesterday has changed. The Senate is still negotiating the terms of the credit and how to proceed. A new agreement on extending and expanding the tax credit has now been introduced as a separate, standalone bill. The Senate voting procedure on this bill is still undecided. It could be voted upon separately from the Unemployment bill or still included, and the timing of the votes is still up in the air. But the good news is that we are still very much in the mix. Stay tuned!
Wednesday, October 28, 2009
Tuesday, October 27, 2009
Tax Credit Extention Getting Closer
This just in from NAR...
FROM: NAR President Charles McMillan,
NAR Government Affairs Senior Vice President Jerry Giovaniello
DATE: 27 October 2009
RE: Tax Credit Extension and Expansion
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
NAR will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.
FROM: NAR President Charles McMillan,
NAR Government Affairs Senior Vice President Jerry Giovaniello
DATE: 27 October 2009
RE: Tax Credit Extension and Expansion
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
NAR will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.
Monday, October 26, 2009
Keeping Busy and Building Your Business
The current market has its challenges in our real estate industry, but I think I have found the silver lining in all of this! Quite simply, I have been keeping busy working on ways to make my business better and more productive. How you ask? The answer: I am more involved in my industry.
I have been taking more classes that are offered at ACAR from our Education Department. I even took a CORE class and I am not due for it this year. But, why not? Our industry is changing so rapidly that I felt it was in my best interest to be more knowledgeable about not only legal but the technology changes & challenges we now face. I took the NAR Green designation class for a new designation that is actually one of my passions.
I bookmark real estate news web sites and make a point to read them daily. I go to other news web sites that give me an overall picture of not only the Treasure Valley but our country. What happens in other states may or may not happen here, but it is invaluable to know before a client or customer asks. And, I visit the NAR web site more often that I ever have before http://www.realtor.org/.
I volunteer more. I have found volunteering for ACAR committees is rewarding, fun, and the networking is fantastic. I enjoy working with other volunteers and the great staff we have at ACAR because I can see, firsthand, the results of our efforts. I could write something about each committee, but I want you to go to our website instead http://www.myacaronline.com/. Take a look. Ask yourself, what is my passion? Figure out what committee would answer that question. Is it Education? Communications? Events that we produce such as Circle of Excellence? REALTOR® Outreach, which works to promote our industry in the community through programs & projects such as Rake Up Boise and Paint the Town? Have you thought about helping on the Agent2Agent committee (this is a fun group!). Do you have the skills for a Budget & Finance committee? Does Political Affairs pique your interest?
I think you get the picture: there are all sorts of opportunities to get involved or further your education, which furthers your career. After all, you never stop learning….and what better way to learn than directly from your industry and your peers!
Laurie Barrera, President Elect 2010
Group One
I have been taking more classes that are offered at ACAR from our Education Department. I even took a CORE class and I am not due for it this year. But, why not? Our industry is changing so rapidly that I felt it was in my best interest to be more knowledgeable about not only legal but the technology changes & challenges we now face. I took the NAR Green designation class for a new designation that is actually one of my passions.
I bookmark real estate news web sites and make a point to read them daily. I go to other news web sites that give me an overall picture of not only the Treasure Valley but our country. What happens in other states may or may not happen here, but it is invaluable to know before a client or customer asks. And, I visit the NAR web site more often that I ever have before http://www.realtor.org/.
I volunteer more. I have found volunteering for ACAR committees is rewarding, fun, and the networking is fantastic. I enjoy working with other volunteers and the great staff we have at ACAR because I can see, firsthand, the results of our efforts. I could write something about each committee, but I want you to go to our website instead http://www.myacaronline.com/. Take a look. Ask yourself, what is my passion? Figure out what committee would answer that question. Is it Education? Communications? Events that we produce such as Circle of Excellence? REALTOR® Outreach, which works to promote our industry in the community through programs & projects such as Rake Up Boise and Paint the Town? Have you thought about helping on the Agent2Agent committee (this is a fun group!). Do you have the skills for a Budget & Finance committee? Does Political Affairs pique your interest?
I think you get the picture: there are all sorts of opportunities to get involved or further your education, which furthers your career. After all, you never stop learning….and what better way to learn than directly from your industry and your peers!
Laurie Barrera, President Elect 2010
Group One
Hanging With the Cool Kids
Remember how much fun that was in HS?
This Friday, ACAR's 2010 President, Jim Paulsen and 2010 president-Elect, Laurie Barrera will be making ACAR Committee appointments for 2010. You read about it in the Bulletin last week, and lots of you responded by going to our new website and filling out the Committee Volunteer Form.
There's still time for you to say: "I want to have some fun and help my association" (at the same time).
There are two really good reasons to join an ACAR Committee...
First...Its a great way to expand your REALTOR SOI. Find out, in a team work setting, who you're most comfortable working with. This is probably someone you'd likely do well working a RE deal with in the future. Its also a good way to declare your own worth to some other REALTORS you'd like to get referrals from.
Second...Its a fun way to do good work. Planning special events for REALTORS is one of the key things we do. Whether its the Annual Member Appreciation; Circle of Excellence or the Stan Thomas Give Back Golf Tournament...all are great events that require REALTOR leadership.
Some of my best friendships in Boise have come from working with many of you on Paint-the-Town or Agent2Agent. There's nothing that feels better that the fatigue of a long day working on a Habitat House. Please accept this invitation to join us.
All you need to do is say "I want an ACAR job" and we'll do the rest.
What do you say? Want to hang with the cool kids again?
This Friday, ACAR's 2010 President, Jim Paulsen and 2010 president-Elect, Laurie Barrera will be making ACAR Committee appointments for 2010. You read about it in the Bulletin last week, and lots of you responded by going to our new website and filling out the Committee Volunteer Form.
There's still time for you to say: "I want to have some fun and help my association" (at the same time).
There are two really good reasons to join an ACAR Committee...
First...Its a great way to expand your REALTOR SOI. Find out, in a team work setting, who you're most comfortable working with. This is probably someone you'd likely do well working a RE deal with in the future. Its also a good way to declare your own worth to some other REALTORS you'd like to get referrals from.
Second...Its a fun way to do good work. Planning special events for REALTORS is one of the key things we do. Whether its the Annual Member Appreciation; Circle of Excellence or the Stan Thomas Give Back Golf Tournament...all are great events that require REALTOR leadership.
Some of my best friendships in Boise have come from working with many of you on Paint-the-Town or Agent2Agent. There's nothing that feels better that the fatigue of a long day working on a Habitat House. Please accept this invitation to join us.
All you need to do is say "I want an ACAR job" and we'll do the rest.
What do you say? Want to hang with the cool kids again?
Tuesday, October 20, 2009
2010 Dues - Answers to Your Questions!
Ugh... it's that time again-- dues billing! There have been a number of calls about the dues and we wanted to answer them as best as we can:
1. When is the due date?
This year, you'll notice at the bottom of your statement that we have provided a variety of payment options.
Payment Option A: Pay in full on or before December 15th, and you'll receive a free Lunch & Learn Class through ACAR worth 2 CE and a lunch.
Payment Option B: Pay installments over the course of 75 days with the first payment of $130 due by December 15th, 2009. Subsequent payments can be made over the next 75 days but must be paid in full no later than March 1, 2010. Contact our membership department at 376-0363 for more details.
Payment Option C: If you have not paid in full by December 31, 2009 or made arrangements for installment payments, you will be subject to a $100 late fee. Dues must be received in full by March 1, 2010 to retain your REALTOR® privileges.
2. Why are the dues so high?
As a local association, we collect dues on behalf of the state and the national association. In September of 2009, the IAR Board of Directors, including State Directors representing local boards, voted to raise the dues for the Idaho Association of REALTORS®. The increase resulted in an increase of $28.50 over last year.
The increase of dues is to ensure that REALTOR® services can continue with the same quality of service. With decreased membership in recent years, the association has experienced a decrease in revenue. The association has been working off of their reserves for the last 2 years, but has come to a point where it is necessary to increase dues in order to maintain the level and quality of service.
Services provided by the Idaho Association of REALTORS® include:
* The REALTOR® Forms such as the representation agreements and the purchase and sale agreements;
* Representation in the legislature, which has resulted in the first time home buyer tax credits, and the tax deductibility of mortgage interest
* The legal hotline which allows brokers and REALTORS® to ask basic legal questions without having to retain counsel
* Professional Standards administration for more than 18 local boards in Idaho
* Affordable education, such as the Short Sale and Foreclosure Course being offered in November for only $15
* An annual convention that allow you to network with colleagues from around the state and receive the entire CE you would need in a license renewal cycle.
Breakdown of percentages:
42% of dues to IAR
27% to NAR
31% to ACAR
If you still have questions about the dues increase, you can contact the Idaho Association at 342-3585.
If you have questions about what benefits ACAR offers, click here.
3. Do I have to pay "RPAC"?
No. This is a voluntary contribution to the REALTOR® Political Action Committee. If you do not wish to contribute, you do not have to pay.
4. What is "RPAC"?
RPAC is the REALTOR® Political Action Committee who is responsible for endorsing candidates that support the REALTOR® Cause. To learn more about what they do, click here.
Need to pay your 2010 Dues Bill? You can pay on our website >> HERE.
1. When is the due date?
This year, you'll notice at the bottom of your statement that we have provided a variety of payment options.
Payment Option A: Pay in full on or before December 15th, and you'll receive a free Lunch & Learn Class through ACAR worth 2 CE and a lunch.
Payment Option B: Pay installments over the course of 75 days with the first payment of $130 due by December 15th, 2009. Subsequent payments can be made over the next 75 days but must be paid in full no later than March 1, 2010. Contact our membership department at 376-0363 for more details.
Payment Option C: If you have not paid in full by December 31, 2009 or made arrangements for installment payments, you will be subject to a $100 late fee. Dues must be received in full by March 1, 2010 to retain your REALTOR® privileges.
2. Why are the dues so high?
As a local association, we collect dues on behalf of the state and the national association. In September of 2009, the IAR Board of Directors, including State Directors representing local boards, voted to raise the dues for the Idaho Association of REALTORS®. The increase resulted in an increase of $28.50 over last year.
The increase of dues is to ensure that REALTOR® services can continue with the same quality of service. With decreased membership in recent years, the association has experienced a decrease in revenue. The association has been working off of their reserves for the last 2 years, but has come to a point where it is necessary to increase dues in order to maintain the level and quality of service.
Services provided by the Idaho Association of REALTORS® include:
* The REALTOR® Forms such as the representation agreements and the purchase and sale agreements;
* Representation in the legislature, which has resulted in the first time home buyer tax credits, and the tax deductibility of mortgage interest
* The legal hotline which allows brokers and REALTORS® to ask basic legal questions without having to retain counsel
* Professional Standards administration for more than 18 local boards in Idaho
* Affordable education, such as the Short Sale and Foreclosure Course being offered in November for only $15
* An annual convention that allow you to network with colleagues from around the state and receive the entire CE you would need in a license renewal cycle.
Breakdown of percentages:
42% of dues to IAR
27% to NAR
31% to ACAR
If you still have questions about the dues increase, you can contact the Idaho Association at 342-3585.
If you have questions about what benefits ACAR offers, click here.
3. Do I have to pay "RPAC"?
No. This is a voluntary contribution to the REALTOR® Political Action Committee. If you do not wish to contribute, you do not have to pay.
4. What is "RPAC"?
RPAC is the REALTOR® Political Action Committee who is responsible for endorsing candidates that support the REALTOR® Cause. To learn more about what they do, click here.
Need to pay your 2010 Dues Bill? You can pay on our website >> HERE.
Thursday, October 15, 2009
What's New from the Boise Valley Economic Partnership
Council met this morning. Every segment of Valley commerce is there: cities, counties, airport, power, commercial, builders Realtors, finance, chambers of commerce...you get the idea.
We've been hosting a site visit a week for last month. Mood is that once the credit becomes available, more companies will "pull the trigger" on expansion(in Boise).
Project update - as of last week the German company (700 employees) is still trying to decide. They were just involved in big acquisition (took over another company) and had to put US project on hold. We are still one of only two locations in consideration.
A Fortune 50 company is looking at a build-to-suit site here. They would bring 500 jobs.
BVEP legislative priorities are to work with counties to improve tax abatement process.
Also working to reduce corp tax rates. Gonna be tough with this budget.
BVEP has strategy to reverse tech sector employment contraction. We need to expand the work being done at BSU to create renewed interest. BSU is a national force in 3 research areas...smart materials, sensors and geophysics. But we need to expand lab and research
Some of the projects they are researching include: adding dna to ceramics (nanotech); creating ceramic fuel cells that make hydrogen for cars.
BSU is the single largest geophysics research project on earth's shallow surface. Huge interest area for oil companies.
The Chamber is hosting an Economic Outlook Forum on Nov 10 with BSUs Pres.
We've been hosting a site visit a week for last month. Mood is that once the credit becomes available, more companies will "pull the trigger" on expansion(in Boise).
Project update - as of last week the German company (700 employees) is still trying to decide. They were just involved in big acquisition (took over another company) and had to put US project on hold. We are still one of only two locations in consideration.
A Fortune 50 company is looking at a build-to-suit site here. They would bring 500 jobs.
BVEP legislative priorities are to work with counties to improve tax abatement process.
Also working to reduce corp tax rates. Gonna be tough with this budget.
BVEP has strategy to reverse tech sector employment contraction. We need to expand the work being done at BSU to create renewed interest. BSU is a national force in 3 research areas...smart materials, sensors and geophysics. But we need to expand lab and research
Some of the projects they are researching include: adding dna to ceramics (nanotech); creating ceramic fuel cells that make hydrogen for cars.
BSU is the single largest geophysics research project on earth's shallow surface. Huge interest area for oil companies.
The Chamber is hosting an Economic Outlook Forum on Nov 10 with BSUs Pres.
Social Media Rules of Engagement
Give More Than You Take The more you contribute to conversations and discussions, the more people will recognize your name and what you stand for. Over time you will establish credibility and build value. Remember the well-known adage; the more you care, the more you share.
Respect Be respectful of the community, the members, the group’s overall goals, etc. Social Media is a participatory sport and that means that you are one of many. People can chose to communicate with you or they can chose to ignore you. Treat others as you want to be treated.
Listen Listening and receiving comments and feedback are two of the greatest strengths of Social Media. They represent first-hand interaction with your customer. By listening to them you gain unfiltered feedback about your products and market.
Respond When people comment or leave messages for you it’s only polite to respond in a timely fashion. By responding you are validating to the online community that you are an individual that values and acknowledges others. This adds to your credibility as an individual.
Build Relationships It’s called social networking for a reason. Make sure you build relationships with everyone that communicates with you; establish conversations, ask questions, respond to questions, etc. Discussions and relationships encourage people to return to your page, thereby building a meaningful community.
Be Authentic and Transparent Be sincere and honest; be yourself. With Social Media displaying your profile, message and comments it is critical to your success that you are genuine and dependable.
Do Not Become a Nuisance It’s generally agreed that spamming is bad, but it’s also important to avoid becoming a Keyboard Gangster, Envelope Pusher or a Social Saboteur. More about these different type in my new Social Media Report.
Collaborate Social Media is a collective medium. This means that it uses the knowledge or wisdom of the whole group; not just a single individual. For that reason, information obtained in Social Media on Wikis or reviews is seldom entirely wrong. On the other hand, it’s often not 100% right. As a result, there is a strong need to work together, updating and constantly adding value to improve the quality of the content.
Add Value Every member of a community must contribute his or her fair share. What is your contribution? Remember that contributions come in many different shapes and actions: providing information, being a resource, answering questions and redistributing information.
Consider Opportunities in the Long Tail In Social Media, every service offering has some degree of value. It’s not always wise to just focus on the few services that command a high frequency of interest among a few niche groups and the requisite competition that introduces other service providers. As technology continues to erode communication barriers, value will also come from the many niche groups in “the tail” that demonstrate interest in services that conventional (competing) service providers would otherwise consider having little value.
Respect Be respectful of the community, the members, the group’s overall goals, etc. Social Media is a participatory sport and that means that you are one of many. People can chose to communicate with you or they can chose to ignore you. Treat others as you want to be treated.
Listen Listening and receiving comments and feedback are two of the greatest strengths of Social Media. They represent first-hand interaction with your customer. By listening to them you gain unfiltered feedback about your products and market.
Respond When people comment or leave messages for you it’s only polite to respond in a timely fashion. By responding you are validating to the online community that you are an individual that values and acknowledges others. This adds to your credibility as an individual.
Build Relationships It’s called social networking for a reason. Make sure you build relationships with everyone that communicates with you; establish conversations, ask questions, respond to questions, etc. Discussions and relationships encourage people to return to your page, thereby building a meaningful community.
Be Authentic and Transparent Be sincere and honest; be yourself. With Social Media displaying your profile, message and comments it is critical to your success that you are genuine and dependable.
Do Not Become a Nuisance It’s generally agreed that spamming is bad, but it’s also important to avoid becoming a Keyboard Gangster, Envelope Pusher or a Social Saboteur. More about these different type in my new Social Media Report.
Collaborate Social Media is a collective medium. This means that it uses the knowledge or wisdom of the whole group; not just a single individual. For that reason, information obtained in Social Media on Wikis or reviews is seldom entirely wrong. On the other hand, it’s often not 100% right. As a result, there is a strong need to work together, updating and constantly adding value to improve the quality of the content.
Add Value Every member of a community must contribute his or her fair share. What is your contribution? Remember that contributions come in many different shapes and actions: providing information, being a resource, answering questions and redistributing information.
Consider Opportunities in the Long Tail In Social Media, every service offering has some degree of value. It’s not always wise to just focus on the few services that command a high frequency of interest among a few niche groups and the requisite competition that introduces other service providers. As technology continues to erode communication barriers, value will also come from the many niche groups in “the tail” that demonstrate interest in services that conventional (competing) service providers would otherwise consider having little value.
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