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Are you fully knowledgeable
about the federal first-time home buyer tax credit to be able to explain it to a
consumer who inquires about its provisions? If not, you should be. Below are
some important points about the tax credit, taken from an article appearing the
current issue of Bay State REALTOR® magazine, that every REALTOR® needs to know.
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In
the latest edition of the report, entitled House Prices in
America, the U.S. housing market is described as “slightly
undervalued” based on fourth quarter 2008 market data.
That’s good news for prospective home buyers because it
means home prices have become increasingly affordable over
the past couple of years, falling at an annualized rate of
13 percent over the past year nationwide. It also suggests
that the risk of additional future price corrections is
easing throughout much of the country.
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GBREB is opposing a local option building code that will add
substantial new upfront costs to a new home without any
immediate and measurable energy cost savings to homeowners.
The “stretch code” in effect mandates that any new home
built must exceed Energy Star certification. Before a local
building inspector could issue an occupancy permit the home
would also need to be certified by a 3rd party Home Energy
Rating Standard (HERS) inspector. According to estimates
provided by the Board of Building Regulations and Standards
these proposed requirements would add $10,000 to the cost of
a new single family home.
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On March 30, 2009, Fannie Mae issued Announcement 09-08,
implementing the 2009 conforming loan limits for high cost
areas ("high-balance" loans above $417,000). The American
Recovery and Reinvestment Act (ARRA) raised loan limits for
high cost areas for 2009 to the higher of the permanent
limits in effect for 2009 or the temporary limits in effect
for 2008. In most cases the 2008 limits are higher. The
guidelines apply to loans delivered to Fannie Mae starting
May 1, 2009.
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For
more than two decades, REALTORS® from across Massachusetts
have been making their voices heard among state
representatives and senators at the annual REALTOR® Day on
Beacon Hill. If you’ve never been, we urge you to attend on
June 9 to meet with your current Representative and Senator.
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Do you know a colleague or a fellow REALTOR®
who exemplifies the service and professionalism most
REALTORS® strive for? Then why not recognize that person by
nominating him or her for this year’s GBAR awards?
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