Dallas Real Estate Blog

November 9, 2009

Extension Given to Home Buyers

Filed under: Uncategorized — robertjrussell @ 11:17 am
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RISMEDIA, -President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

To find out more about buying or selling a house – visit: http://www.robertjrussell.com

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November 2, 2009

Don’t give up even in these tough times

Filed under: Uncategorized — robertjrussell @ 3:11 am
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Over the last few months I have found myself really fighting the changing market. You would think by now I would’ve simply accepted it as long as it’s been going on. But, I’ve kept telling myself and my clients that it’s going to get better after this or that. And, while it gets a little better it doesn’t seem to last. In fact everyone would agree that this is the most inconsistent and unpredictable markets either of us have ever seen.

Guys, I realize I’m not telling you anything that you don’t already know. I am telling you in hopes that it will compel you to accept the change and embrace it as I have finally chosen to do. My personal coach keeps telling me everything in life is a choice. We can choose whatever we want. In talking with my coach each week I realized I have been playing the victim to the real estate market and the economy for a while now. I actually have been trying to “fake” myself into believing I haven’t been playing the victim by continuing to grind it out day after day and thinking that it’ll go back to the way it once was.
Instead of continuing to play the victim, through many breakdowns I have come to realize that I have been fighting it and trying to hang on to the limb of the “old” days, and it’s time now to simply “be” with the new market conditions. My coach told me to stop fighting the current and just flow with it. He said I was hanging on to the tree limb while the waters of the river were rushing around me. I thought, yea easy for you to say, and didn’t give it much more thought until experiencing mini breakdown after mini breakdown.
Then I thought WOW, that’s exactly what I’ve been doing, fighting the current of the changing market and economy instead of taking it on as I know I can do. Now, I have still sold over 40 homes so far this year despite the market so I’m still doing fairly well in most agent’s opinons. To myself I am way off track and I found myself actually getting depressed, anxious, and irritable over all this day in and day out. Finally, I’ve become sick of myself and on my own nerves with my mindset being in the tubes for so long.
There is still money to be made and people that need our help as professional real estate agents, now more than ever. The market is choppy, unstable, uncertain, and our customers and clients need strong, professional agents who aren’t afraid of rolling our sleeves up and getting the job done to help them.
You know buying and selling a home is generally one’s largest single investment, and having the professional guidance through these uncharterd waters is actually invaluable to them. Our job is to get out there and find the people that want and need to buy and sell and to educate them along the way.
If you’re afraid of reaching out to the pubic, I understand. I have been doing it consistently for over 9 years now on a daily basis and I am still scared sometimes when I dial the first number of the day. However, it works. Fifteen years ago I moved to a brand new town where I didn’t even know how to get to the grocery store and back and sold homes that first year by making phone calls, sending mail, and following up like my life depended on it. The next year I sold more than the first year and from there forward I’ve been consistently selling homes each year.
You have to MAKE it happen though. It’s unlikely that tons of business will just fall in your lap. You have to be willing to go out and find it. There are more expired and fsbo listings now than ever before and I have gotten over 70% of my business from calling and mailing to expired’s fsbo’s. You can too!

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October 29, 2009

Luxury & International Real Estate

Filed under: Uncategorized — robertjrussell @ 10:36 am
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While most luxury real estate marketing professionals are still reeling from the downturn in the market and working harder than ever just to keep up, some are seeing the enormous opportunity that the new era of the internet has to offer and they are starting to reach for the gold ring. Yes, there is a gold rush out there. But, what may not be obvious is what the new gold looks like and how to find it.

The new gold is all about identifying an uncontested niche in your marketplace where you can add extraordinary value; then staking your claim to ownership of that new market space. It is about cashing in on who you are, what you are most passionate about and leveraging the new media tools to reach and connect with your ideal clients in a focused manner.

What Is the Catch?

You need to know who you are, what you stand for, what you are passionate about what you can do better than anyone else in your marketplace. You need to discover you unique voice. Only then will the new media tools make any sense to you in terms of their potential to tap the gold reserve that awaits you. The tools are meaningless otherwise. Only when you become “follow-worthy” will you attract and retain your audience, and also convert that audience into cash flow.

You Must Discover Your Golden Voice

The blog is a great example of a new media tool that is useless without knowing your unique voice. Luxury real estate agents have been hearing, for a couple years, that they need to blog. They have been promised that Google will magically send traffic to their sites if they just spew “content”. Never mind that the content that they are writing about or the stories they are reporting are of any interest to a target market. Forget the idea of original content. After mindlessly regurgitating other people’s information, most agents abandon their blogs within 60 days concluding that it was a waste of time and was of little value in terms of generating immediate leads, let alone transactions.

What an awesome tool the blog is for those who have discovered their unique “golden” voice, a voice that is “follow-worthy”! Blogs offer anyone the opportunity to become a syndicated columnist because followers can subscribe to their “column”, keep up on the latest installments and also engage in discussion with the author and other followers. Plus, it is virtually free! So, is the help you can get from your silent marketing partner, Google. Google wants to help create a perfect match between you and your potential audience, your ideal potential clients because they sell more ads when users experience better search results.

Right now, there is an abundance of unexploited marketing niches right under your nose, where you can become the undisputed market leader. But, you will not perceive these untapped “gold mines” if you do not know your own mind. You first need to discover your own golden voice.

For more information on Luxury & International Properties visit: http://www.robertjrussell.com

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October 27, 2009

Is your Business Paralyzed ?

Filed under: Uncategorized — robertjrussell @ 2:18 am
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Have you ever come across the saying “analysis – paralysis?” This is a superb phrase that ideally describes the processes and difficulties faced by a large number of entrepreneurs in this day and age. Just about anyone can easily end up spending most of their time thinking to themselves “what if”, and going over – repeatedly, the very reasoning behind their endeavours, or they can press on ahead. You can ask yourself whether your marketing campaign will yield real results, or you can go for it and see what happens. Most of the time, the aspiring entrepreneur falls short and will turn away from his or her targets due specifically to this kind of analysis.

If you are establishing an online business, you know that you need to use the power of Internet marketing to help you become established, to make people aware of your existence and to draw them to your sales funnel. One of the best ways to do this is to use the power of article marketing. In spite of the fact that this has been proven time and again to be one of the most powerful ways of marketing your online business – and a crucial factor in website development as well, many people still second and third guess its effectiveness.

It is quite common for newcomers to the arena to be exposed to the power of article marketing and to fully understand and comprehend its concept, yet the character sitting on their shoulder whispers some words of doubt. It is not good enough to accept that article marketing has been around for a considerable period of time and has stood the test of that time, but rather the question arises once again whether it is “for you.”

Understand that time does not stand still and neither do your competitors. One of the most important traits that you can possess as an entrepreneur is the efficient use of time. Time management dictates that once you have decided upon a course of action, you put it in place and continue to move forward toward the goal. Over analysis just wastes time. Once you’ve decided, after due diligence and research that you have a course of action, you must be willing to act on this.

There are a lot of people out there who see article marketing as a process which just takes too much time. The actual fact is that this is one of the wonderful aspects of this particular approach. The creation of educational and informative content and the distribution to others can scarcely be a better way of informing people about your authority, expertise and ability to meet their needs. By the time prospects arrive at your website, they may be partly qualified as they will have read through the information that you are putting out and have decided that they need to move towards the next step.

As article marketing is by definition a process that takes time, it is common for people to start such a campaign and then to stop it. If you are creating good content and distributing it accordingly, the odds are that your article marketing campaign will work, but it will take your confidence and ability to continue with the process until you see results.

Many entrepreneurs do not feel confident enough to create the content themselves and this is where a ghostwriter can come in very handy indeed. Consider hiring a virtual assistant to help you create the content according to your requirements, and to help you distribute it to the best authority sites on the Internet. A dedicated approach here and a commitment to success will undoubtedly bring real results.

http://www.robertjrussell.com

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October 23, 2009

A Day of Computer Prohibition!

Filed under: Uncategorized — robertjrussell @ 1:48 am
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Imagine a day coming to the office and discovering that the Internet lines are down. Is it still possible for companies to operate in these circumstances? Definitely a bad day for the average company big or small, but these circumstances would be very different for the Internet marketer. Let us see why.

Not withstanding the fact that many big companies such as hospitals, airports managements do have their private “generators” to deal with such situations, the computer in the office world can be summed up in three grand chapters namely communications, information and data processing. For the Internet marketer, if these basics are obviously similar they do not tie him down to his computer due to him having created an automatic follow-up for the majority of them.

It would be interesting to test a day in the office with no Internet access. Are people still capable of hand-writing a message to their colleagues, using a flowchart or even conceiving one? How many offices out there have foreseen an emergency plan and are set-up for such a day, heaven forbid and is it conceivable? My point is that we are very much addicted to our computers granted that they do increase the speed of daily chores, they have albeit indeed stolen human contacts and personal touches and have made every monthly bill from these conglomerates all but humane.

Conversely, the Internet marketer – and we all need to be one* – should enjoy a day or two of computer prohibition sprinkled into our weekly lives. We would use that time very productively by visiting our friends, taking a walk and thereby doing some public relations (in a small manner) as well as taking a little distance from our business to conceive some possible improvements to its approach and future; business that in any case runs without our constant presence, because that is how it must be setup. One website, an auto-responder are the basics, and upon these two essentials an empire can be build with all compatible ramifications that in time get included. The “job” of the marketer will then profit from when the office is closed due to the dreaded local Internet failure.

To find out about internet online marketing visit http://www.robertjrussell.com

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October 20, 2009

SEO – Search Engine Optimization

Filed under: Uncategorized — robertjrussell @ 2:31 am
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Learning how to get rated by the search engine can be a daunting task. What I have learned is that you don’t need to be an expect. Learn to do what you are good at, writing, sales, coaching etc. Get some good content going. Get your blog SEO ready. Start to look for info on You Tube and Google for free, on how to get your site listed on the first page of Google. I have found many free You Tube video that show me how to get higher ranking. Also you can shop around to get out sourcing prices to have someone do it for you. There are so many opportunities and ways to use search engine optimization. Get a coach to help you with things that are hard for you. Start writing out a plan of action steps that you can do daily. A Daily method of operation. Include at these one action step for SEO. Just relax and take one step at a time. You can do it!

http://www.robertjrussell.com

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October 13, 2009

$8000 Home Buyer Tax Credit Wins

Filed under: Uncategorized — robertjrussell @ 1:26 am
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Another quick blog post for Dallas Real Estate Blog:
Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010.

The White House is also signaling that it sees the overall tax credit program — currently set to expire November 30 — as an important element in cutting the unemployment rolls and stimulating new jobs next year.

After an economic policy strategy meeting last week in the Oval Office involving President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, congressional aides said Democrats generally support an extension of the housing credit.

Reid already has made clear he wants an extension. He is co-sponsoring a Senate bill that would do so for six months.

Congressman Charles Rangel, chairman of the tax-writing House Ways and Means Committee, sponsored the one-year extension of the credit for military and other personnel serving overseas, and is reported by aides as favoring an extension for the entire program.

The White House has not publicly committed to an extension, but has confirmed that the President is seriously examining that option.

An unexpected development that emerged following last week’s White House meeting was the possibility of opening up the credit to a broader group of buyers next year – people who sell their current homes and buy a replacement home.

Though details were scanty, Capitol Hill sources said one option on the table would be to provide a tax credit — most likely at the $8,000 level — to replacement home buyers whose incomes do not exceed some limit.

The current credit phases out for single taxpayers with incomes above $75,000, and married purchasers earning $150,000.

A politically sensitive issue hovering over the entire debate on extending the housing tax credit is its cost – what it would add to the federal budgetary deficit. Mark Zandi, chief economist of Moody’s Economy.com, estimates that widening the credit to all buyers through next August could cost the government upwards of $30 billion.

Rangel’s 12-month extension of the credit for service personnel is estimated to cost more than $300 million, but it’s mainly being paid for through an increase in penalties levied by the IRS on taxpayers who fail to file corporate or partnership returns.

The New York Times reported that one possible solution to the cost problem would be to divert money not yet spent out of 2009’s $800 billion stimulus legislation.

http://www.robertjrussell.com

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October 6, 2009

Turn Small Savings Into a Big Nest Egg

Filed under: Uncategorized — robertjrussell @ 12:57 pm
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According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. Americans’ nonchalance was reflected in the negative savings rate of fiscal 2005, which occurred as people reduced their savings and delved further into debt in order to purchase goods and services. Although the savings rate had rebounded to 6% by May of 2009, as global financial crisis forced many consumers to adopt more cautious spending habits. Despite the about-face in consumer spending habits, in many cases, the attempt at saving proved too little, too late. Read on to find out why you need to save no matter what the economic climate.

Why You Need to Save

More from robertjrussell.com:

• Texas Foreclosures

• Insurance Online

• Search the MLS!

While individuals should avoid excess (and high interest) leverage/debt and prudently manage cash flow, there is also a longer-term need to ensure one has adequate funding set aside for a comfortable retirement. Given historical trends in the U.S. stock market and overall economic performance, people can be lulled into becoming overly optimistic about how much they need to save and their projected life expectancy. The only trends that are relevant for the individual, however, are those that occur over the course of one’s lifetime.

Many companies are transitioning jobs (such as back office functions, IT, research and even higher margin services such as consulting and financial services) to other regions of the world, including Eastern Europe, India and China. The economic dynamics and implications of such movement are not comparable to the business settings of the past 50 years. Additionally, medical breakthroughs and other health-related variables have increased people’s life expectancy. Certainly, it is better to have a conservative outlook in order to help ensure one has adequate retirement funds.

Financial Scenarios

Saving money and diverting cash away from unnecessary frills and wasteful spending into investment payments such as the stock market translate to huge differences in the size of one’s retirement savings over the course of a lifetime. When you purchase a bicycle or go out for a lavish dinner, you are not simply incurring a cost of that bike or dinner (say $100). The amount of the receipt is actually misleading. When you incorporate the basic laws of finance, the opportunity cost of that $100 is much more.

If you eliminate $100 of wasteful spending per month and instead channel that cash to an investment vehicle that yields an annual interest rate of 10%, that translates to more than $75,000 over 20 years, and more than $500,000 over the course of 40 years. Granted, the buying power of figure is chewed up by inflation, but the prudent person still reaps the benefits of not wasting cash on unnecessary things.

Starting principal balance: $0
Monthly investment payments: $100
Interest rate: 10%
Future value: 20 years = $75,936
Future value: 40 years = $632,408

Starting principal balance: $0
Monthly investment payments: $250
Interest rate: 10%
Future value: 20 years = $189,842
Future value: 40 years = $1,581,019

If someone were motivated enough to find $500 a month and put it away in the form of investment payments, the results lead to an exponential increase in comfort during one’s retirement. With an annual rate of return of 10% over 40 years, the figure approaches $3 million for your nest egg.

Starting principal balance: $0
Monthly investment payments: $500
Interest rate: 10%
Future value: 20 years = $379,684
Future value: 40 years = $3,162,039

How much more would your nest egg be if you work for a company that matches your 401(k) dollar for dollar up to a certain amount? Given that the federal government’s social safety net programs such as Social Security and Medicare are expected to hit fiscal challenges as the baby boomers retire, such anticipated uncertainties encourage individuals to take their retirement circumstances into their own hands. Secondly, the high cost of healthcare in the United States is a primary driver for individuals and couples filing for personal bankruptcy. The power of compound interest can help one to avoid financial straits in the future.

From Wasteful Expenses to Monthly Investment

To redirect cash that might otherwise be spent on junk or unnecessary spending, explore savings opportunities that can increase your monthly contributions to your retirement accounts. These might include:

  1. Fewer restaurant lunches and dinners can easily save the typical professional between $100 and $200 per month. Using our numbers above, $100 invested monthly in retirement accounts that earn 10% annually becomes $75,000 in 20 years.

  2. Purchase discipline at groceries and malls. At the end of your life, it is not the accumulation of objects that provides meaning. A lifetime habit of impulse buying has a tremendous opportunity cost when you realize the power of compound interest. Most people can save between a hundred dollars to several hundred dollars a month with greater spending discipline.

The Bottom Line

If you work for a company that matches your retirement savings contributions, absolutely take advantage of it. It is basically free money. Additionally, the increase in monthly contributions translates into an exponentially larger nest egg over the course of a lifetime.

by Marv Dumon
Monday, October 5, 2009

Visit http://www.robertjrussell.com For Real Estate & Insurance needs
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October 4, 2009

Home Value by Square Foot

Filed under: Uncategorized — robertjrussell @ 2:07 am
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One of the biggest determining factors in determining comparable value is square footage.

When comparing the square footage of homes always try to keep comps as similar in square footage as possible. Figuring out the price of a home on a square footage basis is an excellent way to compare apples with apples. It becomes more complicated when one home has been renovated and another needs work. Don’t compare a newly built home’s price per square foot with an older home’s price per square foot.

There’s Square Footage and There’s Square Footage

A square foot is defined as a two-dimensional square measuring one foot on each side. If you are looking at a home that seems a little smaller than the stated square footage, it might not be your eyes. Real estate brokers tend to measure square footage by inside room dimensions. Developers like to measure the exterior of the building. This can add considerable square footage to the home.

You also need to find out exactly what has been factored into the equation. Does the total measurement include basement space? Garage space? Deck space? Space on staircases? There’s no standard way to measure square footage. Sellers will include every nook and cranny and buyers won’t.

Do not solely compare the size of the land the property sits on and the price of the property. Lots sell for different prices than homes and the cost varies greatly from neighborhood to neighborhood. For example, if the house is in terrible shape, or is considered a “tear-down,” a developer may only want to pay for the price of the lot, since tearing down and hauling away the existing structure is an added expense.

Side-by-Side Comparison

In some areas of the country, agents do not want to be liable for representing a total square footage of the property. Total square footage is not indicated on the listing sheet, but room dimensions are shown. The room count may not include bathrooms, hallways, closets, and other spaces. You might have to compare every room side by side and guesstimate total size.

In this instance, estimate the total square footage by multiplying the dimensions of each room. For example, if the bedroom is 10 feet by 12 feet, then the area, or square footage, is 120 square feet. Add up all of the room dimensions for a total square foot measurement. You may still have to estimate hallways and other spaces, but it gives you a good estimate.

After determining the size of the home you desire, the equation is simple. Just divide the listing price by the number of square feet and you will get the price per square foot. For example, a 1,000-square-foot condo priced at $300,000 costs $300 per square foot.

http://www.robertjrussell.com

It’s always to your advantage to buy a home with a reasonable cost per square foot. A home with a square footage cost lower than other homes in the neighborhood might be a great deal. On the other hand, the home may have a lot of other things wrong with it that need renovation, and unless you had remodeling in the budget, it might not be worth it to you.

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September 29, 2009

Total Number of Home Listings Down in August

Filed under: Uncategorized — robertjrussell @ 2:33 am
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RISMEDIA, September 24, 2009-The number of homes for sale declined nearly 3% in August 2009, compared to July, and is down more than 23% compared to a year ago, (more…)

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