First Time Homebuyer Tax Credit
On Wednesday, July 30th, President Bush signed the recently-passed housing
legislation (H.R. 3221) into law. The new first-time homebuyer tax credit will
go into effect immediately upon the President's signature. This credit is
intended to convert "Just looking, thanks" browsers into purchasers. The
provision should prove to be of great benefit to REALTORS ,
their clients and communities.
The chart presented below outlines the basic features of the
new credit. NAR is working on documents that you will be able to present to
first time home buyers to help them understand the tax credit. The tax
provisions of this legislation focus on consumers. We hope this chart and the
additional materials that NAR will post can help REALTORS
guide their clients through these new provisions.
Chart: First-time Homebuyer Tax Credit
Click
here for more information on the First-time Homebuyer Tax Credit
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 ASK
THE APPRAISER
By Amelia Lovorn Brown
In newsletters to follow over the next several months I, along with other
local appraisers, and some national experts will endeavor to answer some of the
most common questions we encounter from you as REALTORS concerning your
appraisals. As a group, we understand there are many questions about the varying
aspects of a residential appraisal and what constitutes a "good" appraisal. So
if you have a question you think may be appropriate for this forum, please email
me at amelialovorn@hotmail.com.
How do you determine
square footage of a property and why is it important?
ANSI (American National Standards Institute) was employed by the
NAHB (National Association of Home Builders) in 1994 to assist in developing
standards of measurement for single-family homes. While this has not been
adopted by the Mississippi Real Estate or Appraisal Commissions as the official
standard of measurement it is the standard most appraisers recognize; therefore,
it is this standard the commission expects to see. The following items are
consistent with Fannie Mae, FHA,VA, and most other lending institution
requirements:
- Gross living area is that area which is above-grade. Basements are not
included even if it is a walk-out type with finished rooms,
finished along the same lines as the rest of the home. Sure-it is nice-just not
what we call above-grade gross living area. As such it is valued separately. It
may bring the same value as the other square footage or it may not. This is
entirely market driven like everything else in appraisal.
-Stairs are included in the square footage calculations on both floors.
-Finished areas-the test as to whether a room counts in the square footage
calculation is one must be able to enter the room from another heated/finished
area of the home. If you must leave a heated/finished area to get to this room,
it is a separate area and does not count towards the total gross above-grade
living area. For example, a recreation room over a garage would only be counted
if you could access it from another heated/finished area. If you must go into
the garage to access the area, it would be counted separately and valued
separately.
-Ceiling heights must be at least seven (7') feet except underneath any ducts or
beams where the height can be six feet four inches (6'4). Careful-many of you
have rooms, especially those recreation rooms over garages where the ceiling is
sloped. Here, where the knee walls stop at five feet (5') so must you when you
are counting square footage.
Appraisers measure what we like to call "brick to brick" which means along the
exterior walls of the home to the nearest tenth of a foot. Since the tax
assessor has not measured many of the homes in our area, both the base and
adjusted areas on the county rolls are incorrect. If you are utilizing these to
help your sellers set a list price or your buyers to determine whether or not
they are interested in purchasing this property, you may be in for trouble.
You might even call an appraiser and for a small fee, get them to do it for you. Measure, measure, measure. Good luck!
The above information can be found at www.ANSI.org.
Click here to visit that website.
"ANSI-Square footage-Method for Calculating." |
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Early-bird Special!
If you turn in your magazine ad by Tuesday, August 5th you will get one (1)
additional EZ Ad FREE! All Display Ad info HAS TO BE turned in by Wednesday,
August 6th.
2009 Cover
and Premium Page Raffle in September!
More information coming soon.
Magazine Display and Deadline:
Wednesday, August 6th
Proof week: August 8-12
EZ Ads Wednesday, August 13th
Need help? Contact Amanda Woods at 662-449-4548
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Please take note of upcoming fees/dues
Supra Active Key Bi-Annual Fee - Due September 3, 2008
MLS Dues invoice will go out September 1, 2008
with a due date of
October 1, 2008
Please watch for these invoices coming in the mail soon. |
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Automated Citation Manager
Starting August 11, 2008 the automated
citation manager will search listings every night for violations. If there
is a violation found it will automatically email the listing agent. The
listing agent will have 48 hours to make the listing compliant to the RSC
Rules and Regulations. If the listing is still in violation after 48 hours
then the listing agent will be emailed a fine(varies according to
violation). Please click
here to view a list of violations. Also,
make sure your email address is correct in the MLS system to avoid getting a
fine! |
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NWMAR June Statistics
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2008
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2007
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% Change
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Total Home Sales
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259
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377
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-31.3%
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Median Sales Price
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$143,000
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$156,000
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-8.3%
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Average Sales Price
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$168,793
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$170,929
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-1.3%
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Monthly Sales Volume
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$40.6
million
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$63.6
million
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-36.1%
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NWMAR Code of
Ethics Class July 2008
Every member of the National Association of
REALTORS® must have taken the
Quadrennial Code of Ethics course sometime between January 1, 2005-December 31,
2008. Next available date: Friday, September 12, 2008 - this class is already
filing up, register soon! Click here for more
information.
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Upcoming
Calendar of Events
August 20 - MAR Webinar
Go Where the Consumers Are:
Cyberspace. Click here
to learn more.
Sept 9 - New Member MLS Orientation.
Click here to register.
Sept 10-11 - New Member Board Orientation and 30 Hour Post
License. Click here to register.
Sept 12 - Quadrennial Code of Ethics Class. Click
here to register.
_______________________
QUADRENNIAL
CODE OF ETHICS
Are you in compliance?
NEXT SCHEDULED COURSE:
SEPT 12, 2008
9:00 a.m. - 1:00 p.m.
NWMAR-Education Center
Instructor: James Williams
Counts for 4 CE Credit Hours
Cost: $25.00
www.nwmar.net/edu
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Do You Have the New
Property Condition
Disclosure Statement?
The Mississippi Real Estate Commission has
issued a new Property Condition Disclosure to be used starting July
1, 2008. Click here to
download the latest from the MREC.
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NEED CASH?
NWMAR will buy back used iBoxes that are in good
condition for $50.00.
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Northwest Mississippi
Association of REALTORS
has made it to Facebook!
What is Facebook?
Facebook is an online social network
that allows you to keep up with friends, family
and even events! If you already have a facebook account, look
for the NWMAR page. If you don't have an account it is free!
Sign up and let us help you keep track of the latest information
from NWMAR!
Click
here to view the NWMAR Facebook Page
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Now for Sale at NWMAR
LiveInMississippi.com folders now for sale at
the NWMAR Board Office!
5 folders for $10.00
Great idea to give to new clients. Please call ahead if you need a large order.
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Northwest
Mississippi Association of REALTORS®