Blog :: 2010

H.R. 4853: Real Estate Provisions in the 2010 Tax Relief Bill

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) extending the Bush-era tax rates and a host of other expired and expiring provisions. The legislation is not "paid for," so there are no revenue raisers taken from real estate or other industry groups. The package provides temporary extensions of its numerous provisions. Some are retroactive, as well, so that the rules that had been in place previously will operate as if they had never expired. Included in the bill are provisions that affect real estate investment and operationssuch as energy-efficiency tax credits, capital gains, and more. A few key provisions of interest to REALTORS include:
  • Retention of Bush-era tax brackets through the 2011 and 2012 tax years;
  • Retention of the capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012;
  • Reduction of payroll taxes for employees and self-employed individuals during 2011;
  • Extension of numerous energy efficiency credits through December 31, 2011, including: the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.
For more detailed information on the provisions of this bill affecting real estate, home owners, and REALTORS as small business owners, please see the see the full summary. Article Courtesy of National Association of REALTORS

Pending Home Sales Continue Recovery, Gradual Improvement Seen in 2011

Washington, DC, December 30, 2010 Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS. The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market, he said. But further gains are needed to reach normal levels of sales activity. The PHSI in the Northeast increased 1.8 percent to 72.6 in November but is 6.2 percent below November 2009. In the Midwest the index declined 4.2 percent in November to 78.3 and is 7.7 percent below a year ago. Pending home sales in the South slipped 1.8 percent to an index of 91.4 and are 7.2 percent below November 2009. In the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago. If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume, Yun said. Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy. The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent. For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million, which appears to be a sustainable figure given the current level of employment, he explained. All the indicator trends are pointing to a gradual housing recovery, Yun said. Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers. Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012. The median existing-home price could rise 0.6 percent to $173,700 in 2011 from $172,700 in 2010, which was essentially unchanged from 2009. As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012, Yun said. New-home sales are estimated to rise 24 percent to 392,000 in 2011, but would remain well below historic averages, while housing starts are forecast to rise 21 percent to 716,000. Yun sees Gross Domestic Product growing 2.5 percent in 2011, and the Consumer Price Index rising 2.3 percent. The National Association of REALTORS, The Voice for Real Estate, is Americas largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales. NOTE: The next Pending Home Sales Index will be released January 27, and existing-home sales for December will be reported January 20; release times are 10:00 a.m. EST. Article Courtesy of National Association of REALTORS

HOME OWNERSHIP MATTERS

HOME

OWNERSHIP

MATTERS

TO PEOPLE...TO COMMUNITIES... TO AMERICA.

Studies show that home ownership has a significant positive impact on net worth, educational achievement, civic participation, health and overall quality of life. That's why, more than 100 years, REALTORS have helped people find their piece of the American Dream. Now, with some questioning whether home ownership is still good for America, it's more important than ever to stand up for home ownership...in your community and it the nation's capital. Find out more about why Home Ownership Matters, how the NATIONAL ASSOCIATION OF REALTORS, is standing up for it, and how you can help spread the word, at REALTOR.org/homeownership.

WHY HOME OWNERSHIP MATTERS

TO PEOPLE...

  • Home owners are happier and healthier and enjoy a greater feeling of control over their lives.
  • Owning a home is one of the best ways to build long-term wealth. Historically, a home owner's net worth has ranged from 31 to 46 times that of a renter.
  • Home owners are free to redecorate, renovate, and modify their homes as they wish.
  • most home owners enjoy stable housing costs-a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
  • Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
TO COMMUNITIES...
  • People who own homes vote more, volunteer more and contribute more to their neighborhoods.
  • Home owners do not more as frequently as renters, providing more neighborhood stability. In turn this stability helps reduce crime and supports neighborhood upkeep.
  • Children of home owners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time on front of the television.
TO AMERICA...
  • 67% of American households are owner-occupied. America is a nation of home owners.
  • Home owners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
  • Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
  • Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our natioinal economy.
  • For these reasons and more, home ownership is the American Dream!
--Courtesy of the NATIONAL ASSOCIATION OF REALTORS

And Now a Word from Your Sponsors

Peggy MacKenzie & John Kennedy at Town Common Concert

Northrup Associates REALTORS proudly sponsored the July 7th and July 14th concerts on the Lynnfield Town Common this summer. Penny McKenzie and John Kennedy man the Northrup Associates table during the July 14th concert and happily greet and discuss real estate with residents enjoying the concert. Article Courtesy of Lynnfield Weekly News, July 29, 2010 Photo by The Priestlys

Website Continues to Provide Top Content

Our website continues to lead the way as a comprehensive source of real estate information specific to the North Shore area. We encourage you to log onto www.northruprealtors.com and see why weve been servicing Lynnfield & Peabody since 1952. Our website features top content such as our Open House Directory, Best Values, Featured Listings and a comprehensive section named- Condo Central which highlights condos in the North Shore. Our award winning website also includes the ease of one click searches specific to architecture and price, lifestyle and more. Our goal is to help consumers identify properties quickly and easily, while providing competitive pricing and the best customer service in the real estate industry. Were proud to be your Realtor of choice and are focused on your needs today and long after the sale of your home. Northrup\'s Award Winning Website

Northrup Realtor becomes President of Bostons North Shore Real Estate Association

LYNNFIELD Northrup Associates is pleased to announce that Bert Beaulieu, REALTOR and Sales Associate with Northrup Associates was officially installed as the 2010 President of the North Shore Association of REALTORS (NSAR) by Kevin Sears, 2010 President of the Massachusetts Association of REALTORS (MAR). Beaulieu will officially assume the duties as NSAR President on January 1, 2010. As President, he will direct the internal and external activities of the Association; preside at all meetings of the NSAR; act as the official spokesperson for the Association on issues related to the real estate industry; and represent NSAR members on the MAR Board of Directors. The North Shore Association of REALTORS is a leading local real estate association in Massachusetts serving over 1,200 members and representing more than 230 sales offices on the North Shore. This event was held at the Tupper Manor at Endicott College in Beverly and hosted over a hundred REALTORS, affiliates and guests from the North Shore. The evenings Gold Sponsor was Northrup Associates and proudly included nearly all of its REALTOR associates at the installation. With nearly 60 years of business, Northrup Associates prides itself as an office that encourages strong ethics, service and professionalism, Berts professionalism and dedication to the REALTOR organization has made him a valued and trusted real estate resource for the North Shore community and we are proud to have him as a contributor to the overall success of Northrup Associates, said Richard Tisei, Broker/Owner of Northrup Associates.
Article Courtesy of Peabody & Lynnfield Weekly News

Lynnfield Real Estate Is Rising in Luxury

Northrup Associates specializes in the sale of luxury property in Lynnfield. We have a superb and extensive portfolio of luxury property in the area, available in prime locations throughout the town including new property, resale property, and land.

2009 was a terrific year for luxury real estate in Lynnfield. Our agents really made the difference; they are knowledgeable, understand the market, and have the know-how to make things happen.

Even with an increasing local market, we have found that this is still an apprehensive time for those buying and selling property. Now more than ever, accurate pricing, effective marketing, and experienced representation make all the difference.

This relatively new Colonial style home on Sagamore Golf Course is a beautiful addition to the Lynnfield luxury real estate market. A two-story foyer, granite counters, stainless appliances, and a fire placed living room are just a few of the amenities this luxurious home provides. View more details here.
MLS # 70968329

MLS # 70968329

At Northrup Associates we led the region on almost every major category of performance and most noteworthy is the fact that the average sales price for a single family, luxury home in Lynnfield increased by 300% over the past twelve months.

Here are the Regional Single Family Sales 2008 vs. 2009

Lynnfield Area Real Estate Sales

MLS # 70968329

Comments

  1. property cooling measures on

    Eye-catching area of information. I merely located your internet site as well as in accession cash to say that I get involved point liked account the web site discussions. Any way I am subscribing to a person's nourishes or maybe I actually completion you obtain the ways to access constantly speedily.
    • low laser hair therapy reviews on

      The beginning of the end came the day Nia's boyfriend didn't take up her offer of caring for him when he was ill. Zinc absorption and vitamin C intake could be synergistic. Because of this, you need to clean your hairs and make them tidy at all the times. My homepage: low laser hair therapy reviews
      • plumbers pompano beach florida on

        In the final analysis, a particularly good way so you can get a reliable price estimate for your kitchen remodel San Diego project is to clearly specify the details discussed above and then obtain 3 different bids from legitimate general contractors. The Masterbuilt designers added a drain clip to the fry basket which permits you to hang the basket on the side of the fryer as the turkey drains and cools. Here are the step-by-step instructions for refinishing old appliances in stainless steel paint, a home improvement project for women with old appliances but a modern sense of style. My web blog ... plumbers pompano beach florida
        • dock storage box plans on

          Good bye for now, look for our next piece of writing, coming shortly, from FLAT Rigs outriggers, shock cord snubber, and rigging kit. Adding a pinch of baking soda to tomato sauce will reduce the acidity. As they are huge, RVs also have a huge checklist of parts and components that you need to inspect after long storage to ensure smooth and safe driving. My blog dock storage box plans
          • bathrooms pompano beach on

            Read on to find the vocabulary you will need and links to sites with house plans. Patch Small Holes in Drywall Home Improvement Project. Start an inspiration file and share it with your designer during your initial meetings. Here is my blog post :: bathrooms pompano beach