From the $789 billion economic stimulus package, first time home buyers will receive an improved, non-repayable version of last year’s repayable $7,500 tax credit. The $8,000.00 credit eligibility has been extended to September 1st, instead of June 30th.

According to the National Association of Realtors, the tax credit should generate about 500,000 more home sales this year, whether they’re moving out or possibly moving to a bigger house.

The tax credit should also help generate more economic stimulation. Realtors’ forecast additional spending of about $60,000 for every house sold, triggering a “ripple effect” or other purchases and payments, such as furnishings, appliances, remodeling, repairs, real estate commissions, moving expenses, and similar costs.

The stimulus package also has even more incentives and benefits for home owners. Everything  from energy efficient heating and air conditioning, windows, doors, and insulation will apply towards the tax credits and will be extended  through 2010

Of course, another program in the package should also help generate an economic effect within neighborhoods that have numerous foreclosures.

This bill provides up to two billion dollars to buy, renovate, and rent out or resell  foreclosed and vacant homes.

The money generated will go to the local governments, however the actual rehabilitation, rental and resales work will go to people in the private sector.

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According to the CALIFORNIA REALTOR® EXPO 2008, the prices for homes in most areas of California will decline next year, while the sales of actual existing homes continue to rise through out 2009.

“The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year,” said C.A.R. President William E. Brown. “Our forecast assumes that the financial system will begin to show signs of stabilization late in 2008 and into early 2009.”

Based on forecasts, California median home prices will see a 6 percent decline to about $350,000 in 2009 when compared to this year’s median price of about $380,000. It’s been projected that in 2009, sales are to increase about 12 percent to 445,000 units when compared to 2008 projected units of 395,600.

“Sales in 2008 will be ahead of last year by 12 percent, with a further increase of 12.5 percent expected in 2009,” said C.A.R. Chief Economist Leslie Appleton-Young. “However, the next couple of quarters in late 2008 and early 2009 will be marked by seasonal decreases in activity, with a pickup expected by the second quarter of next year.”

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Ownership at the CityCenter will provide you an unprecedented lifestyle experience. Residing at the CityCenter sets the pace for making Las Vegas a “greener” place to live. The CityCenter will submit eight projects to the U.S. Green Building Council (USGBC), attempting to earn the LEED (Leadership in Energy and Environmental Design) Certification.

Like the CityCenter, USGBC is trying to advance structures that environmentally responsible and  healthy places to live and work.

The following are CityCenter’s efforts to promoting a “greener” Las Vegas through your future residence:

• CityCenter will use a highly efficient drip irrigation system with  moisture control that will ensure landscaping is watered as much as needed;
• Paints, sealants, adhesives, carpet and composite wood products do not contain toxic substances;
• Volatile Organic Compounds (VOC) in order to not emit gas;
• Building facades have a glazing designed to reduce heat transfer;
• The development feature four designated recycled areas;
• There is preferred parking for carpools and alternative fuel vehicles to encourage alternative transportation methods;
• CityCenter favors the use of local and regional materials because they  help reduce pollution caused by transportation.

For more information on the CityCenter, please visit our website, http://CityRidge.com for electronic brouchures.

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It’s no surprise that in today’s market, many listed homes are having problems closing escrow. Sellers need to know that the traditional way of buying homes are long gone…at least for now. They need to be aware of key factors regarding the market if they want to sell their home quickly. Otherwise, expect your property to linger around the market for quite some time.

The number one factor in selling your home successfully is pricing your home accurately. Many REALTORS® can help sellers determine a fair market value for their home in order to list their property with a proper price. REALTORS® will pull up comparable properties within the neighborhood that have been sold from the previous three to four months.  The market continues to fluctuate from each neighborhood, that’s why it’s crucial to stay current with recent sales and accommodate with the market demands.

Sellers, do have some control with contingencies. Buyers sometimes request their contracts to contain contingencies based on obtaining a loan. So in order to avoid these possible setbacks, requesting buyers to provide a pre-approval letter from a lender is more efficient. This proves that the buyer is likely get approved for a mortgage loan. However, make sure that their pre-approval is current and not past 90 calendar days.

Many buyers try to take advantage of the home inspection report to negotiate a lower price. Sellers usually offer the buyer some money for the repairs  needed rather than the seller repairing each item that has been listed on the report. But it may be wise for the seller to have the home pre-inspected before listing their property to avoid paying a lump of sum to the buyer. This allows the seller to get a proper estimate for their costs and repairs in advance.

Sellers who list their property in a slow or competitive market need to understand the market conditions. Buyers today are wiser and very picky about where their money is going, and they’re always looking for ways to find a good deal on houses. Sellers don’t have to struggle though. Just be as smart and realistic about your property in its current market, and with a help of a REALTOR®, you’ll see your property close escrow in no time.

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