James Gaudiosi with Wells Fargo just informed me that the first time home buyer tax credit is extended for military and certain other federal employees serving outside the U.S.  Myself and I would have to believe most Realtors were not aware of this stipulation in the tax credit legislation.  Please see below for the specifics.

Members of the U.S. military and certain other U.S. federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

If you know of anyone whom meets the above criteria and would appreciate the level of support provided by myself and the Bob Nelson Team, please give me a call or drop an e-mail.  I will be more than happy to help them out.

This morning, I stopped and spoke briefly with the receptionist at the Great Falls Executive Suites regarding Military Appreciation Mondays.  We had a very nice conversation regarding the fund raising events and how the community has become so supportive.  At the end of our discussion, I left a copy of the flyer announcing the event on Monday the 24th.  About two hours later, she left two personal checks sitting on the desk I had been using, each for $50 to be donated to Our Military Kids and the Neighbors Foundation.  While I won’t mention her by name, I just have to say how much this is appreciated and the signal it sends our service men and women.

WE ALL CARE AND APPRECIATE WHAT YOU DO EVERY DAY OF THE YEAR, NOT JUST ONE MONDAY EACH MONTH.

Neighbors Foundation

This month we will be showing our support to the troops who are on the frontlines of the war on terror.  Military Appreciation Mondays will be raising funds for the Great Falls, Va. based group Neighbors Foundation. NIF has provided over 1,600 care packages to servicemen and women serving YOU AND ME in Afghanistan and Iraq.

Some of the things sent include:

• Snack and food items that hold up well in a combat environment.
• Over 75 current magazines regularly donated by Time Warner.
• Holiday items to bring some seasonal cheer.

This month’s dinner at the Old Brogue will be on May 24th.  As always, we will be doing two seatings at 5:30 and 7:30.  As always, you simply come out and have dinner at the Old Brogue in Great Falls.  Myself and my cosponsors will each be contributing a 10 percent match (typically a total of an 80 percent match) of your dinner tab to Neighbors International Foundation.  If you know of anyone who might be interested in becoming a co-sponsor, please contact me at bob@bobnelsonteam.com.

You can also show your support through:
A. The purchase of door prize entries. (ALL Proceeds will go directly to Neighbors Foundation)
B.  Our buy a vet dinner initiative.  We will have between 10-15 enlisted personnel for whom you can buy dinner.
C.  Or you can make out a fully tax deductible donation to Neighbors Foundation.

Be Certain to make at Reservation for
Either the 5:30 or 7:30 Seating by Calling
The Old Brogue at:  (703) 759-3309

Hope to See You There

Please come out strong to show your support.  Due to the heavy rain and the Caps game, last month’s attendance only reach 80 people.  While our vets in attendance appreciated this showing, I was hoping to break our previous best of 130.  We did manage to raise nearly $3,000.  This in part due to one of my recent clients who committed to donating $600 to Our Military Kids.  I was also thrilled to learn last month that the March dinner in support of Lift Me Up’s therapeutic horseback riding raised enough money to jump start that program’s efforts and fund three veterans.

Please be certain to thank my co-sponsors when you have a chance.

Last Month’s Co-sponsors

The Old Brogue

LSA Title Services

Gary Kaihara, DDS

The Grossman Family

The Nelson Family

James Gaudiosi – Wells Fargo Home Mortgage

Previous Co-Sponsors

Mercury LLC

Knight Point Systems

Shiner Roofing and Siding

Danny Ott – George Mason Bank

and our door prize donors:

Billy Casper Golf Adeler Jewelers Toll Brothers Homes

PF Chang’s Dominion Title Lodgecliffe Bed and Breakfast

Casa Noble Tequila Elite Fitness Golds Gym

Turner Framing Maison Du Vin Mr. Wash (Car Wash)

Great Falls Design Build Home Equity Builders Campbell Mechanical

State Farm Insurance Downs & Assoc. Insurance

This warm and elegant country manor home located in Hidden Springs, one of Great Falls, Virginia’s premier communities provides ample space to host diplomatic style receptions.  The nearly 20,000 square feet of living space includes a spectacular main level master bedroom suite, library, kitchen/family room, pub, party room, billiards room, exercise room and so much more.  The hilltop siting of this fabulous home on nearly six acres provides panoramic views of the surrounding horse country yet provides unparalleled privacy.  Click here to visit the virtual tour for this home.

Military Appreciation Mondays
Supports
Our Military Kids

April is national Month of the Military Child.

I hope you can come out for this month’s Military Appreciation Mondays event at the Old Brogue which will be in recognition of the contributions made by the children of our Servicemen and Women.  I am particularly proud to be bringing back the truly special program – Our Military Kids. These dedicated folks provide support to children of deployed National Guard and Reserve personnel as well as to children of injured service members through grants for enrichment activities and tutoring.  Such activities help these children cope with the stress of having a parent in a war zone or recovering from injury at home.  OMK grants are made to honor the sacrifices that military families make and to ensure that their children have access to sports, fine arts, or academic tutoring programs.
To show your support, simply come out and have dinner at the Old Brogue in Great Falls.  Myself and my cosponsors will each be contributing a 10 percent match (typically a total of an 80 percent match) of your dinner tab to Our Military Kids.

You can also show your support through:
A. The purchase of door prize entries. (ALL Proceeds go directly to Our Military Kids.)
B.  Our buy a vet dinner initiative.  A minimum donation of $25 to OMK entitles you to purchase dinner for one of our vets.
C.  Or you can make out a fully tax deductible donation to Our Military Kids.

Be Certain to make a Reservation for
Either the 5:30 or 7:30 Seating by Calling
The Old Brogue at:  (703) 759-3309

Hope to See You There

Feel Free to Post the Attached Flyer in Your Office
and forward this email to whomever you think may want to attend.

We Would Love to Break 150 Attendees

I am proud to say that last month’s event in support of the Lift Me Up! therapeutic horseback riding program for our injured vets had approximately 125 people in attendance and raised approximately $4,500. This was our best total to date.  I would like to particularly thank Col. Pete Hilgartner (USMC Ret.) for helping out with a book signing at the last two events.  Let me know if you would like to purchase a copy of Colonel Hilgartner’s book “High Pockets War Stories”.  A $10 donation will be made to OMK with each sale.

Please be certain to support my co-sponsors whenever you have a chance.

Mercury LLC

Knight Point Systems

Shiner Roofing and Siding

James Gaudiosi – Wells Fargo Home Mortgage

Danny Ott – George Mason Bank

LSA Title Services

Gary Kaihara, DDS

The Old Brogue

and our door prize donors:

Mr. Wash

Golds Gym

Dominion Title

Turner Framing

Maison Du Vin

Adeler Jewelers

Casa Noble Tequila

Home Equity Builders

Campbell Mechanical

Elite Fitness Concepts

PF Chang’s Restaurant

Great Falls Design Build

Lodgecliffe Bed and Breakfast

Hope you can join us and show your support to our nation’s servicemen and women on Monday February 22nd at the Old Brogue in Great Falls.  Proceeds from this month’s event will go to the Semper Fi Fund.

For those not familiar, you simply come out and have dinner.  Myself and my cosponsors will be contributing approximately 90 percent of your dinner tab to this critical organization.

You can also show your support through:
A. The purchase of door prize entries. (ALL Proceeds go the IMSFF)
B.  Our buy a vet dinner initiative.  A minimum donation of $25 to the Semper Fi Fund entitles you to purchase dinner for one of our vets.
C.  This month we will be selling autographed copies of the Book “Highpocket’s War Stories” authored by Great Falls’ own Col. Pete Hilgartner USMC (Ret.).
D.  Or make out a fully tax deductible donation to the Semper Fi Fund.

The Injured Marine Semper Fi Fund is a 501(c)(3) nonprofit organization established to provide financial aid and quality of life assistance to service members and their families.  The group provides help to Qualified service members of all military branches and their families.  It helps Marines and Sailors as well as members of the Army, Air Force and Coast Guard who have served in support of Marine forces. The Semper Fi Fund provides assistance to these qualifying men and women, and their families, when they become injured in post 9-11 combat or training operations, or are diagnosed with a life threatening illness.

Please support my co-sponsors whenever you have a chance.

Mercury LLC

Knight Point Systems

Kevin Shiner – Shiner Roofing and Siding

James Gaudiosi – Wells Fargo Home Mortgage

Danny Ott – Wells Fargo Home Mortgage

Chris Melnick – LSA Title Services

Gary Kaihara, DDS

The Old Brogue

and our door prize donors:

Golds Gym

Dominion Title

Adeler Jewelers

Casa Noble Tequila

Elite Fitness Concepts

Campbell Mechanical

PF Chang’s Restaurant

Great Falls Design Build

Lodgecliffe Bed and Breakfast

As many of you have already heard, I have changed the name of our monthly events to Military Appreciation Mondays. This month’s event to be held on Monday January 25th at the Olde Brogue in Great Falls, Va. and will be supporting the group Thanks USA. This wonderful organization, the brainchild of two local teenagers provides college scholarship money for the children and spouses of our veterans with priority going to the families of those vets who have sustained injuries. Please come out and show your support.

As always, you need do nothing other than come out and enjoy dinner and a fun event. Myself and my co-sponsors will each be donating ten percent of your tab to Thanks USA. In addition, we will be selling door prize chances for a variety of items to include, but not limited to: jewelry from Adeler Jewelers, gift cards for PF Chang’s restaurant, gift baskets, a one year service contract for your heating and air conditioning system, etc.

We are again inviting several servicemen and women who have served in Iraq and Afghanistan. A minimum donation of $25 to Thanks USA, earns you privilege of buying dinner for one of our vets. If you would like to buy dinner for a vet, please e-mail or give me a quick call.

Whether you sign up to buy a vet dinner, purchase door prize entries, or simply come eat dinner your presence goes a long way towards helping raise funds for the organization and showing that we all respect and care about our veterans.

We are again doing two seatings (5:30 and 7:30) to accommodate the overwhelming response we have had to the last four events. Please be sure to make a reservation early since the Snuggery portion of the Old Brogue has filled up for both seatings in the past. Call the Brogue at (703) 759-3309 to do so. Invite your friends and let’s try to fill the entire restaurant this time around!! The only cost to you is your dinner.

If you know them, please be sure to thank my co-sponsors:

The Old Brogue

James Gaudiosi – Wells Fargo Home Mortgage

Kevin Shiner – Shiner Roofing and Siding

Danny Ott – Wells Fargo Home Mortgage

Chris Melnick – LSA Title Services

Gary Kaihara, DDS

and our door prize donors:

PF Chang’s Restaurant

Dominion Title

Adeler Jewelers

Campbell Mechanical

Elite Fitness Concepts

Golds Gym

Thank you so much to those who have stepped up to brighten Christmas for the children of our injured servicemen.  Twelve of the sixteen families on the list have been fully accounted for with 25 of the 33 kids ready to have a wonderful Christmas morning.  Nancy and I ran out on Friday to do our shopping for the Helmuth kids.  We simply couldn’t resist the urge to buy “any toy that makes noise” for the one year old girl.  It was a great deal of fun picking out toys we thought the twins would enjoy.  We also had to learn all about transformers for four year old Nathaniel!!

If you are still considering showing your appreciation to our vets, please take a look at the remaining names below.  Once you let me know who you would like to purchase a gift for, drop an e-mail to Santa@BobNelsonTeam.com.  We will then give you the address and contact info for the family.  Feel free to visit the websites for Our Military Kids, Operation Second Chance, Thanks USA, the Semper Fi Fund and the Yellow Ribbon Fund if you’d like to show your support to these wonderful grassroots organizations.

Kids Still in Need of Gifts

Weissmiller Family (Adopted by the Moran and Vamvakias families – Thank you Mary and Don)

• 12 yr old girl: in-line skates (size 6-7)
• 7 yr old girl: roller skates (size 1)

Jensen Family (Adopted by the Grimes family – Thank you James and Susan)

• ·         13 yr old girl: Ipod Touch
• ·         9 yr old girl: Wii gaming system
• ·         6 yr old girl: Littlest Pet Shop toy house

Fulkerson Family

• 18 yr old boy: laptop computer for his school work and for college next year  (A  big thanks to Shiner Roofing and Siding for offering to purchase the laptop.  Again my thanks Kevin.)
• (A short note about this one.  It seems that the Fulkerson boy is a senior in high school.  He had come home from school and accidentally left his car door unlocked.  Someone actually stole the laptop out of the car from the son of an injured vet.  I realize this is a large item to be requesting.  I’m imagine he would be happy to receive a good condition laptop if nothing else.)

Thank You to Those Who Have Agreed to Purchase Gifts for the Families Below

Bellis Family (Adopted by the Hoernig family – Thank you Laura and Family)

• 14 yr old girl:  electric guitar, JC Penney’s gift card
• 11 yr old boy: football, Tennessee Titans merchandise, JC Penney’s gift card
• 6 yr old girl: Barbie doll, furreal electronic dog, JC Penney’s gift card

Broesch Family (Adopted by the Heil family – Thanks Tim)

• 15 yr old girl: art supplies (paint brushes, charcoal pencils), iTunes gift card
• 7 yr old girl: books, craft supplies, a Barbie doll

Brown Family (Adopted by Knight Point Systems – Thank you Lindsey)

• 7 yr old boy: Xbox 360
  
• 1 yr old girl: Disney princess toys/merchandise

Christiansen Family (Adopted by the Christianson family- Thank you Vickie and Family)

• 9 yr old girl: Girl Gourmet Cake Bakery
• 4 yr old girl: Girl Gourmet Cupcake Maker

Deen Family (Adopted by the Matthews family and Collingswood Nursing Home – Thank you Catherine)

• 16 yr old girl: iPod
• 15 yr old boy: video games
• 14 yr old boy: video games
• 9 yr old boy: board games
• 3 yr old girl: educational toys teaching the alphabet and numbers

Helmuth Family (I can’t resist.  Adopted by the Nelson Family. 

• 3 yr old boy: Transformers, action figures, books
• 1 yr old girl: any toy that makes noise!  (I love this one)

Loper Family (Adopted by the Borland Family – Thank you Dodie and family)

• 12 yr old girl: digital camera
• 11 yr old boy: remote controlled cars
• 10 yr old boy: nintendo dsi
• 7 yr old girl: American Girls doll

Sherrill Family (Adopted by the Copito family – Thank you Debbie and family)

• 14 yr old boy: new sports bag (for carrying sports equipment to practice)
• 11 yr old boy: new sports bag (for carrying sports equipment to practice)

Hall Family (Thundercat Technology)

• 8 yr old boy: gameboy

Holsey Family (Adopted by the Grossmans.  Thank you Jackie!)

• 15 yr old boy: gift cards to Footlocker and Macy’s

Pointer Family (Adopted by the Heil family – Thanks Tim)

• 13 yr old boy: ripstick skateboard

Williams Family  (Adopted by the Smiths – Thanks Laura and Gene)

• 14 yr old girl: gift cards to Barnes & Noble or AMC Theaters

• 6 yr old girl: Barbie doll, clothes (pants size 6x, shirts size 7)

According to data from the National Association of Realtors, pending home sales were up 3.7 percent in October, compared to September, and up 32 percent when compared to October 2008.  This was the biggest annual increase in history.  Keep in mind that October 2008 was a historic low so we should not be surprised by the huge increase.

Pending home sales — which equates to the number of contracts signed but have yet to close — rose in all sections of the country except the West.  They were up 20 percent in the Northeast, 11.6 percent in the Midwest and 5.4 percent in the South, but down 11.2 percent in the West.

Part of the surge is probably attributable to buyers rushing to take advantage of the government-subsidized first-time home buyer’s credit, which was set to expire at the end of November but now has been extended through April.  Also, the bulk of sales still are coming from cheaper houses, with little movement in houses costing more than $250,000.

Daily Real Estate News                                                                                                      November 23, 2009

Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®.   At the same time, inventories have continued to decline.

Existing-home sales – including single-family, townhomes, condos and co-ops – surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in Sept., and are 23.5 percent above the 4.94 million-unit level in Oct. 2008.  Sales activity is at the highest pace since Feb. 2007 when it hit 6.55 million.

Tax Credit Fuels Surge

Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said.  “There is still a large pent-up demand that can be tapped before the tax credit expires. Our recent consumer survey further shows that 13 percent of successful first-time buyers had a previous contract that was canceled or fell through. There likely are many more buyers who were attempting to purchase but simply ran out of time,” Yun said. (Four of my current first time home buyers can personally attest to this!)

Historically low interest rates also are boosting the market. “Mortgage interest rates last month were the third lowest on record dating back to 1971,” Yun noted. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.95 percent in Oct. from 5.06 percent in Sept.; the rate was 6.20 percent in Oct. 2008.  Last week, Freddie Mac reported the 30-year rate dropped to 4.83 percent.

Inventory Declines

NAR President Vicki Cox Golder said strong demand by first-time buyers is creating some unusual conditions. “In parts of the country, especially in Southwestern states but also in Florida and suburban Washington D.C., we’ve been getting many reports of multiple bids in the lower price ranges with foreclosed properties getting absorbed quickly,” she said.  “In fact, low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive. In this kind of environment it’s important to work with a REALTOR® who can walk you through the process and help you negotiate a satisfactory deal,” Golder said.

Total housing inventory at the end of Oct. fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply in Sept. Unsold inventory totals are 14.9 percent below a year ago.

“The supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers,” Yun said. The last time the relative housing inventory was this low was in February 2007 when it also was at a 7.0-month supply. (Note: Some zip codes in Northern Virginia have been running as low as a 1.4 month supply! In a normal economy this would be considered a strong sellers’ market. That said, we are seeing prices being bid up by as much as 5-10 percent in those areas.)

“In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could remain at normal healthy levels because consumers would no longer be worried about a price over-correction,” Yun said.  He added that low home prices also are contributing to extremely favorable affordability conditions. “With the abnormal drop in home prices over the past few years, the price-to-income ratio has fallen below the historic trend line,” Yun said. “This is adding to the buying power of the typical family, with affordability conditions this year at the highest on record dating back to 1970, but prices are beginning to flatten and are poised to rise next year.”

Single-family home sales rose 9.7 percent to a seasonally adjusted annual rate of 5.33 million in Oct from a pace of 4.86 million in Sept, and are 21.4 percent above the 4.39 million-unit pace in Oct 2008. Existing condominium and co-op sales surged 13.2 percent to a seasonally adjusted annual rate of 770,000 units in Oct from 680,000 in Sep, and are 40.8 percent above the 547,000-unit level a year ago.