The stimulus bill was packed full of government programs designed to get the Brainerd Lakes area economy moving again. Some were popular. Some were not. Some were successful. Some were not. The first time homebuyer tax credit has turned out to be highly popular and a boom for the real estate industry. Still, what happens when it expires?

The first time homebuyer tax credit is designed to help the lowest rung of the home buying market get moving. It does this by giving first time homebuyers here in the Brainerd area a tax credit up to 6.2 percent of their income. The 6.2 figure is actually a bit of a red herring as the credit is capped at $8,000. Still, it is a health contribution to the down payment on a home for someone making the plunge the first time. The program is also government friendly as the tax credit has to be repaid in 15 annual payments starting in 2010.

I don’t have to tell you the Brainerd real estate market has been morbid since 2007. Foreclosures. Bankruptcies. Bank failures. The Great Recession. It has been a scary time and remains so. Still, the real estate market has seen some positive improvement as people have taken advantage of the government program. There is one date though that makes many in the business very nervous – November 30, 2009. This is the date the credit expires.

The big question in the Brainerd real estate market is what happens when the calendar turns to December 1, 2009. The demand for housing is going to fall again as most people interested in buying are doing so before the deadline. December is not exactly a hot month in real estate here in the Brainerd area even during the best of times, but what about 2010. Will the tax credit give the market a bump that builds momentum or just a one time bump that really solves nothing?

If I could read the future…I’d be floating around on my Ranger and not typing this. That being said, the housing market appears to be in for another tough period in late 2009 and into early 2010. The help given to first time buyers is a good thing, but growth is going to be stagnant as long as unemployment is in the 9 to 10 percent(or even higher) range. There simply is no way to avoid that fact.

As I’m sure you’re aware, there are dangers associated with social networking: data theft and viruses are on the rise. The most prevalent danger though often involves online predators or individuals who claim to be someone that they are not. Although danger does exist with networking online, it also exists with networkingout in the real world, too. Just like you’re advised when meeting strangers at clubs and bars, school, or work — you are also advised to proceed with caution online. By being aware of your surroundings and who you are talking to, you should be able to safely enjoy social networking online. Just use common sense and listen to your inner voice; it will tell you when something doesn’t feel right.

Off to another great day of education provided by Keller Williams Realty Brainerd Lakes. Business Planning Clinic taught buy Todd Butzer..

New federal regulations governing the relationship between appraisers, mortgage brokers and lenders have led to widespread upheaval in the real estate market. Because of firewalls put in place in early 2009 to guard against inflated appraisals, common during the real estate boom, more deals are falling apart here in the Brainerd Area at the last minute when home appraisals come in far below the agreed-upon purchase price.

So if you’re in the market to buy a home here in the lakes area, you need to be especially careful about how much you offer and whether a home appraisal will make it possible to close your deal; if you’re selling, a listing price too far above a realistic appraisal price may make it difficult to attract offers and even close a deal if you do get an offer. Here are three of the most common questions — answered by local industry experts — that buyers and sellers may have about appraisals and how they affect the home buying and selling process.

1. What are the new appraisal rules?

The purpose of the Home Valuation Code of Conduct is to avoid collusion between lenders, Realtors, homeowners and appraisers in the home valuation process The historical reasons are obvious: inflated value for refinance purposes [and] home purchases for the purposes of ‘flipping’ the home at an exaggerated price.”

Problems are occurring after a deal is struck, when an appraisal comes in below the amount that a buyer needs to get a loan.

2. As a buyer, what can I do to ensure that my offer is based on a realistic appraisal price so that my loan goes through?

Hire an appraiser and get a realistic idea of the value of any home you are seriously interested in before you make an offer,  later you’ll have to pay for your lender’s appraisal to get your loan approved — but it’s worth it if it avoids problems down the line.

You can also help your cause by working with a real estate agent(like me) who is very knowledgeable about values in the particular neighborhood where you want to buy

3. As a seller, what can I do to set a realistic listing price and help a deal close?

There are a couple of things sellers can do to avoid a problem. The simplest way is to hire an appraiser so you can know what your house is worth essentially repeating his advice for buyers. It means you’ll have to pay for an appraisal that you otherwise wouldn’t have to, but knowing what a qualified appraiser says your house is worth outweighs the price, he adds. You can also get a free price opinion from a broker, but if you go that route, make sure the broker is very familiar with your neighborhood.

If you’re fortunate to obtain offers from several buyers, sellers should give priority consideration to buyers who can complete cash deals or who have a lot of cash to put into a deal, says Chadwick. That way, if a home appraisal comes in low, it doesn’t have as much potential to derail a deal

I learned something about myself yesterday..I should keep my driving to on the road..my putting needs alot of work.. and I cannot hulu-hoop!!!

Vision looks inwards and becomes duty. Vision looks outwards and becomes aspiration. Vision looks upwards and becomes faith

“I have never let my schooling interfere with my education.”

Working from the remote hills of Wisconsin.I amT glad to be busy with buyers and sellers. Wireless is awesome!!

If you don’t have time to do it right you must have time to do it over!!

Attitude is Altitude….My new focus will be centered around this statement. Thanks Nick ..

Liz Murray,Tommy Emmanuel and the list goes on..Education is the key to success in a Shift Market.

Fantastic day yesterday in Austin!!!! Gary Keller was simply awesome. Looking forward to another ful day of education today. This company ROCKS!!