Estately opens to Atlanta Real Estate market

By: Brad Nix, Managing Broker
Posted: June 25th, 2009
Discussion: Comments

Estately.com recently opened it’s ‘context’ based real estate search engine to the Atlanta Real Estate Market

In their own words…. “Estately was created with the belief that home buyers need context when they’re looking for a home. At Estately you can learn about the surrounding area, the nearby shops, the character of the neighborhood and the style, size and price of a property.”

Maxsell Real Estate agents are part of the Estately network

Estately matches people who are going to buy or sell a home with the best agents from dozens of local real estate brokerages based on their area, their needs, and feedback from previous clients. When consumers sign up to work with an agent, the Estately team matches them with the best local experts for their needs. A wide variety of great agents work with estately, but all share devotion to helping their clients.   When a client who comes from Estately completes a successful transaction, the agent is charged a 20% referral fee.

Atlanta Listings Added

Earlier this month, they announced the addition of their tenth metropolitan market as they bring Atlanta under their fold. Adding 127,000 listings from two Georgia MLS databases, it now brings the total number of properties for sale on Estately.com to over 459,000.

Joel Burslem, Future of Real Estate Marketing, recently had this to say… “Estately’s search tool is a very robust and impressive product, as I’ve noted a number of times in the past. It’s one of my favorite search destinations on the web. I especially like their transit search tool which calculates a property’s distance from a particular transit line. In Atlanta, you can now do these kind of searches in proximity to the MARTA line.”

Check out the results for Woodstock’s 30188 zip code:

Disclaimer:  Brad Nix is Estately’s licensed broker in the state of Georgia.

NAR thinks Google is a scraper and IDX sites are being punished

By: Brad Nix, Managing Broker
Posted: May 10th, 2009
Discussion: Comments

Last week on Agent Genius, I joined a thorough discussion on why NAR ruled to shut down an IDX solution because a web server could not tell the difference between Google and a scraper site.  This happened when Paula Henry’s  “website was reported for allowing the MLS data on my website to be indexed, which led the Indianapolis Metropolitan Board of REALTORS®, (MIBOR), to issue a cease and desist letter to my broker for both our sites, or they would cut our feed”

Our National Association of REALTORS® (NAR) Internet Data Exchange (IDX) policy is to give listing brokers a method to consent to the display of their listings by other participants on those participants’ websites. Absent the listing broker’s consent, advertising (whether on websites or otherwise) of their listings by other brokers is prohibited by the REALTORS® Code of Ethics and by the license laws of many states.

When the IDX policy was revised in May 2005, the following provision was added: “Participants must protect IDX information from misappropriation by employing reasonable efforts to monitor and to prevent ’scraping’ or other unauthorized accessing, reproduction, or use of the MLS database.”

Questions have arisen about the scope of the requirement that IDX site operators protect the listings of other participants displayed on their IDX sites from “scraping”. Specifically, whether the policy distinguishes between “bad” scraping and what is considered to be “good” indexing. The Center for REALTOR® Technology (”CRT”) advised that while the intent of “scrapers” may be malicious, and the intent of “indexers” good, the two practices from the Web server’s view appear to be the same. Consequently, NAR staff responded to questioners that the requirement to prevent scraping includes indexing.

Attention Vann Johnson

As the State of Georgia’s sole representative next week at the NAR Mid Year - MLS Policy Meeting, this ruling has far reaching consequences and should be reversed immediately.

• Indexing by Search Engines is NOT scraping. Search Engines link back to the source site and drive consumers to the site. In contrast, the anti-scraping IDX policy is to prevent someone from stealing the content to present it as their own. These are very different results.
• Treating Search Engines as scrapers under the IDX policy puts broker and agent sites at a serious disadvantage on the web compared to sites like Zillow, Trulia and Realtor.com not subject to the IDX rules.
• The local Association reached their conclusion based on advice from NAR and so NAR’s MLS Policy Committee should clarify this advice immediately for other local Associations facing similar issues.
• The Committee should clarify that Search Engines are not a scrapers.
• If that clarification cannot be issued immediately, the MLS Policy Committee should state that local Associations are free to interpret the term scraping as they see best and does not, at this time, have a final position on the issue.

Maybe we should just delete the rule altogether? Rules/laws are in place to protect the innocent and this one seems to punish those who are doing things right. As REALTORS, we have codes of ethics and the ability to file complaints & grievances if other members behave badly. Why bog us down with minutia of technical detail about web servers? NAR should just empower the members to sell real estate with as little difficulty adhering to rules as possible. It just doesn’t make sense to constrict our members when 3rd parties do not have to follow the same silly rulebook. We should broaden our scope when writing policies.

Agent Genius shares what you can do Now

• Read the thread of comments to the post for suggestions (some are as follows)
• Bring this post to the attention of your local board leaders
• Email, blog to fellow Realtors with this link and ask them to weigh in with their thoughts
• Call MIBOR and ask them to reverse or suspend actions until NAR can fully weigh their decision on ’scraping’ - MIBOR CEO Stephen J Sullivan (317) 956-5000 x237 or email here stevesullivan@mibor.com (be professional)
• Email Cliff Niersbach cniersbach@realtors.org and politely ask Cliff to please reconsider the Google is a scraper issue.
• Go to DC if you can and attend the committee hearing on this issue to lend support.
• Have a look at local issues in committees now locally and get on committees that you feel you can add expertise that is forward thinking- help them!

NAR has a Social Media Manager does your Company/Organization?

By: Brad Nix, Managing Broker
Posted: February 26th, 2009
Discussion: Comments

The National Association of REALTORS has a reputation of being slow to react, an aimless conglomerate, and much much worse.  But this article is not aimed to slam NAR for the many things they do wrong (like taking Realtor’s data and then selling it back to us), as yesterday they got something very right.

NAR created a Social Media Director position and hired Todd Carpenter to fill the role

Todd Carpenter is great for the role.  He’s done many great things with technology and real estate.  However, his open application as blog post sums it up best.  Hillary Marsh, Managing Director or Realtor.org, crafted the position and lead the search that landed Todd.  There are many skeptics out there who think Todd will just become another marketing voice for NAR.  I think Rob Hahn says it best with…

“Be the Virus

The remedy, then, is to internalize that one of the biggest values you are bringing to NAR is to be the “virus from without”.  Your task is to make NAR more like you: open, authentic, honest, and constantly in touch.

Just as you have been transparent to the RE community over the years, so you must “infect” the rest of NAR to become transparent.  Just as you have always been one of the most authentic human beings on RE.net over the years, so you must infect the rest of NAR, the state associations, the member organizations, and indeed the NAR members themselves to be more authentic, be more human, and be more connected.

Through those efforts, I know you can bring in the fresh voices, the new perspectives from the RE.net and realestistas everywhere to the mainstream of the industry. “

Making NAR ‘open, authentic, honest, and constantly in touch’ is a huge task for Todd, but possible because of the new media tools available today.  Conversations are the new currency for our culture, especially our web based cultures.  People are tired of presentations and yearn for more personal conversations as they seek transparency and authenticity in their relationships.  This includes relationships with friends, family and even businesses and marketers.  Maybe it started with Enron, maybe it’s the Irag War, maybe it’s the collapse of our economy -maybe it’s all of the above.  Whatever the reason(s), people want the real truth, real connections, and real communication.

The new media tools on the web such as flickr, facebook, twitter, linkedin, blog platforms, etc… allow every company/organization to create a real dialog with their community of supporters, clients, customers, contacts, sphere of influence, members or whoever they want to communicate with.  If slow reacting NAR can be forward thinking and create a Social Media Manager position, shouldn’t your company or organization?  At Maxsell Real Estate, we created the position of Community Advocate which plays a similar role to what a Social Media Manager does for a company.

I leave you with these questions…

Will others follow this line of thinking and hire Social Media Managers?

Will companies use this position properly and offer true authenticity?

Will Social Media Managers just be an extension of the advertising department?

First Time Homebuyer Tax Credit

By: Brad Nix, Managing Broker
Posted: February 21st, 2009
Discussion: Comments

Thanks to Terri Cagle of New South Federal Bank for sharing this update on the First Time Homebuyer Tax Credit:

1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. Are there any income limits for claiming the tax credit?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000
(single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is “modified adjusted gross income”?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances.
You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous “credit” was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.

10. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

11. I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program.
Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.

16. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

17. Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed.
Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Visit the National Association of Home Builders’ Web site www.federalhousingtaxcredit.com for more information.

19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

20. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose (”elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008.
This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Source: National Association of Home Builders (NAHB) www.federalhousingtaxcredit.com

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You can reach Terri Cagle of New South Federal Bank at 404-386-9183 (tcagle@newsotuhfederal.com)

Residential Real Estate attracts Private Money, guest post by Brian Dubuc

By: bdubuc,
Posted: January 9th, 2009
Discussion: Comments

Atlanta Homes Search

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