NCC FIRST-TIME HOMEBUYER TAX EXEMPTION IN JEOPARDY!!!

The Senate may consider SB 226 which limits the first-time homebuyer tax exemption in New Castle County to properties at $400,000 and under as early as tomorrow, Thursday, April 26th, 2010.  While this bill applies to NCC, if it passes, there will be nothing stopping Kent and Sussex from following suit.  SB 226 is bad for homebuyers, homeowners, Delaware's housing market and our state's economy.  The following are some talking points to use when contacting your Senator.
• The transfer tax waiver for first-time homebuyers occurred as a caveat to the change legislated where the state granted a higher share of the transfer tax revenue to the counties.  Now, New Castle County wants to go back on the agreement.
• Any change in the transfer tax will negatively impact the market and further delay stabilization of real estate values. 
• While some may argue that an individual who can afford a $400,000 first home should not get a break, it really amounts to government manipulation of the value of private property.
• The "cliff" of a transfer tax waiver vs. a non-waiver means this legislation will directly affect property values.  As an example, a seller with home worth $400,000 will have a large part of their target market only willing to pay under $400,000.
• Any decrease in the median home price means a decrease in transfer tax revenue across the board and will likely not bring NCC the anticipated revenue.
• Once any change is enacted, it becomes too easy to lower the amount associated with a waiver in the future.
• New Castle County already takes more transfer tax revenue than both Kent and Sussex Counties.  NCC presently only waives the transfer tax for first-time buyers whereas both Kent  and Sussex County waive the tax for both the buyer and the seller in a first-time homebuyer transaction.
• Many first-time buyers are taking advantage of short sales in this market where extra settlement cash is not available.
• We understand the need for additional revenue, but basing it on unpredictable sources is very shortsighted and does not address the need for sustainable revenue sources.
• According to research from the National Association of REALTORS®, the economic multiplier impact of a home sold in Delaware generates $67,994 of income to related industries.   This additional loss of revenue is bad for Delaware's small businesses, their employees and Delaware's tax base.
            Please call your Senator today or tomorrow morning and express your strong opposition to SB 226. 
             To find your Senator's contact information, click here. 
  YOU ARE THE DIFFERENCE WE NEED!!!  CALL TODAY!
 

A special seminar is being held, through the New astle County Chamber of Commerce, Benefits Connection, to help us understand how we can each protect ourselves from the flu.

• Wednesday September 30, 2009
• 8:30 AM - 10:00 AM

Join us to learn how we can be more aware of keeping the flu away from our workplace and our homes. You Can Beat the Flu...

Another special thanks to MetLife Home Loans for sponsoring Doug Smith, our speaker at our Annual General Membership Meeting.

For those of you that missed Doug's informative and inspiring comments, Please contact Gary Huegel at the address below for a copy of the presentation. Let's all put his simple, back to basics plan to work and go out and sell some real estate.

For more information contact:

MetLife Home Loans
Gary Huegel, Mortgage Consultant
220 Continental Dr
Suite 308
Newark, DE 19713
Office: (302)456-0776 x308
Cell: (302)357-1719
Fax: (866)265-6047
ghuegel@metlife.com

A Special Thank You to MetLife Home Loans for their sponsorship of Doug Smith at today's Annula General Membership meeting. Your 2010 Officers elected today are: Gina McCollum-Crowder for President-elect, Eric Braunstein for Vice President, Joe Poole for Treasurer and for Directors with terms expiring in 2012, Jane McDaniel, Anthony Sianni and Jerry Strusowski. John W. Ford will be your 2010 President.