Flood victims get extra time to file tax returns

In an announcement published April 2nd the Internal Revenue Service announced that Minnesota and North Dakota flood victims will be granted a 30 day grace period to file their tax returns.

The announcement is published below;

WASHINGTON —Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due, the Internal Revenue Service announced today.

Because the flooding has occurred within close proximity to April 15 –– the nation’s tax day and the most significant tax filing deadline of the year ¬¬–– taxpayers and relief workers directly impacted by the flooding will have until midnight May 15 to file and make payments associated with their 2008 individual tax returns, otherwise due April 15, without incurring late filing or payment fees and interest.

This relief applies to flood victims in the following counties in Minnesota:

Clay, Kittson, Marshall, Norman, Polk, Traverse and Wilkin
and the following counties and Indian Reservations in North Dakota:

Adams, Barnes, Benson, Billings, Burleigh, Cass, Cavalier, Dickey, Dunn, Emmons, Foster, Grand Forks, Grant, Hettinger, Kidder, LaMoure, Logan, McIntosh, McKenzie, McLean, Mercer, Morton, Nelson, Oliver, Pembina, Ramsey, Ransom, Richland, Sargent, Sioux, Stark, Stutsman, Walsh, and Williams counties, and Standing Rock and Spirit Lake Indian reservations
Affected taxpayers can mark paper tax returns with the words “severe storms, flooding.” Taxpayers who e-file their returns can use their software’s “disaster” feature, if available.

Relief workers without an address of record in the areas listed above need to call the IRS at 1-866-562-5227 and identify themselves to the IRS before they file and or make payment.

The IRS will continue to monitor the situation and will take further actions as necessary.

For further information, see Tax Relief in Disaster Situations on the IRS Web site at www.irs.gov.

NAHB/Bank of America release report on home components

The National Association of Home Buildersand Bank of America released this month a new report that estimates the life expectancy of home components. From wood floors to kitchen faucets, each piece of a home will have a financial impact on the homeowner. That impact may be in the replacement cost or the repair cost. For real estate agents, the concern over how long the parts of an older home have been in place will have a possible impact on the seller’s net proceeds.

As a transaction moves forward and a home inspection occurs, homeowners will be faced with questions of “age”. The furnace may be too old to repair, the vinyl floor seems to have exceeded its usefull life. All of the variables that make up the “bones” of a property may also gum up a transaction. By having a knowledge or understanding of the estimated life of some of these key property elements, agents may be able to better assist their clients and customers in their transactions.

You can view the report now by downloading the pdf file with the report. You may also view more information and learn more about the NAHB online by visiting the NAHB web site.

REALTORS® for Education program launched in Colorado by MRE online provider

The Colorado Association of REALTORS® and Van Education Center (VanEd.com) have launched a combined effort aimed at assisting Colorado’s classroom teachers. The REALTORS® for Education Foundation is a non-profit program designed at making direct grant donations to classroom teachers in need of funds to run classroom programs.

A recent study showed that the average schoolteacher spent over $450 of their own money each year purchasing items to be used in the classroom for the benefit of Colorado’s school children. VanEd and CAR hope that by offering grants the state’s REALTOR® and Real Estate Education organizations can both offset the expenses that a teacher may have, and to increase individual programs availability to more students throughout the state.

Many districts and programs face financial challenges every year due to the combination of lower revenue and higher expenses. We at VanEd are proud to be a part of this effort. School Director Vann Hilty is a member of the REALTORS® for Education Foundation board, and began the discussions with CAR to create this program over a year ago. As a past President of his association, a CAR Director and board Director for two terms, Vann has seen the value that the REALTORS® can bring to their communities both locally and for the state at large. You can read more about this online in an article posted by the Denver Business Journal.

Working with the Association, the program will be funded through the online GRI, Graduate REALTOR® Institute program. Additional donations may also be made both online and by contacting CAR directly.  The Foundation will have two grant cycles, January 10th – February 28th and again September 10th – October 31st each year. To find out more about the program, who is eligible and how to nominate a teacher or program, visit www.coloradorealtors.com/education and look for the REALTORS® for Education link. There is also an announcement and information available online by clicking here.

For questions about the program, you may contact either Mark Gavin from CAR or Curtis Hilty with VanEd.

Commercial Market Indicators

Concern over the residential market being down in 2007, or simply slower, are reaching deep into the psyche of the average brokers. For many the time has come to get back to basics (i.e. farming, cold calling and door knocking) but some analysts still see the markets as primed for steady and continued “slow growth”.

Many reports seem to indicate that a stagnate growth rate and lower housing starts in 2007 are going to set up the real estate economy for the upcoming buying season. Such is the case in an article written by Mark Heschmeyer and posted online by the CoStar Group titled “Bumping Along the Bottom? Change in Housing Market Woes Seen Occurring in 2007“.  Mr. Heschmeyer’s article states that some market research shows stabilization, but at lower sales levels than in previous years.

NAR is reporting today that 2006 was the third-highest sales year on record, but existing home sales in December 2006 were 7.9% lower than December 2007. That article was posted today titled “Existing-Home Sales Ease, Supplies tighten in December; 2006 Historically High“. Both articles are available below.

 From NAR – Existing Home sales ease

From CoStar Group – Bumping Along the bottom

MRE Designation garners a new state – Welcome Nebraska!

The Nebraska REALTORS® Association (NRA) has signed on as the next state to authorize the delivery of the Master of Real Estate designation!

This means that the NRA will now be marketing the designation to its membership and accepting the credentialed program that goes along with all MRE designation programs. All available programs listed on the www.RealEstateMRE.com web site will be accepted for credit, as well as a growing list of available online courses, including the 12-hour Affordable Housing course, which is already approved for CE Credit in Nebraska.

Welcome NRA Members! And we can’t wait to add you to the referral network of the most prominent designation in America, the MRE!