NAR makes history in a vote to amend the Code of Ethics to include sexual orientation - vid...

This video makes me really proud to be a REALTOR, but even prouder to have been part of the process that led to what is a historic moment for the National Association of REALTORS and our 97 year old Code of Ethics.

Last year, during my term as Chairman of the Interpretations and Procedures sub-committee of the Professional Standards Committee, this amendment to the Code prohibitinh discriination based on sexual orientation was suggested by state associations. The sub-committee discussed the matter, and began the process needed to move this forward.

The change to our Code is significant because it is the first time in the history of the code that REALTORS have set a standard against discrimination that is higher than the law in many places. And did it quickly, unanimously and with little discussion at the meeting. (Though I did love the woman who suggested that we should just say "REALTORS shouldn't discriminate")

The people in this video from left to right are Linda Paige, Steve Roscoe, Domenic Cardone, and Rodney Ganshoe. They are the Chairman of the Professional Standards Committee, the Chairman of the Interpretations and Procedures sub-committee, the Vice-Chairman of the Professional Standards Committee, and one of the best association staff people on the planet. Oh, and yes, I am the Bill Steve mentions in the video (and I was paying attention before he said "sex" )

Thanks to all of the members and staff who made this possible so that we can as an organization move forward in such a positive manner.

(NOTE: Though this was approved by the Committee and the Board of Directors, it also needs to be approved by the Delegate Body at the Annual Meetings In New Orleans in November 2010.)

Less Than 100 Days Left To Claim The Homebuyer Tax Credit

November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There's 100 days left to claim it.

The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers in Philadelphia and New Jersey to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.

In addition, "move-up" buyers were also added to the program's eligibility list meaning you don't have to be a first-time home buyer to be eligible for the tax credit. If you've lived in your home for 5 of the last 8 years, you meet the IRS requirements.

Move-up buyers are capped at a total tax credit of $6,500.

In our marketplace, that's a substantial amount of money. Areas with much higher priced homes see onyl a moderate impact from these tax credits, but in our market, which has always been a more balanced market economically, these amounts can mean a significant benefit to the homebuyer lucky enough to qualify and smart enough to take advantage of the program.

The tax credit's basic eligibility requirements remain the same:

• You can't purchase the home from a parent, spouse, or child
• You can't purchase the home from an entity in which they're a majority owner
• You can't acquire the home by gift or inheritance
• All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

First, the subject property's sales price may not exceed $800,000. Homes sold for more than $800,000 are ineligible. And, also, household income thresholds have been raised to $125,000 for single-filers and $225,500 for joint-filers.

And lastly, don't forget that the program is a true tax credit -- not a deduction. This means that a tax filer who's eligible for the full $8,00 credit and whose "normal" tax liability totals $5,000 would receive a $3,000 refund from the U.S. Treasury at tax time.

The complete list of qualifying criteria is posted on the IRS website. Review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.

There's less than 100 days to go.

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Don't Have an Estate Plan? Get One-

While no one wants to deal with their own mortality,there's a right way and a wrong way to transfer a home posthumously. The right way requires having a documented plan. The wrong way could stick your loved ones with a tax bill so large they may have to sell the home just to cover it. And the saddest part of not having an estate plan is the mess you leave for your loved ones to untangle after you're gone.

With just 4 minutes for the segment posted above , The Today Show rushes through some very important estate planning considerations, but that doesn't make the points any less relevant.

Among the estate planning tips:

1. Even a simple will can big protection
2. For multiple beneficiaries, consider a trust agreement
3. Avoid taxes by "selling" your home to heirs while you're still living

Estate plans are simple, are cheap, and affords protection from the state and the IRS. Every homeowner should have one.And though the points made here are important, remember they are very basic. If you have someone to consult with to review your own specific needs, why not give them a call and make an appointment. I'll bet you'll feel better after you do!.