Happy Day! Phillies Win & The Senate Moves Towards a Tax Credit Extension

Image by reeltor99 via Flickr

Its hard to decide what to write about this morning. Last night the Phillies faced the Yankees in the World Series for the first time since 1950 (when the Whiz Kids took on the New York Team) and they won - even though the game was in New York. That's really exciting for a city where sports are such an important part of our history and our culture, not to mention that it was an auspicious start for a historic series, the first World Series repeat in the team's history.

If that weren't enough, there was news yesterday that the Senate had reached agreement on extending the $8,000 first time homebuyer's credit until June of 2010 - with a potential $6500 tax credit for people that had bought and owned homes for 5 years or more. In our city, where prices are moderate, first time home buyers are a major part of the real estate market, and those amounts are significant to home buyers that news is incredibly good.

We have already seen the real estate market improve every quarter of this year to date, stimulated by the tax credit, great mortgage rates, and moderate prices. Though the lack of mortgage liquidity negatively impacted the attempts of some buyers to gain entry to home ownership, on the whole , the true worry was whether the gains in the market would be sustainable - with the extension of the tax credit through the spring, that question would be answered.

Now the next question for buyers is whether they will be smart enough to act early and avoid the inevitable upward pressure on price that such activity should create, and whether the mortgage market will increase credit liquidity amid the signs of economic recovery.

Of course for this week in Philadelphia,more people may be worrying about whether the Phillies can sustain their early lead this evening in New York, and then Saturday and Sunday night when they return to Philadelphia ;-)

REBarCamp Virginia Beach

I'll be sharing information and learning from my peers later this week at ReBarCamp Virginia Beach.

ReBarCamps are a phenomena that have swept the real estate industry this year after the initial event in San Francisco held in July 2008. They are "Un-Conferences" where the agenda is created the morning of the event by the participants. This year saw these volunteer driven events spring up in New York, Portland, Phoenix, Philadelphia, Fredricksburg, Denver, Los Angeles, Charlotte, Orange County, and Boston, with events still to come in Lynchburg, Columbus, and Miami.

If you haven't been to one, you ought to try to get there - Its free, its fun and its a great place to learn.

Real Estate Technology from Philadelphia to Los Angeles

Image by reeltor99 via Flickr

Ok, so it looks like I'm hard at work writing this blog for your pleasure, but I'm actually on the way to Philadelphia International Airport (PHL) to catch my flight to Los Angeles (LAX). Though the weather is probably warmer there than here (I'm in Philadelphia writing this earlier this week), the weather is not why I'm going.

Tomorrow is REBarCamp Los Angeles, (actually being held in lovely Pasadena) another one of the many ReBarCamps which have been springing up across the country.

ReBarCamp is

an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees.

I had the pleasure of attending the very first ReBarCamp last July in San Francisco just prior to the Inman Connect event. It was boisterous, friendly and educational. The camaraderie was intense, as were a number of the sessions.

This year, the REBar Camps have really taken off, with events being held in New York and Virginia and more Camps scheduled all over the country, in fact yesterday I visited sites for REBarCamp Philadelphia which will be held on May 27th at Greater Philadelphia Association of REALTORS, located at 1341 N. Delaware Ave. - Suite 200 - Philadelphia, PA (just north of Penn Treaty Park where William Penn signed his treaty with the local native Americans).

I know that I have enjoyed the experience and increased my knowledge every time I have participated in an RE Bar Camp, and I think almost anyone will. And if I don't see you tonight at the welcome for ReBarCamp LA, then I hope I'll see you in Philly on May 27th!