2010 real estate market update: Beginning of a recovery?

Active members in the real estate industry have indicated that there is a significant improvement in activity in comparison to the same period in 2009. We may have hit the bottom of the recession and may be witnessing the beginning of a recovery. Lawrence Yun, NAR chief economist, said it's important to recognize how the tax credit is skewing market data. "There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded," he said. "These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years." Buyers who have a contract in place to purchase a primary residence by April 30, have until June 30, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers. Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. "While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010," Yun said. Last year, there were 5.16 million existing-home sales. Through these tough economic times, membership in BMAR is more important than ever. Founded in 1924 as a not-for profit trade association, BMAR assists members in providing valuable programs, services, networking opportunities and IDX and VOW solutions for real estate brokers and their agents. Companies do not need an office in Manhattan or the Bronx to be active members of the association. Membership in the BMAR is more important than ever and includes all companies directly or indirectly servicing the business community and real estate industry. Types of companies active in BMAR includes: licensed real estate brokers and agents; multi-dwelling property owners; building service vendors and suppliers; unlicensed property managers; attorneys; appraisers; banks; mortgage companies; fuel service and energy companies; title and abstract companies; insurance companies and insurance brokers; contractors and other companies servicing the real estate industry. For residential and commercial brokers and agents, participating in the BMAR Multiple Listing Service (MLS) is a valuable business tool. There is no set-up or random audit fees for VOW through BMAR. Small firms collectively benefit and can compete with larger firms. BMAR is a not-for-profit association so that your small firm can profit. Become a VOW Realtor member of the National Association of Realtors (NAR) and earn more income in 2010 through BMAR. Realtor (Licensed Real Estate Broker) - Realtor Associate (Licensed Real Estate Agent) Benefits of Membership include: 1. Automatic membership in the New York State Association of Realtors (NYSAR) and the National Association of Realtors (NAR) and take advantage of additional exclusive benefits. 2. Launch your exclusive residential and commercial listings worldwide. 3. Access NAR approved VOW (Virtual Office Website) and IDX (Internet Data Exchange) through MLS. 4. Free Legal Hotline provides timely responses to your legal real estate questions by staff attorneys. 5. Using the Realtor logo identifies a professional who subscribes to the strict Code of Ethics as a member of the NAR. No one can use the Realtor logo unless they are a member of NAR. Non-members using the Realtor logo can be sued since it is a registered trademark. 6. RPAC - the Realtors Political Action Committee - is the only non-partisan political organization in the country solely devoted to protecting Realtor interests at the local, state and federal level. 7. For the next 60 days as a market stimulus, the upper Manhattan Division is waiving the Initiation Fee to join the MLS. There are additional benefits of Membership & MLS. For information on membership or MLS, contact Grace Rivera at (212) 242-4343; (718) 892-3000 or email: [email protected]. Nunzio Del Greco, RCE is the chief executive officer of the Bronx-Manhattan North Association of Realtors (BMAR), Bronx, N.Y.