Tax Talk Today(r), a monthly Webcast aimed at educating tax and payroll professionals on the most contemporary and complex tax issues, announced today that helping tax practitioners prepare year end filing will be the topic of its next scheduled Webcast on Tuesday, Nov. 9, from 2 to 3 p.m. (EST). This interactive Webcast enables viewers to ask questions via e-mail to the panelists and receive live, on-air answers. For those questions not addressed on the program, answers will be posted on http://www.TaxTalkToday.tv.

To access the show, titled ``Payroll Prep for the Year End,'' viewers can register online at http://www.TaxTalkToday.tv.

Co-sponsored by the IRS, panelists for this show include Nora Daly, CPP, senior legislative analyst for Oracle Corporation; Chuck Liptz, director for Employer Wage Reporting and Relations for the Social Security Administration; and Jerri L.S. Langer of JLS Langer Consulting. Communications Consultant Les Witmer, a 23-year veteran of the IRS, will moderate the Webcast.

The November Webcast picks up where the July program, Getting It Right: Forms W-4, W-2, I-9 and 941, ended and will focus on the most common issues encountered in getting ready to issue Forms W-2 and 1099. The panel will discuss ways to make the year-end process as smooth as possible. Additionally, the Webcast will focus on electronic filing of W-2s and 1099s and provide updates on the new Form 941.

Payroll professionals and tax practitioners are encouraged to watch the November Webcast.

``This nation's tax preparers have a lot of questions when it comes to payroll ... especially as it related to year-end filings,'' said IRS Area Director Ellen Murphy. ``Our November show will attempt to answer the common questions. We'll also look into the common mistakes that are made and how to correct them.''

Currently in its fourth year, Tax Talk Today(r) is an award winning online Webcast whose viewers include CPAs, enrolled agents, tax attorneys, payroll professionals, financial planners and tax preparers nationwide. Payroll professionals and tax practitioners needing continuing education credits (CECs) are eligible to receive CECs by viewing the Nov. 9 show and other archived shows available on http://www.taxtalktoday.tv/ index.cfm?page(equals)8.740&pro(equals)27.

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About Tax Talk Today(r):

Co-sponsored by the IRS and produced by L&M Production Design Group, based in Alexandria, Va., Tax Talk Today(r) is a free, live, monthly interactive Webcast aimed at educating tax professionals on the most contemporary and complex tax issues. The series airs monthly at: http://www.taxtalktoday.tv/ index.cfm?page(equals)8.740&pro(equals)27 and programs are archived on the site for one year after each episode. Tax professionals needing continuing education credits (CECs) are eligible to receive credit by viewing Tax Talk Today(r) and should visit the Web site for full details. For additional information or to inquire about sponsorship opportunities, please contact Paul Lamonia at 703-642-6505 or Lamonia(At)LMpdg.com or visit http://www.TaxTalkToday.tv.

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NAR-housing-survey: Fueling the Housing Market

A large pool of first-time homebuyers, who account for four out of 10 home purchases, provide liquidity to the housing market and make it easier for existing owners to trade up or trade down, according to a new survey of home buyers and sellers released today by the National Association of Realtors(r).

The 2004 National Association of Realtors(r) Profile of Home Buyers and Sellers, based on transactions from mid-2003 to mid-2004, is the latest is a series of surveys evaluating marketing, demographics and other characteristics of home buyers and sellers.

David Lereah, NAR's chief economist, said the market share of first-time buyers has been stable since 1993. ``Strong activity by entry level buyers has provided solid and substantial growth to the housing market over the last decade,'' Lereah said. ``The demographics of our country favor this trend going forward because echo-boomers, the children of the baby boom generation and almost as large, will be in the prime years for buying a first home for the next decade. These findings demonstrate a fundamental underlying demand that will be driving the housing market at a higher plateau for the foreseeable future.''

The typical first-time buyer is 32 years old, has a household income of $54,500 and makes a downpayment of three percent on a home costing $139,000. The typical repeat buyer is 45 years old with a household income of $79,100 and places a downpayment of 22 percent on a home costing $209,000. In all, 94 percent of buyers believe their home purchase is a good financial investment. The level of for-sale-by-owners (FSBOs) hasn't changed since 2003, with 14 percent of sellers conducting transactions without the assistance of a real estate professional. The FSBO market share has fallen from a cyclical high of 18 percent in 1997. Thirty-two percent of sellers who sold their home without a real estate agent knew the buyer in advance, meaning that about one-third of FSBO transactions are not placed on the open market.

The median selling price of a home sold directly by an owner was 15.4 percent less than agent-assisted transactions. ``It appears that sellers wanting to save money by not using an agent may be losing money in lower sales prices, despite the fact many FSBO homes might be smaller,'' Lereah said.

The survey found that the biggest problem areas for FSBOs were getting the right price, prepping the home for sale, and understanding and completing paperwork. Half of recent FSBOs said they would sell their current home without the assistance of an agent in the future, while 34 percent were unsure of what they'd do.

A great percentage of buyers are finding agents the traditional way: 44 percent were referred by a friend, neighbor or relative, 13 percent used an agent from a previous transaction, and eight percent saw contact information on a ``for sale'' sign. Seven percent found an agent on the Internet, six percent met at an open house, and five percent each walked into a real estate office or were referred by another agent or broker. Five other categories accounted for smaller shares each.

The most important factor in choosing an agent was reputation, according to 42 percent of buyers, followed by that agent's knowledge of the neighborhood, 24 percent. Of buyers who use an agent, 64 percent choose a buyer representative. Satisfaction with real estate agents is very high, with knowledge of the purchase process, knowledge of the local market, knowledge of the local area, people skills, and responsiveness each generating responses of ``very satisfied'' by eight out of ten buyers. Eighty-four percent said they were likely to use the agent again or recommend theirs to others.

Seller responses were fairly comparable, with eight out of ten selling through a real estate agent. Thirty-eight percent chose agents based on a referral by a friend, neighbor or relative, and 31 percent used the agent previously. Fifty-four percent said reputation was the most important factor in selecting an agent, followed by their knowledge of the neighborhood, 19 percent. Eighty-two percent said they were likely to use the same agent again or recommend to others.

Married couples continue to dominate the housing market, accounting for 62 percent of transactions through the first half of 2004. Single women purchased 18 percent of homes while single men made up only eight percent of the market. Unmarried couples were nine percent, and two percent were listed as other. (see note 1 below)

The typical buyer walked through nine homes, searched eight weeks to buy a home and moved 18 miles from their previous residence, while the typical seller placed a home on the market for four weeks, had lived in that home for six years and previously owned three homes, including the one just sold.

Existing homes are the lion's share of the market, accounting for 79 percent of transactions, while new homes make up 21 percent of purchases. These ratios differ from analysis of market share using statistics from the U.S. Census Bureau because that data does not include homes built on contract, which are not counted as new-home sales by Census.

Buyers use a wide range of resources in searching for a home. Ninety percent use a real estate agent; the Internet and yard signs were used by 74 percent each, newspaper ads, 53 percent, and open houses, 51 percent. Five other categories were used by less than 50 percent each.

``Use of the Internet in searching for a home has risen along with the level of Internet penetration, rising from only two percent of buyers in 1995 to 71 percent in 2003 and 74 percent currently,'' Lereah said. ``It's hard to imagine having Internet access and not taking advantage of tools such as Realtor.com when searching for a home, or in educating yourself about the housing market.''

Http://www.Realtor.com was the most frequently mentioned Internet resource, used by 52 percent of buyers, followed by multiple listing service (MLS) Web sites, 45 percent, real estate company sites, 39 percent, real estate agent Web sites, 26 percent and local newspaper sites, 17 percent.

When asked where they first learned about the home purchased, 38 percent of buyers said a real estate agent, 16 percent a yard sign, 15 percent the Internet, seven percent from a friend, neighbor or relative, seven percent from a home builder, five percent from a newspaper ad, five percent knew the seller, and two percent from a home book or magazine. Other categories totaled four percent.

Eighty-one percent of Internet searchers used a real estate professional in purchasing a home, compared to 66 percent of non-Internet users. ``Clearly, there is a lot of great information available to buyers on the Internet, but they look to real estate agents and brokers for context, advise and negotiation,'' Lereah said.

The survey found that the median price of a vacation home was $190,000, while the median price of a second home purchased primarily for investment was $148,000. These compare with a median of $175,000 for a primary residence. The median age of second home buyers was 50; the median income was $83,700 compared with $66,700 for primary residence buyers. Seventy-three percent of second home buyers were married couples, 12 percent single male, 11 percent single female and four percent unmarried couples.

A separate, comprehensive NAR report on the second home market will go into much more detail, and is scheduled for release in December.

NAR mailed a six-page questionnaire to a national sample of 100,000 recent homebuyers who purchased their homes between mid-2003 and mid-2004 based on county records. It generated 8,205 usable responses; the response rate was 8.2 percent.

The 2004 National Association of Realtors(r) Profile of Home Buyers and Sellers can be ordered by calling 800-874-6500. The cost is $50 for NAR members and $75 for non-members.

The survey was released at NAR's annual REALTOR(r) Conference & Expo here. More than 25,000 Realtors(r) and guests are attending the Nov. 4 through 8 meetings.

Note 1: Totals within categories may not equal 100 due to rounding.

The National Association of Realtors(r), ``The Voice for Real Estate,'' is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site's ``News Media'' section in the NAR Media Center. Statistical data, charts and surveys also may be found in the NAR Media Center by clicking on Economic & Housing Statistics.

REALTOR(r) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(r) and subscribe to its strict Code of Ethics.

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