CA TAX CREDIT

Gov. Arnold Schwarzenegger on Thursday signed a bill aimed at selling California's vacant homes and encouraging new construction by extending a $10,000 state tax credit for first-time homebuyers.
The governor signed a bill the state Legislature passed on a bipartisan vote earlier this week. It provides a state tax credit to first-time homebuyers who buy new or existing homes from May 1 until the end of 2010.
Homebuyers can claim 5 percent of the purchase price against their California taxes, or up to $10,000.

Time to buy continues....Call me...........916.747.6357


Kev
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A piece of notorious Sacramento history up for sale

A little bit of background...
In the late 1980's a boarding house for the elderly and mentally disabled on F Street was the scene of one of the most horrific crimes in the country. The boarding house owner, Dorothea Puente, cashed the social security checks of the residents and anyone that complained was killed and buried in the backyard. Seven bodies were found out of nine she was charged with. On November 11, 1088, she was convicted of three and now serves two life sentences in prison.

...and now the 1834 square foot boarding house with nice upgrades throughout is for sale.

Everyone wants to own a piece of history and now is your chance.

Look before you look

When beginning the house hunt, some buyers go in blindly, not knowing how much house they can afford. Without this knowledge, buyers may find themselves viewing houses that aren’t within their budget. To prevent buyers from spending time viewing homes they may not be able to afford, home buyers need to get pre-approved by lenders before house hunting. By providing copies of a recent credit report, W-2s, pay stubs, and bank and brokerage statements to a lender, buyers will have a better idea of the price range they can afford.

Obtaining financing prior to looking really sets the bar. Most importantly, it helps to prevent disappointment in the emotionally charged, exciting adventure of looking for your home.

Kev
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There's an app for that

While I have to be the biggest fan of the latest most innovative technology, sometimes I lag. My appologies for not updating my blog as much but now that I found the app for that, your going to hear a lot more from me!
Stay tuned for news, views, and opinions for the world of real estate!


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Have we learned anything? What now?

Did we learn a lesson?

The Stock Market Bubble that preceded the Great Depression helped many people make a lot of money on inflated and ever increasing stock prices. The bubble burst and left millions in ruin. Sound familiar?
The Housing Market Bubble that preceded the Great Recession helped many people make a lot of money on inflated and ever increasing home prices. The bubble burst and left millions in ruin.

This is a question that will be answered in time...

What about now?

OPPORTUNITY!

It is too easy to focus on all of the bad news. That's what sells, right? I can tell you that homes are selling, not all listings are short sales or foreclosures, prices in some areas have increased, and the federal tax credit has helped home buyers develop better financial health. What I mean by that last statement is that after the purchase, homeowners end up with OWNING a home AND having MORE money in the bank than when they started out on the house hunt.
Interest rates increasing and home prices wavering are both realities but real estate is a long term investment both financially and psychologically...This is your home.
Affordability will continue to increase, more and more first time home buyers will continue to re-enter the market and home prices and interest rates will remain within reach.
There will always be a need to sell a home and there will always be a buyer for that home.
Overall, home prices are expected to increase from 2% - 4% in 2010.
Increased prices = Increased value.

Here's the bottom line.....
The news is doing its job of reporting.
I am in the trenches. I am experiencing the trials, tribulations, and most importantly, the triumphs, and joys of this market. I have weathered the worst of this market and survived.
Are you ready to jump in? Do your homework but know that I am your trusted advisor whether you want to buy, sell, or invest...The OPPORTUNITIES are out there!

Tax Credits Provide Outstanding Opportunities for Home Buyers

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

1st Time Home Buyer -

• The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

Move Up/Repeat Buyer -

• The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

Keep in mind that current escrows are running 45 days.

Feel free to contact me for more information and you can also go to the National Association of Homebuilders website or more info as well..... http://www.federalhousingtaxcredit.com/home.html

UPDATE! Home Buyer Tax Credit Extension

The House of Representatives approved legislation that would extend and expand the $8,000 tax credit for first-time home buyers. While there is more work to be done, a bill may reach President Obama for his signature by the end of this week. I will continue to monitor this situation to see if you may be able to benefit from the bill once it's finalized.

There are multiple factors that make the time to buy very attractive for most people right now.

• You have the extension of the 1st Time Home Buyer Tax Credit....
• The addition of a tax credit for step up buyers (see previous post)....
• The Federal Reserve left interest rates unchanged....
  With the nation's financial conditions "roughly unchanged," the Federal Open Market Committee decided to leave rates at the current zero to 0.25 percent for an extended period of time. The group said inflation was expected to "remain subdued".

There are also multiple FHA, government backed, financing options available that really make this a great time to buy.