Phoenix and the surrounding areas of Scottsdale, Mesa and Glendale have many houses and homes for buyers at very attractive prices. This is mainly due to the economy and the foreclosures that occurred because of it.

While foreclosure is not something you want to pass every house, you can often be avoided. Phoenix Arizona real estate agents have many houses and buildings available, which are only a fraction of their priceswhat buyers would have paid two years ago. Lower priced homes have piqued the interest of those looking to buy a home, especially people in the lower income range.

Many people love to purchase older homes or homes that need repairs. These "fixer-uppers" are a gold mine for many, especially now. Buyers can purchase these types of homes at a huge bargain, fix them up, and sell them for a very nice profit.

What about real estate investors? Things are great for them as well. If you invest in real estate, there is no better time than right now to buy. Your Phoenix realtor can show you where the desirable properties are located, and keep tabs for you on any that may become available.

Of course, no matter where you choose to buy you want to know about the area. You will want to know the average value of the homes in the area you are considering, as well as information about schools, security, etc. A well seasoned and experienced real estate agent you all the information necessary to make an informed decision, and answer any questions you may have.

Another important thing to discuss your needs with an agent who has many years in the industry, is their knowledge. You can tell them the price range you need, what type of home you're looking for and have no other important details. Their familiarity with the properties and the environment, allowing them the perfect house or property quickly find for you.

Avoidthe trouble to try to find the perfect home or property on their own. Phoenix Contact, a real estate agent who has a solid background in the field, and let them do the hard work for you! Has never been a better time to make a home for your family, or invest in property preserved. Do it now, while the prevailing low prices as before.

What’s your posture in negotiating with prospective buyers and tenants in today’s commercial real estate market?  I hope this isn’t a news flash, but buyers and tenants have all the poker chips at the moment, even here in Ocala, FL.  Amazingly, some commercial real estate owners still come to the table like it’s 2006, hoping to wring the last penny from every deal through many rounds of back and forth. 

Hey, we all love the dance of the deal, but getting ink on paper these days, requires dancing to a different tune.  To use a baseball analogy, savvy owners know we’re not in a nine ending game anymore when it comes to the give and take of negotiations.  Buyers and tenants have too many options available and their attention spans are very short.   There just isn’t an appetite for long, drawn out negotiations right now.

Speaking of short attention spans, I took two of my sons hunting this weekend.  We had a great time being together.  The only critter moving besides my kids was an armadillo who kept making quite a racket next to us.  When my seven and nine year-old sons could stand it no longer, they gave chase to the animal.  It was the nine year-old who finally managed to wrap his hands around the armadillo’s tail.     

What ensured was an explosion of activty.  You would have thought the kid had Super Glued his hands to that critters tail.  Round and round they went, until finally my son was able to raise the little armored root muncher off the ground to gain his victory.  Watch the video of all the excitement at: http://www.youtube.com/watch?v=gVCqRjcDqGY    

Like my son and the armadillo this weekend, if you own commercial real estate and have the good fortune of dancing with a prospective buyer or tenant in the near future, DON’T LET THEM GET AWAY!

(for more info, click on the full article on reltor.org)

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

The Basics: Extended Home Buyer Tax Credit 2009/2010

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Latest news:

Watch: REALTOR® Party Tax Credit Video Contest Winner (Nov. 12)

Home Buyer Tax Credit Has Added Benefits for Armed Services Members, Others (Nov.11)

Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)

Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:

The price of the home.
The buyer’s income.
Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

IN GO F.A.R. Session 17, we discussed the 8 Steps in your Critical Path for Working With Buyers.  If  a possible Buyer lead asked you “what’s next?” . . . would you have a quick, concise answer for them?

Writing The Offer

1. Set the appointment for Needs Anlysis
2.  Set appointment with your preferred Mortgage partner
3. Send Pre-Buyer Package
4. Consultation Appointment – Needs Analysis
5. Set up “Auto-Search” online
6. Discuss currrent market dynamics for their preferred property types
7. Tour homes – only homes that meet their Needs Anlysis
8. Write an offer

Some clients will require extra steps, such as neighborhood review for out-of-area buyers, or costs of home-ownership for first-time buyers, etcetera.

Are there any critical steps you would add to this??

Why Is It So Difficult To Get A Home Loan? Answers To A Popular Home Buyer Question
by Bob Foust

Perfect 3/2 starter home in excellent condition located in Milwood. Granite countertops, under mount sink, glass tile backsplash, new/recent appliances in kitchen. Popcorn removed, interior & exterior painted ’09. Large master bedroom with sitting room, full bath w/ double vanity & closets. Wood laminate flooring & hard tile in baths ’06. Retiled shower surrounds ‘08.  All light fixtures replaced ’04-’09, new roof. Covered deck & patio, new fence, gorgeous oak in front. Just 3 blocks from Balcones District park.

3 bedroom /2 bath, 1455 sq ft. Offer price: $192,000

Call our buyer specialists at 512-633-6643 for questions and viewings.

The way the media tells it, there are million of bargains out there that will be the house of your dreams and will make you rich. If it seems too good to be true, that would because it IS too good to be true. As a backdrop to this discussion remember that there are over 2 million homes that could be on the market but for the fact that the “owners” don’t want to flood the market. 2 million homes means there are too many homes for any foreseeable demand from buyers. That means that bargain prices are simply early predictors of where the market is heading. Those statistics, taken from over 500,000 homes reported and sampled, shows that the average “discount” is 15%-20%. In a normal market the discount would be real and relatively stable. In this market where we have 2 million homes already in the pipeline and around 3-4 million MORE homes coming it is not merely possible but rather likely that prices will continue to be depressed.

Add to that the credit crunch and the current environment where banks are reinstating underwriting standards where they verify the appraisal, verify your ability to pay, verify your history, verify other conditions affecting the value or future value of the home, and you have a seller’s glut with very little demand. Analysts from companies that maintain divisions employing economists now are estimating that it will take 6-12 years to clean up this mess. I think these estimates will change monthly until they give recognition to the fact that 10 years is about the best we could ever hope for, 30 years in about the worst case, and that the probable time will be something close to 20 years. That is 2 decades of confused downward price pressure, title errors, defects and defects, and figuring out how to undo the the chaos created by Wall Street.

That said, there are many reasons why you SHOULD buy a foreclosed home. First you SHOULD buy a home if you want to live in it — but beware that most people THINK they will live there a long time but frequently move within 3-5 years due to unforeseen circumstances. Financially, the likelihood that you will financially benefit from such circumstances is extremely low. Renting the same house or one just like it will probably cost no more than 60% of the monthly payment you would have even if you put 20% down payment. And you don’t get stuck trying to sell a house in a market that will basically be unchanged or worse than it is now.

Second you should buy a home on a short sale or otherwise, if you have capital and a good credit score and want to do something good. Let’s assume the house was originally bought for $450,000 and the buyer made a 20% down payment. So the buyer paid $90,000 PLUS all the improvements that are made, especially to a new developer tract house. So the sake of our example, the buyer now finds himself with a house that is currently “appraised” at $275,000. The “lender” refuses (actually lacks the authority because they are not really the lender) to modify the mortgage with a principal reduction, the terms are resetting so that the buyer’s payments are about to triple or have already done so. Assume they had no problem making the original teaser payments and could even pay more but not the absurd amounts called for under his current mortgage or deed of trust.

Let’s further assume the foreclosure has already taken place and the buyer is still in the home, awaiting eviction. With a little help from you and this post you get the homeowner to fight the eviction and start a confrontation where the homeowner is demanding discovery and is alleging a fraudulent foreclosure. Using average “discounts” you buy the house for $55,000 less than appraisal from the “bank” (actually a separate entity with dubious authority to have taken or retained title to the property since neither the forecloser nor the REO (Real Estate Owned) entity had one dime in funding the mortgage). So you have purchased the home for $220,000. Don’t get all excited. The original $450,000 price was false and even fraudulent. The next time that house sees $450,000 will be somewhere around the year 2040.

So now you make a down payment of 20% or $44,000. You have $44,000 into the deal plus whatever assistance you have the original buyer/homeowner. Your mortgage is $176,000. Using an amortization of 15 years fixed rate for 5%, your payments for principal, interest, taxes, utilities and insurance are probably going to be around $1250-$1350 per month. You give the original buyer/homeowner a lease requiring payments of $1600-$1700 per month plus a CPI (Consumer price index no less than 2% with no maximum) AND a pass through of increases in utilities, taxes etc. The lease is at least 5 years long. If you don’t have a homeowner willing to lease for 5 years, you are going to have trouble.

The lease is a net lease requiring the tenant to maintain the house. It renews automatically for additional terms of 5 years unless canceled with at no more than 9 months notice and no less than 6 months notice. Beginning with the end of the third year, the homeowners may have a two year option to buy the house at either the price you paid for the house, plus CPI or the current fair market value, whichever is higher. This option is good only in years 4 and 5.

You start negotiating with the “bank” or the REO with a demand for proof of title. See how-to-negotiate-a-modification

They will offer you indemnification, hold harmless and release. None of that means anything because most of them have either gone out of business or are about to go out of business. You ask “Who is the actual creditor here?” That will make them uncomfortable. You get rough and tough. And then you soften a little and use the procedure set forth below. Meanwhile the original buyer/homeowner starts threatening them because they obviously don’t have physical possession of the note or they have no rightful claim to ownership of it. The original buyer/homeowner makes demand and maybe even files suit demanding to know who the creditor is or was. This will soften up the game of the bank/REO.

Now let’s talk about how you are going to do this without being in the same mess that the banks, homeowners, title companies and others are in.

The attributes of a good solid purchase of a foreclosed home are:

1. Warranty Deed
2. Title Policy from large company without any exclusion relating to securitization of the prior owner’s loan. It would be best if the policy specifically mentioned securitization and stated affirmatively that there is no exception relating thereto.
3. Friendly Quiet Title Action, in which the REO, the forecloser and all other known parties, at their expense bring a quiet title action naming the former buyer/homeowner and you, and naming John Does 1-1000 being the holder of mortgage backed securities who could have or who could claim an interest in the mortgage being extinguished by this deal. As long as the relief sought is ratification of the above deal and ordering the clerk of the County to remove the old mortgage and accept the new filings without any encumbrance other than your new mortgage and without any owner other than you.
4. ONLY A FINAL JUDGMENT EXECUTED BY A JUDGE WILL GIVE YOU CLEAR TITLE. WAIT UNTIL THE TIME FOR APPEAL HAS RUN. INCLUDE A PROVISION WHEREIN YOU CAN RESCIND IF SOMEONE MAKES A CLAIM THAT THIS TRANSACTION WAS A FRAUD ON THE COURT WHETHER IT HAS MERIT OR NOT. IF SUCH A CLAIM IS MADE THEN AT YOUR OPTION YOU BECOME THE SUCCESSOR TO THE “BANK”  AND REO AND OTHER FORECLOSURE OR TRUSTEE SERVICES OR, AAT YOUR OPTION YOU CAN RESCIND THE TRANSACTION RECEIVING BACK ALL MONEY RECEIVED BY THE SELLING PARTIES TO THE TRANSACTION IN WHICH YOU PURCHASED THE PROPERTY.
   
5. Indemnification from the forecloser
6. Indemnification from the REO
7. Hold Harmless from the Forecloser
8. Hold Harmless from the REO
9. General release from original buyer/homeowner
10. Acknowledgment from your new lender that they were advised of the above and they agree that they will not make any claims against you for misrepresentation or misstatement based upon the securitization of the loan.

Maine Housing offers $3,000, limited time offer, toward your first home. Effective as of Dec. 1, 2009. Go to: http://mainerealtors.com/GOGflyer.pdf

 Are you thinking of purchasing a home in the next few months?  If you are shopping for a primary residence, less than $800,000, chances are you will qualify for the current Federal Tax Credit.  Here is an overview:

The $8,000 First Time Home Buyer Tax Credit is for first time home buyers only (defined as someone who has not owned a principal residence during the 3 year period prior to the purchase).  It does not have to be repaid and is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.  The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  If a binding contract is signed by April 30 and completed by June 30, 2010 it will also qualify.

The Repeat Home Buyer Tax Credit is for homeowners who have owned and lived in their previous home for 5 consecutive years out of the last 8 years.  The tax credit does not have to be repaid and is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.  The tax credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.  In cases where a binding sales contract is signed by April 30, 2010 the home qualifies provided it is completed by June 30, 2010.

There are also rules for single buyers vs married couples.  If you would like more information, please let me know.  Happy house hunting!

Today’s buyers seem to have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you’re eyeing is a bargain or a money pit.

The buying public seems to think that “great deal” equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else’s problems. If you’re looking for a bargain property, here are some key issues to consider:

1. What is your time line for purchasing?
You may find the perfect short-sale property, and the seller may accept your offer. The challenge is that you don’t have a deal until the bank approves the short sale. At many large lenders a single processor may have up to 500 files on his or her desk at one time. Realtors are reporting that it can take six or more months to get an offer approved. The wait can be extremely frustrating. It can also be costly.

For example, if prices are still declining in your area and price range, the offer you made six months ago may be too high. Also, if you qualify for a loan now, will you still qualify six to eight months from now if mortgage interest rates have increased? More importantly, can you afford to make a higher monthly payment? If possible, search for a short sale or an REO where the bank has preapproved the sales price. It still may take a long time to close, but not as long as it would if the price was not preapproved.

2. Are you prepared to be in a multiple-offer situation?
Since so many buyers are searching for distressed properties and the approval process takes so long, multiple offers are common. The lender will not tell you about other offers. They may, in fact, tell you that your offer will “probably” be approved — but you cannot rely on this representation.

If another offer comes in at a higher price and at better terms, the bank is obligated to take the best offer. If the property is a short sale, the seller’s signature on the document merely opens the negotiation — it does not finalize it. Furthermore, the seller/lender may continue to market the property even after they have signed a contract with you. This is simply smart business, as so many borrowers are having trouble closing transactions due to appraisal issues.

3. Ask the agent if the seller participated in the “Cash for Keys” program
The best candidates for good bargains are those properties where the sellers are still occupying them. Many banks have a program called “Cash for Keys.” This program pays the owners of foreclosure and short-sale properties money to keep the owner from trashing the property when they move out. I have seen copper piping ripped out of properties, concrete poured down the plumbing, and appliances stolen or destroyed. Cash for Keys is designed to minimize these behaviors.

4. Beware of vacant properties
Never purchase any property without doing a physical inspection. Also, if it takes more than 90 days to negotiate the transaction or if the house has been vacant, have the property re-inspected prior to signing off on the final deal. The reason for this is that the longer a house stays vacant, the more likely it is to have problems.

For example, pack rats and mice are more likely to move into vacant properties. They can chew through the wiring and generally wreak havoc with the home’s electrical systems. Also, if the dishwasher is not run at least once a week, the seals can dry out. If you live in an area where the pipes are not winterized and there are freezing temperatures, a pipe may burst. You may not discover the problem until you turn the water back on after closing.

5. Is the deal more important than your lifestyle?
A property can be a great deal in terms of the price, but is it worth it if it’s in a poorly rated school district or if the commute is an hour from your workplace? What if the property has a terrible floor plan, is in the flight path for a major airport, or occasionally gets a whiff of the sewage treatment plant? When you purchase, it’s important that you take all of these issues into consideration rather than focusing exclusively on the price. A property with any of these types of problems will be harder to sell in the future.

It’s important to consider the price in conjunction with the quality and the convenience of your lifestyle once you move in. For example, an extra 30-minute commute over a number of years can easily chew through thousands of dollars in terms of your vehicle costs, not to mention the wear and tear from the additional stress of commuting.

There are good distressed property deals out there. Nevertheless, don’t limit your search. Have your agent show you seller-occupied homes that are not distressed properties. Thirty-five percent of all properties are owned free and clear. These properties are often lovingly maintained, in top-notch condition, and in more desirable locations. In the long run, they may be a much better bargain.

Source:  Inman News. Bernice Ross, CEO of RealEstateCoach.com

Hello Blogoshpere! It’s Adrian here!

It sure has been cold here in the Fort the last couple of days, I sure am ready for the warm weather already. How long is it until summer?!

I have one more week of classes followed by one week of finals, and then one more semester until I hit the “Real World”! Scary how fast it is all going! Those that are younger: ENJOY THE TIME. lol

Anyway, things here at the office are moving along. We are still listing things and moving properties here! All very exciting! Also excited that the first time home buyers credit was continued, as that was really moving the houses in our market.

Hope everyone had a great turkey day, and is looking forward to the holiday season. Any good thanksgiving stories that are worth sharing from you all?

Property Tax Alert Clark County

Property Tax Amount and Lowering Property Taxes

I have received calls on how real property taxes may be affected by the current economic market in Clark County.

How Is Tax Determined?

Real Property taxes in Clark County are based upon a formula, not the sales price.  To calculate the real property tax you multiply value times .35 times tax rate.  (VALUE x .35 x RATE).  Example:  $1,000,000 x .35 = $350,000 assessed value.  To calculate the tax, multiply the assessed value ($350,000) by the tax rate (.035): $350,000 x .035 = $12,250.

How Is Value Determined?:

The value is generated by the Clark County Assessors  office. 

When is Value Determined?:

Notice of value was sent by mail to property owners on December 1, 2009.

How Do You Appeal Value (Lower your Taxes):

Owners have between December 15 to January 15, 2010 to file an appeal.  Owner can telephone and speak to the Assessor to request an appeal form OR go to 500 S Grand Centennial Parkway 2nd Floor Las Vegas, Nevada to get an appeal form.  Beware of Scam:  Be aware there is no such thing as a “Property Tax Review Board.”  The Board claims that it can lower property taxes for property owners.  Questions regarding this matter can also be addressed by contacting the Nevada Attorney General’s Bureau of Consumer Protection at (775) 684-1169. 

Deadline:

Appeals must be filed within these 30 days, December 15, 2009 to January 15, 2010.  

More Questions:

Questions regarding a tax amount for a specific property should contact the Treasurer’s Office 702-455-3882.

I hope this great info passed on from my broker helps some of my fellow Nevadans with their questions about property taxes in the current market. Have a great weekend, and as always referrals are always welcome!

The hot price range of the week in Kirkland?   $200-299,999, $400-$499,999, $500-$599,999, and $800-899,999.  A busy week for Kirkland real estate!

• Most number of home sales in Kirkland: $200-299,999, $400-$499,999 and $500-599,999, and $800-899,999 3 sales each.
• Most number of homes for sale $1,000,000-1,499,999:  50 homes for sale. There were 60 homes for sale a few weeks ago. Recently, the number has continued to stay on the lower side.
• Highest number of home sales in Kirkland in the last 7 weeks:   11-04-09 when 18 homes sold.
• There were 362 homes for sale in Kirkland and 16 homes sold last week.  The number of homes for sale in Kirkland is slowly, but steadily, dropping each week.
  

• Peak  of homes and condos for sale in King County so far this year?
• July 27th marked a high of 13,861 homes and condos for sale in King County.

• Week of 11-30-09   11,797  homes and condos for sale in King  County, the smallest number since the first week in January of this year.

With the drop in inventory, properties for sale, and the increase in sales, this is a good time to think about selling your home.  If you’re thinking of making a move in the spring, there’s likely to be more homes and condos for sale on the eastside, meaning more competition to sell.

Kirkland Real Estate Sales - 12-02-09

This chart is updated weekly by (Windermere Real Estate/East, Inc., using MLS data) to show the price ranges of the homes sold each week.  Here’s how it’s set up:The colors show who has the advantage in a particular price range.

• Green means the buyer has the advantage with many homes to choose from and not that many selling.
• Yellow means the number of homes for sale and the number of sales in the price range is balanced between the buyer and the seller.
• Red indicates a sellers’ market where the seller may have the advantage as more homes are selling when compared to what’s available.

Down the side of the chart, the home sales activity is broken down into a price bracket of $99,999. All the homes priced between $400,000-499,999, as an example, are put together in one price category in the chart.

Across the top, the chart is broken down into real estate activity by the week.

If you take the $400-499,999 line and follow it across the chart, you’ll see what has happened each of the last seven weeks.  There are three columns under each week. On the left side of the column is the number of homes for sale in Kirkland.  The middle column shows how many homes sold that week, and the final column under the date shows the months supply of homes for sale.  In other words, if no other homes came up for sale, it would take an average of 2.9 months to sell all the homes in the $400-499,999 price range.

The last section shows the 7 week average of each category, the number of homes for sale, the number sold, and the months supply.

Interest rates are still very low, and inventory has been high, but houses are selling faster these days and inventory is lower. And the holidays are a most exciting time to have houses on the market. Why? Our houses are never so warm and inviting.

And not just warm from the toasty fireplace but from those little touches you may add to your home in celebration of the season. “The rest of the year, when people are distracted by stuff (details of the house they don’t like), then they bypass the house. At this time of year … all they’re thinking about is, ‘Wow. Look. If I buy this house, look how nice it can look. And I can put the tree in the same spot that they have it.’ It helps them envision the warmth of the holiday season, which at any other time of year, guess what? They’re not getting, so in that respect, it’s actually helpful to have decorations up. People buy on emotion.”

Of course, that doesn’t mean you should go overboard on decor. No one will be able to notice your generous yard if it’s covered in a family of 8-foot-tall inflatable snowmen.

“I know the children love outdoor lawn decorations, but I would not spend the time setting them up when trying to sell your house,” says Gara Cole, The Northrop Team’s Accredited Staging Consultant.

Instead, she says, stick with natural decorations, including garlands and berries, pine cones in baskets and holly. Lighting should be subtle, she says, and holiday lights should be used sparingly. (She suggests only mini clear lights.)

And this year, the holiday season will be particularly bright for first-time homebuyers who will get a gift of $8,000 back from the government if they purchase before April 30, 2010. And what’s even more amazing is the credit for repeat buyers – anyone who has lived in their home 5 years or more (and owned it for at least 8 years) can get $6,500 back.

So think about that timing. If they need to buy before April 30th, then they will start looking NOW. It’s silly to wait until February or March to go on the market – you will miss this flurry of activity happening right now!

Obviously, the peak months of real estate are May, June, July and August (that each make up about 11% of home sales). December home sales usually make up about 8.1% of the total annual home sales. Here are 5 reasons the 2009 holiday season promises to be filled with better-than-usual home sales:

1. Steady Mortgage Rates – interest rates and home prices are at all-time lows and are likely to stay there in the near term. If we look historically at interest rates, they typically drop every December through January, so we could see them drop even lower this holiday season. They have to come up sometime, but it won’t be during the holidays.

2. Motivated Buyers – with unemployment rates still high and looming holiday expenses, many home buyers who are searching over the holidays are extremely motivated. Most are trying to buy before the end of the year for tax purposes as well!

3. Less Competition – With many people gift shopping, traveling and entertaining, November and December are traditionally slow for real estate. On the ball sellers can take advantage of this fact and find less competition. Your home ill stand out! And again, there is a surge of buyers in the market right now because of the new tax credit and even MORE SO because of the expansion, so typically these people would not have a reason to go house hunting over the holiday – but they are out there!

4. Quicker Closings – fewer transactions means faster closings. November and December are historically slower months in the mortgage business so things get done faster. Not only that, financial institutions and lenders that are looking to close the books on 2009 may be more willing to act quickly to get a transaction.

5. Tax Advantage – most settlement costs paid to the mortgage company lender or broker are tax-deductible in the year in which you pay them, if you close on or before Dec 31 you may be able to deduct the interest on your first monthly mortgage payment from your taxable income and you may be able to deduct points paid to reduce your interest rate as well.

Start your home search now! Interested in a no-obligation market analysis? Request one now!

I am often asked by my buyers, “When I am shopping for a home loan with multiple loan companies will my credit be affected each time a credit report inquiry is made?” It won’t be affected significantly, if the credit checks are done in a short period of time.

When a credit check is made by a potential lender it is called a hard inquiry. When a hard inquiry occurs it does have an impact on your credit score. However, when you’re shopping for a mortgage or a car loan, credit bureaus typically group the hard inquiries together because the credit reporting bureaus understand that the buyer is shopping for the best loan.

So for example, if you’re shopping for a new mortgage and three potential lenders pull your credit score within three weeks, that is looked at as one inquiry for that purpose.

Keeping your credit clean is critical when you’re looking to purchase a home. Don’t make any new major purchases, like buying a new car, before or during the time you are looking to purchase a home.

You can check your credit history for free once a year at annualcreditreport.com. The free reports will not contain an actual credit score, but you can get the scores for a fee.

Another good credit-checking resource is found at truecredit.com. The website offers access to tools to manage a consumer’s credit health by receiving credit reports, credit scores, credit monitoring, and informational materials.

KITCHENER-WATERLOO, ON (December 3, 2009) – A new record for residential sales was set by the Kitchener-Waterloo Real Estate Board (KWREB) in November as MLS® homes sales to the end of November reached 556 units. That’s an 87.8 percent increase from November 2008, and the third consecutive month that sales set a monthly record.

The remarkable jump in residential sales this November is a clear reminder of what was happening this time last year–“not much” says Ted Scharf, the new President of the Kitchener-Waterloo Real Estate Board. “But for the third consecutive month we have seen a significant resurgence from the downturn that started last fall.”

The worker, Homeownership and Business Assistance Act of 2009 has extended the tax credit of up to $8000 for qualified first-time buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Are you eligible? Check the full requirements at www.federalhousingtaxcredit.com or your tax advisor and then give us a call.

The Federal Housing Administration has been putting buyers into homes this year like never before. With the rest of the mortgage market in disarray, FHA has stepped boldly into the gap, insuring mortgages so that banks could keep lending even as default rates continued to climb. 

In 2006, when most lenders were happy to hand out money to just about any borrower, FHA mortgages accounted for only about 3% of the U.S. market. Today nearly a third of all purchase loans are insured by the FHA — making the federal government a huge player in the mortgage market, and putting the FHA at huge risk if these loans start to falter.

And falter they have. The delinquency rate for FHA loans is now more than 15%, according the Mortgage Bankers Association. Which means that the FHA must tighten the purse-strings, making it harder than ever for borrowers to qualify for a loan.

This year, at least half my clients used FHA to seal the deal, either as buyers taking advantage of the low 3.5% down payment these loans require, or as sellers who found an FHA buyer for their home. FHA was the grease that kept the battered, broken-down jalopy known as the housing market running in 2009. 

But things are about to change. Among the measures the FHA is considering: Hiking the minimum down payment to 5%. Raising the required credit score to 640 or higher. Increasing the mortgage insurance premiums borrowers must pay.

All of these changes would squeeze out borrowers who have middling credit profiles or who don’t have much cash to put down. They will certainly limit risk for the government… But they will also make it tougher than ever for people to buy a home.

The Metropolitan Indianapolis Board of Realtors is reporting an increase in home sales from August through October, compared to the same period last year. MIBOR says the 2 percent hike is the first positive increase since it started tracking by rolling quarters in February 2008.

Courtesy of Inside Indiana Business News and MIBOR.

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During my tests of over 5000 ugly yellow signs I have identified 11 productive reason why real estate agents should be using them to generate buyer leads for their business. Now more ever real estate agents to think outside the to be competitive.

1. Low tariffsell for. At about $1.98 per hire with stake they are humble than any other advertising media.

Consider the cost of a newspaper line ad which is bettween $85 and $100 dollars or weekend home showcase ad $250 to $750, then there is the homes magazines charging roughly between $300 to $600 or how wide thousands of dollars that dog-tired on just one frank marketing list inform card letterspost ?

2. Consistent advertising because of coarse get.

One of the biggest reasons on any business failure lack of capital in support of consistent marketing. At $1.98 per sign agents can check consistent with their lead period plan.

3. On demand – Quickly and easy as pie generates leads you want them.

Generating assets buyer leads when you deficiency them has several benefits. They make your real possessions lead propagation and your trade reliable and predictaable.

Too scads real belongings buyer leeads can oveerwhelming. Agents often squander hundreds or even thousandds of ddollars on a take the lead generation campaign and are overwhelmed by the rejoinder are uunable to follow up on the leads resulting in huge losses.

Yellow Signs will generate loads of calls for you, but you happen to get overwhelmed and are unable to get destroy with all the calls, you are only outlying a not many bucks. And of course only have to put out siigns, as you sine qua non, to establish your show the way generation funnel.

4. Consistent message delivered perfectly hundreeds of times.

Having well scripted recorded tidings to use with your signss has a explicit crash on responnse, because a recorded message is nonthreatening, so prospects are far likely to call on your sign when there is no threat of an agent on the other side of that call.

Plus a recordded message is delivered perfect every time staying constant. We as agents get bored saying the same tidings through over. So sometimes we effect change-over it, or do well a Lilliputian lazy and deliver it the way we should, every culture.

5. They act like a sales force that works in support of you age and sunset.

They are like having sales professionals on your working 24 hours a day 7 days a week wiithout ever complaining. They show up on time to work, and never demand in the course of a raise and fifty-fifty free holidays.

6. Doesn’t matter what sincere your business is at – They work.

If you are a new agent you could runabout your entire subject with just vile yellow sign strategiess. As a new power, capitol to run your enterprise is usually paltry tight and you hand down most likely want to preserve it at $1.98 for a sign anyone wheedle the phone to ringlet be in business.

Seasoned real estate agents are looking for options to supersede the serious cost of in-outstanding lead generation methods, with low cost hugely effective strategies, will think ugly yellow signs can insult expenses increase there bottom line.

7. They have the know-how to tarrget specific areas and neighborhoods.

One of my favorite things about them are their ability to generate targeted prospects in set areas and neighborhoods. This can also be with some other types of advertising such direct marketing, but is much more difficult and costly to .

8. They have the gift to target probable sort.

With their flexibility I am able target a specific prospecct prototype like fiirst lifetime home buyers, move up buyers, Luxury home buyers.

9. They are Unique in their ability to differentiate YOU in your market arena.

With so sundry me too agents all doing the unvaried things, plain-featured yellow signs you to stand out from the drive of other agents, just like they stand out from other signs on alley.

get listings all the time because of the distinction my signs bring. I have been specifically asked countless times “Are you prevalent use those yellows signs on account of chattels too?” In fact they are of my listing spectacle.

10. Increases the chance of selling your own listings.

As I mentioned in the “7 myths article ugly yellow signs won’t enlarge the percentage of double ending your own listing away 50 to 75% but they will increase the odds of selling your own listing between 20 to 30% which is weighty when translated into real world dollars.

11.Target BUYERS.

the day you change real estate agent you are told you have to slant to pattern. Get listings and of them. These days everyone seems to have a lot of lisstings and no buyers and ugly yellow signs ttarget buyers.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

It was a slow week for new homes on the market in Alameda. There were only 3 on tour Tuesday! Only one place had food but it was delicious!

2034 Santa Clara Ave., Alameda

2034 Santa Clara Ave. $949,000

Yummy food at this open home. Signe Nelson and Justine Francis provided a delicious selection of sandwiches and salad from Blue Dot Cafe. Blue Dot is located on Encinal between Lafayette and Chestnut streets. It is a very hip coffee shop that serves breakfast and lunch. It’s kid and dog friendly. But back to the home — this large home is beautiful. It is a Craftsman – Prairie School combo described as Transitional. It has 4 bedrooms, 2.5 baths, and is 2,700 sq ft on a 10,000 sq ft lot. There are beautiful stained glass windows, original woodwork with built-in cabinetry, a fireplace in the living room and a swimming pool in the back yard! What a great place for entertaining. The home next door is also for sale by the same owner. It’s a duplex and a mirror image. They share a driveway down the middle. You can see more photos and learn about both homes at www.2030-2034SantaClara.com or you can check out the MLS listing here: Click Here to View Listing.

1825 Shoreline Dr., Alameda

1825 Shoreline Dr. $239,000

If you love the beach and want a 1 bedroom, 1 bath condo this is a great one to check out. It’s small but clean and well laid out. You can see the Alameda beach from the large patio. HOA dues are low at $275 per month. It is located in “The Capri” complex, right on the shoreline. The complex has swimming pool, too! It’s within walking distance of the Alameda Towne Center shopping area. Click here to view listing.

1000 Grand St., Alameda

1000 Grand St. $1,385,000

A grand home on Grand St. The style is Colonial Revival and was built in 1900. It is located in the Gold Coast neighborhood of Alameda. This neighborhood was popular as a summer home area for wealthy families from San Francisco at the turn of the century. In 1900 the actual shoreline was only a few blocks away. When you walk in you feel as if you’ve stepped back in time. There are beautiful hardwood floors and finishes throughout. The kitchen was remodeled in 1992 and still looks great. There are 4 bedrooms on the second level and 2 bonus rooms on the attic level. Outside there is a carport with guest quarters above. A second carport has another level you can use for storage. The house is very large — 3,613 sq ft and the lot is 12,420 sq ft. It’s open Sunday if you’d like to experience this fabulous home. Click here to view listing.

As always, if you’d like to see these homes or others drop me an email or call me at 510-689-6921.