Federal Tax Credit for Home Buyers Extended and Expanded

The tax credit will be extended through April 30, 2010, with a 6-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

California Homes Sales Increase

California Association of Realtors reported yesterday that home sales increased 2.1 percent in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3 percent.
The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3 percent decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1 percent compared with August’s $292,960 median price.

Will the $8,000 tax credit be extended?

On Oct. 5th, White House Press Secretary Robert Gibbs stated that “there has been quite a bit of success” with the $8,000 tax credit, and added that President Obama "is considering extending it to help strengthen the economy and create jobs". So far though no official word on if or when that would happen. The tax credit is due to end December 1, 2009. Why wait to see if it is extended. Interest rates are creeping up, house prices are on the rise. Now is the time to move. Ever heard the poem "The Reluctant Real Estate Investors Lament" if you haven't, now would be a good time to read it.



For more detailed information email me or go to www.federalhousingtaxcredit.com or www.irs.gov (search for first time home buyer tax credit)

There Is Still Time To Get The $8,000 Tax Credit

Call me now to find out how and to see if you qualify!!!!!!

Mortgage rates slip below 5%

Loan applications jumped 13% last week and are up 50% from late June, borrowers have been taking advantage of rates that now average 4.97% on a 30-year loan. This is the time to buy!!! Talk to me about the $8,000 first-time buyer tax credit. Time is running out but if you are eligible you can still get the credit if you act quickly.

Fast Facts From The California Association Of Realtors

California median home price - July 09: $285,480 (Source: California Association of Realtors.)
California highest median home price by California Association Of Realtors region July 09: Santa Barbara So. Coast $885,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region July 09: High Desert $110,650 (Source: C.A.R.)Calif. First-time Buyer Affordability Index - Second Quarter 2009: 67 percent (Source: C.A.R.)Mortgage rates - week ending 8/27/09 30-yr. fixed: 5.14% Fees/points: 0.7% 15-yr. fixed: 4.58% Fees/points: 0.7% 1-yr. adjustable: 4.69% Fees/points: 0.6% (Source: Freddie Mac)

Home Energy Efficiency Rebates

REFRIGERATOR REBATES ARE BACK!!$100.00 combined rebate when you purchase a new Energy Star® refrigerator and recycle your old one.
The Los Angeles Department of Water and Power (LADWP) is continuing its Consumer Rebate Program (CRP) to promote energy-efficient products. The LADWP is providing cash rebates to make purchasing energy-efficient products EASY and AFFORDABLE.

EFFECTIVE JAN. 1, 2009, SINGLE-SPEED POOL PUMPS WILL NO LONGER QUALIFY FOR A REBATE. REBATES WILL ONLY BE OFFERED FOR POOL PUMPS AND MOTORS WITH MULTI-SPEED TECHNOLOGY. CUSTOMERS WILL RECEIVE A REBATE OF $300.
• Funds available on a first-come, first-served basis.
• All applications must be postmarked within 12 months of purchase date to be considered eligible for a rebate.
HOW TO APPLY
• Click here to download the CRP Application.

Fast Facts From the Callifornia Association Od Realtors

Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region May 09: Santa Barbara So. Coast
$875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region May 09: High Desert $106,210 (Source: C.A.R.)Calif.
First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)Mortgage rates - week ending 7/16/09
30-yr. fixed: 5.14% Fees/points: 0.7%
15-yr. fixed: 4.63% Fees/points: 0.7%
1-yr. adjustable: 4.76% Fees/points: 0.5% (Source: Freddie Mac)

First-Time Homebuyers Push Sales Up In Studio City and Sherman Oaks

Southland Regional Association of Realtors® reported that first-time buyers are taking advantage of favorable market conditions and are pushing home sales up in the San Fernando Valley with May being the eleventh straight month of sales gains.
Seven hundred and eight single-family homes sold during May, an increase of 5.8 percent over a year ago and 2.5 percent above figures.
Currently there is a 3.8-month supply of homes compared to the 8.5-month supply of May 2008 (a five- to six-month inventory indicates a balanced market.)
The median price of homes sold during May was $350,000, down 22.2 percent from a year ago. The condominium median price of $185,000 was off 38.1 percent from May 2008.

Thought For The Day

"Look for sale prices, and never regard falling prices as inherently bad news. Instead, falling prices create the opportunity to buy even more of something that was already worth owning. " Warren Buffet

California First Time Buyer Tax Credit

California running out of Ten Thousand Dollar tax credits. First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may not have as much time as they thought they had. California set aside $100 million to help home buyers purchase new construction, hoping to get the residential-construction market going. The good news is; it worked and is helping to lure home buyers into purchasing a newly built home. However, there only is about 20 percent of the funding remaining. Call me now to buy your NEW Studio City of San Fernando Valley Home before the money runs out.

Buy a Studio City Home and get a tax credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence - new or resale -on or after January 1, 2009 and before December 1, 2009. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return.

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. First time home buyer means that you have not owned a principal residence in the past three years.

I strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Interest Rates Jump

If you're looking for a new 30-year mortgage get it cheap while you still can.
According to Bankrate.com rates on conforming 30-year loans jumped dramatically ending the week at an average of 5.27%. That's still not too bad by historic standards, but it's an increase from the 4.75% or below that was available only a few days ago.
If this continues it's bad for anyone trying to buy, refinance or sell a home. If you are trying to buy and still haven’t locked your rate now may be the time to do so: this rate hike -- to 5.25%, from 4.75% recently -- can cost an extra $50 a month for someone buying a $200,000 home with an 80% loan.

URGENT ACTION REQUIRED NOW!!!!!!

The Mayors Big Plan Could Cost You $7,000! Mayor Villariago wants to take the burden of fixing 4,600 miles of dangerously broken city sidewalks from the city to property owners. The plan is to make it mandatory at the point of sale – Good idea Mr. Mayor, make it even harder and more expensive to sell your home - ever heard the expression "Timing is everything". Villariagosa has recommended in his 2009-2010 budget that the burden of repairing sidewalks land squarely on property owners whenever a home is sold. Click here for the details and information on how to stop this very expensive change.

Class Action

If you sold a home in California through Coldwell Banker, Prudential California Realty (in Southern California only), RE/MAX, Century 21, or ERA Real Estate, you could get a payment from a class action settlement. A settlement will provide up to $39.34 million to pay claims from California home sellers who purchased a Property I.D. Natural Hazard Disclosure Report ordered by an agent or broker affiliated with companies doing business as Coldwell Banker, Prudential California Realty (at certain Southern California offices only ), RE/MAX, Century 21, or ERA Real Estate (the “Broker Defendants”), during specified time periods.
The settlement resolves a lawsuit over whether Property I.D. Corporation (“Property I.D.”) made unlawful payments to the Broker Defendants in exchange for referring their clients’ Natural Hazard Disclosure Report Business to Property I.D.; it avoids costs and risks to you from continuing the lawsuit; pays money to home sellers like you; and releases Property I.D. and the Broker Defendants from liability.

For More Info http://nhdreportsettlement.com/

Helpful Real Estate Tips

Got a question about Studio City Real Estate or a general real estate question? Check out my "Monthly Real Estate Tips". If you can't find the answer to your question contact me and I will do my best to help.

Studio City California Real EstateFast Facts

Calif. median home price - November 08: $285,680(Source: C.A.R.)

Calif. highest median home price by C.A.R. region November 08: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region November 08: High Desert $148,580 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)

Mortgage rates - week ending 12/31/08 30-yr. fixed: 5.10% Fees/points: 0.7% 15-yr. fixed: 4.83% Fees/points: 0.7% 1-yr. adjustable: 4.85% Fees/points: 0.5% (Source: Freddie Mac)