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.