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read the latest info on Cost of No Cost Loans and the latest home sales data.

California Poppy Day

Welcome Spring! Look for more active blog updates soon from Annette Schendel, Realtor!

OPPORTUNITY KNOCKS- Home buyer tax credit!

6 KEY FACTS ABOUT FIRST TIME HOME BUYER TAX CREDIT!

1. Buyers have until July 2009 to make a purchase that qualifies.
The tax credit was passed in July of this year as part of the Housing and Economic Recovery Act (H.R. 3221). It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if you wait to buy in the first half of 2009 you can take the credit on your 2009 tax return. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.

2. Buyers don't really have to be "first-timers."
The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years. And the NATIONAL ASSOCIATION OF REALTORS® has asked Congress to expand the credit to all buyers, not just those who haven't owned a primary residence in recent years.

3. Even if buyers exceed the income limit, they can benefit from the credit.
The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so your customers can get 10 percent of the home price credited against their tax liability, up to a maximum $7,500. Sounds like a great deal. But what if your clients make more money than the income limit of $75,000 for individuals and $150,000 for households? Good news: Individuals whose income exceeds the $75,000 limit but don't make more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000. By the way, any house is eligible as long as it’s a primary residence and is in the United States.

4. Think of it as an interest-free loan.
The federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable. NAR is pushing congress to remove the repayment provision, making this tax credit a true tax credit rather than an interest-free loan.

5. You don't have to be authorized before making a home purchase.
There is no pre-purchase authorization, application, or other approval process. Eligible buyers simply have to claim the credit on their IRS Form 1040 tax return and/or any form that the IRS might devise.

6. New-home construction qualifies.
For a home that a buyer constructs, the purchase date is the first date the buyer occupies the home.However, any home that is not a primary residence, such as a vacation home or income property, does not qualify.
Visit these links for more details on the tax credit!
http://www.irs.gov/newsroom/article/0,,id=186831,00.html
http://www.federalhousingtaxcredit.com/faq.php
http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf
http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf
NAR Asking Congress to Expand Credit

As mentioned above, NAR has asked Congress to do away with the repayment provision of the first-time buyer tax credit and expand the credit to all home buyers, not just first-timers. The proposals were part of a four-point housing stimulus plan the association submitted in mid-October.

“Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible,” said NAR President Richard F. Gaylord. “It is vital to the economy that Congress take specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans.

Why use a REALTOR?

Consult with a Real Estate Professional

Are you selling your home without consulting a professional? Think again!
SELLING WITHOUT AN AGENT MAY:
· Limit the exposure of your listing to interested buyers.
· Cause your property to stay on the market too long without getting offers.
· Force you to sell at a price below market value.
· Leave you open to liability, if you do not take the proper precautions and have an
in-depth understanding of the contracts, inspections, and procedures involved.
HERE ARE SOME QUESTIONS TO ASK YOURSELF:
· Are you pricing your home correctly? Do you know what your home is worth?
· Can you showcase your home on the Internet with the latest technological and
marketing tools like virtual tours, panoramic pictures, and open homes?
· Can you discern who is serious about buying your home vs. just looking
around?
· Are you knowledgeable about the legal, contractual, and procedural
components involved in real estate transactions?
· Do you have the time to arrange appointments and tours for the buyer?
If you are not choosing an agent, you will have to be selective in choosing a home,
skilled in negotiating the price, inspecting it to avoid problems and adept at gathering
information for an effective close.
Is commission an Issue?
Many sellers feel that they can save the real estate agent’s commission by marketing
and selling the property themselves. Pause to consider the following:
§ The agents experience and advice on how to showcase and “stage” your home
in preparation for sale will earn you more than the price of the commission by
commanding a higher selling price.
§ The agent’s ability to market your listing on the internet and to their personal
network can get you an expedient sale that could save you considerable time on
the market.
§ If your home doesn’t sell, are you prepared to keep it?
§ How long will it take you to acquire the legal, contractual, and procedural
knowledge of an experienced agent?
§ If you don’t have this knowledge, how much will your potential mistakes cost you
in terms of liabilities, lawsuits, and future contingencies with the property?

MISTAKES SELLERS MAKE

Selling your home - 10 traps to avoid
Avoid the common seller mistakes to sell your home for more.
1. Is the price of your home way too high?
Overpricing is the most common reason homes don’t sell. Even if you find a buyer at
your inflated asking price, the property may not appraise at that figure and the
financing will not work. Want to find a reasonable price? Ask your agent for a CMA.
If your home remains on the market too long, agents and buyers may begin to
wonder if there are other, perhaps more serious reasons why it isn’t selling.
2. Your Home doesn’t look inviting?
Is your home competing against shiny new houses in pristine new subdivisions with
attractive prices, incentives and community amenities? Mostly even the best old
home needs a little makeover, if it hopes to attract a qualified buyer.
3. Lousy listing agent – Get Away!
It is a sorry situation to have a real estate agent who misrepresents and under
performs or even is a silent spectator to the unfortunate events. Hire an agent you
feel comfortable about representing your image and your best interests. You want
someone who can get the job done for you and represent you professionally. Here
are some common mistakes sellers make in choosing their agent:
􀀲 Making a decision at the spur of the moment without probing further and
asking more questions.
􀀲 Choosing an agent just because they agree to everything you say. Falling for
an agent who sounds like a salesperson.
􀀲 Hiring an agent without references and research about past sales, recent
customers and motivations.
Try to find an agent who is:
􀀳 Aware of the latest changes.
􀀳 Continuously updating their skills by attending seminars.
􀀳 Using technology to market homes.
4. Are you battling tough competition?
In a seller’s market, homes go fast. The number of houses on the market is low,
meaning less competition for you. But in a buyer’s market, sales are slow, the
number of homes on the market grows and buyers can find bargains, especially
when they know the seller is motivated.
5. You lack the Marketing paraphernalia and the technology that makes it ever
so simple.

Did You Know?

Did you know?...

63% of most neighborhoods have at least one house that the residents feel should be better kept and maintained.

More often than not those homes go unreported and action is rarely taken and people just put up with it!

63% say they ave a sloppy neighbor

21% admit to being the actual sloppy neighbor

81% think action should be taken against the residential slob

BUT 64% say they have not yet complained about the neighbor or property in question.

*source: ServiceMagic.com, based on a poll of 900 homeowners.

PULL THE TRIGGER ON MORTGAGE TRIGGER LISTS!

The Elephant in the room! All the Subprime and mortgage loan fallout in the news lately, it brings our attention to some little known ways credit/lenders work to get your business. If you are falling victim to a constant barrage of credit offers it may be due to a credit inquiry that was made when you applied for a mortgage loan or other credit product. A "Trigger List" is generated when a credit inquiry is made, like a mortage application. You can "opt out" of getting prescreened offers of credit by visiting http://www.optoutprescreen.com/, The Federal Trade Commission is telling Realtors and consumers to file complaints with the FTC if you encounter an unfair or deceptive practice relating to the use of trigger lists.

Have a great day!

Annette