Shopping for Your Home

Thursday, March 11, 2010

Potential Home Buyers who DELAY have a lot to LOSE

Springtime is the time when the market HEATS UP, so all you potential buyers need to be prepared to move quickly on a particular home. First time home buyer and move up tax credits worth $8000 and $6500 expire APRIL 30th. So, my best advice is to begin working with a Realtor NOW!!!

As I mentioned before, the foreclosure home inventory is decreasing, so some buyers are experiencing "bidding wars" which are pushing prices up. Currently about 30% of markets are experiencing price increases.

We still have low mortgage rates, however if the FED stops buying morgage-backed securities at the end of March- 30 year rates will probably rise 6%.

Don't miss this GREAT opportunity, because as we all know this is the time to BUY!!!!

Contact me with all you REAL ESTATE needs

Now I had a California Facebook friend ask me an important question about a Landlord's responsibility concerning security. Here is a general list of Landlord's Responsibilities...

Providing a livable unit. LIVABILITY means the unit should:
  • be weather and waterproof
  • have working plumbing
  • provide enough hot and cold running water
  • have a working heating system
  • have an electrical system in good working order
  • be free from infestations of insects and rodents
  • have sufficient trash cans
  • have floors, stairways and railings in good repair
  • have natural lighting in every room
  • have working windows that open at least halfway or mechanical ventilation
  • have safe fire or emergency exits leading to street or hallway
  • have a working deadbolt lock on main entrance
  • have working security devices on windows
  • have working smoke detectors
The landlord/owner must return the tenant's security deposit within 21 days of regaining possession of the unit. If he/she has withheld part of the deposit, an itemized statement must be made available to the tenant.

Please contact me with any questions or concerns


Monday, March 1, 2010


THE END IS NEAR, according to Barclay's Capital the number of foreclosures available fell to 617,000 in December, down from 845,000 in November 2008. Buyers hoping to find a "steal" on a foreclosed home are finding it more difficult because the supply is decreasing. Remember when DEMAND exceeds SUPPLY = PRICE INCREASE!!!

On a related topic, the Mortgage Bankers Association announced that there are signs that the foreclosure crisis is ending. According to Jay Brinkmann, MBA's chief economist, "The continued and sizable drop in the thirty -day delinquency rate is a concrete sign the end may be in sight..."
30-day delinquencies have been a leading indicator of foreclosures
"...[This] gives us growing confidence that the size of the problem now is about as bad as it will get."

and more good news, The Fed announced that interest rates will remain low, the Federal Reserve chair Bob Bernanke told Congress that the rates are likely to remain low for an extended period. He also stated that the economy "still requires support for recovery."

Now for those of you smart and savvy. Buyers that have purchased and qualify for the TAX CREDIT, here is what the IRS requires when filing your income tax r
eturn. You will still need to file Form 5405, however they are not demanding that all parties' signatures be on the HUD-1 settlement statement in areas where both
the buyer and seller signatures isn't common. They also ask that the buyer sign the statement before attaching to the tax return.
Now for you fortunate repeat Buyers, the IRS is seeking documentation proving residency in the previous property for five consecutive years of the the past eight years. Proof can be property tax records, home owner insurance records, or mortgage interest statements.

Please contact me for all your REAL ESTATE NEEDS