Category Archives: HomeReach News

News and Updates on HomeReach.com

HomeReach.com CEO, David Tal goes GREEN

Posted on by
Reply

SAN DIEGO, May 13, 2010 – Local San Diego Real Estate Company, HomeReach.com is proud to announce they have been awarded the National Association of REALTORS®’ (NAR’s) Green Designation, the only green real estate professional designation recognized by NAR.

Going GREEN has been a commonalty in many different industries and now we are even seeing a significant difference in real estate. The decision by CEO, David Tal to go GREEN highlights HomeReach.com’s ability and desire to continue to be on the forefront of an ever-changing real estate industry here in San Diego. This continuous drive to evolve and revolutionize the real estate market is directly related to the “sharing is caring” philosophy that HomeReach.com has committed to provide to the San Diego community.

Tal expresses his enthusiasm for receiving this award, “As one of San Diego’s first GREEN Brokers, I’m happy to announce that we are leading the way for greener and more environmentally conscious real estate transactions. We can also educate our clients on ways to save green by going green. It’s all part of our “Sharing is Caring” company culture.”

David Tal and HomeReach.com achieved this prestigious designation after completing a course designed specifically for REALTORS®.  The courses were created in collaboration with a multidisciplinary team of industry experts from across the country; ensuring designees gain comprehensive knowledge of green homes and buildings and issues of sustainability in relation to real estate.

More specifically, Tal was trained in understanding what makes a property green, helping clients evaluate the cost/benefits of green building features and practices, distinguishing between industry rating and classification systems, listing and marketing green homes and buildings, discussing the financial grants and incentives available to homeowners, and helping consumers see a property’s green potential.

HomeReach.com’s company culture, “Sharing is Caring” has now been elevated from not only sharing its commissions with their clients, but now saving them additionally by Tal’s Green certification, “As energy costs rise along with concern for the environment, homeowners are looking for innovative ways to save money and live responsibly,” said Dick Gaylord, NAR’s immediate past president.  NAR’s Green Designation was developed in response to growing consumer awareness of the benefits of resource-efficient homes and buildings. The designation helps consumers who care about energy efficiency and sustainable building practices identify REALTORS® who can help them realize their green real estate and lifestyle goals.

“We urge San Diegans to not only go online and begin searching the San Diego market, but at the same time begin interacting with our agents so we can assist in the buying experience,” Tal advises. Next time you are searching to buy or sell, ask yourself: Am I GREEN? Visit HomeReach.com to begin buying the green way; more GREEN both in your pocket and your home.

The San Diego Business Journal quotes CEO, David Tal

Posted on by
Reply

On March 22, 2010 the San Diego Business Journal wrote an excellent article on the San Diego Real Estate Market. HomeReach CEO and Real Estate expert, David Tal provides valuable commentary in the published article. To read the complete article, click on the following image below.

What on Earth is a Short Sale and why should I care?

Posted on by
Reply

If you’re house hunting these days, chances are you’ve run into dozens of short sale listings.  As a Broker, I’ve noticed quickly how little consumers really understand about the term.  The common misunderstanding is that a short sale is just like a foreclosure, but it’s not nearly the same.

Short Sales help people who are underwater on their homes with minimal financial loss.  For example, if homeowner Joe has a loan for $500,000 on his home, but his home is currently only worth $350,000, Joe is considered to be “underwater” on his property by $150,000.  Joe is most likely selling his home because he can’t afford the monthly payments, but how can he sell it when he owes more than it’s worth? Without a short sale, his only option is foreclosure or refinancing, if allowed to.

A common option for Joe is to just stop making the payments on his home, in which case the lender can step in and foreclose on his property.  Joe is kicked out and his credit will be affected for up to 7 years, making it harder for him to get credit cards, auto loans, mortgages, personal loans and even rentals.  Landlords check your credit too!

Joe has another option, in which he puts his home on the market and receives market offers for his property.  He then takes that fair market value offer to his lender, and he, with the help of his real estate agent will negotiate a “short sale” with the lender.  In this scenario, the homeowner and the agent will make the case to the bank that the owner can no longer continue to make the monthly payments.  In many cases, it may be far easier and cost the lender much less to “forgive” the $150,000 the home is “under” and let the sale take place.

For a lender, the short sale is becoming much more appealing these days.  The lender is strictly concerned with his bottom line.  If the homeowner is allowed to settle his debt or “short sale” with the lender, then he is very likely to leave the property in a good condition to ensure the sale takes place.  If, however, the lender decides to foreclose on the home instead, the lender will have to factor in extremely costly and time-consuming foreclosure proceedings, lawyers and other expenses, only to sell the property for fair market value anyways.  The other risk they take is that the homeowner, who may feel betrayed or taken advantage of, will destroy the property and cause major damage to the home upon vacating.  We see this all the time from angry homeowners who were kicked out.  This will in turn make it even harder for the lender to sell after foreclosing and the costs of repair are unpredictable.

The good news for a homeowner who completes a short sale is his credit will NOT be marked by a FORECLOSURE on his credit history, but rather a “debt settlement” flag.  Further, in most cases, this only affects their home buying power for 2 years.

If you find yourself in this position, consider short selling your home and renting for 2 years.  Prices will still be low, even if they rise a bit, prices will be very low compared to what they were in 2006’s peak, and you’ll find yourself owning another home sooner than you think.

Home Buyer Information Regarding the Tax Credit Programs

Posted on by
Reply

A tax credit of up to $8,000 is available for “First-Time Homebuyers” purchasing a principal residence on or after January 1, 2009 and on or before April 30, 2010.  If you have a binding sales contract signed by April 30, 2010 and the purchase is complete by June 30, 2010 the transaction will still qualify for the tax credit. A first time homebuyer is defined as one who has not owned a home at all for the last 3 years. If married, this applies to both spouses. The IRS does allow unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first time homebuyer. (IRS Notice 2009-12)

A different tax credit is offered of up to $6500 for “Repeat Homebuyers” who have owned a home for 5 consecutive years out of the last 8 years. This tax credit is only offered for a window of months to purchase a home this year and the beginning of 2010. It will apply to houses sold after November 6, 2009 and on or before April 30, 2010. Again, if a sales contract is signed by April 30, 2010 and the transaction is complete by June 30, 2010 the tax credit will still qualify.  Home sales above $800,000 are not eligible for either of these tax credits.

Income limitations are also in place to qualify for these tax credits.  From Jan 1, 2009 until November 6, 2009, income limits are $75,000 for individuals and $150,000 for married couples filing jointly. After November 6, 2009 it changed to $125,000 for individuals and $225,000 for married couples filing jointly. Please note that married couples are not eligible to qualify for the first time homebuyer tax credit if one of the spouses previously owned a home. They may, however, qualify for the repeat homebuyer’s tax credit. Also, to keep from having to repay these tax credits, homeowners are required not to sell their home for at least three years after purchase.

Lastly, to claim your credit, you must submit a copy of the HUD-1 settlement statement and the IRS form 5405 with your income tax returns. Those whose transactions close in 2010 can claim their credit by filing an amended 2009 tax return. I hope this information helps. If you have additional questions, give me a call. I’d be happy to help you with any and all of your real estate needs.

Your HomeReach.com Specialized Agent,

Lisa Morgan

(619)410-7002

Sound Advice for First Time Home Buyers

Posted on by
Reply

It’s your first home, or maybe you made some mistakes when purchasing a property once before, so you’re not feeling so confident. You’re excited about the prospect of getting a good buy in today’s market, but you want to feel you’re making the right choice. You may feel ready to ask your REALTOR for a tour of homes, but first, here are a few tips to remember before setting out:

Know your Credit Score.

Get Pre-approved with an experienced, reliable lender, so you’ll know what you can afford. This will also help your REALTOR to be able to show you homes within your price range.

Create a Long-Term Budget. Don’t get caught short of cash, somewhere down the road. Make sure you have enough reserves.

Don’t forget about taxes, insurance, utilities, and other possible fees.

Work with a REALTOR who has experience and “know-how”, who will help you every step of the way, including negotiating, answering vital questions, and being there for you when you need advice. A good real estate agent will return your calls within 24 hours, but a great agent will get back to you as soon as possible.

Prioritize your “Gotta-Haves” and “It-Would-Be Nice-to-Haves”, and understand that each home will most likely have a bit of each, but will seldom fulfill all your desires.

Get a Home Inspection, and choose your own Home Inspector, so you are confident there will be no conflict of interest. Your REALTOR will surely be able to give you a list of professional inspectors, but in the end, it’s your choice.

Know what you’re getting into. If the Home Inspection Report lists too many expensive repairs, don’t be afraid to cancel the contract, and continue your home search for a home in better condition.

Know your neighborhood. Show up at various times of day and night to check it out, before you make the move. Be aware of noise, or any other factors that may make the area undesirable to you.

Resale Value. Consider what you pay for your home, and whether it will hold its value over the years. Life has many surprises for us. You may want, or need to sell sooner than you think. Be prepared.

This is one of the most important decisions you’ll make in your life. Don’t hesitate to call as I will be there for you throughout the entire home buying process.

Your HomeReach Certified Agent,

Bonnie Maffei

760-730-2191

The “Upside” for the “Upside Down” – Short Sales!

Posted on by
Reply

If you bought a house between the years of 2005 and 2007, you are probably very familiar with the words “negative equity”. That means your home is “upside down” in its value, and you owe more on your home than it is worth.  The outlook ahead can seem very grim.  It’s heartbreaking to see the house next door being purchased for $200K less than what you paid.  You probably say to yourself, “What’s the point?” I know, I know… the point was to provide your family with a stable home, a nice neighborhood, good schools, and a place to grow old. But deep down I’m sure some of you were thinking, “This house could be worth so much more in the future and possibly help pay for our kids’ college, or go towards our retirement”.

Don’t worry, you’re not alone, and many people feel the same exact way as you do. Some are dealing with their current housing situation and simply accept the fact that their house is underwater and are willing to continue paying their monthly mortgage payment. Others are finding it very difficult. Maybe they have lost a job, or they feel that it doesn’t make sense financially to continue to pay on a home that could take practically the rest of their loan term to get their equity back. This is when they look to the short sale approach to “start over” in a couple of years. This is the “upside”. The short sale option will allow you to sell your home at a loss without having to be obligated to pay for that particular financial loss.  Thanks to the Mortgage Debt Relief Act of 2007, taxpayers can exclude that debt as generated income on their tax returns. You can go to www.IRS.Gov to read more about it.   This act, however, will only be in effect until the end of 2012.

How a short sale affects you: You will not be able to purchase a new home for a minimum of 2 years. A foreclosure will eliminate buying a home for 4. Which sounds better? I think 2 years of renting in exchange for eliminating an extremely high debt with no equity would be my answer. Worried about credit? A short sale will show up on your credit report as a “settled debt” vs. a big fat FORECLOSURE. It’s true, I’ve seen how they both look on a report. The FORECLOSURE does not look pretty. Plus, wouldn’t you want to at least have the opportunity to buy again sooner than later? Yes, it can seem very grim… but there are ways to salvage the situation and put yourself back into a position where you can again purchase a home and not worry about negative equity.  Not worry about an increasing mortgage payment.  If you feel you are underwater and simply can’t swim up, you probably can’t. You don’t have to go through this alone!  Call me, and we can discuss your options for planning a better future for yourself and your family.

Your HomeReach.com Specialized Agent,

Lisa Morgan

(619)410-7002

1st Annual HomeReach.com Golf Tournament Beneficiary

Posted on by
Reply

As many of you are aware, we have the 1st Annual HomeReach.com Golf Tournament approaching on April 28th at Maderas Golf Club. Labeled as the “One Round. One Cause” Golf Tournament, we wanted to give you an insight into who we are supporting right here in San Diego. Take a look into this amazing model that provides homeless families access to permanent solutions for them to end their homelessness! To Sign Up for the Tournament click here. We hope you are inspired to play in our tournament and we look forward to seeing you out on the course!

HomeReach CEO David Tal Interview on San Diego Living

Posted on by
Reply

As seen on TV, San Diego 6, the CW San Diego Living.  David Tal explains how HomeReach.com is changing the way people buy and sell homes in San Diego.  The interview was a huge success and drove our website traffic to our highest recorded levels as of yet!  Enjoy!

Search All San Diego Homes For Sale