Tag Archives: housing

Real Estate Expert, David Tal’s HomeReach Weekly

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A new $10,000 housing tax credit for CA homebuyers!

March 25, 2010 – Last March in California, a $10,000 tax credit was enacted for homebuyers who purchased new construction homes in an effort to stimulate the housing market and help developers that were stuck with a glut of inventory on their hands.  The state allocated $100,000,000 for the program.  It was a huge success.  It was too popular in fact, because 4 months later, the fund ran out.

A new bill has been introduced in the California State Senate that would reintroduce this tax credit incentive as early as May 1st, coinciding with the end of the Federal first time homebuyers tax credit that ends April 30th.

With resale homes getting absorbed at rapid rates, many buyers are turning to new home sales which can offer great incentives from the developers like credits for upgrades, waiving Home Owner Fees for a given amount of time, major price reductions, and more.  If the state tax credit gets a new lifeline, so will developers of new homes, and homebuyers alike.

Stay tuned for more information on the California State Senate’s $10,000 tax credit for new home sales.

Visit us online at HomeReach.com to view all San Diego homes for sale.

Sound Advice for First Time Home Buyers

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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

San Diego Real Estate Expert, David Tal’s HomeReach Weekly

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Three Cash Flowing Neighborhoods in San Diego!

February 18, 2010 – It would have seemed unimaginable for the past few years.  More neighborhoods in San Diego are cash flowing, making them extremely appealing for homebuyers and investors alike.  On average, San Diegan’s are now only paying 16% more to own than they would to rent.  That is a small premium to pay to own your own home and gain from it’s appreciation, tax incentives, and vast benefits.  Compare that to 2006, when it cost 66% more to own than to rent and it’s easy to see why the attractiveness of owning a home back in 2006 came to a quick and strong halt.  The last time owning a home was only 16% more expensive on average in San Diego was in 1999.

  1. Oceanside, CA – Oceanside is the 2nd highest selling community in San Diego County, selling thousands of homes each and every month.  Values dropped 40-50% from their peaks but dropped only 7% for 2009 with an upward trend in the last 4 months of the year.  Strong rental demands from government military and naval bases, as well as thousands of young families moving slightly farther away from city centers find great values here for their money.  Investors have taken note too!!!  See the Best Deals in Oceanside
  1. Chula Vista, CA – Believe it or not, Chula Vista is selling more homes each month than any other neighborhood in the County.  There are really two completely different areas of Chula Vista, divided by the 805 Freeway, and spread over 5 zip codes.  The greater part of 3 of those zip codes were only built in the last decade and they are stunning.  For those who have visited, they know what I mean.  It’s clean, brand new, beautifully landscaped, wide streets, homes with some actual land, it’s safe, exciting and the values are on a league of their own.  New schools, parks, shopping centers, business districts and restaurant/nightlife line the avenues of the new Chula Vista, nestled just east of the 805 freeway and just south of Bonita.  Chula Vista was hit the hardest by foreclosures since most of it was built during the peaking years of the housing bubble.  Now, homes values have dropped 40-60% and rents have remained strong because of the schools and low housing costs we have today.  Come take a look for yourself.  Chula Vista is cash flowing!  View Foreclosure Deals in Chula Vista
  1. Imperial Beach, CA – Imperial Beach hasn’t been as popular as other coastal areas like Pacific Beach, La Jolla and Del Mar.  But those areas have weathered the storm better and have always been expensive.  Imperial Beach is now getting a 2nd look, not just from homebuyers, but the city too, which has zoned coastal areas of Imperial Beach as a Redevelopment District.  The Imperial Beach in 10 years from now will be a very different place than it is now, but already we’re seeing major tenants moving into the neighborhood, and redevelopment along the coastline.   Dozens of home owners are taking time to upgrade and update their homes, realizing the future potential of their home.  Imperial Beach is San Diego’s most affordable coastal city for all that it has to offer, with direct access to Coronado Island and the 5 Freeway. Within a two block radius of the naval base, there are dozens of 1 and 2 bedroom foreclosures, completely upgraded, priced between $80,000 and $150,000 that can rent for $800 to $1,500 per month!  Cash flow baby!  View all Imperial Beach Bank Owned Homes!

Visit us online at HomeReach.com to view all San Diego Foreclosures by area or zip code.

Know Your Surroundings…

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dec-hillcrestWhen looking at the market and what turn it’s going to take next, just look around you. With that being said knowing what the economists are saying is important but what is happening around you can also speak to you. Being a Real Estate professional as well as a bartender at a newly opened wine bar “Jake’s on 6th” I see that times are getting better by not keeping people from coming out. With a new business opening when the market is down and in return succeeding is a great sign. That just shows that people are not afraid to spend money. When I look around myself I am seeing friends that haven’t been employed for quite sometime now working again. The home buyer tax credit being extended is also proving that people aren’t afraid to make an investment with that assurance of seeing a return. Keep those eyes opened, there are deals out there and if you’re a first time home buyer that tax credit is motivation. As the market gains equilibrium, prices and rates are going to rise as well.

Looking for a great property in Hillcrest contact…

Justin Johnson

mobile: (619) 618-5513

FHA Keeping the Market Alive

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dec-northparkLooking for a loan when it comes time to making that big purchase in your life of buying a home? Well, you might want to rethink your decision not to go FHA if you were. FHA is close to 40 percent and by some analyses even 50 percent of all purchase transactions. If you’re looking for a condo, FHA is probably the sole source of financing condominiums right now. Condos tend to be predominantly first-time home buyers with fewer resources. With 3.5 percent down that is motivation and helps people get into homes for less up front. In 2006 FHA was only 2 percent of the housing market. Now 2009 it makes up almost half of our market. These loans can be underwritten by any approved lender, which includes most of the major lenders in this country. FHA also has the same high loan limits such as Freddie Mac and Fannie Mae. With those loans though you’re looking at least 10 percent down upfront. Consider all options, because there is more than just one.

Looking for a great property in North Park contact…

Justin Johnson

mobile: (619) 618-5513

HomeReach.com Surprises Father Joe’s Village

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new logo-Sharing Is Caring

“HomeReach.com Surprises Father Joe’s Village”

SAN DIEGO, December 22, 2009 – Sunday, December 20th marked the final 2009 “Your Home. Our Community.” Campaign event for local Real Estate Agency, HomeReach.com. Since August of this year, HomeReach.com has participated in or organized one monthly event for a local San Diego based charitable organization as part of their company motto, “Sharing is Caring.”

For the past 30 days the HomeReach Volunteer Association had been collecting gifts for the HomeReach.com Holiday Gift Drive from San Diegans which would then be distributed to those in need this Holiday Season. The campaign was labeled, “The HomeReach Holiday Gift Drive.” The current economic landscape is being felt by everyone and in a time that is filled with family, warmth and love the volunteer association felt it was important to enable those less fortunate the opportunity to unwrap a gift this holiday season.

The HomeReach Volunteer Association gathered in Downtown, San Diego and decided to surprise Father Joe’s Village with over 40 gifts that were donated. “We love what Father Joe is doing with his organization and we wanted to help him help others. I was again pleasantly surprised at the positive turnout as well as the response from Father Joe’s Village,” explains David Tal, President of HomeReach.com.

As HomeReach.com continues to expand across San Diego, so will the “Your Home. Our Community.” Campaign. It is their way of lending a hand to the local San Diego community beyond sharing their commissions with their clients. To sign up for the HomeReach Volunteer Association and see their upcoming events, please visit: www.HomeReach.com.

decemberevent

Santaluz – a “Must See” community in San Diego!

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rancho-bernardoSantaluz is San Diego’s premier family oriented  golf course community.  It is because of it’s elegance, it’s friendly neighbors, and it’s wide open spaces that so many people are choosing to raise their family in Santaluz.  It has a great location, sandwiched between Rancho Bernardo and Rancho Santa Fe, and it offers great affordability compared to the golf course communities around it.
Santaluz’s architecture and landscape is an authentic early California look and its center piece is the beautiful club house and hacienda.  If anything, go to Santaluz just to see this.  You will not leave unsatisfied, especially if you get a massage at the spa which Riviera Magazine voted the best in San Diego County.  You may also join a foursome and play a round on the Rees Jones Championship golf course.
One of the real advantages to Santaluz is that the property is all in relatively good shape and new.  Your money also takes you further than in some competing neighborhoods.  Homes for sale in Santaluz range from $750,000 to $5,500,000.  The smallest homes are 2,300 square feet and the largest exceed 10,000 square feet.  Really the bottom line is that if you are looking for a home built in the last couple years, in a gated community and with a private golf course than Santaluz is a place you simply have to see before you can buy.
If you would like a tour and access to all the amenities in Santaluz please call Daniel Beer at 858-337-7409 and I will be very happy to make it happen for you.  I am also very knowledgeable on all Santaluz homes for sale and will be happy to share any info with you that you may need.

Daniel Beer
Santaluz Specialist
(858)337-7409

There is a new “NORM” in Real Estate…

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200310310-001The way of Real Estate is changing and different things are becoming the new “NORM”. The star of housing sales has been the first-time home buyer credit; with more than 1 million households using the credit since it was enacted a year and a half ago. With this credit, it has given first-time buyers the motivation to purchase even in a distressed market. Distressed sales will account for nearly one-third of sales, inventory will be relatively lean and the state’s median home prices are forecasted to reach $280,000 in 2010. Even with the median home prices increasing, sales in 2010 are projected to decrease from 527,500 units, compared with 540,000 units in 2009. This low-end market is attracting first-time home buyers and investors, resulting in a shortage of homes for sale. Sellers at the high end, however, are seeing the challenge of home buyers securing financing as well as their concerns about where prices are headed.

Looking for a Property in North Park contact…

Justin Johnson

mobile: (619) 618-5513

‘Move-up’ Buyers Get Tax Credit

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novgloriapostThe new $6,500 federal tax credit for “move up” home buyers has been getting second billing to the original $8,000 credit for first-time purchasers. But take a look. This $6,500 credit for current homeowners just might have your name on it.

How does it work? When will it be available?

The new credit is available now. It took effect Nov. 6, the day President Obama signed the legislation. This means that if you fit the key criteria – you’ve owned and resided in your current home for five consecutive years out of the past eight years, and your adjusted household income doesn’t exceed $125,000 if you file as a single taxpayer, $225,000 if you are married filing jointly – you can claim the credit as soon as you close on a qualifying home.

That could be next week, next month or next spring. There is no actual move-up requirement in the new credit. In fact, homeowners who plan to downsize may prove to be significant users of the credit, along with people who are relocating because of employment changes. Search our website at the areas of San Diego county or the zip codes you are interested in, to see the available housing for sale. Also check the foreclosure properties. You will find excellent values there. You should also consider looking in the areas of Spring Valley, El Cajon, Lemon Grove, Encanto and Paradise Hills. You will find exceptional prices for homes in these areas.

If you fit the criteria and are considering buying another home sometime in the coming year, you might want to speed up the process and sign a contract by April 30 and close by the June 30 expiration date. Think of it this way: If the government is willing to give you $6,500 to act a little faster than you had originally planned, hey, why not?

Other key features of the $6,500 credit:

- The home cannot cost more than $800,000.

- The replacement home must become your main residence. There is no requirement in the legislation that you sell your current home. You could rent it out, turn it into a second home or list it for sale later in 2010 when prices might be higher. If you plan to retain it, however, make sure you move into the new house on the day you close so that there is no question it was your principal residence at that time. And if you do decide to sell it, don’t forget we give rebates to sellers of up to 50% of the selling price!

Like the first-time-buyer credit, the $6,500 version permits a broad range of dwelling types for your purchase. These include newly constructed or existing single-family homes, condominiums, manufactured or mobile homes, and boats that function as your principal residence. You cannot claim the credit if you are buying a second home or an investment property.

Purchase transactions among immediate family members are prohibited.

Home buyers who go to closing between Nov. 6 and Dec. 31 can claim the $6,500 credit on their 2009 federal tax returns or amend their 2008 returns. Similarly, eligible purchasers in 2010 will be able to file for the credit on their 2009 or 2010 returns.

Talk to your tax adviser regarding timing, which may be affected by your household income applicable to a given year.

If you aren’t sure whether you can make the deadlines established for the new credit – a binding contract by April 30 and a settlement by June 30 – do not assume that Congress will provide another extension. All the political and budgetary signs point the other way, and some of the primary authors of the credit insist that this is it – no more extensions next year. Take them at their word

. Call me if you have questions, or if you are ready to sell or purchase a home.

Gloria M. Baker

619-770-7753