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Real Estate Market Watch 2009 The Latest Buzz: Home Buying Credit Extended and Expanded to Include More Than Just First Time Buyers! President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 on November 6, 2009, extending the home buyer tax credit which was due to expire November 30, 2009. The extended credit applies to both first time home buyers and repeat home buyers who have a purchase of a primary residence under contract by April 30, 2010, and close by June 30, 2010. It gives up to $8,000 to qualifying first time home buyers and up to $6,500 to qualifying buyers who have owned a primary residence for a consecutive five of the past eight years - allowing even those who have already sold their home to qualify! The new credit increases the maximum salary to $145,000 for single filers, and $245,000 for couples filing jointly, and phases out for single filers making over $125,000 and couples making over $225,000. You’ll see the credit at tax time, either as a savings on what you owe, or as a refund!
If you own your home and want to stay where you are and can afford to hold onto your property until the market heals itself, that may be the right choice, but if if you plan to buy a different home when you sell, you could benefit by transferring your equity into a new home, by locking in a low price, low interest rates, and low property taxes while you can. If you need to sell this year, do it quickly before it loses more value, make it as attractive as possible, and price it right to attract more buyers. Waiting could cost you money. It's never been more important to properly stage, price and market your home when selling. I'll help you identify what small fixes you can make to get the most for your home and help you stage it as well. Together, we'll get you the best price for today's market.Consult your tax advisor for more information and restrictions, and visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html or http://www.federalhousingtaxcredit.com/ For military and federal employee benefits, visit http://www.irs.gov/newsroom/article/0,,id=215594,00.html If you're looking to invest in real estate, right now is a great opportunity to find a great deal. Short sales. Foreclosures / Bank Owned properties. From beautifully renovated condos near West Hollywood for under $375,000, to a 2-bedroom home with a pool South of the Beverly Center under $700,000, there's a lot to choose from, including bank-owned property and sellers who are more willing to negotiate. Prices are soft and interest rates are still very low. We won't know where the bottom is until we've missed it. But we do know that it's taking less time to sell property now than a few months ago and there's less on the market. Those are usually the first indicators that we're near bottom. Look for the best deals and go for the best discount while it's still a buyer's market. When the market turns, you'll have more competition and sellers will have the upper hand. Ask me about good buys and foreclosures - they're out there. I'll help you locate and negotiate the best deal for you. And remember that the difference between 5% and 6% on your loan is a 20% increase in mortgage interest! Take advantage of today's low rates! Powered by Mortgage Rates @ MBR
The Rise and Fall of Interest Rates: Over the last few months rates have risen, fallen, and risen again. Rates fluctuate daily, dramatically changing what you can afford. That, coupled with changing lending guidelines, makes it difficult to determine how much you can afford. Speak with a lender to see what rate you qualify for and how much you can afford. It may be more than you think, but then again, it may be less. Contact me for more information on reputable lenders.
What does $2,500 buy you? Amortized over 30-years with a fixed-rate mortgage:
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Buyer's AND Seller's Market? Prices have come down nearly everywhere in the past year making buying a home very attractive and affordable to buyers and investors. So much so that inventory is very low and it has become a seller's market for homes priced within conforming loan guidelines. Homes are selling in just a few days with multiple offers over the asking price. For those who need to sell their home or have equity and want to upgrade to something bigger or better, locking in low interest rates and low property taxes, it's a great time to sell. For those who are upsidedown on their mortgage (owing more than the house is worth) and can afford to stay where they are, that may be the better choice. Take a look at these live charts from Trulia showing the past 12 months' trends in home prices from Westside Los Angeles through the Hollywood Hills and Los Feliz.
Wondering about your area? Give me a call and I'll help you sort through the data.
Tiffany Thompson (310) 776-0258 tiffany@tiffanyforhomes.com |
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I'm always looking for more properties to add to my repertoire. If you've been thinking of selling your home, but
don't know where to start, give me a call. I'll walk you through the listing, selling and buying processes and make sure you have everything you need to make an informed decision. See the Seller's Resources section for more information. For more real estate information or to subscribe to my monthly e-newsletter, click here to sign up online.
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