Real Estate Information Archive

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Current Mortgage Rates As Of Today: 30 Year Fixed Rate Is 4.84%.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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I've received quite a few emails lately regarding the Homebuyer Tax Credit that expires on April 30th of this year. People are wondering the exact details of the program and if they qualify for the credit.

I figured the best way to answer these questions was to post a flyer explaining the basic details of the program. Remember, this program applies to first-time homebuyers, as well as, move-up buyers.

As always, please consult with your tax professional to confirm eligibility.
Click on the link below for a copy of the flyer.

Homebuyer Tax Credit Information Flyer

Brought to you by Randy Charlton of Century 21 Home Realty.

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The real estate market is always changing and the current market update is a great tool to see what is happening in your exact area or in areas you are interested in.  I have included a link for the market update for December 2009 as compared to December 2008. 

As usual, the market can vary according to city, and zip code, so call me for up to the minute information. 

To view the update click the link below.

The San Bernardino County Market Update for December 2009.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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I have received many questions about the current housing market and whether or not the home prices will decline further, level off, or increase.  I came across this current article titled "Double Dip In Home Prices Threatens One In Five Markets" about the home prices nationally. 

Click Here To Read The Article.

The market is different for different areas, so contact me for up to the minute information for your exact area.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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Most people want to enjoy their pools, not spend time maintaining them. And with today’s busy schedules, it’s easier than ever to make mistakes, like running pool equipment too long or letting the water go green - and not in the ecofriendly sense.

But automating pool functions can save up to 75% of a pool’s annual energy costs, while also reducing chemical use and maintenance time. Pool owners can customize pool functions to their schedule. For example, someone may set their pool’s filter pump to run longer or more often on weekends, when the pool experiences heavier use.

The pool experts at Hayward offer the following tips for Americans looking to enjoy their pools with minimum effort and maximum savings.

Replace your pool’s filter pump. A pool pump may be your home’s second or third largest energy consumer after air conditioning units. But a multispeed, energy-efficient pump can save up to 75% on your pool operating costs.

Owners can further reduce energy consumption by setting each action’s time, speed and duration, or setting the pump to work during off-hours.  Use a robotic cleaner.A robotic cleaner can quickly pay for itself, saving up to 94% of the energy used by a pressure cleaner and booster pump.

Are you still flipping switches? Save energy by managing your pool and spa functions with automation. Program and control functions such as your multispeed filter pump, booster pump, pool/spa lights, heater or pool cleaner.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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Consumers making substantial home renovations can receive a tidy tax credit from Uncle Sam if they shop and buy carefully. The American Recovery and Reinvestment Act of 2009 allows home owners to receive tax credits when they improve the energy-efficiency of their home.

Tax credits are different from tax deductions.  A tax credit is figured after you determine your tax bracket and how much you should owe in taxes.  A tax deduction reduces how much you owe in taxes by decreasing your taxable income.  The amount of a tax credit is the same for everyone, while tax deductions are not.

To receive the tax credits, homeowners should make sure their improvements adhere to the IRS guidelines:

 - Must be “placed in service” from Jan. 1, 2009 through Dec. 31, 2010.
 
 - Must be for taxpayer’s principal residence, except for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems (where second homes and rentals qualify).  $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 and 2010 for most home improvements, except for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems, which are not subject to this cap, and are in effect through 2016.

 - Must have a “Manufacturer Certification Statement” to qualify.  For record keeping, save your receipts and the Manufacturer Certification Statement.  Improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) - use IRS Tax Form 5695 (2009 version) - it will be available late 2009 or early 2010.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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Foolproofing the sale of your home
The scenario is all-too-real for many home sellers today.  They put their home on the market. They're positive about the prospect of selling and settle on a price that meets their financial needs.

Six months later, however, they're left wondering, “Why hasn’t my home sold?” If you’re about to embark on the home-selling journey or you’re in it for the long haul – take note of these selling pitfalls and ways you can avoid them. 

buyer’s Remorse
Purchasing a home is one of the biggest decisions one can make, which is why some people have trouble committing to a home they may love. In fact, some will look for reasons to pull out of the buying process. Savvy sellers and their agents remind the buyer why they were attracted to the home in the first place.

This might include pointing out the homes comparable value, the homes’ features that match the buyers’  needs or any additional features that help the home stand out.

Low Appraisals
Today, appraisers and the banks they represent are much more conservative when establishing fair market value. This may cause appraisers to issue a low appraisal of the home in question.

Sellers can combat the low appraisal, however, by doing several things. First, defend the price of the home by providing a list of the homes that were used to establish the home’s comparable value. Also, be sure to meet the appraiser at the home to point out any amenities or structural details that might not be obvious to the appraiser.

Conditions and Contingencies
Before the successful close of a transaction and during the escrow process, buyers and sellers must resolve certain conditions and contingencies. According to Trulia.com, a common condition of sale is the acceptance of an inspection report or the review of a preliminary title report. These issues can be problematic during escrow because they may be poorly written or do not include specific deadlines. One of the easiest ways to keep the sale from falling through the cracks is to ensure both parties are aware of the deadlines and conditions surrounding the contingencies.

Source: www.trulia.com

Extensions and Expansions
On November 9, 2009 President Obama approved the extension of the first-time homebuyer tax credit that was slated to expire on November 30, 2009. As part of the a $24 billion economic stimulus bill the program will now also offer a credit to homeowners who have lived in their current home for at least five years and are seeking to relocate. The new expansion also called to attention several special rules that apply to members of the military, the foreign service and the intelligence community.

These incentives couldn't come at a better time. If you're in the market for a home, and think you are among those who could benefit, be sure you understand the details of this great opportunity.

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"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," said FHA Commissioner David Stevens.

FHA provides mortgage insurance on loans made by FHA-approved lenders. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.

The New Rules:
FHA-insured mortgages are attractive to borrowers because down payments are only 3.5%. That won't change under the new policies the FHA announced which are to take effect in spring or early summer. Among them:
- Borrowers will have to have a minimum credit score of 580 to qualify for a 3.5% down payment. Those with lower scores will have to make at least a 10% down payment. The average credit score of FHA-insured borrowers is 693.

- Allowable seller concessions will be reduced from 6% to 3% of the sale price. The change is intended to discourage inflated appraisals. On many home transactions the seller agrees to pay the closing costs of the buyer.

- buyers will have to pay an upfront mortgage insurance premium of 2.25% of the total loan amount, up from 1.75% now. A $150,000 mortgage would require a payment of $3,375, or $750 more.

What It Means To Everyone! The general rule is: if someone cant' get financing to buy your home when you decide to sell, it's going to be difficult. To the extent that financing is available and markets function normally you have a better shot at selling. Even with these changes, FHA lending still will remain the largest source of home purchase financing.
These changes are designed to improve FHA's financial position and will ensure its long-term ability to guarantee affordable mortgages for families.  In the end these changes are also designed to engage borrowers who can reasonably afford a mortgage. From what we have seen in the recent past, guidelines that were lowered to promote homeownership backfired. This scenario is well reflected in the Foreclosure problems now sweeping the marketplace.

Brought to you by Randy Charlton of Century 21 Home Realtors.

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INSPIRATION FOR TODAY:
"Two roads diverged in a wood, and I -
I took the one less traveled by,
and that has made all the difference."
~ Robert Frost

FORGET THE LEADER!

On the playground of any school, and on any day, you can witness examples of children playing "follow the leader." One hops, skips, or jumps, and all the others follow. As adults, however, many of those children play a variation of that game - called "follow the follower."

On the job, they look around, see how someone else is doing their work, and duplicate the effort. What they don't realize is that their fellow employee is also watching someone else. A circular game of "follow the follower" evolves, resulting in a mediocre work force. The same can be true in marriages, education, hobbies, and sports.

Consider the story of a telephone operator in a small town. Every day she received a call from a gentleman asking for the correct time. Finally, one day, she asked the mystery caller who he was and why he called every day. His answer? "I'm the one who blows the whistle at the factory each day at noon. I like to be right on time!" The operator laughed and then responded, "Here at the telephone company, we set our watches and clocks by the noon whistle at the factory!"

Tired of playing follow the follower? Want to rejuvenate your life? Begin acting like the unique person you already are. See what everyone else is doing . . . and do something different. Strike out in the direction of your own imagination instead of theirs.

In the words of Henry David Thoreau, "Go confidently in the direction of your dreams. Live the life you've imagined."

Brought to you by Randy Charlton of Century 21 Home Realtors.

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"A man's reputation is the opinion people have of him;
his character is what he really is."
- Jack Miner, conservationist (1865-1944)

How's Your Credit?

Ever hear someone say, "I have good credit"? They are probably referring to their credit "rating" - a score bestowed upon them by creditors, banks or rating agencies. Simply stating, "I have good credit" changes nothing, nor does the statement merit the attention of creditors. Credit can only be given by others for service to them, i.e. paying them on time.

So, credit is the result of serving others - in many ways. You cannot claim education, victory, experience, success, reputation, or a suave demeanor. Each of these is a gift from others, as a result of your service to them. Friends recognize your courage as a result of your being cool under pressure. Your success is recognized by others only once you have served them well. Knowledge of your career field is recognized by others only after it's been applied to situations in the form of more service.

In the accounting world of income and expense, a debit is something paid out, while a credit is something received. Thus all credits are received from others - not by our own making. The debits - what we pay out - are our efforts, persistence, and service. How they are rated is not under our control, but is determined by those served.

Without service, there are few rewards. Yet, you've seen those who insist on getting more attention than they deserve. They feel they're being short-changed, that they are not appreciated, that they are always the victim. If you look more closely at their contributions, you are also likely to see the dearth of service they are offering.

With service, credit follows. It may be subtle or quite visible - but it always follows. Concentrate on what you have to offer and forget the rewards. Those who are served will pick up the tab.

Brought to you by Randy Charlton of Century 21 Home Realtors.