notes-from-alicia

Newsletter - July 2009

Fri, 03 Jul 2009 18:53:32 +0100

The July 2009 newsletter includes topics such as:

"Real Estate Outlook: Recovery Underway";
"Key to Earning Energy-Efficiency Tax Credits";
"Finding the Perfect Neighborhood";
"Your Front Porch May Help Sell Your Home";
"Appraisers Advise Sellers How to Get Top Dollar";

Plus a roundup of June real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter.

Childhood Memories

Fri, 03 Jul 2009 18:51:24 +0100

Today I had my favorite, a piece of cold chicken. My husband gets upset with me when I don't warm it up. I tell him I like it that way because it reminds me of those family picnics I went on when my mom cooked up a bunch of chicken legs and threw them in the cooler.

What foods remind you of your childhood?

Can I Use the $8000 Tax Credit for My Down Payment?

Fri, 05 Jun 2009 03:02:57 +0100

Many of you have asked if you can use the $8000 credit for your down payment. The answer is yes and no.

FHA-approved lenders can develop bridge loans that home buyers can use to help cover closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The homebuyer still needs a down payment of 3.5% of the purchase price but may increase the down payment by using the tax credit. Buyers must use FHA-backed financing with an FHA-approved lender.

For more on the tax credit, go to First-Time Homebuyers Tax Credit.

Should Homebuyers Continue to Wait for Lower Prices?

Fri, 05 Jun 2009 01:37:00 +0100

I received an article from a lender that I thought was good information to pass along to buyers waiting in the wings to buy a home.

To summarize:

Buyers want to wait for the lowest home prices but they may miss out if interest rates go up.
In many markets, the rate of decline is stabilizing.
Property values in many areas have declined to 2003 levels or lower.
These properties are receiving multiple offers.
Interest rates have been bouncing between 4.50%-5.00% for a 30-year fixed rate.
If you get an interest rate under 6.00% you are getting a great deal as this is not historically typical.
In the last two weeks, interest rates increased between 0.50%-1.00% on fixed loans.
Another 1.00% increase in rates would give you a higher payment even if property values decreased by 10%.
If you continue to wait, your payment may be higher even if property values decrease further.
First-time homebuyers (buyers who haven't owned in 3 years) are eligible for the $8000 tax credit. This is free money. To get the credit, you must take ownership of the home by December 1, 2009.

If you want to buy a home and take advantage of the free money, now is the time to do it. I suggest you start looking for a home very soon to be able to be in your new home by December 1. From my recent experiences in helping homebuyers buy in the Central Valley (specifically Tracy, Lathrop, and Stockton), there have been multiple offers on many properties and it may take a while to get your offer accepted by the seller.

Newsletter - June 2009

Fri, 05 Jun 2009 00:11:30 +0100

The June 2009 newsletter includes topics such as:

Plus a roundup of May real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter.

Introduction

Fri, 05 Jun 2009 00:12:22 +0100

This is my first post on this new site. I hope to keep everyone informed of the real estate market activity in Tracy, Mountain House, Manteca, Lathrop, and surrounding areas in the Central Valley.

Occasionally I will post items that are of personal interest to me. So this blog will be a mixture of business and pleasure.