RealEstate680

TAX CREDIT OVERVIEW
How does it help buyers in the San Francisco East Bay Area?  Our homes cost more than other areas of the US and incomes in Contra Costa & Alameda County are above national averages too.

First-Time Homebuyers (FTHBs): First-time homebuyers (remember this may include peopel that have not owned a property in 3 years may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax payers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single tax payers who earn $145,000 and above are ineligible
Joint tax payers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint tax payers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000. 
 
What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.
Home buyers in Contra Costa & Alameda have taken advantage of this program during 2009.  We have great expectations and this will continue to bring more homes to the market.

Single Family Homes in Walnut Creek, California continue to show signs of improvement.  Recent TrendGraphics show there is 3.9 months of inventory.  That means if no more homes come on the market, it would take 3.9 months to sell the current inventory.
The average sales price for a single family home in Walnut Creek for the month of June was $675,000.   This is an 5.4% drop from 18 months ago.

Average days on market are about the same for the past 18 months, just a 2% increase.

I’m seeing more buyers in the Greater Walnut Creek real estate market.  This holds true for most price ranges.  There is definitely an increase in the first time buyer markets in both single family and multifamily.

If you’re real estate agent is steering you away from short sales because they do not understand the process.  Have your agent call me.  Here is the list of homes for sale in Contra Costa and Alameda Counties.

Homeowners with Wachovia mortgages, please go to www.HomeHelp680.com for a schedule of webinars that will explain the short sale process and Wachovia’s “streamline” approach to the Short Sale process.

Wachovia is making it easier in these tough times.  It seems to be a win win for everyone.

Susan Chong, my California Modern Realtor Associate is having a home tour in San Mateo, California April 24and 25.  People will have the opportunity to see several California Modern, Eichler homes and meet contractors familiar with the design and construction.

http://www.eichlerhometour.com/

Make sure you sign up for this event, as last year was a sell out.  The Home Tour benefits Highland Elementary School.

Nor CA Closing Costs

Wachovia Bank has set up a streamline process for their short sales.  They are taking the lead in creating this process for homwowners with World Savings loans on their homes in order to stop the amount of foreclosures.

As a Certified Wachovia short sale real estate agent, I can market your home in the same manner a non-short sale homes are sold.  Photos, virtual tour, direct mail and the trimmings.  This gives us the ability to reach more buyers.

Other Realtors and finding out that Wachovia is easier to do business with, so they show these homes, where many Realtors shy away from short sale listings in Contra Costa County,  If you need help with your World Savings mortgage, please let me know. We will also have a series of Webinars later this month, March to explain the process.  Drop me a line to discuss your individual situation in complete confidence.

My friend and colleague, Pat O’Neil of Coldwell Banker Loring on the Guanacaste Peninsula of Costa Rica has several waterfront parcels and mountain lots that are priced very well.  Pat offers financing and can also show you have to do a self-directed IRA purchase.

Costa Rica has many Americans residents and vacationers, we run into people from the San Francisco Bay Area each time we visit.  Give Pat a call or email him for more information, he loves sharing is knowledge of a piece of paradise.

 

Rossmoor was once the Stanley Dollar Cattle Ranch.  As kids, we would play in Mr. Dollar’s hay barn, spending hours building forts out of the hay bails.  This aggravated Mr. Dollar to the point that they put all the Bulls in the hay barn pasture.  Only the bravest of us would make the run from the fence line to the barn.  In reality, it was probably only about 50 feet, but the idea of the bull chasing us made it a real adventure.
Today there are about 9,000 people living behind the security gates of Rossmoor.  Several different types of house are available.

CO-OPs:  These garden type apartments were the first  homes built in Walnut Creek Rossmoor.  The ownership is similar to many of the apartment house in New York City because you own a share of the entire building, like shares of stock, but have rights to your own apartment.
CONDOS:  There are many different types of Condos in Rossmoor, they range from garden style to multi story buildings
TOWNHOMES:  These have garages and are larger than the Condos and Co-ops of Rossmoor.
HOUSES:  This is the best kept secret of Walnut Creek Rossmoor.  A few dozern single family homes were build.  They  range in size and view, but offer a great lifestyle.
THE WATERFORD:  Apartments in The Waterford at Rossmoor offer full services, meals, etc.

In order to live in Walnut Creek Rossmoor you must be at least 55 years old. In other words, one of the owners has to my 55 years or older.  Rentals are maximum one year according to the HOA.
The average age in Walnut Creek Rossmoor is about 77 years old, however  well over 1,000 of the residents are under 65 years of age.  It continues to be a buyer’s real estate make in Rossmoor.  Many different type of homes are for sale.  Down sizing is one of the top reasons people move here.  The Rossmoor News is the local newspaper.

If you want a tour of Walnut Creek Rossmoor or would like to receive a package of printed material, just send me an email or give me a call.  It’s my pleasure.

 

California Teachers and Employees may be able to take advantage of loan programs that require as little as 3% down and only 1% of that from you; the other 2% can be a gift.  This rates and fees of this program are set by CalSTERS.

As a long time resident of Contra Costa County, I have been aware that many of the people that work and teach in our schools have not been able to afford to live here.  Times have changed.  With the housing market slump and low interest rate, the homes on the 680 corridor in Concord, Martinez, Walnut Creek and other places have become perfect for our teachers.

I have a relationship with a mortgage banking group, Broadview Mortgage that conducts Webinars that describes the programs and what it takes to qualify.  If you’re renting, please take the time to learn more about these programs.

Call me at 925-262-4299 or email me Sam@Benson4Homesto discuss these programs that put teachers and school employees into homes. 

 
This graphic represents the amount of inventory that’s currently on the market in Northgate. other words, if no other homes were to come on the market, it would take 4.3 months to sell what’s current on the market.Real estate experts use (months of inventory) as a good measure of a market.  It tell us if it’s a buyers or seller market.  A very good argument can be made that’s it’s a stable market, where buyer and seller have something to gain.