Contra Costa Real Estate-The Missing Data
There’s a few facts uresthat need to be brought to the attention of people in Contra Costa County that do not follow real estate as closely as someone in the business or those who have access to accurate data.
The market continues to pick up in most areas. Reatly Trac, a national real estate data collection company states there were 2,700 foreclosures in Contra Costa Count. a change of -3.4%. So we’re certainly on the right track. But your thinking 3.4% is like nothing, Well here’s the kicker.
From January 1, 2009 to January 1, 2010, according to the Contra Costa Board of Realtors there were 16,457 closed residential transaction in 2009. That’s 1,371 per month or almost 50 per day.
As a Realtor in the Walnut Creek area, I will admit, we were all set back on our heels a few years ago, but we are turning the corner with great strides. Lenders are starting to feel more comfortable as well.
Everyone, the Federal tax credits go away after April 30th, maybe now’s the time to call your favorite real estate person and check it out. I promise you will regret it if you don’t.
My 2 cents about Contra Costa Schools
Our Quality of Life
Most school districts in Contra Costa County seem to be suffering tremendous financial short falls. The district that gets the most Press is Mt. Diablo School District. Jobs are being cut, both credentialed teachers and administrators and School hours are being shortened. Property is going without proper maintenance in many cases around the County as well.
Please correct me if I missed something, but have the Unions offered anything to correct the financial situation? I’m sure if I was on a California teachers pension, I would not be writing this blog post.
Our property values, commercial economy, quality of life, infrastructure and pretty much everything else depend on all of us investing in our schools and education.
I hope that all parties continue to work toward the common goal that benefits our communities and not the single interests that play such a large part of our National political climate. These are our families and our neighbors families. let’s keep our eye on the ball and all work toward the good of our communities.
Short Sales, the word seems easier to say
It might be because short sales have been around, (this time,) long enough for us to kinda get used to the fact that it’s going to take time. The last one I did in Walnut Creek took 3 months from start to finish.
Well, I’m here to tell you that it’s really not any easier, except for a few very smart banks and Equator. Equator may be the Holy Grail of short sales. A few banks are taking it our for a test drive. Every one’s waiting patiently.
If you are contemplating listing your home on a short sale or buying a short sale, do the home work. Talk to a real estate professional or 2!
Sellers, the faster you can sell your deficient home, the faster you can get your credit improved and move on. Buyers, there sure are a lot of great looking homes out there that are short sales.
Tax Credit Overview, does it help buyers in the San Franciso East Bay Area?
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.
Walnut Creek Real Estate Continues to Improve
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.
Wachovia Short Sales are Hot Sales
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.
San Mateo Highlands Home Tour
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.
Wachovia Short Sales
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.
Sam Benson, 925-262-4299
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