What? I have until JUNE 30,2010 to get my 1st Time Homebuyer Tax Credit?!?
That’s right, you don’t have to close escrow by April 30, 2010 to get up to $8,000 in federal tax credit, you just have to have your house under contract! If you were like millions of people across the country that thought you only had one month left you are in for a great surprise!
If you and the seller can agree on a sales contract by April 30, 2010 you have an additional 60 days (until June 30) to close escrow. A lot of people don’t plan on buying and closing escrow on their home in the next month but what if all you had to do was make an offer and had 90 days to close? Does that fit your time table?
Read more about it on the IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Need more convincing? How about the National Association of Home Builders website: http://www.federalhousingtaxcredit.com/faq1.php#9
And lastly, Frontdoor.com’s article by Annalisa Burgos: http://www.frontdoor.com/Home-Finance/Tax-Credit-to-Benefit-Both-First-Timer-Buyers-and-Current-Homeowners/55352
If you or someone you know is planning to buy or sell real estate in the far Northern California region and wants to know more about the 1st Time Homebuyer Tax Credit send them my way! They’ll thank you for it.
Jessica Murr is a licensed Realtor in California serving the Shasta and Siskiyou County region in far Northern California. She specializes in luxury homes and developable land as well as commercial sales and leases. Her services to clients include 24/7 access and mastery of social networking to keep both buyers and sellers up to speed on every step the market takes. Jessica has established herself as the Online Real Estate Professional of Choice for all aspects of far Northern California Real Estate.
Jessica Murr
Realtor
530-941-6061 (Blackberry)
Richter Scale Real Estate
www.RealtorJessicaMurr.com
DRE License # 1777426
"I don’t follow Real Estate – I’m leading the way"
**I use online social networking to maximize my marketing and learn more about the ever-changing real estate market**
Follow me on Twitter:
http://twitter.com/ca_realtor
Write something on my wall on Facebook:
http://www.facebook.com/realtorjessicamurr
Become a professional connection on LinkedIn:
http://www.linkedin.com/in/jessicamurr
Read my blog:
http://realtorjessicamurr.featuredblog.com/
Great news for buyers looking at foreclosures!
In the last few years the Federal Housing Administration (FHA) has created and enforced rules prohibiting FHA buyers from purchasing properties from sellers who had owned the property less than 90 days. This was to protect buyers from someone who might get a screaming deal from a kind old lady and then turn around and jack up the price to sell a month later when prices were climbing faster than the tide comes in. Today, because these predators are all but extinct in the current housing market, there is not much threat of being swindled by a “flipper”.
The newest problem affecting neighborhoods is foreclosed houses sitting empty, not being maintained or repaired, being vandalized and bringing down property values. Because of the rules about owning property at least 90 days even banks who owned these repossessed houses had to hold them for 90 days before an FHA buyer could buy them. Effective February 1, 2010 these houses no longer have to sit for 90 days waiting to be financed by FHA secured loans.
This will affect the majority of homebuyers in the U.S. because a large percentage of buyers only qualify for a loan underwritten by the FHA. FHA loans require a lower down payment, offer much cheaper mortgage insurance, and will allow a borrower with a slightly lower credit score to purchase a home. Think of it this way: non-FHA loans are for people who don’t need to borrow the money and FHA loans are for the rest of us.
Now, when banks foreclose on houses they can go in, assess the property, make any necessary repairs, and put the house up for sale right away instead of waiting 90 days so that it is available to all buyers. So if you are watching the foreclosure market waiting for your dream home to become available for you to purchase it you won’t have to wait as long thanks to the new changes in FHA lending laws.
Click here to see the Government’s Housing and Urban Development article on this subject.
For more information on buying foreclosures visit my blog, “Are Foreclosures Good Deals?” Are you a seller and want to take advantage of these new changes to lending laws? I have a blog to help you get your house ready for sale here and a blog about why your house hasn’t sold yet here.
Jessica Murr is a licensed Realtor in California serving the Shasta and Siskiyou County region in far Northern California. She specializes in luxury homes and developable land as well as commercial sales and leases. Her services to clients include 24/7 access and mastery of social networking to keep both buyers and sellers up to speed on every step the market takes. Jessica has established herself as the Online Real Estate Professional of Choice for all aspects of far Northern California Real Estate.
Jessica Murr
Realtor
530-941-6061 (Blackberry)
Richter Scale Real Estate
www.RealtorJessicaMurr.com
DRE License # 1777426
“I don’t follow Real Estate – I’m leading the way”
**I use online social networking to maximize my marketing and learn more about the ever-changing real estate market**
Follow me on Twitter:
http://twitter.com/ca_realtor
Write something on my wall on Facebook:
http://www.facebook.com/realtorjessicamurr
Become a professional connection on LinkedIn:
http://www.linkedin.com/in/jessicamurr
Read my blog:
http://realtorjessicamurr.featuredblog.com/
Water Rights Victory in far Northern California
I received this email today:
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Why Won’t my House Sell?
So you’ve listed your house for sale, your agent has come and taken pictures, your listing is on the Multiple Listing Service, you have seen it in the newspaper and in the real estate magazines but you haven’t had a single showing. What’s wrong???
Well, if you’re selling in far Northern California I can tell you it’s probably one of three things:
1) You’re priced too high
2) Your house is not appealing to buyers
3) Your agent is not marketing your house in the right places.
So, how do I tell if I’m priced too high? I’ve learned from my own experiences as well as the feed back from buyers, sellers, and agents all over the northstate that houses sell faster when they are priced competitively. Before you decide “competitive pricing” is pricing below comparable properties, understand that competitive pricing is listing for a price near what comparable properties have SOLD for recently.
Look at comparable properties and consider what criteria truly make that property comparable to yours. Basics like squarefootage, number of bedrooms and bathrooms, and geographic proximity. If you have a two bedroom, one bath, 900 square foot home, it is not comparable to a four bedroom, two bath, 1500 squarefoot home just because it’s only two houses down. Also, just because you own a 5,000 squarefoot home 40 miles from the closest town does not make it more valuable than a 1200 squarefoot home in a suburban part of town 5 minutes from the commercial district. You need to ask your agent what features make your home comparable to others and only look at properties similar to yours.
Next, look at the SOLD price of those properties. It doesn’t matter what these people were asking for their houses, and it doesn’t matter what comparable properties that haven’t sold are listed for; all that matters is the bottom line – the sold price. If you price your home near that dollar amount you are saying to buyers, “I am fair and reasonable” and buyers will be fair and reasonable also.
Lastly, when looking at these comparables make sure they are homes that have sold recently. You should not consider homes that sold more than 6 months ago because an appraiser won’t and neither will your buyers when they decide what a fair and reasonable offer is. I don’t care that your house might have sold for $350,000 in 2005. You didn’t sell it in 2005, this is 2009. Let go of the past. If comparable properties are selling for $220,000 then your house needs to be priced close to that. Remember, the value of ANYTHING is only what an able buyer is willing to pay. If you are determined to list your home for more than 15% above what comparable properties are selling for, don’t waste your or your agent’s time. Wait it out, hang out for another 5-10 years when things are on a steady rise.
Alright, we’ve gone over the comparable sales, we’ve priced our home competitively, we are ready to be fair and reasonable, but we STILL don’t have any buyers touring our house! Why isn’t our house appealing to buyers?….
Take a look at your pictures first. Is there clutter? Are their bright distracting colors? Is there a dead lawn out front, broken or dirty windows, kids’ toys laying around? Those have got to go. Clean your house, I can’t stress that enough, in fact I’ve written about it before, check out my blog, “Tips for For Sale By Owners”. Clean your house so clean that those HGTV people couldn’t find anything left to criticize. If your version of clean is that everything is stacked neatly in the corner or that the pile of papers is under the desk instead of on top of it, HIRE A CLEANING SERVICE. They’ll come to you; they will clean EVERYTHING (even the nasty crud growing behind the toilet); they get it done in one day; they bring their own supplies. Where’s the down side? For $100 (or maybe more if your house is a special kind of yikes) it’s done and your home will now be more attractive to buyers.
But my house is clean! It’s spotless, the cleaning service said there was nothing to do here.
Okay, why else might your house not be appealing? Dated furniture? Questionable paint schemes? Is it just ugly? Maybe not to you, but you’ve been decorating this house and putting things in it that YOU like, not what a buyer is going to like. Use a critical eye, ask your agent, ask some friends and neighbors, and if no one can give you any helpful tips call a professional stager.
Go to www.RealEstateStagerAssociation.com and find a stager in your area. Stagers will come to your house, take the tour, prepare an estimate, work with you to see what you can afford, and get the most important things taken care of first. Check out the difference in this room before and after a stager was brought into the picture:
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..Finally, we’re priced right, our house looks so good we are considering keeping it and not selling after all, but we STILL don’t have any buyers looking at it!! What gives??….
I hate to say it, but maybe your agent isn’t using the right tools to market your home. Is your home on the agent’s website? The broker’s website? Realtor.com? Are all the pretty new pictures up there? (The more pictures the better!) Is the price correct? Is your listing being syndicated to other real estate websites for maximum exposure? Is your agent writing about your listing in his/her blog? Is your agent using online social media to share your listing with savvy buyers? YouTube, Facebook, Twitter, Flikr, these are all places you should be able to find your listing. Pictures of it, links to it, descriptions of it, lots of info! Social media is not a trend that is going away. It is not a “phase” and it’s not a thing the kids are doing. It is the newest way to connect and communicate and share with the world. Newspapers around the globe are going broke because people are going online to get their information and news. Buyers want the newest, latest, greatest knowledge and they want it as fast as a click of a mouse. They don’t want to search through a dozen magazines and as many newspapers to find their home, they want that information as accessible as any one and online media is the place they look for it. So if your agent isn’t using social media to market your listing, he ought to be. If neither of you is familiar with it and you would like some help, email me. I’ll be glad to share my knowledge and give you both some tips that will help move your property from “For Sale” to “SOLD”.
Jessica Murr is a Realtor in Far Northern California specializing in luxury homes, ranch properties, real estate sales consulting, social media and networking, first time homebuyers, and real estate investment planning. For more information on this topic or any other, send her an email at JessicaMurr@RichterScaleRE.com.
I want to be your resource for real estate information and trends. I don’t follow real estate, I’m leading the way.
I also use social networking to maximize exposure for my listings and provide the best marketing possible. Find out how I can sell your home or ranch quickly and for the highest possible price using online social media by visiting my sites:
Jessica Murr Richter Scale Real Estate – Realtor™
Platinum Property Management – Owner, Manager
Mt Shasta Real Estate Consulting – Owner, Consultant
Blackberry: 530-941-6061
Email: JessicaMurr@RichterScaleRE.com
Website: www.RealtorJessicaMurr.com
New Listing – 5 Bedroom/3Bath Lakefront Home in Lake Shastina
Relax in this 2200+ sqft home on Lake Shastina. Extensive decking and balconies looking out over the water make outdoor entertaining a breeze and the five bedrooms make this a perfect getaway for family, guests, or full time residents. Home features brand new stainless steel appliances, tile countertops, new carpeting throughout, newer composition roof and wooden siding. Heating this home is no problem in the winter with two wood stoves and two monitor heaters. Double pane windows help conserve energy and the heat pump keeps you cool no matter how hot it is on the water.
Jessica Murr provides both buyers and sellers with real estate transaction services and advice as well as tenants and landlords with management services in the Siskiyou, Shasta, and Trinity County Regions of far Northern California. I want to be your resource for information and answers to all your real estate questions. Ask me how you can get $1,001 or more on your next real estate purchase.
Jessica Murr Richter Scale Real Estate – Realtor™
Platinum Property Management – Owner, Manager
Mt Shasta Real Estate Consulting – Owner, Consultant
Mobile: 530-941-6061
Email: JessicaMurr@RichterScaleRE.com
Website: www.RealtorJessicaMurr.com
REALTOR.com® National Blogger Conference Call Recap
Housing Market Rebounds Nationwide – Article from Kenneth R. Harney
Real Estate Outlook: Housing Rebounding
The big economic news for housing this week is all about sales.
Housing sales and pending sales contracts are up, dramatically in some markets, and a rebounding real estate sector could soon start stimulating the broader economy.
Even Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we’re heading out of recession in the second half of the year.
Pending home sales jumped by 6.7 percent in April. That was the third straight month of significant increases, and the highest pending sale total for any month in the past seven years.
In the Northeast, pending sales were up last month by an extraordinary 33 percent. In the Midwest, they rose by just under 10 percent, and the West by two percent. They only declined in the southern region — and that was by just two tenths of one percent.
In a handful of major markets, closed sales also are moving up sharply. In Las Vegas, sales jumped by 36 percent during April – the highest in two years, according to MDA DataQuick researchers.
The flip side of that, of course, is that most of these sales were distressed — foreclosures or sales of bank-owned properties. Fully three quarters of all Las Vegas area sales fit into that category in April.
The median price in Vegas sunk to about $141,000, the lowest since 2001, and that’s 55 percent below the $312,00 cyclical peak hit in June of 2006.
Meanwhile, low prices nationwide, combined with mortgage rates at near-record lows, have pushed the National Association of Realtors’ Affordability Index into record territory.
In April the index hit its second highest market ever, based median household income and the monthly payments needed to buy the median cost home.
On the mortgage front, applications to purchase homes continued to rise last week — up by 4.3 percent — according to the Mortgage Bankers Association.
But here’s a little sobering news: It’s becoming increasingly clear that low mortgage rates are not going to be around forever. Average thirty year fixed rates took their biggest jump in half a year last week on bond market jitters.
The average rate for 30 year fixed topped five and a quarter percent, up from 4.8 percent the week before. And 15 year rates went to 4.8 percent from 4.4 percent.
So, if you are seriously considering getting off the sidelines – now that prices are back to pre-boom levels in some markets and sales are on the upswing, jump in sooner rather than later, if you want the lowest mortgage rates.
Published: June 9, 2009
Kenneth R. Harney writes an award-winning, nationally-syndicated column on housing and real estate from Washington, D.C. He is also managing director of the National Real Estate Development Center, a professional education company. He is a past member of the Federal Reserve Board’s Consumer Advisory Council, a committee that by federal statute reviews all Fed actions on home mortgage, consmer credit and banking industry regulation.
He served as a member of the U.S. Department of Housing and Urban Development’s Working Group on Computerized Loan Origination (CLO) systems, and is a member of the Editorial Board of the Fannie Mae Foundation’s journal, Housing Policy Debate. He is the author of two books on mortgage finance and real estate.
Read the original article here.
Want to find out why it’s so important to have a Realtor in your corner? Are you in the Yreka, California area in need of a business or residential rehabilitation loan? Looking for a good deal on a foreclosure or trying to avoid foreclosure? Click the links above to be taken to my blogs about these topics and much more.
For further information on this topic or any of my other blogs email me by clicking here. You can also connect with me on LinkedIn.com, Myspace.com, Facebook.com, Twitter.com, Blogger.com, ActiveRain.com, FeaturedBlog.com, or WordPress.com.
I want to be your resource for information and answers to all your real estate questions. Ask me how you can get $1,001 or more on your next real estate purchase.
Jessica Murr
Richter Scale Real Estate – Realtor ™
Platinum Property Management – Owner, Manager
Mt Shasta Real Estate Consulting – Owner, Consultant
Mobile: 530-941-6061
Email: JessicaMurr@RichterScaleRE.com
www.RealtorJessicaMurr.com
Mt Shasta, CA home prices rise and number of sales grows
Some good news is in store for Mt Shasta, CA home sellers. After two years of uncertainty and fence sitting, prices in Mt Shasta have experienced a turn around and the number of homes sold in the first quarter of 2009 is has increased greatly over the number of homes sold in the same time frame in 2008.
***This graph reflects information gathered from the Siskiyou Association of Realtors Multiple Listing Service and may not include private sales data***
The blue line indicates the average asking price of homes that sold in each quarter starting in January 2007 and ending December 2008. The red line indicates the actual sales price trends. Notice that between the third and fourth quarters of 2008 both lines increase from less than $300,000 to over $350,000 and $400,000. Also, the average sales price of homes in Mt Shasta is within 10% of the asking price. This is good news because sellers have been worried about receiving “low ball” offers far below asking price. As we can tell from the increase in asking price and sales price, this is not a pertinent issue in Mt Shasta.
***This graph reflects information gathered from the Siskiyou Association of Realtors Multiple Listing Service and may not include private sales data***
As you can see, the first quarter is traditionally the least productive quarter of the year and we are close to the end of the second quarter already. The number of homes sold in Mt Shasta so far in the second quarter has already almost doubled the number sold in the first quarter and we still have three weeks left for the properties in escrow to close.
Summing it up: Prices in Mt Shasta are rising, if you are a buyer, this is the time to scoop up the good deals before prices start to rise. Sellers, this is a great time to entice buyers before prices get too high that fewer people can afford to buy. My advice for sellers is to contact me immediately so I can visit your property, explain your options and show you how I can market your property to more buyers than any other Realtor in the area. My advice to buyers is to call me today, let me show you the homes for sale and give you the information you need to make an informed decision and buy the property that is perfect for YOU.
To see a great buy available in Mt Shasta right now, click here.
To get tips on selling your house yourself, check out my Tips for FSBOs.
Want to find out why it’s so important to have a Realtor in your corner? Are you in the Yreka, California area in need of a business or residential rehabilitation loan? Looking for a good deal on a foreclosure or trying to avoid foreclosure? Click the links above to be taken to my blogs about these topics and much more.
For further information on this topic or any of my other blogs email me by clicking here. You can also connect with me on LinkedIn.com, Myspace.com, Facebook.com, Twitter.com, Blogger.com, ActiveRain.com, FeaturedBlog.com, or WordPress.com. I want to be your resource for information and answers to all your real estate questions. Ask me how you can get $1,001 or more on your next real estate purchase.
Jessica Murr
Richter Scale Real Estate – Realtor ™
Platinum Property Management – Owner, Manager
Mt Shasta Real Estate Consulting – Owner, Consultant
Mobile: 530-941-6061
Email: JessicaMurr@RichterScaleRE.com
www.RealtorJessicaMurr.com
New Listing in the forests of Mt Shasta
Two story 3bed/2bath wood home nestled in the forests at the base of Mt Shasta. Oak hardwood floors, open floor plan, trout fishing on Wagon Creek on one side of the property, private setting, 2.5 acres, this home has everything you love about the mountains. Priced at $379,000 this house is ready to move! Call Jessica Murr at 530-941-6061 today to schedule a tour. Ask me about $1,001 cash at closing and up to $18,000 in tax credits.
Want to find out why it’s so important to have a Realtor in your corner? Are you in the Yreka, California area in need of a business or residential rehabilitation loan? Looking for a good deal on a foreclosure or trying to find a way to avoid foreclosure? Click the links above to be taken to my blogs about these topics and much more.
For further information on this topic or any of my other blogs email me by clicking here. You can connect with me on LinkedIn.com, Myspace.com, Facebook.com, Twitter.com, Blogger.com, ActiveRain.com, FeaturedBlog.com, or WordPress.com.
Jessica Murr provides both buyers and sellers with real estate transaction services and advice as well as tenants and landlords with management services in the Siskiyou, Shasta, and Trinity County Regions of far Northern California. I want to be your resource for information and answers to all your real estate questions. Ask me how you can get $1,001 or more on your next real estate purchase.
Jessica Murr
Richter Scale Real Estate – Realtor™
Platinum Property Management – Owner, Manager
Mt Shasta Real Estate Consulting – Owner, Consultant
Mobile: 530-941-6061
Email: JessicaMurr@RichterScaleRE.com
