Monday, March 2, 2009

Are Loan Points Tax Deductible?

If you bought a home last year, find your HUD-1 and examine it to see if you paid loan points to get that mortgage.

For those who file U. S. tax returns, owning a home can help to significantly reduce your tax liability, and the first year often carries the biggest deductions. Mortgage interest, for example, is deductible from gross income. So are property taxes. In fact, if you closed a real estate transaction last year, you undoubtedly prepaid some interest before your first payment was due, and that amount is deductible as well.

But what about loan points? Do you know how paying loan points can affect your bottom-line tax liability? Do you know that the I. R. S. applies different rules for refinances versus purchase-money loans? And if the seller pays your loan points, can you deduct them? . . . read more about Loan Points.


Sunday, March 1, 2009

Home buyers in California can enjoy up to $18,000 in tax credits

It's getting more rewarding to be a home buyer.
There's the $8,000 federal tax credit for first-time home buyers. And now California has upped the ante, offering a tax credit worth up to $10,000 to any home buyer, first time or not, of any income level, who buys a home between March 1, 2009 and March 1, 2010.
There's just one hitch: You have to buy a newly-constructed home that's never been lived in.

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Saturday, February 28, 2009

Property for Sale: 388 N Bayview Ave., Sunnyvale CA



You Will Feel Right At Home In This Charming Sunnyvale Cottage, Property Features Partial Hardwood, Clean Kitchen With Upgraded Counters And White Cabinets, Dual Pane Windows, Separate Family Room, Breakfast Room, Composition Roof, Shower Over Tub, 2 Car Garage, Huge Lot. Not a Short Sale! Asking $499,900.

Mortgage Tips for Falling Real Estate Markets

It can be difficult to obtain a mortgage in a falling market.

When a real estate market falls, it’s unwise to play by the same mortgage rules as those that apply in a fast-moving market. In a hot market, you might have to waive the contingency for a loan. In a slow market, buyers can demand that sellers pay loan points or subsidize mortgage payments and still retain the right to walk away from the deal if the loan falls through.

I’ve put together a series of tips about to get the best mortgage when the market is depressed. These mortgage tips will give you a few alternatives that you might otherwise overlook such as whether you should consider an FHA mortgage, or how to determine the best time to lock your loan, in addition to ways to negotiate with the seller to get concessions . . . read more about Mortgages in Falling Markets.

How to Spot A Good Buy ?

Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.

However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.

The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?

Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.

Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.

Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.

Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.

Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.

Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.

Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.

Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.

Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.

You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. Your agent can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.

Flipper Homes - Financing Flipper Homes - Getting Financing to Buy a Flipper Home

Lori Samuels (not her real name) found the perfect home to buy among many foreclosures in the Natomas suburb of Sacramento. There were already three offers on the property, but all three purchase offers were from buyers obtaining FHA loans. The sellers did not want to accept an FHA offer.

Reasons Sellers May Reject Buyers With FHA Financing

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Friday, February 27, 2009

California Home Sales Jump 100%

California Home Sales Jump 100%

Property for Sale: 1649 Hopkins Drive, San Jose, CA



Great Value ! Cute San Jose Home, Three Bedrooms And Two Bathrooms, Composition Roof, Baseboard Heat, Separate Family Room, Breakfast Bar, Convenient Location, Easy Access To Shopping, Restaurant, Entertainment, Public Transportation, Garage Converted- Permits Unknown. Not A Short Sale! Asking $300,000.

Property for Sale: 920 Fruitdale Place, San Jose, CA



Beautiful Townhouse Style Condo In A Great Neighborhood, Two Bedrooms, One And A Half Bathroom, Central Forced Air Heat, Living Room/Dinging Room Combo, Shower Over Tub, 2 Car Garage, Minutes To Shopping, Fine Dinning, Entertainment Of Downtown Willow Glen! Not A Short Sale! Asking $344,900. Must See Today!

2009 First Time Homebuyer Tax Credit




Click Here to Download a Copy

Thursday, February 26, 2009

How to Determine the Price of Your New Home ?

Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.
If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly and at times over asking price.
The secret is perfecting a technique that’s as American as apple pie: comparative shopping.
Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when
determining a home’s market value.
A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Marketing Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, the agent is able to recommend a
realistic price range that will ensure you top dollar and a reasonably.
However, factors such as the amount of time needed to sell your home can alter the agent’s price recommendation dramatically. Typically, people should check with real estate agent to see what the average days on market before a property is sold. Sales associates will explain that the marketing “norms” vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.
Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.
The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth.
Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you.
A good rule of thumb before setting a price is to make 15 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.
Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.

Property for Sale: 1262 Elkwood Dr., Milpitas CA



Desirable Milpitas Location, Beautifully Maintained Home With Many Upgrades And Amenities, Gorgeous Cherry Wood Floor In Living Room, Dining Room Family Room And Kitchen, Natural Stone Floors In Bathrooms, Newly Installed Stainless Steel Kitchen Appliances, Recently Painted Inside/Out, Tile Roof, Gas Hookup In Kitchen, Central Air Conditioning, Central Forced Air Heat, Gas Starter In Fireplace, Fireplace In Family Room, Separate Family Room, Breakfast Nook, Separate Dining Room, 2 Car Garage, Located Near High Tech Firms, Sport Facilities, Easy Freeway Access, Asking $688,000.

Wednesday, February 25, 2009

Home Improvement Q&A - Questions to Ask When Interviewing Contractors

Q: We’re ready to go to bid on potential contractors-the plans are done, all the options that we can foresee have been selected, and we have a list of recommended contractors we’re going to ask for proposals. One of our biggest concerns is that we’ll “miss something” when we interview them. What are the questions we should ask? We don’t wish to leave anything out.

A: Something I always emphasize is that no matter how many contractors you interview, you should ask each one the same questions. That applies as much to contractors as to architects, real estate professionals and anyone else to whom you will be entrusting great gobs of money.

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Moving with pets

With people moving worldwide for work, Boxers are going bicoastal and cats are clearing through customs on a daily basis. Moving isn’t just stressful for people, it’s equally stressful for pets. So when it comes to moving pets, pre-planning is very important as animals can be very sensitive to changes in their surroundings. So we went to the expert Rachel Farris, Relocation Specialist at PetRelocation.com. Farris offered three top things to keep in mind as a pet owner moving with pets.

1. Make Friends with the Travel Crate-Whether you travel by car or by air, the crate your pet travels in will be his “home” during the trip and it’s crucial that your pet feels comfortable in it ahead of time. According to Farris, “As soon as you know you’re moving, it’s a good idea to get the crate,” Farris said. “That way, you can start getting your pet used to it well in advance. This will help your pet’s stress levels on your move date.” She also pointed out that many pet stores offer crate training classes. Additionally you can try feeding your pet in the crate on a daily basis to help ease the transition.

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Tuesday, February 24, 2009

Property for Sale: 1439 Blossom Hill Road, San Jose, CA.



Beautiful Home In The Cambrian Area Of San Jose, This Home Features 3 Bedrooms 2 Bathrooms, Large Lot, Central Forced Air Heat, Wood Burning Fireplace In Living Room, 2 Car Garage, Composition Roof, Close To De Anza Park, Easy Access To Shopping, Freeway, Entertainment, Public Transportation,! Not A Short Sale! Asking $439,900.

Property for Sale: 5344 Dellwood Way, San Jose, CA



Desirable Cambrian Neighborhood, This 3 Bedrooms And 2 Bathrooms Is Ready For You To Move In, Easy Access To Shopping, Freeway, Entertainment, Public Transportation, Recently Installed Composition Roof, Double Pane Windows, Wood Burning Fireplace In Separate Family Room, Central Air Conditioning, Central Forced Air Heat, Inside Laundry Area, Vaulted Ceiling, Automatic Sprinkler Front And Back, Don’t Miss, NOT A Short Sale Or REO! Asking $559,000

Property for Sale: 76 Marian Lane, San Jose, CA.



You Might Take A Look At This 4 Bedrooms And 2 Bathrooms Cute House, Partial Hardwood, Cozy Wood Burning Fireplace In Living Room, Separate Family Room, Central Forced Air Heat, Composition Roof, Not A Short Sale! Garage Conversion- Permit Status Unknown, asking $295,500. Information Provided By Sellers And Others Has Not Been Verified By CENTURY 21 Alpha.

Property for Sale: 1126 Cook Street, San Jose CA



Sold !

Better Than New ! This Beautiful Three Bedrooms And Two Bathrooms Custom Home Have So Many Beautiful Custom Features Just Waiting For Your Family. Incredible Cherry Cabinets, Granite Counters, Large Pantry, Custom Lighting, Soffit Ceiling Dry Wall On Demand Hot Water Heater, Inside Laundry Room, Bull Nose Corners, Two Way Gas Fireplace Hard Wood Floors, Jetted Master Tub, Walk-In Closet, 2nd Story Balcony. Asking $634,888. Information Provided By Seller And Others Has Not Been Verified By CENTURY 21 Alpha.