Archive for February, 2009
How does the stimulus plan affect you, the first time home buyer? What if you are ready to buy a bigger home? Are you renting and want a place to call your own? Read the following article, written by Derek Beisner, a local Certified Mortgage Planner. Only 1% of all lenders in the Country are actually Certified Mortgage Planners. Derek told us that within the last week, interest rates are the lowest they have been in decades! Contact Derek, he will run the numbers for you, and you will know exactly where you stand. You will be surprised how affordable it is to own a home!
First-time home buyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.
According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.
While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.
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This question is asked at dinner tables across the country. Here in Orange County, it may be the best time to buy vs. rent.
Orange County ranked #3 for most expensive rent afford ability through the United States metro areas.
Rents and leases are averaging $1,600+ per month; to comfortably pay rent, you would need to work a 72 hour work week just to pay your rent and utilities. Rent prices are going up in North Orange County and the priciest cities for renting remain Newport Beach, Irvine and Aliso Viejo.
December 2008 was the sixth straight month of new home sales gains and it looks like January 2009 will make a seventh straight month. Single family homes are selling for 42% less than during their “peak period” of June 2007, condo’s are selling for 44% below their March 2006 peak period and Builder prices for new homes are 43% below their February 2007 top selling period.
In the last several months, Orange County home shoppers bought 31% more residences vs the same time period one year ago.
PROS to buy- Financing is low- 5% or below. FHA loans and other loans allow only 3% down on your new home. When you own your home, you make the decisions! Paint, décor, landscaping, you name it. And of course, tax incentives. Talk with a certified mortgage planner for the latest information on interest rates and the BEST loan to fit your needs.
If you don’t think you have a down payment and it is cheaper to rent, it is not! After factoring the costs of security and pet deposits, first and last months rent, you could have the 3% down needed to own your dream home.
If you not registered on our website to start a home search, do so today! You can browse homes 24/7 and be up to date on home values in your area.
We look forward to helping our clients get out of the “renting rut” and into their new home in 2009!
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