Beth's Blog

Low to Moderate Income First Time Buyers

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 25 Mar 2009 19:17:50 -0500

If there is a silver lining to the storm clouds hanging over the housing market in Solano County, CA, it is that people of low to moderate income may be able to buy a home--a prospect that seemed completely beyond their reach even a year ago. In the City of Vallejo we have seen prices drop as much as 70% in some areas in the past two years. When you consider these low priced homes; the current low interest rates on "safe" loans; and the $8,000 tax credit available to first time buyers who purchase during 2009, you can see that we actually have a (sorry) Perfect Storm for entry level buyers.

Some of the rules have changed: you actually have to be prepared to make an up front financial committment to your purchase. But prices have declined enough that you can now use government insured loan programs such as FHA and VA (VA is the GI bill and available to eligible active dutiy and veterans of the US Military). In some cases there may be adjunct programs available such as help with down payment or closing costs, provided by the city or county where you are purchasing.

How can you take advantage of this rare opportunity? First, find a HUD certified Home Buyers Class in your area. These classes are often offered through the Affordable Housing Division of a city or county or by a local non-profit organization. If you cannot find a program on your own contact the Housing Authority in the city where you wish to live and ask them if they can refer you to a class. If that doesn't work, find a Realtor who specializes in working with First Time Buyers of Low to Moderate Income. Not all Realtors work with this very special group of buyers. You require alot more care and feeding than other buyers. We have to keep in mind loan requirements for both you and the property you buy. We have to be aggressive in our efforts to get your offers accepted because you usually need some help from the sellers and you are competing for a more limited number of homes. In short, you need Realtors and lenders who are very knowledgable about special programs for you and who are totally committed to your success as a home owner!!

If you are looking to purchase anywhere in Solano, Napa, Sonoma, Marin, Mendocino or parts of Lake Counties there is a web site that will really help you learn the housing market in your desired area. That site is www.greathomes.org and it is the actual consumer side of the MLS. It is not a lead generator (they won't ask you to register) and it is maintained by the same staff who service the agent side of the MLS so it is updated every 30 minutes. You can also get statistical data from this site.

As of today, everyone I talk to and every talking head on the radio is saying we have probably hit bottom in the housing market in this area.....so if you are sitting on the fence feel free to jump in the pool...it is an exciting time for many of you who never thought you would get this chance to buy a home.

Go for it!!

Great Location!

Beth Brittenbach (Century 21 Schutjer Realty) — Thu, 20 Mar 2008 14:44:14 -0500

Located on a small street of 7 homes in East Vallejo, close to schools, shopping, freeways. This home needs some updating but features a lovely raised hearth fireplace in living room; huge hall bath; master suite; family room; interior laundry room and some view from the kitchen and family room. Landscaped front and back; two car garage; 3 bedrooms and 2 baths.

2 HUD Certified Home Buyer Ed. Classes--1 Spanish, 1 English May 17 9am-5pm

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 20 Feb 2008 13:13:58 -0600

Presented by Vallejo Neighborhood Housing Services, Inc.

EXCITING AND INFORMATIVE TOPICS!

- How to budget my money

- How to clean up my credit report

- How to find the right home

- How to find the right mortgage loan

- How to keep my home well maintained

WE WILL HELP YOU AFTER THE CALSS TOO!!

Free ongoing one on one credit counseling and other assistance to help you reach your goals!

* There is a fee for this class

FOR MORE INFORMATION CALL:

707-552-4663

Fax 707-643-2143

Class Held at: 610 Lemon St., Vallejo, CA 94590

THE CURTAIN RISES AT THE EMPRESS THEATRE!!

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 20 Feb 2008 13:06:12 -0600

The magnificently restored Empress Theatre will hold the Opening Film Event on March 15th with a screening of CASABLANCA. Enjoy this film classic on the spectacular 28 ft. Wide Screen with 12,600 Watts Dolby Digital Surround Sound. There will be a No Host Bar and Complimentary Hors d'oeuvres and Live Music beginning at 6:00pm and the film starts at 7:30pm. Tickest go on sale March 3rd and are $20 for Adults and $14 for Seniors. For more information please call 707-552-2400 or visit www.empresstheatre.org and discover the romance and splendor of this rejuvenated Empress!!

Let's Try This Again! Foreclosed Home Tour March 1st!

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 20 Feb 2008 12:53:56 -0600

My last attempt to post this message got sandwiched between a couple of photo albums so we will try again. Century 21 Schutjer Realty and Consumers Choice Mortgage are hosting a tour on March 1st from 10am to 1pm of Bank Owned Properties. There are over 900 such homes and condos in Solano County. This event is FREE but you must pre-register so we can tailor a tour to meet your specifications. If you are already working with a lender, great. But if not, you can get pre-qualified at no cost or obligation. We will also provide you with a complete list of Bank Owned properties for sale at no cost or obligation. Even though interest rates have gone up they are still outstanding and the Banks are ready to deal on these foreclosures because they have so many of them. We will meet at Century 21 Schutjer Realty, 2255 Tennessee St., Vallejo, CA 94591. To pre-register please call 1-800-521-6674 xt 17 or email me at britt@castles.com and we will get you on the list. Hope to see you there!!

Foreclosure Tour March 1st

Beth Brittenbach (Century 21 Schutjer Realty) — Fri, 15 Feb 2008 18:28:25 -0600

As of this afternoon there were 342 single family homes on the MLS in the City of Vallejo that are Bank Owned and for sale at bargain prices....and the Banks continue to negotiate! This doesn't count the condos or multiple units available. There are fixers and there are beautiful, nearly new homes available. We are going to host a tour of some of these homes on March 1st from 10am to 1pm. We will tailor your individual tour to fit your price range and needs. You can get pre-qualified and get a list of properties throughout Napa and Solano Counties. This event is FREE but you MUST pre-register. If you can be in Vallejo, CA that day please email or phone me so we can sign you up. Call 1-800-521-6674 xt 17 or email britt@castles.com to register. Interest rates are fantastic and there are several very excellent loan programs available whether you are a first time buyer, investor or move-up buyer. Hope to hear from you soon!!

Wow!!! Buyers should be LEAPING into this market!!

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 23 Jan 2008 13:17:42 -0600

One of my favorite lenders just emailed that she can lock in a "vanilla" 30 year conforming loan at 5.375% today!! That is fixed for 30 years!!! That, combined with our lowest prices in 4 years makes this an incredible market!! First time buyers who found themselves priced out are now priced in and the investors are on the move!! With all the foreclosures we have had in our area we have seen a truly dramatic drop in home prices and there are just incredible opportunities out there right now. Add to that the excellent, "safe" first time home buyer programs that are available and this is a PERFECT time to buy a home!!!

About Lighthouse at Bridgeport

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 20 Jun 2007 16:30:23 -0500

This is a condominium development of 180 units in 22 buildings. Each unit is on one level of a two story building. Floorplans are 1 bedroom 1 bath; 2 bedroom 1 bath; 2 bedroom 2 bath; and 3 bedroom 2 bath. All have interior full size laundry hookups, a patio or balcony and their own water heater. Half of the units have a detached 1 car garage and all have a covered carport. Some units have panoramic views of the Napa River and points West including Mt. Tamalpais and Marin County. This is a gated community with an inground pool, small gym and a reception room with kitchen facilities for use by the residents. This is a great location if you plan to attend Touro University or work on Mare Island. The complex is on the corner of Hwy 37 and Wilson Ave. so you have an easy commute into Sonoma or Marin or Napa Counties and you will be just minutes from the San Francisco Ferry. Prices currently range from the low $200,000s to about $325,000.

$545,000 Brand New Custom Home, Vallejo, CA

Beth Brittenbach (Century 21 Schutjer Realty) — Tue, 05 Jun 2007 18:51:57 -0500

Just across the bridge and up the hill from Mare Island, this gorgeous custom home features 3 bedrooms, 2 baths; granite countertops in kitchen and baths; tile floors in kitchen and baths; gas fireplace in living room; 12 ft. ceilings in living/dining areas; jetted tub in master bath; walk-in closet in master bedroom; corner lot with small, private yard and patio; central heat and air. Beautifully designed to blend into this lovely Bay Terrace neighborhood.

For more photos and information please visit www.solanonapahomes.com

$549,000--Best Value in Vallejo, CA

Beth Brittenbach (Century 21 Schutjer Realty) — Tue, 05 Jun 2007 18:41:58 -0500

This fine home is located in a tiny Planned Unit Development (PUD) with just one street in and out of the subdivision. So easy for commuters: just 2 blocks from I-780 and near the Glen Cove Shopping Center. Beautifully landscaped with private back yard and large deck; 4 bedrooms, 2.5 baths; brick fireplace in living room; totally remodeled kitchen with stainless steel appliances and laminate flooring; refurbished baths; decorator colors throughout; large master bedroom with views of the hills. The homeowners' dues of $65 per month pays for the maintenance of the sweet little park in the community and the private streets. If you are looking for your own quiet haven in this rush about world...welcome home.....

For more information please visit www.solanonapahomes.com

269 Idora Ave., Vallejo, CA 94591

Beth Brittenbach (Century 21 Schutjer Realty) — Tue, 05 Jun 2007 18:06:08 -0500

How about a brand new home under $500,000 with no special assessmests or bonds? How about 3 bedrooms, 2 baths; tile kitchen countertops; tile floors in baths and kitchen; extra wide hallways; great room; central heat and air; dual pane windows; interior laundry closet; lights and outlets everywhere--for just $475,000?!

This is a rejuvenated neighborhood close to HWY 780, schools and shopping!!

6 Townhomes on 1 Parcel

Beth Brittenbach (Century 21 Schutjer Realty) — Tue, 27 Mar 2007 18:05:40 -0500

Four of the Townhomes are in one building; two in another. Each unit is 2 bedrooms 1.5 baths with central heat; fireplace in living room; interior washer/dryer hookups; attached 1 car garage with interior access and automatic garage door opener. The exterior of the units have been stuccoed recently and new fencing encircles the grounds. Rents range from $850 to $1200 per month; owner pays water, garbage and sewer. The tenants are long term (there is never a vacancy here) and 2 of the 6 are Section 8 tenants. For photos and more information please email me.

New Custom Home in Established Neighborhood

Beth Brittenbach (Century 21 Schutjer Realty) — Thu, 08 Mar 2007 14:19:18 -0600

151 Daniels Avenue is a brand new, custom home with 3 bedrooms, 2 baths; approx. 1825 sq. ft. (per builder); granite countertops in kitchen and baths; tile floors in kitchen and baths; gas fireplace in living room; central heat and air conditioning; jetted tub in master bath; dual sinks in both baths; energy efficient recessed lighting; dual pane windows; corner lot with private patio; some city lights view; laundry hookups in single car garage. Priced to sell at $545,000 with no special assessments! Call today for your private showing of this special home.

What Happens to the Buyer of a Deed Restricted Home?

Beth Brittenbach (Century 21 Schutjer Realty) — Tue, 06 Mar 2007 14:05:28 -0600

Does anyone have any experience with buyers who become sellers of deed restricted homes? Our city is preparing to implement an Inclusionary Zoning ordinance with some pretty rigid deed restrictions on for sale units set aside for purchase for low to moderate income buyers. The most onerous appears to be that the set aside units cannot be resold at market rate for 45 years and it is possible that the buyers may accrue zero or even negative equity. Anyone have any experience with this issue? What happens to the PEOPLE? Beth

Experience with Selling Deed Restricted Properties

Beth Brittenbach (Century 21 Schutjer Realty) — Wed, 28 Feb 2007 18:19:00 -0600

Hello Everyone,

I am a newbie. Our city is proposing an Inclusionary Zoning Ordinance that includes some very rigid deed restrictions for low to moderate income buyers who purchase the set aside units at prices significantly below market. I have worn out Google trying to find data anywhere in the nation about what happens to these buyers when they try to sell their affordable units. There are lots of reports on the number of affordable units developed using IZ and deed restricted properties but nothing examining the impact on the people. In a nutshell the proposed restriction would limit the seller of a set aside unit to a sales price affordable to a buyer whose income was either between 51% and 80% of Area Median Income (Low Income) or between 81% and 120% AMI (Moderate income buyer) based on the AMI at the time the seller offered the property for sale. In our area that AMI usually does not increase much year over year and in fact can decrease. The bottom line could be that the original buyer of the affordable unit may accrue any equity at all and may in fact sell at a loss. Because of this the deed restriction clearly states that the owner cannot obtain a home equity loan, nor can the property be inherited or gifted or otherwise conveyed unless the heir or recipient meets the income guidelines. I and others in our Assn. of Realtors perceive that these restrictions are punitive and remove key incentives to become a home owner. Proponents say that the restrictions are offset by the fact the buyer purchases at a drastically reduced price; they get a stable home environment for their families; they enjoy the tax savings with the mortgage interest deduction. We think they may be overstating the positive impact on the buyer and the family, but neither the proponents nor we can find anything that talks about what happens to the people. I do not want to see buyers set up to fail. Does anyone out there have anything to share on this subject? Thank you. Beth