The question on everyone's lips is, "When are things going to return to normal in real estate?" Well, if the "normal" being referred to is the conditions and shady financial dealings that created the artificially inflated markets of five years ago, then we need to be thinking about redefining "normal."
The bad lending practices of the past are indeed making it more difficult now to secure financing, but try to understand that's not necessarily a bad thing. Those days of lower standards and easy money led us into this predicament in the first place. It's good for housing and for the economy when banks become interested in whether loans will be repaid.
In the "new" normal, home prices will stabilize, the number of sales will start gaining, and more people will again realize the benefits that homeownership offers, for both personal and financial security. With historically low interest rates, affordable prices, government incentives, and motivated sellers, the housing market is already experiencing the initial signs of recovery.
All of these factors combine to get first-time buyers excited about a purchase. As these consumers enter the market, they will trigger other purchases, and the chain of transactions grows. Expect your real estate representative to reveal a wide range of affordable choices and guide you toward securing the financing you need to make your dream come true.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com or www.OCRepoBroker.com he can be reached at 714-241-4532.
If you own or plan to purchase a home, then you know that insurance is not just a luxury, it's a requirement. While you should not skimp on certain coverage items, there are some steps you can take to reduce your overall premium.
If you have a security system installed (and operating!), you might lower your premium by 5% or more. You'll just need to provide your insurer with a copy of your contract or latest statement. Also, while newer homes have smoke alarms already installed, hooking them up in an older home might also reduce your premium by as much as 10%.
Just like health or auto insurance, if you increase your deductible on homeowners insurance, you'll reduce your premium. Just be sure you're prepared to pocket smaller repairs like broken windows or damages from leaks.
If your policy is held by a company that also offers auto or health insurance, look into discounts for multiple policies. You could save a percentage on both your homeowners and auto policies, for example.
Another money (and time and stress) saver is to document everything in your home with a photographic inventory. Store photos, cds or videos in a fireproof box or, preferably, a safe deposit box off site. This will reduce the time and effort required to complete a claim, and guarantee an accurate replacement payment.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
Cute and cozy 4 bedroom, 3 bath home nestled in the lower bird streets of Mesa Verde. Home sits on over 11,500 sq. ft with views overlooking Fairview Park. Family room fireplace and wet bar. Scraped ceilings. Built-in bookcases in living room. Backyard features Bocce ball and horse shoe pit as well as area for gardening and rose arbor garden. Be the first to see this office exclusive!
Over the top 3 bedroom pristenely remodeled home nestled in the Mesa North community! Home can easily be converted back to a 4 bedroom.Add on Family room has bar and wood flooring. All windows are upgraded to dual pane. Kitchen contains corian counters and newer cabinetry. Wood shutters and ceiling fans throughout. Backyard has heated built in spa and gas BBQ grill.
The Polar Express Tradition Continues in Costa Mesa!
Weichman Realtors will be hosting the 3rd Annual Polar Express along with
Santa Claus and his Elves. Bring your Family and Friends!
Free Train Ride | Free Picture with Santa | Free Coloring Contest | Free Face Painting
When: December 5, 2009, 2:00-4:00 p.m.
Where: Goat Hill Junction /Fairview Park
2480 Placentia Avenue, Costa Mesa
Call the Polar Express Hotline to RSVP at:
877-444-2177 ext. 2009
Weichman Associates has joined forces with Costa Mesa Fire to Support Orange County's Toy Collaborative in conjunction with ABC7's Spark of Love and Toys for Tots Toy Drive!
If you would like to participate in this toy drive, please bring an unwrapped toy or gift card valued at $10. A donation is not required for this event but would be greatly appreciated.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call him at 714-241-4532
After you've taken step one to decide to sell your home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.
Your chosen representative will perform a Competitive Market Analysis (CMA) to produce an estimate of your home's "fair market value," or that price that educated buyers will pay based on listings and sales of homes similar to yours. The agent will not establish the price, but only provide the information you need to make that decision yourself.
In a hot market, you have the advantage, but would still want to avoid overpricing, which is always unproductive. However, in a neutral or buyers market, you'll have to be particularly cautious in your approach to setting a price.
In soft markets, price reductions become more common, as well as fewer offers and longer listing periods. You have to first establish your priority: is it more important for you to sell quickly or to get the most money possible? Like it or not, one option simply must be more critical than the other.
Have a third party, like your agent, help you see your home as a commodity, with positive and negative selling points. Price your home objectively and competitively, be prepared to negotiate to reach an agreement with buyers, and exercise patience as you prepare your move.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call him at 714-241-4532
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.
First Time Buyers
· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
· The tax credit applies only to homes priced at $800,000 or less.
· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Move-up Buyers
· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
· The tax credit applies only to homes priced at $800,000 or less.
· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry also has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
In trying to come up with a simple breakdown of the First Time Home Buyer Tax Credit, I thought that video would be the answer. Since I've done a few for the previous tax credit, I wanted to find a new way to use video to explain it all. Enter Frank and Sally. In this video, Frank's agent Sally, helps him understand the basics of the First Time Home Buyer Tax Credit. In the future, Frank and Sally will be providing some much needed help to me, so that I might take some time off from blogging when they're able to pick up the slack.
If you'd like to use this video, just click on the video and locate the "Embed" text box on that page. Copy and paste...that's all there is to it. All I ask is that you attribute it back to me and RErockstar.com.
Frank and Sally are fictional characters who do not represent any persons living, dead, or animated. Sally is not technically licensed in any state other than the virtual world, but her real estate knowledge is based on Texas real estate (I taught her everything I know). Frank likes Metallica, but Sally is more of an easy-listening kind of gal.
The Killybrooke PTA is trying to get the word out about our latest community wide fundraiser.
Hurley Surf Wear Sample Sale
Saturday, November 14th from 8am-4pm
Killybrooke Multipurpose Room
Bargain prices, $5 - $20, on a great selection of styles and sizes of clothing and accessories. Hurley has generously donated all their samples to the Killybrooke PTA so 100% of the proceeds go directly to the kids!
HALECREST PARK
NEW EVENT
Family Photo and Fun Day!
Saturday, Nov. 14th from 10:00am-3:00pm
A professional photographer will be in the park taking family portraits. You can go home with an 8 x 10 picture that day for only $25.00. There will be activities for the kids and food booths. If your group would like to sponsor a snack table or children's activity please call the office. This is a fundraiser for our club. Appointments are recommended, we need 10 families to make it a go!
Call the office for an appointment, (714) 557-7234. This event is open to non members also!
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry also has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
Homeowners win big with extension and expansion of federal tax credit
The U.S. House of Representatives voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate Nov. 5,2009 and now will go to President Obama for his signature, where it is expected to be signed this week.
The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.
Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important" factor in their decision to buy a home.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry also has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The question on everyone's lips is, "When are things going to return to normal in real estate?" Well, if the "normal" being referred to is the conditions and shady financial dealings that created the artificially inflated markets of five years ago, then we need to be thinking about redefining "normal."
After you've taken step one to decide to sell your home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.
Tax Credits for Buyers Get Extended and Expanded
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