First-time Homebuyer Tax Credit Extended

The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th.  

Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years. Homes worth more than $800,000 wouldn't be eligible.

President Obama is expected to sign the bill as early as tomorrow, although he may have his hands full with the Fort Hood situation...

The days of flagrant overbidding may be coming to an end- even for well qualified investors- unless it's an all cash offer. One of our local Ventura Real Estate Brokers who does a lot of business in REO'S has reported a new trend on the part of the seller/ lenders.

Typically, what we've seen with multiple offers is buyers offering far over list price and value just to be "the chosen one".  All the while you're head is straining from the HIGHEST AND BEST OFFER guessing game. The logic is that if it doesn't appraise, the seller will negotiate a lower realistic price rather than put it back on the market and start over.

I'll admit to being guilty of this because, after all, I have a selfish streak and I want MY buyer to get the property after I've written 8 realistic offers and gotten knocked out by those pesky over-bidders. It's particularly daunting if you have an FHA or VA buyer...(picture PeeWee Herman in the ring with Mike Tyson- not a pretty sight, eh?)

So now if they're considering accepting an offer absurdly over market value, they require the buyer to ammend out or delete the appraisal contingency and pay the price difference in cash if it doesn't appraise.

In all honesty, I'm surprised they haven't caught on sooner and it will be interesting to see how quickly the rest jump on the band wagon and level the playing for all.

I'd love to hear if any of you have had any experience with this yet!

Is the market still getting you down? Are you struggling to get in that Happy Place and keep on your Game Face? Ready to pull that short sale Negotiator who lost your file for the last four weeks through the phone lines?

Fear not! I have the perfect answer to your mental woes!   PLAY WITH YOUR FOOD!!!!

The merits of this treatment are as follows:

1. It's cheaper than a Shrink.

2. It doesn't have to come in at value.

3. You can use common household items. (i.e. It's inexpensive)

4. Doesn't need recharging and so eliminates the pesky daily task of finding the right charger.

5. The wine corks have to come from SOMEWHERE.

Any additional ideas my friends? Happy Carving and Happy Halloween!

I heard from one of my lenders recently that we may know in the next week of the fate of the First Time Homebuyer Tax Credit. There are a few possible tweaks to the current system if they renew it, such as:

• The current tax credit of $8,000 may be increased to $15,000
• Income restrictions may be changed or eliminated. At this time the maximum income is $75,000 for a single person  and  $150,000 for a couple.
• May be used by anyone, not just first time homebuyers. (Defined as someone who hasn't owned a home in the last 3 years.)
• 6 -9 month extension after the new bill is in place.

There are, of course, pros and cons if this occurs. (Like how much money can we print?) But I don't believe anyone can contest the fact that the current credit has contributed in large part to the increase in sales over the last several months- at least in the Ventura Real Estate market- which is a crucial component in the economic recovery.

Rumors abound like sad tales and short sales what the "powers that be" have up their sleeves. Any scoop out there in AR land???

Very clean, move-in ready Oceana Tract home. 4 bedrooms, 2 full baths. 2 story w/ one bedroom and bath on first floor. Hardwood floors, crown moldings and a good size yard. Over 1800 s.f. 

Listed at $315,000. For more information and pictures on this and other Ventura County Homes for sale, contact me or visit my website at http://www.LynnKenton.com

Let's be honest, the market is coming around, but it's a test of fortitude and resilience for agents and their buyers to find and close a deal these days. You put in offer after offer and the entry level buyers frequently get knocked out of the ring by investors with a higher down payment or cash. Now, PLEASE, all my investor friends, don't misinterpret that last statement, just know that everyone has to start somewhere and sometimes the first time home buyers feel like Peewee Herman in the ring with Oscar De La Hoya.

Being encouraging and accessible as an agent when they're feeling downtrodden can keep a buyer on the right track and make for some good referrals down the line. This latest closing took awhile to come to fruition, but we were blessed with another set of great buyers who stuck it out for over a year total!

After following my web site for several months (thank you AR for Google placement assistance!) I received a call from Aaron and Kristyn who were getting discouraged having written about a dozen offers with another Realtor. Not sure what transpired there, but we began working with them. After a seven more offers and a lot of patience and pep talks , we closed escrow yesterday on a great Ventura Home!

The absolute best part...?

When you can hear the wife squealing with unbridled glee a 1/4 block away, you know it's a good day! 

It's a trifecta today!

1. Closed an escrow for some great clients on a Ventura Home. (I think we wrote a total of 8 offers along

    the way.)

2. Got some much needed rain in Ventura - 2 " +!

3. "Taxi" the wonder dog is in labor since 7 AM and has birthed 7 healthy white lab puppies so far.

First, let me say that I LOVE good food. I also love to cook. Unfortunately I've cooked myself into a corner. I usually love my job, but after a long day of dealing with Ventura Real Estate, I don't always have the desire to create a gourmet meal.  My husband says I can cook as good as any chef and rarely wants to go out to a nice dinner. (Pizza and such does not count, though I like that too.) Is he being complimentary or being a cheapskate? Hmmmm, I'll not ponder that for long.

So when the opportunity came up last week to take our daughter out for her birthday while he was out of town, we jumped at the excuse to go out and have a REALLY NICE DINNER. On his dime, I might add:)

Westside Cellar

The Prosciutto Wrapped Scallop appetizer was delectable served with a cilantro pesto and a balsamic reduction. I could have eaten a dozen of those!

For our main course we both chose the seared duck breast which was cooked to perfection. Crispy skin (gotta have it sometimes) slightly pink in the middle and succulent with a fruit compote to offset the rich flavor. We opted out of the apple risotto (wouldn't want too much fruit with my meat) and substituted the truffle pomme frites. OMG! Pure heaven on a pretty plate! (The gym is only a day away...)

Our servers, though young (guess I can't hold that against them), were both attentive and knowledgeable with the food and wine.  The atmosphere is cozy and elegant and I can't wait for an excuse to go back. Ideas are welcome!

Give it a try next time you're in Ventura looking for a dining experience that's a notch above the norm.

(Sorry about the grainy pictures but it was the best I could do with my Blackberry and a glass of wine. Or two...)

             (The Happy Birthday Girl!)

I updated the bi-weekly Market Stats for Ventura Homes last week. We're still holding strong especially in the $450,000 and under range with homes in escrow now outnumbering the available homes by almost 6 to 1.

Wondering when and if any more REO's will be released and to free up more inventory for our anxious buyers!

9/2/09

                  Active  Contingent  Pending     In Escrow   Sold        DOM            Av. $       Med $

All Prices       233        169         116          285          432         85/103      $408,870   $372,500

-$450,000       74        143          85          228          308         74/88        $296,100   $307,500

A B-E-A-utiful Ventura home with extensive upgrades. Custom tile & paint thru-out. Granite countertops in a gourmet kitchen with custom cabinets. French doors lead to a beautiful covered patio in backyard for entertaining. Expansive Master boasts a bedroom size walk-in closet for all your sartorial cravings. Loft area is large enough for pool table or another bedroom.  3 Car Garage and a huge lot complete the picture!!!

                                                             Listed at $625,000

                                    http://idx123.realtytech.com/lkenton/nacimiento.aspx

                                                        http://www.LynnKenton.com