Congress just passed an expanded version of the $8,000 first-time home buyer tax credit that was supposed to expire on November 30^th.  Although the tax credit remains at $8,000 for home buyers that have not owned a home in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years.  Under the old rules, move-up home buyers did not qualify.

Here is an example of how the new rules about existing homeowners apply: 
Todd purchased a home in 2004, and lived there for the past 5 years as his primary home.  If Todd decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the last eight.

 The tax credit applies to homes purchased for less than $800,000 before May 1, 2010.  The purchase contract must be fully agreed upon and signed by May 1^st and the transaction must close by June 30^th, 2010. 

The income limitations have gone up with the new version - for single tax payers previously the income limitation was $75,000 and that was increased to $125,000 under the new rules.  For married tax payers, the income limitation went up from $150,000 to $225,000.  With the new higher limits, more people will qualify for the credit, especially in areas with higher costs of living.

This is terrific news for buyers in Riverside and Corona and all throughout the Inland Empire.  Take advantage of this tax credit as well as very low interest rates and housing prices to buy your first home or move up to a home that better meets your needs.

If you would like to learn more about selling or buying real estate in Riverside or Corona  CA,  contact me at  vicki@pedersen-team.com      Click here to visit my website.

Here is a look at what is happening as of November 4, 2009 in residential real estate in Corona, CA. There are currently 533 active listings for single family homes for sale.  The information below is organized by Corona CA zip codes.  The average list price of sold homes shows the average price as listed on the multiple listing service and the average sold price shows the average actual sales prices.  The average prices of the sold homes for October was $340,233.

If you would like to learn more about selling or buying real estate in Corona, CA, you can contact me at  vicki@pedersen-team.com      Click here to visit my website.

Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715 -- Phone: 951-840-5212       vicki@pedersen-team.com  Be sure to visit my website. 

Here is a look at what is happening in Riverside CA in residential real estate during the last three months.  This includes only single family houses, no condos are included. The number of houses currently for sale and in escrow is as of November 4, 2009.  Prices seem to be still moving around quite a bit - four of the eight Riverside CA zip codes had higher sold prices than in September 2009 (or lower prices - depending on how you look at it - the glass is half full or the glass is half empty).  The average price for houses that sold in Riverside during October was $205,644.

If you would like to learn more about selling or buying real estate in Riverside, CA, you can contact me at  vicki@pedersen-team.com      Click here to visit my website.

Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715 -- Phone: 951-840-5212       vicki@pedersen-team.com  Be sure to visit my website. 

Here is a list of some of my favorite things to do in Riverside California.  

Artswalk
On the first Thursday of every month, 17 locations in downtown Riverside are open to the public from 6 – 9 p.m. Participating institutions host art openings, performances, tours, talks and more. Start at any location. This event is free.

Benedict Castle
Benedict Castle, a Medieval-Spanish structure with strong Moorish influences, was built in two stages between 1921 and 1931 as a luxurious home for Charles W. Benedict. The castle and grounds have been painstakingly restored. The Castle is located at 5445 Chicago Avenue. For more information on booking a tour visit www.benedictcastle.com .

California Citrus State Historic Park
The design of the park is reminiscent of a 1900s city park, complete with an activity center, interpretive structure, amphitheater, picnic area and demonstration groves. The land contained within the park still continues to produce high-quality fruits. The park recaptures the time when “Citrus was King” in California, highlighting the importance of the citrus industry in Southern California. The park is located at 9400 Dufferin Avenue (Van Buren). For more information about the park and special events call (951) 780-6222 ext.13.

Downtown Farmers Market
Every Saturday on Main Street in Riverside between 5th and 6th Streets from 8 a.m. - 1 p.m. vendors offer organic fruits and vegetables, fresh-cut flowers, specialty items such as breads, hummus and homemade honey, fish, cheese and much more! For more information call (951) 826-2370.

Family Fun Days on First Sundays
On the first Sunday of every month October to May, six locations in downtown Riverside are open to the public from 1 – 4 p.m. Participating institutions including the Mission Inn Museum, UCR /California Museum of Photography, UCR /Sweeney Art Gallery, Riverside Metropolitan Museum, Riverside Public Library and Riverside Art Museum, host free hands-on activities for families.

Festival of Lights
The City of Riverside and the Mission Inn present the Annual Riverside Festival
of Lights. This free event kicks-off with the Switchon Ceremony the day after Thanksgiving and runs through early January. Visitors can enjoy outdoor ice skating, carriage rides, free holiday entertainment, unique shopping and dining in the downtown, holiday food and specialty vendors. Free parking weekdays after 5 p.m. and weekends. For more information visit their website.

Heritage House
This 1891 Victorian showplace depicts life in turn-of the century Riverside. An elegant reminder of the affluent homes which once graced Magnolia Avenue.  It is open Fridays noon - 3 p.m. and Sat-Sun noon - 3:30 p.m. Closed July and August. Suggested donation of $3 for adults and $1for children and seniors. Heritage House is located at 8193 Magnolia Avenue. For more visit their website.

March Field Air Museum
Located next to the March Air Reserve Base off Interstate 215 at Van Buren Boulevard. The Museum serves as home to over 70 historic aircraft and displays over 2,000 artifacts. The March Field Air Museum commemorates the achievements of our military and civilian aviators; provides educational resources and programs; promotes public awareness of past, present and future air and space technologies; and depicts the history of the March Field Air Base. Open Tuesday – Sunday from 9 a.m. – 4 p.m. Admission is $8 general and $5 for ages 5-11. For more information visit their website at http://www.marchfield.org/.

Mission Inn Tours
Take a 75-minute tour of Riverside's historic Mission Inn on the art, architecture and history of the Mission Inn. This provides an opportunity to see parts of the Inn that are inaccessible to the general public. The regular cost is $12 for adults and senior citizens, children under twelve free with an adult. $1 AAA discount. During Festival of Lights (11/28 to 01/04) the cost is $15 per person.  Call the museum at (951)788-9556 during regular business hours for available tour times and reservations.

Mount Rubidoux 
Mount Rubidoux is a mountain close to downtown Riverside. There is a hiking trail to the summit.  The trails is 3 miles long and climbs in elevation 500 feet. Other than the great views from the top, you can find the Serra Cross in honor of the founder of the mission,Fray Junipero Serra and the Tower of World Peace.  Mt. Rubidoux Blvd and 9th street.  There is no cost.

Riverside Metropolitan Museum
Located at 3580 Mission Inn Avenue, this is a center for learning as well as a community museum that collects, exhibits and interprets cultural and natural history. The Museum’s collections consist of over 75,000 objects, which include anthropology, natural history and history. The Museum also offers educational programs, workshops, demonstrations and lectures. For more information on current and upcoming exhibitions visit http://www.riversideca.gov/museum/

University of California, Riverside Botanic Gardens
Located at 900 University Avenue in Riverside. 40 acres of botanical gardens containing more than 3,500 plant species from around the world. This wealth of vegetation creates a hospitable sanctuary for wildlife, where nearly 200 bird species have been officially observed. Open daily from 8 a.m. to 5 p.m. Admission is a $1 suggested donation and there is limited parking by the entrance. For more information, visit http://www.gardens.ucr.edu/.

If you would like to learn more about real estate in Riverside CA or are interested in buying or selling a home in Riverside or Corona, contact me at  vicki@pedersen-team.com      Click here to visit my website.

Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715 -- Phone: 951-840-5212    vicki@pedersen-team.com  

Where I live and work in Southern California there are lots of buyers and a low inventory of houses for sale.  I'm not sure if that has anything to do with what I'm writing about.  In the last two months I have been approached by buyers who are interested in my listings with  a surprising and very disconcerting offer.  They  have suggested that they will allow me to represent them as buyers (remember I'm the listing agent) so that I can get both sides of the commission if I will make sure that their offers are accepted. I have been really surprised by such a suggestion.  This has happened to me on three different occasions recently.  I have told them that if they choose to have me represent them,  I will present their offer along with all other offers  received but that I will not make sure that their offer gets accepted. Their offers will have to stand on their own.  If their offer is the best and strongest, then their offer may be accepted by the seller.  

This has made me wonder why would people suggest that a real estate agent do something that is obviously wrong? Is it that there are Realtors out there who would actually do what these buyers suggest?  Do they think Realtors are greedy and unscrupulous? Or is it that they think the may be able to get a better deal on the house this way?  Or maybe these buyers are having trouble getting offers accepted and are trying to find an "in" with the listing agent?  Who knows?  

I hope that there aren't Realtors who would stoop to this practice - but there are all kinds of people in this world (honest and dishonest) in all the different professions, including real estate.     

Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715 -- Phone:  951-840-5212        vicki@pedersen-team.com  Be sure to visit my website. 

I'm packing for our trip from Southern California to Washington DC on Friday for the Marine Corps Marathon (MCM) in Washington DC/Arlington VA on October 25th. My husband and youngest son are both running in this event - the first marathon for both of them.  I'm not a runner and am going along for moral support and to see my son, whom I don't get to see often as he is in his second year at West Point.  Incidentally he is also a Marine - one of five Marines currently attending West Point, the United States Military Academy.  My son reports that there will be a lot of runners in the MCM from West Point.  

I just did a little research on the Marine Corps Marathon.  I discovered that it is the 5th largest marathon in the United States and the 10th largest in the world.  It is the largest marathon in the world that doesn’t offer prize money, earning its nickname, "The People's Marathon."  This marathon has been going on yearly for 34 years.  One person quoted on the website said,  “It’s not a race for the elite but for the people- that’s why they call it ‘The People’s Marathon’.”  Here's a link to the Marine Corps Marathon website .  

I'm very excited about the MCM trip. (I'm also excited that I'm not running.) My husband has been training for several months and feels he is ready but he is nervous because of the huge number of runners there will be - he hates crowds.  (Funny place to go for someone who hates crowds so much - just saying....)  I love the Marine Corps and appreciate all the men and women in the military who serve our country.  

Written and posted by: Vicki Pedersen, ABR, ASP, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715 -- Phone: 951-840-5212 vicki@pedersen-team.com Be sure to visit my website.

Here is a look at what is happening as of October 16, 2009 in residential real estate in Corona, CA.  There are currently 508 active listings for single family homes for sale.  The information below is organized by Corona CA zip codes.  The average list price of sold homes shows the average price as listed on the multiple listing service and the average sold price shows the average actual sales prices.  In each of the five zip codes, the prices of houses has gone up - comparing July to September - a good sign that the real estate market in Corona appears to be stabilizing.  

If you would like to learn more about selling or buying real estate in Corona CA, you can contact me at  vicki@pedersen-team.com      Click here to visit my website.

Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715 -- Phone:               951-840-5212       vicki@pedersen-team.com  Be sure to visit my website.