Real Estate Information Archive

My Agent is the best iPhone app for house hunting I have ever used. Go anywhere click on the My Agent App and what you see is all the properties listed for sale all around you. Click on any of the houses and you can find what the price is and the bedroom and bath count. Click on the arrow in the same box and it opens up the picture of the house, Description, and more photos. Slide the map in any direction and more homes will show up. There is even a filter to adjust the minimum and maximum price, number of bedrooms, number of baths, and even the square footage.  Fast, easy to use, and it’s free.

After you download the free app (My Agent by IDX) from the App Store you will have input a 4 digit password (4693) one time to be able to use the app.  No, I have not used this app all over the country but I have used in Orange and Los Angeles Counties.  Carol has found it very useful when showing property to buyers. There may be another home close by one Carol has picked to show and the buyers want to know why she isn’t showing them the house down the street. All she does is open up My Agent “Refresh the Map” and click on the house in question and she can show the buyer the house didn’t have enough bedrooms, or baths, or square footage was below the minimum they wanted.

When you’re driving around and see a new sign up in a neighborhood you can find out all the information quickly using My Agent.  If your house hunting this is a must have app!

1. Mortgage rates are at an all time low when buyers take advantage of today rates they start building equity right away. You can handle a few up and downs as market gains momentum. Just a few years ago buyers would have jumped at chance to have a 6% interest rate on a home purchase. Today the rates are around 4.5%. Here's the best part on the purchase of a $300,000 home you will save over $102,000 of the life of a 30 year loan. Thats right over a $102,000 over the loan or $3,400.00 a year.

2. There are lots programs to help the first time buyer and middle-class families to buy home. Add one of these programs with today’s current low interest rates you can save even more cash.

3. Fannie Mae guidelines in the past have tied the appraiser’s hands on how they could value a home. These guidelines were so strict it made it difficult for an appraiser to give a fair and honest appraisal. Appraisers, now, can more accurately reflect the current values in their given markets with the changes made in the updated Fannie Mae guidelines.

4. Home owners have continued to maintain their homes and spend money on repairs and improvements. When these homes come up for sale they are much more desirable that the tired old foreclosed homes (REO’s) saving buyers thousands of dollars in repairs.

Median prices in So Cal are on the rise compared to a year ago January 2009. The Orange County and Los Angeles home sales markets improved significantly while Riverside, San Bernardino, and Ventura took a hit again.  Orange County was up by 3.4% in sales over January of last year for a total of 1,867 home sales. The Big new is prices rose 15.4% over January 2009 in Orange County. San Bernardino County is the only one where prices in homes dropped another 7.4% while prices remained the same in Riverside County with no gain over last year.  Over all the six counties home prices rose 8.6% over January of last year.

Now if you have been sitting on the fence to take advantage of the bottom of the market you better find a home NOW! With all the counties experiencing increases in home values except in San Bernardino County waiting for the right moment is over.

The $8,000.00 tax credit runs out the end of April 2010.

The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6.  The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline.  It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years.

First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500.  The bill also increases 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 in both instances.

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.

The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6.  The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline.  It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years.

First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500.  The bill also increases 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 in both instances.

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.

Qualifying for a jumbo loan—those with loan amounts higher than the conventional conforming loan limit of $729,750 in high-cost areas—is more difficult than it was a few years ago.

While rates on jumbo mortgage historically have been higher than rates on conforming loans, jumbo loans still are available, but often come with stringent underwriting requirements. Prior to the credit freeze, borrowers of jumbo mortgages could qualify for loans with a 5 percent down payment, credit scores of 620and enough money in the bank to cover two months of payments. Now, borrowers typically must have six months’ reserves, a 700 credit score, and a down payment of at least 20 percent.

December 1,  the Federal Tade Commission has required all prerecorded telemarketing calls to include a "quick and easy" opt-out system to stop future call by the company. Typically for calls you answer, that means saying a certain word or press a number. Message left on your voice mail must have a toll-free number that connects to an automated opt-out system. Any prerecorded sales or fundraising calls that do not meet these criteria are subject to fines. File complaints at www.ftcomplaintassistant.gov or call 1-877-382-4357 toll-free.

Electric Dryer Vs Gas Dryer.

Consider switching to a natural gas clothes dryer, which is typically less expensive to operate than electric dryers, often by as much as 50 percent.

This is a reprint from our California Association of Realtors Newsline. The public needs to see this one. Jim

DRE issues fraud warning
The DRE recently issued a fraud warning alerting consumers about loan modification scams and informing consumers of what they can do to protect themselves. The alert is available in both English and Spanish.  Last July, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the DRE has filed more than 200 Desist and Refrain Orders. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp..

It is worth noting that not all firms who collect advance fees for loan modification services do so illegally, the DRE said.  In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with real estate law.

C.A.R. also has learned of what appears to be a loan modification assistance program and lead generator, from a company using the legislative bill number 3648, that looks as if it’s a government entity, complete with a misleading seal closely resembling a governmental seal but that is not affiliated with the government. C.A.R. cautions all members to be on the alert for schemes seeking funds from REALTORS® or consumers with no value, or that may be misleading or unlawful.