Month: February 2009

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Enhanced Tax Credit Provides Opportunity for First Time Home Buyers

In its effort to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.    Time is of the essence for buyers who want to take advantage of this opportunity.  Only homes purchased on or after January 1, 2009 and BEFORE December 1, 2009 are eleigible.

Click here for more details on eligibility.

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Home Buyer Seminar – Get the Facts

Folks, there is so much mis-information and mis-perceptions out there regarding what is happening in the Real Estate market and the mortgage industry.

Yes, lending is tighter.
Yes, loans are written EVERY DAY
No, you don’t need perfect credit
No, you don’t need to have a 20% down payment

Knowledge is Power. Get the Facts.  Don’t let media hype and generalizations keep you from realizing your dream. 

This is the time smart investors and buyers have been waiting for.  Home ownership remains your first step towards financial freedom (no not quick riches but solid long term financial stability and freedom)

We are active, local Realtors and what we see happening in the Real Estate market EVERY DAY is quite often different than what is perceived to be happening.

Join us for an information Buyer Seminar.  No sales pitch.  No Hype.

Click here for details

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Home Owner Tax Credits for Energy Efficiency home improvements

Part of the Stimulus Plan includes  Homeowner tax credits for energy efficient home improvements:

If you’re thinking about energy-efficiency home improvements soon, here’s what you need to know:

The tax credit is now 30% of the cost of the improvements, up to a maximum $1,500.

This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns.

Windows, furnaces and air conditioners that meet the necessary efficiency standards are eligible for the credit.

The credit will be available for homeowners in 2009 and 2010.

The Alliance to Save Energy estimates that the energy efficiency measures in the American Recovery and Reinvestment Act of 2009 could create more than 100,000 jobs over the next two years. Over the life of the measures, U.S. carbon dioxide emissions could be reduced by nearly 200 million metric tons, the group says.

Other home provisions in the stimulus bill include the expansion of the first-time home buyer tax credit, from $7,500 to $8,000 for homes purchased between Jan.1 and Dec. 1.

The stimulus also increased Federal Housing Administration-insured reverse mortgage loan limits to $625,500. And it restored FHA and conforming loan limits in high-cost areas to a maximum of $729,750.

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Tips for Selling in a Buyer’s Market

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It’s a buyer’s market, but don’t despair.

If you must sell your home, you can increase your chances of selling your house in a reasonable time by following a few good guidelines.

First, face reality. A successful home sale begins before the house is listed, when you decide not to expect to make a killing. If you must sell, all you can do in a declining market is to have the best possible product out there priced where it should be priced. Not what you wish you could get, not what the neighbor got two years ago or last year, but at the price you should and can get now. That’s the reality.

It takes discipline to face that reality; humility, too. Don’t let your ego get in the way when you’re trying to sell. Buyers do not care that your friend got more for their house when they sold it six months ago. Also, don’t be unrealistic and think that housing prices in your area, or street, have not declined. While real estate is a local business, and some areas have maintained their values better than others, it is highly unlikely that your particular home has not been affected by the decline in housing values.

Second, look at the good deals being offered in your neighborhood. Shop the competition on the market right now. Get out in the car and spend a weekend looking at everything you can. Visit some weekend open houses. Just get a feel for what buyers are looking at.

Third, make it a turnkey, not a turkey. The word “turnkey” means a home that is move-in ready. If you want to sell for top dollar, your house must be in tip top condition, especially when buyers have so many houses to choose from. Buyers never want to buy a house that needs a lot of work unless it’s an absolute bargain. You have to take away all their opportunities to say no.

Fourth, offer incentives. Besides a low price, incentives for buyers include paying discount points to lower the mortgage rate, paying closing costs or providing flexibility about the move-in date.

90% of buyers are working with a buyer’s agent. Consider offering a premium to the buyer’s agent. Add a half point or a point to the commission. It may not cause the deal to happen, but it can attract a little more attention and make your home stand out.

Fifth, and most important, price realistically and competitively.

It takes research, often conducted by a real estate agent, to come up with a realistic asking price, and discipline to abide by it.

In a seller’s market, sellers typically ask for 10% to 20% more than they expect to get. You simply don’t have that luxury in a buyer’s market. In a buyer’s market sellers should ask for just 3% to 5% more than you realistically expect to get. Another effective strategy is to price your home BELOW market value – you will be surprised how many offers you get and your home will likely sell for more than what you anticipated. Setting an aggressive asking price attracts more prospective buyers to your door, discourages lowball offers and saves negotiating time. You’ll know fairly quickly whether buyers are willing to meet you or not. In a market where prices are falling, asking prices must fall too.

If you’re considering selling your home, give me a call. I would be happy to provide a professional Comparative Market Analysis on your home, answer any questions and address any concerns you may have. No obligation. No pressure. You may reach me directly at (818) 339-5466.

Adeline Miele
The BZPros Real Estate Team
Keller Williams Realty

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Discover Highland Park

Los Angeles Magazine featured Highland Park in their “The 64 Greatest Things about LA” issue (March ’08).

 Rustic architecture and a bold arts scene define this changing neighborhood nestled against the Arroyo Seco. 

Long an affordable stronghold of working-class Latino families and Occidental coeds, historic Highland Park is officially on the up-and-up. Killer enchiladas, a funky soda shop, and century-old homes have been joined by gastropubs, galleries, and, well, more enchiladas. Situated along the Gold Line, this turf still feels off the beaten path—just not for long.   Read the entire article

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Safety Tips for Home Sellers

  • Once you list your home for sale, never leave a message on your answering machine informing callers that you are not home. It’s better to leave a message that says you are unavailable to answer the phone right now.
  • Never set an appointment with anyone to see your home unless you have their name and number and have called back to verify that number.
  • For security’s sake, before you conduct an open house, remember to remove keys, credit cards, jewelry, crystal, furs and other valuables from the home or lock them away during showings. Also remove prescription drugs. Some seemingly honest people wouldn’t mind getting their hands on a bottle of Viagra, uppers or downers.
  • Consider hiring a security guard, especially if you have many valuables you can’t remove.
  • Request that all visitors sign in a guest book or roster. You are giving away a lot of information about your house and you have a right to know who is getting that information. Feel free to explain to protesters that it’s a security measure. Certainly some visitors will use a false name but at least they will be aware of your organized procedures and might think twice about victimizing you.
  • Request that visitors enter and leave through one door only, except when you escort them to the back yard, garage, etc. You should personally have quick and easy access to all your exits.
  • Without hovering, escort prospective buyers through your home by following them (never leading them) and keeping them within sight at all times. Keep a reasonable distance between you and your visitor. Never enter a bedroom, den or other room with a visitor. You could be trapped inside. Keep your path clear for a speedy exit.
  • If you expect a crowd, draft a few friends and relatives to help out. If simply too many show up, ask some to wait outside for the next “tour”. If the market is simply loaded with shoppers, schedule appointments.
  • Never discuss your personal schedule or habits with potential buyers. Statements like “We are so near the work center, I can leave my home at 8:45 and arrive by 9,” tell potential criminals when you aren’t home. Likewise, don’t discuss issues involving your home security including deadlock bolt locks, security systems, alarms etc. Don’t divulge information on your flyer or other marketing tools that might breech security.
  • Always let someone who is not at the open house know what hours you are conducting your open house and have them check in on you from time to time. When open house has ended call your friend and let them know all is well.
  • Don’t park your car in your garage or driveway. Your exit could be blocked. Also don’t allow other cars to use or block your drive way.
  • Carry a cell phone with you at all times with a single button programmed for a 911 call. If a friend is assisting, consider using two way radios to stay in touch.
  • After an open house, check all the windows, doors and other entrances to make sure they are locked.

    Adeline Miele, Realtor

    The BZPROS Real Estate Team

    Direct (818) 339-5466

    Toll Free (800) 941-2297

    www. BZPROS.com

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BZPros Home Buyer Rebates Program

The Internet has changed the way buyers search for their dream home; yet, the real estate industry hasn’t changed with the times. Most home buyers start their search for a new home on the Internet instead of contacting a real estate agent. Today, home buyers do part of the work that the agent did in the past.
You deserve to be rewarded for your time and effort! That is what “BZPros* Home Buyer Rebates Program”** is all about – rewarding you with a credit towards closing costs. “BZPros Home Buyer Rebates Program” Will simply save YOU lots of money!”BZPros Home Buyer Rebates Program” is going to change the way home buyers purchase their new homes! “BZPros Home Buyer Rebates Program” is the Smart Way to Buy Your New Home or Investment property. Read More
 

 

 

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Is now the time to downsize?

Today’s Real Estate market creates opportunity for those homeowners looking to downsize, such as empty nestors.   Knowing you’re working with less equity in your current home than last year,  many of you are wondering whether or not this is the right time to make the move.  This article from Time Magazine offers some great insight for empty nestors or anyone looking to downsize.  Read full article