Lodi / Stockton CA Homes For Sale & Real Estate Information

I’ve written a few times lately and have also discussed a lot about whether NOW is a good time to buy real estate.

It seems less time is put into whether or not now is a good time to buy a new car or big screen tv.  Do those items ever go up in value?  Unless it’s made of gold, I don’t think so.

If you’re thinking of buying a home either as an investor, a first-time homebuyer, or moving up into a larger home, you can look into it now or wait for when home prices or interest rates increase, or both.

According to CNNMoney, Les Christie, there are 242 of the 299 largest U.S. housing markets that are selling for prices even bankers think are less than fair market value.

Of this Top 10 list of undervalued housing markets, two of them are right here in our beautiful central valley.  What does that mean to you?  What does that mean FOR you?

To me, it means that now IS a good time to buy.

Here is that Top 10 list:

1. Las Vegas, -41.4 percent
2. Vero Beach, Fla., -39.8 percent
3. Merced, Calif., -37.7 percent
4. Cape Coral, Fla., -36.8 percent
5. Houma, La., -34.6 percent
6. Port St. Lucie, Fla., -33.3 percent
7. Warren, Mich., -32.3 percent
8. Vallejo, Calif., -31.9 percent
9. Modesto, Calif. -31.8 percent
10. Stockton, Calif., -31.8 percent

Ultimately you have to be the judge when it’s a good time buy your 1st or your next home, but with the current tax credit of $8,000 for 1st-time buyer as well as the incentive now for existing homeowners to purchase real estate, I’m thinking now instead of later is good, if not better, timing.

At Realty World-Davis Homes & Properties, we are able to everyone with their real estate needs, but because of the low home prices we seem to be specializing in first-time buyers and investors.

You’ve heard the slogan…If you’ve got questions, we’ve got answers.

Make it a great day!

Over the weekend, I watched a recent segment on the Today Show highlighting a new book titled “How to Make a Fortune” by Ron Insana. I believe the video of this segment might be helpful for you in your decision-making of whether to purchase real estate at this time.

At the end of his interview, Ron mentions that besides the first-time buyer tax credit of $8,000 there is also a $6,500 tax for purchasing additional properties.  Please know that to receive either of these credits it will need to be on your primary residence.

To learn more facts about this and ALL of your real estate investing options you are welcome to join us at our real estate office this Thurs 1/21/09 at 7:00pm for a FREE seminar.  Seating is limited.  Call to reserve yours now at (209) 339-9000.

You be the judge…

Today, more than ever, I still get asked…”Is now a good time to buy real estate, or should I wait a little longer?”

There is always going to be that ever-so-popular 64 thousand dollar question.  Sometimes there’s no easy or simple answer.  But right now, I think there is one.  And that answer is “YES”.  It most definitely IS a good time to buy real estate, especially here in the Lodi, CA, Stockton, CA, and pretty all the surrounding areas in the San Joaquin and Stanislaus County areas.

Home prices are lower than they’ve been in years.  Incentives like the $8,000 tax credit are plentiful.  But here’s the real kicker, interest rates are said to be on the rise.  Oh, they’re still lower than ever right now, but from what I hear and read, that’s not for long.

All indicators point to rising interest rates in the coming months.  I don’t believe there’ll be a spike that makes your eyes pop out, but it’ll be enough that you’ll surely notice it in higher monthly mortgage payments if you wait to purchase.  At Realty World – Davis Homes & Properties we work with lots of investors and especially first-time home buyers to help them get the best deals on some really good homes.  Either way you slice it, right now it’s a buyer’s market and you could be in the driver’s seat.

I came across a short video on YouTube that talks a little about these topics and more.  I think you’ll find it informative.  CLICK HERE to view.

I’d love to hear what your thoughts are about what you see in the video.  Please take a moment and click on ‘Comments’ and let me know.

Thanks and make it a great day!

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• Interest Rates of 5% May Never Be Seen Again! Here’s Why.  stroupecondoblog.com)

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What if the government decided today that, instead of bailing out Wall Street, it was going to give every American $8,000? What would you do with the money?

For most Americans, paying off credit card debt would be a great way to use the free money. According to a Nilson Report released in April 2009, the average credit card debt per household in the US was $8,329 at the end of 2008. That money from the government would almost wipe out your debt completely. Imagine being completely debt free.

Healthcare is a big topic these days. According to the most current Census Bureau statistics, some 45.7 million Americans do not have health insurance. So, many Americans might choose to use their $8,000 to enroll their family in a healthcare program through their employer. The federal government tracks the average spending on health insurance for people with job-based coverage, and the most recent figures (from 2005!) indicate that the average individual’s premiums were $3,991, while families spent an average of $10,728. Your $8,000 would go a long way in insuring your family.

Some Americans might choose to start a small business. Experts estimate that start-up costs for many new business ventures are between $10,000 – $15,000. With $8,000, a large portion of your initial investment would be covered.

If you really think about it, there are so many things you could do with $8,000. You could open a 529 college savings plan. You could take your family on an amazing once-in-a-lifetime vacation. You could open an IRA and save for retirement…

But what’s the point in dreaming. The government’s not giving away $8,000, right?

Wrong.

Right now, through April 1st of this year only, the government is giving qualifying first-time home buyers up to $8,000 for purchasing a home. This is free money that you do not have to pay back.

There are, of course, limitations and other qualifying factors, but they are all pretty reasonable and easy to explain, and we, at Realty World-Davis Homes & Properties, will be glad to discuss these with you or anyone you know who is looking to buy a home in the Lodi, CA / Stockton, CA areas. With today’s combination of lower home prices and lower interest rates, this temporary incentive from the government is really a great option for many Americans who act now to finally fulfill their dreams of owning a home.

Make it a great day!

This will conclude my four part series on what you should know before buying a home in the Lodi, Stockton and surrounding CA areas.  I hope you were able to pick up a good tip or two and put them to go use.  Now for Tip Number 4…

4. Stop Calling Ads!

A word of caution – agents create ads solely to make the phone ring!  Many of the homes may have some drawbacks not mentioned in the ad, such as traffic noise, power lines or litigation in the community.  What’s not mentioned in the ad is usually more important than what is.

For this reason, be very careful when reading ads.  Remember, the person writing the ad is representing the seller, not you!   The most important thing you can do is have someone on your side looking out for your best interests.  Your own Buyer’s Agent will critique the property with an eye toward how well it meets your needs and will point out any drawbacks you should know about.

So, whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a Buyer’s Agent.  Then you become a client with all the rights, benefits and privileges created by this agency relationship, and you’re no longer just a shopper.  Did you know many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER?  These “great deals” go to those people who are committed to working with one agent.  When an agent hears of a great buy, who do you think they’re going to call?  Their client, for whom they have a legal obligation to work hard, or someone who just called and said “keep your eyes open for me”?  To get the best buy on a property, we always recommend you hire your own agent and stick with him or her.  As always, we do this at NO CHARGE to you, the client.

Well there you have it…my Most Important 4 Things Every Renter (Home Buyer) Should Know Before Purchasing Any Home.

Make it a GREAT DAY and HAPPY HOUSE HUNTING!

Randy

Yesterday’s topic was about getting pre-approved and not just pre-qualified to purchase a home in the Lodi, Stockton, and surrounding CA areas.  Today I’d like to mention what I feel would be helpful once you have been pre-approved and you start looking at homes with your own Buyer’s Realtor®.

2. Play the Game of Nines

Before house hunting, make a list of nine things you want in the new place.   Then make a list of the nine things you don’t want. I call this “NINE OF THIS AND NONE OF THAT”.  You can use this list as a scorecard to rate each property you see.  The one with the biggest score wins!  This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes.

When house hunting, keep in mind the difference between “SKIN AND BONES”.   The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district and floor plan.  The SKIN represents easily changed surface finishes like carpet, wallpaper, color and window coverings.  Buy the house with good BONES, because the SKIN can always be changed to match your tastes.  Consider each house on its underlying merits, not the seller’s decorating skills.  That is, if it’s occupied.

I hope you are finding this information helpful.  Stay tuned for Tip Number 3…

Make it a great day!

There are four very important items of interest that I’d like to point out to not only renters, but anyone looking to buy a home here in the Lodi, Stockton, and surrounding CA areas .

1. Don’t Get “Pre-Qualified”!

Do you want to get the best house you can for the least amount of money?  Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

In years past, we’ve always recommended buyers get “pre-qualified” by a lender.  This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller.  Sellers are aware that such certificates are WORTHLESS and here’s why! None of the information has been verified! Often, unknown problems surface!  Problems I’ve seen include recorded judgments, child support payments due, glitches on the credit report due to any number of reasons both accurate and inaccurate and down payments that have not been in the clients’ bank account long enough, etc.

So, the way to make a strong offer today is to get “pre-approved”. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few minutes to a few days depending on your situation. It’s VERY POWERFUL and a weapon we recommend all our clients have in their negotiating arsenal.

******* Stay tuned for Number 2…

I have been asked many times now from my local Lodi and Stockton home-buyers the same question about the $8,000 tax credit.  So much so that I decided to post just a short and simple Q & A blogpost.

Question: Can I use the $8,000 tax credit toward my down payment or closing costs?

Answer: No

BUT, to elaborate a little on this subject, remember that we can always request that the Seller contribute some or even all of your closing costs.  At Realty World – Davis Homes & Properties we have been very successful in requesting these be paid by the Seller and having that request be accepted.

Make it a great Offer Day!

Randy

Sometimes it can be a bit confusing when it comes to real estate, taxes, and pretty much anything else financial.  That’s why it’s always good to consult with the professionals in each of these categories as well as among others.

Well, I’ve come across a really good source of information regarding the First-time Home Buyer Tax Credit that I think you’ll find to be easier to understand if you still have any questions about the How and Why’s.

Remember, you repeat buyers are now eligible as well, so you check this page out also.

CLICK HERE to be directed to a great Q&A page.

Make it a great day!

The wait is over!  Yesterday, President Obama signed into law to extend the home buyer $8,000 tax credit until April 30,2010.  This is expected to contribute nearly $22 billion to our economy.

Originally, the tax credit was designed for first-time home buyers, but this new plan will now make it possible for more people to participate.  Current home owners who have lived in their home for five of the last eight years will be eligible for a tax credit of $6,500.

The income limits have been increased to $125,000 for single buyers and $225,000 for couples.  There is a cap on the price of the home at $800,000.

I am hopeful that this extension in the tax credit will help keep the real estate market growing in the right direction.  Especially in the Stockton, CA area where we have an abundance of great deals on homes just waiting for a buyer.

If you’ve already purchased a home this year (Congrats!) and would like a copy of the IRS Form 5405 for the tax credit, you can obtain one at www.IRS.gov

Make it a great day!

Randy