Lodi / Stockton CA Homes For Sale & Real Estate Information

Could it be true?  Could it be possible?  C’mon House…Let it ride, baby!  Let it ride!

If you’ve made an Offer to Purchase a home recently, especially a Short Sale in Stockton, Lodi, Modesto, CA or anywhere for that matter, then you know what I’m talking about.

To receive the home-buyer’s tax credit you had to have been “under contract” (meaning, accepted by the seller) by April 30th and have your deal “close escrow” by June 30th.  But since some banks are extremely slow to approve short sales, a lot of these deals haven’t closed escrow yet, and may not be able to by June 30.

It was put to a vote, and the Senate said YES to an extension until Sept 30th to get these deals closed.  Now it’s up before the House to approve this extension as well.

Here’s a quick read on this story… http://bit.ly/9fr0ru

Good luck Brandon!  I’m bettin’ on the House for you!

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• Senate votes to extend home tax credit deadline  reuters.com)

Oh my!  Wouldn’t this be a great thing?  Yes!

The first-time homebuyer tax credit had two deadlines.  One was to be “under contract” by April 3o, and the other is to have closed escrow by June 3o, which is just around the corner.

So, if you’re dealing with a Short Sale, like a lot of people are, and you haven’t received your approval from the lender yet, or you have and you just haven’t closed escrow yet, then this is making for some nail-biting times right now.

This extension is up before the Senate for approval.  Here is an article explaining more info…READ HERE.

At Realty World – Davis Homes & Properties, we help a lot of people with Short Sales in Stockton and the Lodi areas.  Whether looking to buy or sell a Short Sale it can sometimes be a very confusing and time-consuming task.  It helps to have someone in your corner helping you along the way.

Let’s all focus our thoughts and energy on getting this extension to pass.

Well, we’re getting down to the wire on the deadline for the tax credits.  If you purcase your home last year and haven’t filed your taxes, then here is the much needed info on how to get your benefit:
 http://bit.ly/b0P8CP

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

It’s never been a better time to purchase a home.  Low home prices and low interest rates.  At Realty World-Davis Homes & Properties we specialize in making the dream of owning a home become a reality.  If you’ve got any questions, we’ll have the answers.

With only weeks left to get your new purchase under contract before the deadline of the $8,000 and $6,500 tax credits end, time is of the essence.

Sales activity for the Lodi and Stockton CA area have been down the last couple of months.  Was it due to the bad weather?  No, it wasn’t that bad.  Was it due to no incentives to purchase?  No, we still have the extended $8,000 tax credit for first-time home buyers.

So, what’s the real reason for the lack of sales going on right now in the San Joaquin Valley?  Are people still afraid of falling home prices?  Could it be the inventory of homes that the banks are holding on to after foreclosure?

I’d like to hear from you out there…the public.  What are YOUR thoughts on this and what do you think it will look like in th upcoming months?

Here are the stats for the San Joaquin County, CA…

Image via Wikipedia

The pressure is increasing on Congress to renew the homebuyer tax credits for a third time.

The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A few months later in 2009, Congress expanded the credit to a maximum of $8,000 that didn’t have to be paid back.

At the end of last year, Congress extended the benefit again until April 30 with an extra two months on top of that to close. A new credit of $6,500 was added for move-up buyers, too.

Now representatives of the housing industry are lobbying for another extension. Some experts, including Mark Zandi, chief economist at Moody’s Economy.com, who supported the earlier credits, think the time has come to let it go.

“It’s worn out its benefit,” he says. “If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”

Source: The Wall Street Journal, Nick Timiraos

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!

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)

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

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!