Market Update : riverside bank repo

Do YOU Want $8000?

Liane Thomas — Tue, 14 Jul 2009 14:05:00 GMT

Would You Like $8,000? Buy a Home. Soon!

To stimulate the economy, Washington juiced up the stimulus plan passed last year in February. Two benefits for FTHBs (First Time Home Buyers) were that the amount of the tax credit was increased from up to $7,500 to $8,000. And, more importantly, the amount of the credit does not have to be repaid!

To qualify for the credit the individuals buying a home cannot have owned a home in the last three years. So, while the credit is discussed as a credit for first-time buyers, anyone who has not owned a home in the last three years is eligible.

There are income limitations to fully qualify but they are quite liberal. Single tax filers earning up to $75,000 and joint filers earning up to $150,000 based on modified adjusted gross income can earn the full credit. A partial credit is available for those earning up to $95,000 and $170,000 respectively.

The amount of the tax credit is based on a percentage of the price of the home, specifically 10% of the purchase price, up to $8,000. This means if someone purchases a home for $70,000 their credit would be $7,000 and if the amount of the home purchased is $100,000, the credit would max out at $8,000.

Note! The deadline to take advantage of this opportunity is November 30, 2009. Close in December, and you just lost $8,000.

Homes Have Never Been More Affordable
FTHBs are leading the way, taking advantage of one of the best home buying opportunities ever, providing support for the real estate market. As indicated earlier, FTHBs have accounted for as much as 53% of purchases for any month this year.

Who can blame them? In short, no one. Home prices have fallen to levels not seen in years and interest rates hit their lowest point ever. This combination led to the highest home affordability ever recorded.

The National Association of Realtors® tracks what is known as the Home Affordability Index. The Home Affordability Index is arrived at as a function of both median home prices, available interest rates, and median family income.

The index represents the amount of monthly income that is required to pay a mortgage payment. In 2005, approximately 23.3% of a family's monthly income was required to carry a mortgage payment. With falling home prices and interest rates, the percentage of monthly income required to pay a mortgage payment is now approximately 15%.

This means that for a family at the median income level purchasing a home priced at the median income level, the monthly mortgage payment has declined nearly 36%! This is great news for anyone shopping for a home today.

You can take advantage of the low down FHA program, and combine it with this tax credit!

Get Busy, Time is Short!
In order to take advantage of both the available tax credit and low interest rates, anyone going into contract should strive to have their purchase agreement not later than mid-October. This will allow some time cushion in the event anything pops up in the purchase process and still allow for closing in time to take advantage of the available tax credit.

Home prices have fallen to levels not seen since the start of the decade in many parts of the country, interest rates are still near all time lows, and the availability of free money from the IRS all mean that the time to act is now. It is always easy to look back and identify times people should have acted, and this could well be one of those times people will look back and say, "Wow, I should have bought a home in 2009!"

Brought to you by:

Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and surrounding communities
www.AllCoronaHomes.com
951.454.3805

CNN Says Housing Market may be Stabilizing!

Liane Thomas — Sun, 05 Jul 2009 21:20:00 GMT

CNN is searching for a bottom in the housing market

With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing.

So what does that mean to you?

Although sales of existing, single-family homes rose 35.2 percent in May in California, compared with a year ago, the median price declined 30.4 percent during that same year. Some industry analysts predict that as specialized adjustable-rate mortgages, known as option ARMS and Alt-A mortgages, reset over the next 18 to 24 months, prices could decline further before stabilizing.

"We are seeing strong buying activity, particularly in those boom and bust markets, where prices have declined significantly. Buyers are coming in and fighting over properties -- there is multiple bidding in California and Florida," says Lawrence Yun, chief economist with the NATIONAL ASSOCIATION OF REALTORS(R).

Sales of existing homes are soaring as many investors and first-time buyers purchase distressed properties. Yun estimates that about 50 percent of current sales involve distressed properties, and he expects the trend to continue as foreclosures rise in the months ahead.

Although some economists predict home prices will continue to decline in the coming months, California'ss median home price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May.

Some buyers are trying to time the bottom of the market and purchase once it appears that prices are consistently and steadily rising. Many housing forecasters advise against this approach as buyers should not view their homes solely as investment opportunities. Historically, the average annual rate of return on a home lived in for five years or more is nearly 12 percent, based on data C.A.R. has collected over the last 40 years.

If you are thinking of selling your home, now is an excellent time with low inventory and the seasonal spike we get this time of year. Even if you are underwater on your home, like so many families, we'd like to help you find a solution. Call for a free consultation. Thanks!

Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and Surrounding Communities
www.AllCoronaHomes.com
951 454-3805

Home Sales Jump ~ April 2009

Liane Thomas — Tue, 02 Jun 2009 19:02:00 GMT

Pending US Home Sales Surge

Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."

So what does that mean to you? If you want to sell your home, this is probably the best time since 2006. Call me for a no obligation consultation to find out what your house is worth in todays market. We can help you sell your home fast, even if you owe more than your home is worth!

If you are considering buying a home, you MUST close escrow before the end of November to cash in on the tax credit. That means you need to be in escrow by September, and that means you need to be looking for a home TODAY! Please take advantage of this awesome opportunity pass you by!

Brought to you by:
Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Do you qualify for an FHA loan?

Liane Thomas — Mon, 27 Apr 2009 02:16:00 GMT

So we had the joy of sitting with a really great couple over the weekend. This husband and wife were reviewing an offer that came in over the weekend on the home we are selling for them. We got to the part about the buyers loan, and they were really surprised how easy it was for this first time home buyer to finance their home. The buyer is using and FHA home loan with a very small down payment, and they are getting a super low interest rate in the low 5% range.

So, do YOU qualify for this great loan? Here are the details...

In San Bernardino and Riverside county, the loan limit is $500,000.

In Los Angeles and Orange county, the loan limit is $729,750

FHA loans require a minimum 3.5% down payment. This money can be a gift. Yep, mom and dad can give you the money to move out of their house!

FHA allows a seller contribution up to 6%. That means the seller of the house can pay nearly all of the costs associated with your home purchase.

FHA does not require you to have gobs of money in the bank.

FHA allows a non-occupant co-borrower for a single family home.

If you want to know how easy it is to buy your dream home, call us. No cost, no obligation.

Thanks,

Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
951 454-3805
www.AllCoronaHomes.com

Get Paid Up To $7500 For Buying A House!

Liane Thomas — Fri, 15 Aug 2008 15:30:00 GMT

Did you know that a law was just passed that would help many home owners avoid foreclosure? Called the Housing and Economic Recovery Act of 2008, this is one of the boldest and broadest pieces of legislation related to the real estate market since the great depression. As part of this law, the government will give you a tax credit up to $7500 if you buy a home this year.

What this means to you: If you buy a house this year, you will get an instant tax credit of up to $7500 when you file in the spring of 2009. A few restrictions apply, so please call (951) 454-3805 if you would like more information about this historic legislation. We would love to help you find the home of your dreams, and save $7500 off your taxes, too!

Thank you!

Thomas Realty Group, Inc.

951 454-3805

www.AllCoronaHomes.com

www.FreeRiversideHomeSearch.com

1678 Julia Way in Riverside County is Sold!

Liane Thomas — Tue, 24 Jun 2008 05:22:00 GMT

Riverside County, California - The 2 story at 1678 Julia Way has been sold.

Property information

Price Reduced on 1678 Julia Way in Riverside County

Liane Thomas — Tue, 29 Apr 2008 01:24:00 GMT

Riverside County, California - Announcing a price reduction on 1678 Julia Way, a 2,504 sq. ft., 3 bath, 4 bdrm 2 story. Now MLS® $274,900 - Huge Price Reduction!.

Property information

Price Reduced on 1678 Julia Way in Riverside County

Liane Thomas — Mon, 31 Mar 2008 18:20:00 GMT

Riverside County, California - Announcing a price reduction on 1678 Julia Way, a 2,504 sq. ft., 3 bath, 4 bdrm 2 story. Now MLS® $324,900 - .

Property information

REO ~ Bank Repo For Sale in Riverside

Liane Thomas — Sun, 23 Mar 2008 01:28:00 GMT

Bank Owned Beauty!

• 2,504 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $336,900

Riverside County, California - Beautiful, nearly new KB home in gated community. Light and bright open floor plan, formal living room and separate family room. Large family style kitchen with built in microwave and dishwasher. Upstairs you'll find a grand master suite with "his and hers" closets and a private bath with separate tub and shower. Spacious bedrooms with upgraded mirrored closet doors. There is also an indoor laundry room. Large back yard is fenced and private! Well kept community has pool, spa, clubhouse, parks, BBQ area, and tot lot. Commuter close to the 60 freeway. Plan your visit today!

Property information

Interest Rate Snapshot January 25, 2008

Liane Thomas — Fri, 25 Jan 2008 15:09:00 GMT

Interest Rates are at 4 year lows!

30 Year Fixed 5.42%
15 Year Fixed 4.89%
5/1 Arm 5.00%
30 Year Fixed Jumbo 6.51%
5/1 Jumbo Arm 5.49%

Thank You to Bankrate.com for providing the rates!

Can you believe these great rates?? If you are planning to buy a home in the spring, start looking NOW. There are so many great homes to choose from. Get your pick of the litter now or wait until spring and get what is left over.

Have you heard the news? Bank owned foreclosure homes are HOT! Smart homebuyers know these homes can be priced way under market value. As specialists in this type of sale, we get a list every week. If you want your FREE copy, please call today.

Thank you for visiting, and have a safe and happy weekend!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Interest Rate Snapshot January 7, 2008

Liane Thomas — Mon, 07 Jan 2008 12:56:00 GMT

Interest Rates are Great!

30 Year Fixed 5.57%
15 Year Fixed 5.11%
5/1 Arm 5.36%
30 Year Fixed Jumbo 6.61%
5/1 Jumbo Arm 5.89%

Thank You to Bankrate.com for providing the rates!

Have you heard the news? Bank owned foreclosure homes are HOT! Homebuyers know these homes can be priced way under market value. As specialists in this type of sale, we get a list every week. If you want your FREE copy, please call.

Thank you for visiting, and have a safe and happy week!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Buy A Bank Repo Home

Liane Thomas — Tue, 27 Nov 2007 15:23:00 GMT

Now is an excellent time to consider a bank owned repo home! Banks are desperate to get these homes sold, and they are ready to deal! We are licensed to work with every bank on these special homes, and we serve all of Southern California. We will negotiate a great deal for you, help you with all the necessary legal paperwork, assist you in securing preferred mortgage rates, and guide you through an easy purchase. Best of all, our services are FREE to you as the buyer! For example: today in Corona, there are over 130 bank owned condos and homes priced from $189,000 to $939,000. Riverside has over 150 repo homes priced from $109,000 to $779,900. Want to know about another area? Just ask. We compile a new list weekly and will email or fax it to you. Call today before someone else steals YOUR bargain!
Thanks!
Liane Thomas, REALTOR(R)
(951) 454-3805
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com