Archive for March, 2009
March 2009 Orange California Real Estate Update
To Schedule a showing for this property, please Click HerePosted: March 23rd, 2009
Bart Smith’s
Real Estate Update
March, 2009
First Time Buyers Tax Credit….The final version provides a $4000 credit for individuals and $8000 for marrieds. Own the home at least 36 months and no pay back is required. And, if the credit exceeds the tax you owe, you get a check. This is for 2009 purchases only…..so, give me a call ! ! !
How about those interest rates?….Still just above 5%…what a great rate! Couple that with current prices and the tax credit….why wouldn’t someone buy?
Good News for “Move-Down” buyers….You can:
1. Take your Tax Base with you.
2. Reduce or eliminate house payments.
3. Maybe even receive an income stream.
You must be 62 or over. Income and employment not required. Call for information.
Housing inventory in OC is just over 4 months….the lowest in 3 years! Bank owned inventory stands at just under one month. This makes it look like a healthy housing market. If this low level of unsold inventory is sustained, we will, in fact, be in a housing “bottom” and prices should start moving upwards again, ever so slowly.
Newly announced re-financing provisions on the way….It looks like Current Borrowers may be able to re-finance their homes at an artificially low rate and maybe even have debt reduction along with it. Details are not available yet, so stay tuned. In fact, feel free to call me if you can’t wait for our next newsletter.
Is it time to buy yet, you ask?….I have not seen a more obvious time to buy in the last 30 years. Prices have fallen 30 to 50% in some areas. The affordability index is back into an acceptable range. And, as I said above, we may just be at the bottom (in some price ranges and locations). Whether you want an investment property or a primary residence we can help you find the right property. So, don’t wait….call and get the process started. No obligation, of course.
Until next time,
Bart Smith