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It is that time of the year for saving money so you may be getting something in the mail about saving you money on property taxes. Beware, they may be charging you a fee for something you can do yourself. I got an email from a client about an official looking letter from Property Tax Adjusters, out of Granada Hills, CA. They offered to process a reassessment application that could save $X for the homeowner for the piddly cost of $189. Hey, inflation, I used to get these mailers quoting $39!
But wait, you can do this yourself. Go to see Gus Kramer, our Contra Costa County Tax Assessor, in Martinez, write a letter and/or fill out a simple form that is available from the assessors office. Check out Proposition 8. The first step is to go the website: www.co.contra-costa.ca.us/index.aspx?nid=191 for more information. I noticed a post about a scam dated December 14, 2009 that can be reached via TAXPAYER ALERT box right on the front page of the Assessor’s website which addresses this particular scam. There is a ton of information and documents you can download or read that will give you more information about property taxes in general and you can check the status or print out your own tax bill right from that site.
If you need help with updated comparable sales please contact me directly and I can provide these to you within 24 hours, just send me your email and current address and we will forward comparable sales and listings for you to use. The assessor has called me on several occasions to verify information, so they are on track to keep our values reasonable.
Hey, have you heard of the 2 gates project? Peripheral Canal? Have you heard of no water in the Delta?
It seems as if the vultures are circling as there are too many projects being planned to “HELP” the Delta waterways that also appear to reduce flow and/or take water away to other areas of the state. We are currently concerned with the 2 Gates Fish Protection Demonstration Project, with an $80 Billion price tag, and the Peripheral Canal with unknown costs.
The time to act is now. The 2 gates project is designed to save the smelt and essentially erect a part-time dam at Old River and Connection Slough two major access rivers north of Discovery Bay. Check out the information, but you only have until next Tuesday to make yourself heard. Check out what you need to check out and then contact our elected representatives. Make yourself heard before it is too late.
The Discovery Bay Yacht Club is asking that you send comments to MManzo@usbr.gov on or before 11/17/09 with “Public Comment – 2 Gates Fish Protection Demonstration Project” in the subject line.
We have also been advised to work with our representatives at the federal level:
Contact Congressman Mc Nerney at – 925-737-0727
Email is recommended to register online , if you live in his district: https://forms.house.gov/mcnerney/webforms//issue_subscribezipauth.html
Contact Congressman George Miller at Vallejo phone: 707-645-1888, Concord-phone: 925-602-1880
e-mail him if you are a constituent or own a business in his district.
http://georgemiller.house.gov/contactus/2007/08/post_1.html
To be the most effective since we are working with a sensitive time frame:
*Smile while you are talking ( public relations 101 but important to remember when you are talking about an issue where you are emotionally connected as without any intention you may sound angry ) they will feel it on the phone and listen more actively rather than defensively.
*Keep it Brief – do not get into alot of detail ( they already know it the issue )
*Stay on message
The message is….. I want to first thank the Congressman for his hard work on the Delta Water Issues. I am calling to ask the Congressman to facilitate an extension of the public comment period on the EIR and permit for the two gates project. This is much too important for our region to be rushed through without careful thought and consideration as the impacts will affect generations ~
Thank you ~
ACT NOW!
Everybody is asking, “when is the inventory coming?” The answer is . . . . no one knows.
- Notice of Default: Prior Month 1.08% Prior Year: 1 23.44%
- Notice of Trustee Sale: Prior Month -5.10% Prior Year 64.97%
(Stats from Foreclosure Radar 10-13-09)
We keep hearing from the banks that we may have a release from banks/foreclosures after the first of the year, but then again, we have been hearing that for several months. Foreclosure Radar out of Discovery Bay noted in their October newsletter that there is no “shadow inventory” pending.
We are seeing an increase in banks discounting loans on the courthouse steps so that 25% of the homes actually sold at the courthouse steps in September and October, 2009, are being purchased by investors directly at almost a 20% discount. It is unknown if they plan to hold or turn these homes but at least some of these should be put on the market. So once more it is the old story-those that have the money are making the money.
We have heard that some banks are selling to tenants, we actually had one of those which did sell at market value, or trying to sell back to the initial homeowner at a reduced price.
What we do know is that that almost 80% of current sales are either foreclosures or short sales, 60% and 20% respectively. Defaults are continuing to rise but trustee’s sales are down indicating continued slow-down of new inventory in the short term.
Predicting the future is always risky, but we suspect that inventory levels will not begin to rise until April and May next year, due to time lag from trustee’s sale date to vacancy and pre-marketing activities. I do not expect a flood to hit the market all at once. This should keep prices relatively steady and may even show a slight upswing. So, keep your pencils sharpened and continue to write offers only if you are motivated and very well qualified.
The Housing and Economic Recovery Act (HERA) was passed by Congress in 2008 and contains provisions that amend the Truth in Lending Act (TILA). These provisions change requirements surrounding early and final disclosures to homebuyers and address the timing of when fees can be charged. These provisions become effective for all primary residence or second home applications on or after July 30, 2009 and a summary is provided below.
Click here to view or download the entire article.
Our thanks to Bonnie Briggs of Delta Lending for providing this information to us. If you have any questions, you may contact Bonnie at bonnieb@deltalending.com
It’s becoming the buzz word in housing — “green” homes are what many buyers are interested in these days. According to the National Association of Home Builders (NAHB), as much as 90 percent of home buyers think that energy efficiency is a very important factor when shopping for a home. These same buyers are also very interested in environment-friendly features including having housing close to parks, public transportation, and well-designed neighborhoods with sidewalks.
The National Association of Home Builders Remodelers (NAHBR) — a council of NAHB — says that most homeowners choose green remodeling projects to help conserve energy. NAHBR recommends the following top ways to increase energy efficiency.
How to get started. Deciding to make your home green doesn’t have to be overwhelming nor do you have to make the entire house eco-friendly. Try things like installing energy-efficient lighting such as compact fluorescents. Also, change out any old appliances that are using up lots of energy.
Once you’ve done this, compare your utility bills so that you can show the reduction to your real estate agent. Your agent can then point out the energy-savings to potential buyers. With utility bills on the rise, any savings can be a major influence on buyers. If they see that similar homes cost more to operate than yours, you will at the very least grab their attention.
Get rid of energy-hog appliances. Sometimes homeowners don’t want to replace an appliance because they are selling their home, but replacing an energy-hog appliance can be a cost-effective way to increase the value of your home. Energy Star-certified appliances use less energy and are more efficient to operate. Many of these appliances are 10 percent to 50 percent more efficient than standard models.
Don’t forget to sell what you can’t see. Insulation isn’t something homeowners often think to promote, but, if your home is well insulated, it can be a big selling point.
Make it a healthy home. Going green isn’t just about saving money; it’s also about preserving the earth and our lives. Many people suffer from allergies, asthma, and chemical sensitivities. For instance, if you have placed pollen screens on your home, be sure to promote that feature. It will likely be considered an added bonus.
Written by Phoebe Chongchua
Wondering What Your Home Is Worth? — Let me show you.
If the challenges we’ve been facing the past two years weren’t bad enough, we have a new hurdle to overcome. Lack of inventory.
Not that we’ve run out of foreclosures. They just aren’t on the market right now. Since last year’s moratorium, banks have held homes off the market and they are just starting to trickle back on.
In a nutshell, what this means is that consumer demand is high (buyers don’t want to miss the boat) and supply is low (hundreds of foreclosed properties have not been made available) resulting in multiple offers over asking price.
Despite all that, median sales prices continue to decline as shown in the graph below.
What’s a buyer to do? Keep looking for the home you want and can afford. Be ready to offer more than asking price if you really want that house. Always to the math. Only offer an amount that works for your budget and makes sense as far as long term value of the property.
Don’t despair if you don’t get the contract. More homes are coming. Be patient and diligent. You’ll get there!
By Lisa Scherzer, SmartMoney.com
Apr 10th, 2009
The declining home values that are plaguing homeowners are just one of the factors creating an opportunity for prospective home buyers.
Standard & Poor’s latest Case-Shiller index, which tracks home prices across 20 major U.S. cities, reported that values dropped 19% in January from a year earlier.
Those depressed values, combined with near-record-low mortgage rates and government incentives (an $8,000 first-time home buyers’ tax credit included in the stimulus bill), are luring more first-time home buyers into the market. Indeed, a recent Century 21 Real Estate survey found that more than three-quarters (78%) of potential first-time home buyers say now is a good time to buy.
If you agree, be aware that buying a home comes with plenty of potential missteps. Here are 10 all-too-common mistakes first-timers make.
1. Not knowing how much house you can afford.
Many novice home buyers spend a lot of time researching homes – comparing kitchen layouts and backyard square footage – but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage, says Claire Clark, senior vice president of business development at Prudential California Realty. Without first figuring out how much house you can afford, you risk falling in love with one you can’t.
2. Assuming foreclosures are great deals.
Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, says Jay Michael, partner at Estate Property Group, a Chicago real estate brokerage, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower-priced foreclosed home. Read the rest of the article here.
Here are the latest stats from trulia on Median Sales Price on homes for sale in Brentwood. Seems the trend is still downwards, although it appears that the downslide is tapering off.
Brentwood Recently Sold Homes
Median Sales Price is the price at which one half of the homes sold above that amount and one half of the homes sold below that amount. Median Sales Price is based on sales during the most recent 90-day period available and is updated each week to include recent transactions from public record data sources.
Number of Sales
Also, the number of homes sold in Brentwood is dropping off from the peak in late 2008. Inventory has dropped as banks have held properties off the market, but more foreclosures are expected to boost supply soon.
Number of Sales is a count of all known arms-length residential property sales over the prior 90-day period. Volume for All Bedrooms may be higher than the total volume for 1-4 Bedrooms. All Bedrooms includes not only 1-4 Bedrooms but also 5+ Bedrooms and records where the number of bedrooms is unknown.
This was sent to me from a colleague of mine.
I just found this information regarding the new tax credit….I don’t think a lot of buyers or agents are aware of the fact that buyers can claim the tax credit on their 2008 return even if they purchase the home in 2009….great incentive to pass on to buyers and agents….
Q.
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns).
A.
Benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
As always, talk to your accountant or tax professional to make sure you qualify and file correctly.
Do you own a home in Brentwood, Discovery Bay or Antioch? Need some answers about modifying your mortgage? Here are a few answers from the FAQ’s about Loan Modification for Mortgages from the HUD website.
“A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.”
Question 1: In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
Answer: Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.
Question 2: May a mortgagee perform an interior inspection of the property if they have concerns about property condition?
Answer: Yes, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor’s continued ability to support the modified mortgage payment.
To read the rest of the article, go to http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm
