California New $10,000 Tax Credits for New Home and 1st Time Buyers! Starts when Feds END! May 1st

  The “Terminator” will be siging California’s new $10,000 Tax Credit for not only “New” construction BUT for 1st Time Home buyers! The Legislation allocates $200Million with $100Million each for new home construction purchasers(Hopefully adding some incentive to BUILD new homes again!) but also for 1st Time Buyers. This begins May 1st which is the day AFTER the Federal stimulus home Tax Credits END!

  the $10,000 will be spread out over 3 years, must be used by 1st time home buyers or those who have NOT owned a home in the past three years. A buyer can also “reserve” their tax credit in advance. That way the new home folks can plan and build “to suit”. Now, if they can build houses which compete with the very cheap “re-sale” market!

Santa Rosa, Ca TOPS!-Money Magzine’s TOP 20 list for HIGHEST Performing Cities–Real Estate Appreciation!

1 Santa Rosa, CA 6.0%
2 Cheyenne, WY 4.7%
3 Kennewick, WA 4.6%
4 Merced, CA 4.4%
5 Bremerton, WA 4.2%
5 Fairbanks, AK 4.2%
7 Corvallis, OR 4.1%
8 Tacoma, WA 3.9%
9 Anchorage, AK 3.8%
10 Bend, OR 3.3%
11 Modesto, CA 3.2%
12 Pueblo, CO 3.0%
13 Bellingham, WA 2.9%
14 Spokane, WA 2.8%
14 Yakima, WA 2.8%
16 Billings, MT 2.7%
17 Napa, CA 2.3%
17 Olympia, WA 2.3%
19 Mount Vernon, WA 2.2%
20 Great Falls, MT 2.0%

Home price forecast (1 year):* 6.0%

Many cities close to the Bay Area saw a huge run-up in home prices during the boom as real estate buyers branched out to less expensive markets. Santa Rosa, the largest city in northern California’s wine country, was no exception: Prices grew more than 121% from 2000 to the early 2006 peak.

They’ve since plunged more than 45%. But forecasts show the decline is over and Santa Rosa prices will gain 6% this year, more than any other U.S. city. –Les Christie  Money Magazine!  

Prop. 16 Discussion–Renewable Energy at Risk! Sonoma County Discussion!

Community Gathering:  Renewable Energy & Proposition 16

Wednesday, March 31, 5:30-7:30pm—–

Glaser Center, 547 Mendocino Avenue,Santa Rosa

Free—All Are Welcome!!  

Learn about greening our electric supply and the impact of Prop. 16 

Why is it the sole financial Donor to the “Yes” on Prop. 16 is PG&E with 15.5 Million in money put towards the approval of this proposition which will require a 2/3’s vote to approve local energy generation projects. Santa Rosa’s big Solar Grid proposal? Would need a 2/3’s vote to approve! WHY? It would mean PG&E does NOT get to sell us energy this novel solar grid would provide! Saving the City Thousands of $$$!! Get the low down!! Continue reading Prop. 16 Discussion–Renewable Energy at Risk! Sonoma County Discussion!

This Week’s Guest–Exchange Expert Toni Esposti–1031 IRS for your Sonoma County Invesments!

 

ToniESpositiPhotoThis week on the Show we welcome back a regular guest who  always draws a crowd! Her advice on 1031 Tax Deferred Exchanges is much sought by Realtors and Investors in the North Bay. Thinking of selling one of your investment properties? Wish to trade up or trade down into single families which you can then sell off one at a time? Toni’s your expert on how to effect the 1031 Exchange. Continue reading This Week’s Guest–Exchange Expert Toni Esposti–1031 IRS for your Sonoma County Invesments!

This Week on the Sonoma County’s “Natural Resource”–The Real Estate Hour–Alli’s Back and Talking up a storm!

 

"What? Me Worry!"
"What? Me Worry!"

Welcome Allison to the show!  Co-host Allison Norman joins Mike this week in discussing up coming events in real estate! Rates on the increase? 1st Timer Credit disappearing April 30, Fed will QUIT buying mortgages! What? Me Worry!!

 

 

 

Topics: The buying experience through  Allison’s eyes—dealing with bank owned houses –The process.

  • How is the offer presented?
  • Is it REALLY presented?
  • Does the Listng agent just give a synopsis of the offer?
  • How do we know it was EVER presented.
  • Third party companies, Asset Link—
  • irrevocable deposits,
  • no inspections,
  • higher offers for Cash!
  • Sales Addendums! What to look out for—how to structure the offer, HELP!!

Continue reading This Week on the Sonoma County’s “Natural Resource”–The Real Estate Hour–Alli’s Back and Talking up a storm!

Free Home Finding Service for Sonoma County Buyers! KellyNorman Team forms Consumer Alliance!

findonline2Michael J. Kelly and Allison Norman with Keller Williams Realty and Jamelie  Samonte  with Prospect Mortgage have combined forces in a newly formed strategic relationship with a licensed real estate company, Home Buyers Marketing II, Inc. (HBM II). HBM II provides area homebuyers with an innovative and FREE home finding service called the Home Buyers Scouting Report®.

The Home Buyers Scouting Report® matches your personal home search criteria with properties that are currently listed for sale and in your price range.  To see how the system works please click HERE and go to the site and start searching!! You can self enroll yourself! If you have trouble give Allison and call at: 799-3617!!

Online…available 24 hours a day! At your convenience, login to HBM II’s private, password-protected website to view the listings that meet your home search criteria with pictures, prices, addresses, directions, maps and more!* You can specify a particular school, lot size, almost any amenity you want and get just those listings that are in your price range.

While online, you can save your favorite properties to a notebook for easy reference and to receive updated information on those properties. Can’t find your favorite? You can change your personal search criteria to include additional neighborhoods and home styles. If you are interested in a specific property you have driven by, simply type in the address and view information about that property.

With the Home Buyers Scouting Report® you can receive daily updates on new listings as they become available! Be the first buyer to see a new property. Many busy homebuyers have heard about a great property only to find that it had already been sold.

There is no obligation. Using the Home Buyers Scouting Report® will allow you to get a real sense of the current housing market in the privacy of your own home. Whether you are looking to buy a new home soon or just thinking about new home possibilities, we believe this is the best home finding service available and as a preferred customer, we would like you to know about it.

For more information about receiving this FREE home finding service, call today. We look forward to hearing from you.

Michael J. Kelly and Allison Norman and Jamelie Samonte —Direct Office: 707-535-1266   Jamelie Email: jamelie.samonte@prospectmtg.com

Jamelie Cell: 707-696-6054

SonomaCounty,California Sales Data–NO Inventory!

MonthSUpplyInvenAbove–“Months Supply of Inventory” for Sonoma County going back two years! Look at the fall! We are down 66% which presents the Buyer of a home here in Sonoma County “Slim Pickens!”  The folowing charts are very interestings and if you are a buyer will Break your heart!! You thought the competition was stiff before! As we enter the spring buying season the first time buyer seeking their Tax Credit and the Move-up buyer seeking THEIR Tax credit will be hard pressed to have a BIG choice of homes! Continue reading SonomaCounty,California Sales Data–NO Inventory!

The Pretteist Girl sits home alone on Saturday Night-cause all the guys think she has a date! Our Listings in Sonoma County resemble that remark!

This is exactly how Allison and I feel about our current crop of bank owned foreclosed listings–Our REO Assets are sitting on the market! Normally pounced upon, multiple offers, overbidding–NOPE! Now we have Realtor/Agents tell us: “Gee, I thought that would go out way over the asking–My clients can’t afford to overbid!” So here we sit! But the BIG problem is the Asset Managers! The advice the corporate attorneys are offering is frightening! How about NO inspections for  a cash offer! “Where-Is, As-Is” and close in 10 days!  Alright, investor’s are used to this. But this is almost like buying it off the courtsteps at auction WITHOUT a discount! So why deter a cash buyer from writing on your property by putting up obstructionist terms? Allison and I are at a loss. Continue reading The Pretteist Girl sits home alone on Saturday Night-cause all the guys think she has a date! Our Listings in Sonoma County resemble that remark!

Unemployment up in Sonoma County-NorthBay! Bad equation for Homebuyers and Sellers

January unemployment rate jumps in North Bay–The good news? We are a below the State Average.

Posted By Business Journal Staff Report On March 10, 2010 @ 12:15 pm In Breaking News (Newsletter), Employment, Featured List, Industry News | No Comments

NORTH BAY — The unemployment rate in January jumped about a full percentage point in North Bay counties from December to 11.3 percent in Sonoma, 13.0 percent in Solano and 11.1 percent in Napa, according to state figures released this morning.

Sonoma County’s rate was 10.3 percent in December and 8.5 percent in January 2009, according to the state Employment Development Department. Continue reading Unemployment up in Sonoma County-NorthBay! Bad equation for Homebuyers and Sellers

Tax Time! Did You Move-up? 1st time homebuyer? Tax Tools for our Sonoma County Homeowers!

Time’s Running Out for the First Time Home Buyer Credit   —   Liberty Tax Examines the Tax Breaks for Homeowners

 (Virginia Beach, VA)  Qualified first time home buyers and others who previously owned a home have a May 1st deadline to close on a home in order to take advantage of the first time home buyer credit.  First time home buyers who have not owned a principle residence for three years prior to the purchase of a new home can take a credit of up to $8,000.  

“First-time home buyers claiming the credit must file a paper return that includes Form 5405 and additional documentation,” commented John Hewitt, CEO of Liberty Tax Service. “Generally, that’s a copy of the HUD-1 settlement statement or a retail sales contract if the home is a mobile home.”  Continue reading Tax Time! Did You Move-up? 1st time homebuyer? Tax Tools for our Sonoma County Homeowers!