How's the Real Estate Market??

The Real Estate World --- Is a multi-headed Serpent
Five part series

The question “How’s the Real Estate Market?”
has no simple way of describing all the factors that contribute to the volatility for this segment of our economy. From Banking, its regulations and lack thereof, politics, lobbyists, developers, local planning dept’s., and on and on. Only addressing the areas that are directly related, I will give it a go though!

We will start with the . . .
Investors/buyers.
This ranges from the single individual with mega cash to invest hence no credit score issues, to the two income couple with three children struggling to get into their first home on a hope and a prayer.

Where you are in this spectrum, determines the ease in accomplishing your goal and which directions you can take.

If you are in the “Cash Flush” Investor category, you can literally track foreclosures, show up on the courthouse steps and plunk down the cash on all kinds of bargains, I have watched, it is - stunning! The great deals are out there and are being snapped up. This is how the bulk of the sales of existing homes is happening now and with the ‘flipping regulation’ just having been removed, it is an investors game right now.

But if you are like the rest of us, the all important credit score dictates the next steps - which I will go into as we proceed. Hence many twists and turns.

The most important thing to learn is ‘Cash is King’. Even though you prove to the banks you are an excellent candidate for a loan, right now the purse strings are very tight even though they have been loaned ‘our money’! We could go around all day about the why’s of this but my sincere opinion is further trouble ahead with what is be designed in Washington and the ‘Banks’ don’t want to be the ones at the table that can’t find a chair when the music stops.

The BEST thing you can do is work with an experienced reputable Real Estate Broker and Mortgage Broker! Ones that have been through many of the historic cycles and are up-to-speed on the “latest” with what entities are offering the BEST package and the latest regulations being issues by the Administration. This is changing at a rapid pace and keeps those not professionals in the business, ‘off balance’
and causes unnecessary complications for professionals -
is this the ‘Change’ we were Hoping for??
(to be continued)

Time and Money Running out!!

You might of thought you had plenty of TIME, But . . . .

the time to get off the 'SideLines' is NOW!



California running out of $10,000 tax creditsFirst-time home buyers wanting to take advantage of the state’s $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20 percent of the program’s funding remaining.


The program launched in March, and as of June 3 nearly $24 million in tax credit certificates already had been issued, according to the state’s Franchise Tax Board, leaving nearly $76 million in credit available. Many applications still are in the pipeline awaiting approval. If all of the submitted applications are approved, only $17.5 million would remain in the fund.



The California state legislature is considering adding another $200 million to the program. However, securing approval may be difficult due to the state’s estimated $24 billion budget deficit. A bill to extend the program already has won Assembly approval and now is awaiting activity in the state Senate.