Real Estate Agent – Orange County, California – Pat Monahan

The Federal Homebuyer Tax Credit  has been extended beyond November 30th of 2009. The new rules include a deadline to be in escrow or under contract by April 30th of 2010 and close the purchase by July 1, 2010. First-time buyers, those who have not owned their principle residence during the past 3 years, are eligible for a tax criedit up to $8,000. Also, current home owners who have lived in their principle residence for 5 consecutive years of the past 8 years are eligible for a tax credit up to $6,500.

The home purchase must be for a principle residence and it can include a boat, motor home or traditional house, condo or townhome up to an $800,000 limit. There are income limits to the new benefits extention. They are $125,000/yr for a single person and $225,000 for a couple.  A purchase by a dependent is not allowed. See your tax advisor for more details.

The good news is that more people can get tax relief when they purchase their next home through April 30, 2010 or have a binding contract to purchase on April 30th and close by July 1, 2010.

The other good news for home buyers is the historically low mortgage interest rate and the reduced market values for homes. This is a combination that probably won’t be seen again in our lifetimes. Contact your realtor to find the best buying opportunites in your area.

I have lovely coastal homes in all price ranges from Orange County to Long Beach, CA. I will find the right one for you. I’m only a click away!

Have you seen this article in the O.C Register? Buy Now!

O.C. housing analyst says ‘Buy now!  Lansner on Real Estate

The market for Orange County real estate has seen a turn around lately. Properties are selling more quickly, many with multiple offers and some for all cash! The most activity is in the price range below $600,000. The fiercest buyer competition is in the under $400,000 price range where first-time home buyers with low down-payments are competing with seasoned investors with cash. The REO and short sale listings are attracting offers within the first few days on market. If you want to purchase coastal real estate in Orange County, be ready to act fast, have statements to prove your purchase-cash and/or be pre-approved for a loan with a direct lender. Buyers who qualify under FHA guidelines must compete with all cash buyers. Be ready to offer above asking price and accept the property in “as is” condition.

Equity sellers who have maintained and up-graded their home may benefit from this buying frenzy, if they are willing to price their home competitively. Special marketing is essential with strong internet presence and the creative techniques of the “New Rules” of real estate. I know how to utilize the “New Rules” and I can provide you with the internet presence that will get your home widely seen. Learn how you can benefit from this specialized knowledge.

If you are having difficulty making your current mortgage payments, contact your lender before you fall behind in your payments. Ask if you qualify for a loan modification from your lender. If you do not, then you have options. Call me to find out about your options. I can help you steer a path in this sea of confusion and shine some light in the right direction. I can be reached at 714-932-5529.   

There’s been a buying spree the past few months. Fueling this spree are a federal government sponsored $8,000 first-time home buyer bonus and historically low (below 5%) mortgage interest rates for conforming loan amounts. Pent-up buyer demand is yielding to this buying opportunity and many people are realizing their dream of home ownership.

The question is “Will it last?” Foretelling the future is always risky. So many factors influence the market. The level of unemployment, the availability of credit and the ever-nebulous consumer confidence impact sales to varying degrees. On a larger scale is the balance (or imbalance) of supply vs demand which can tip the scales toward a buyer’s or a seller’s market, driving values up and down.

Right now the inventory of homes on the market is dwindling, shifting the balance toward sellers.  When more properties are brought “on market”, the balance will shift toward buyers unless the homes are mostly distressed properties. A bank-owned or short sale listing will almost always be in high demand and generate multiple offers which drives the price up. Therefore, a large inventory of distressed sales represent a seller’s market.

The public’s perception is that home sales are mostly in the “distressed” end of the residential market. Advertised “Home Auctions” and “bank-owned” properties plus media stories of displaced families due to foreclosure dominate the realty news.  In some communities this is true, where 90% of recent sales are distressed properties.  In other communities the closed sales are dominated by “equity” sales from sellers who are not in foreclosure.  All real estate is local and it pays to know your market.

A first-time buyer and a home seller would be best served by aligning themselves with a professional who knows that local market.  Both parties will benefit from the knowledge of a local expert who actively works in the marketplace daily.  A local Realtor will know the accurate value range of a home and facilitate the disclosure of the home’s condition and the title clearance that is critical in any transaction. A knowledgeable third party can negotiate in an unemotional way to create a win-win for both sides that will appraise and close escrow! An internet entity facilitating a home sale when the on-line contact has no local knowledge, leaves one or both sides open to liability. Buyer and seller beware.

Therefore, take the guess work out of your real estate transaction. Work with an experienced realtor!

Now that the income tax deadline is past, there’s another important date to remember. If you purchased residential real estate in Orange County since 2000, you may be eligible for reduced property taxes. 

As stated on the OC Assessor’s website, www.ocgov.com/assessor/, the Assessor will review the value of every property in the County between January 1 and June 2009, and will implement a temporary value reduction for all eligible properties. There is no charge for this service.

There is a question/answer feature on their home page that will explain the assessor’s process in determining property values and how you can appeal that decision. You can request an informal review if you believe that your Market Value is lower than your Taxable Value.

You can download the Request for Informal Assessment Review form from the website at  www.ocgov.com/assessor/.  Completed forms must be returned to the Assessor by April 30, 2009. You will need to provide up to three (3) sales or listings in your area that occur on or before March 31, 2009 to support your claim for a lower valuation. (Foreclosures may not be an indicator of market value.)  However, if your neighborhood has a preponderance of foreclosed and bank owned sales, then your market value may well be dictated by those recent sales.

If you need assistance with obtaining the form or the necessary recent sales information, contact me at 714-932-5529 or email me at pat@patmonahan.com. Remember the deadline to file the review is April 30, 2009.

The real estate market in Orange County offers many opportunites at this time.  Approximately 50% of all homes currently on the market are considered distressed sales.  Bank owned (REO’S) and short sales (in the foreclosure process) are priced very competitively.  Today’s buyers have the trifecta on their side - low sales prices, plenty of inventory and historically low mortgage interest rates. 

If you are looking for a deal in Orange County or the coastal communities of Long Beach, Seal Beach, Huntington Beach and Costa Mesa-Newport Beach, contact me for up-to-date inventory information. I know the best areas, the market values and the property condition for the best deals. Save your time and gas, and avoid the frustration of finding those deals too late to make a bid on them.

As you can see from the gallery of properties on my “home page”, the deals sell fast. Don’t wait! Contact Pat Monahan at (714) 932-5529 today!