About Placer County, CA

According to California Assn of Realtors, The House today passed a bill extending and expanding the Federal Tax Credit. The Senate passed the bill late yesterday and it will now go to President Obama for his signature. When signed it will extend the credit to April 30, 2010 with a 60 day extension possible if a binding contract is in place before the April deadline.

FIRST TIME HOME BUYERS will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500.

EXISTING HOMEOWNERS will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

The home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

I live in the Roseville CA zip code of 95747 so I thought I would check out the statistics on HOMES FOR SALE IN THE ROSEVILLE CA area. I found out that there are currently 301 active listings in the 95747 zip code. The lowest home for sale is 179k and highest home for sale is 699k. The average days on market is 105. The average price per sq ft is 152. There has been an average of 89 homes sold per month in Roseville the last three months. That tells me that their is a 3 1/3 months supply of HOMES FOR SALE IN ROSEVILLE CA 95747. There are 52 short sales out of the 301 listings and there is 117 short sale continingent short sale listings. That means 117 houses allready have offers on them and they are just waiting for bank approval.

Last year the average price per sq ft was 166. The average number of sales per month was 88 per month. The lowest sold was 235k and the highest sold was 899k. This year the lowest sold in the last three months was 129k and the highest sold was 765k. I can say that BUYING A HOME IN ROSEVILLE is a great choice because of the safe neighborhoods and great schools. If you want to follow the real estate market from Rocklin CA to Sacramento CA, you can go to www.rocklinsacramento.blogspot.com.

Why is it so competitive for buyers? The answer is that 68% of distress sales are receiving multiple offers. This is especially true in the affordable home range. Here are some strategies for your offer to make its way to the top of the pile.

1. Ask your lender to provide FULL loan approval and submit it with your offer. Your offer will have a huge advantage over others because it shows that financing will not be an issue in closing the transaction.
2. Submit your offer with Direct Lender approval. If your lender is not a direct lender, you can seek a preapproval from a direct lender, such as Bank of America, but you are under no obligation to use that lender.
3. Use Rebate Pricing to help pay for closing costs and minimize seller contribution. As a buyer you pay a slightly higher interest rate (.25 or so) and the lender credits additional commission back the buyer to assist with closing costs.
4. Ask your lender to contact the listing agent on each offer you submit. A good lender will communicate the highlights of you as the borrower and instill confidence about closing on time.
5. Communicate to the seller through your Realtor® that you are a committed buyer and will stay the course through the sometimes difficult transactions we are experiencing in this market.

If you have questions, or need a referral to a lender who can assist you with this high level of service, contact me and I will forward you on to the right person.

LINDA HESS of GREATWEST GMAC REAL ESTATE, 2235 Douglas Blvd.#520, Roseville, Ca. has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Sacramento, Placer and El Dorado Counties, more homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said REALTOR HESS. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as LINDA HESS with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

Linda can be reached at (916)709-1419 or visit www. ShortSellersHelpers.net

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.Articles above have been provided by the listed author immediately following the article. For additional resources and information to the authors, please visit the following sites.

Resource Links:
Bill Fields All Star Coaching Program: http://www.AllStarCoaching.net
GreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.com
GreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.com
T. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.com
Brodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.com
GreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.com
GreatWest Videos: http://www.youtube.com/brodiestephens
Facebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephens
Facebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsale
MySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephens
MySpace GreatWest Blog: http://www.myspace.com/greatwest
Picasa Web Album: http://picasaweb.google.com/brodiestephens
GreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.com
Global Employee Relocation: http://www.employeerelocation.blogspot.com
Apply for a Loan: http://www.choice1funding.com

HELLO Neighbors !!!

GREAT news today!

The first time buyer tax credit is getting extended. Buyers have to be in contract by the end or April.

For us car guys, "Cash for Clunkers" was fun... but we knew it would only spur short term demand and sales volume upticks. THIS? This is how you bring the economy back!

From the Wall Street Journal:

By COREY BOLES and JOHN D. MCKINNON

WASHINGTON -- Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.

Many property experts have cited the credit as a reason for signs of recovery in the housing market in recent months. But that recovery was somewhat undercut by the September drop in new-home sales reported Wednesday.

The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.

.While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. Senate Majority Leader Harry Reid (D., Nev.) hopes to add it to a bill currently on the Senate floor to extend federal unemployment insurance benefits. But agreement on that hasn't been finalized.

While Senate Republicans are likely to support the measure, House Democrats have raised concerns that it carries a high cost to the government. The Internal Revenue Service is examining the program for alleged abuse.

Thank you Wall Street Journal for the content!

This is wonderful and fantastic news.

- Jim

www.NeigborlyGroup.com

www.NeighborlyRealty.com

www.NeighborlyFinancial.com