Phillips Ranch, CA

Below is a chart showing the number of houses sold in Phillips Ranch from 2006 to 2009. In February 2009, 4 properties were sold and 15 properties went into escrow in Phillips Ranch.

Below is a list of the 4 properties sold in Phillips Ranch in February 2009.

There were 52 properties for sale and 4 sold last month making February's sold rate equals to 8%.

3 out of 4 properties sold last month were bank owned. Chance of privately owned homes sold is only 2%.

In order to get the house sold, private owners need to either price their house aggressively like the bank owned ones or upgrade and modernized the house completely to make it a 100% turnkey condition to entice buyer to purchase their home.

President Obama signed the stimulus package on 02/17/09. H.R. 1, is a $787 billion package containing over $280 billion in tax relief and over 300 changes to the IRC.

For first-time homebuyer, if you make a purchase in 2009 (01/01/09-12/31/09), the maximum tax credit is increased to $8000 and the repayment provisions are eliminated for taxpayers who own and live in the home for at least 36 months. (IRC 36).

The tax credit amount is 10% of cost of home not to exceed $8,000. If you purchase a house for $300,000, 10% of the purchase price is $30,000. Since $30,000 is greater than $8,000, you will be entitle to $8,000 tax credit.

For example, if you owe IRS $10,000 on your income tax and your qualified tax credit is $8000, your net tax liability is only $2000. Making this year an outstanding year for first time homebuyer to purchase a home and take advantage of the huge tax break.

Below is a chart showing the number of houses sold in Phillips Ranch from 2006 to 2009.

With low interest rate and large bank owned homes selling at bargain prices, we are seeing twice more houses sold in January 2009 comparing to January 2008.

The number of houses sold in January 2009 is back to the same level as January 2006. We will continue monitor the market for few more months to determine if the housing market is in the process of rebounding.

Below is a list of the 6 properties sold in Phillips Ranch in January 2009.

There were 50 properties for sale and 6 sold last month making the January sold rate 12%.

4 out of 6 properties sold last month were bank owned properties. Chance of privately owned homes sold is only 4%.

In order to get the house sold, private owners need to either price their house aggressively like the bank owned ones or upgrade and modernized the house completely to make it a 100% turnkey condition to entice buyers to purchase the house.

According to Freddie Mac, 30 year moorage rates drop below 5% setting new record for the lowest mark since 1971.

This week on 01/17/09, the rate dropped to 4.96% down from previous record of 5.01%.

It is the 11th straight weekly drop that is way below 5.69% at the same time last year.