Bob Willis

As I was driving along La Cuarta, going from Friendly Hills to the Michigan Park area in Whittier, I noticed a new Friendly Hills sign. Apparently, the Friendly Hills association decided it was time to update the signs.

Here is what the old signs looked like:

Here is the new sign for Friendly Hills:

The new signs are beautiful, but, call me old fashioned: I prefer the old signs.

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About the author: The above Information about Whittier's Friendly Hills was provided by Bob Willis, a locally recognized Realtor®. Bob can be reached via email at bob@willisrealtor.com or by phone at (562) 639-9400.

For Whittier real estate, see Whittier Welcomes You. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my ListingBook website.

I service the following towns in the greater Whittier area: La Habra, La Habra Heights, La Mirada, Norwalk and Santa Fe Springs.

There are buyers out there, trying to navigate the maze of short sales and bank owned properties, when all they really want is to find a nice home they can buy.

The inventory of single family residences for sale in Whittier is down drastically from a year ago. The following chart shows how Whittier had over 9½ months of inventory of homes for sale one year ago. It was a true Buyers' Market, where there was little competition from other buyers, and you could basically choose which house you wanted to buy without worrying about the competition of multiple offers. At that time, you had a good chance of coming in lower than the asking price, and getting your offer accepted. Sellers were more willing to contribute to closing costs in order to entice buyers to purchase the property.

Now, in March 2009, the situation is quite different. Instead of having over 9 ½ months inventory of homes for sale, we now only have 2.9 months of inventory. That means there is less than one third the amount of homes available to buy. Less inventory means less choice for the buyer.

The other part of the equation, however, is the price of homes for sale. One year ago, homes for sale in Whittier averaged $357 per square foot. So, an average home of 1,200 square feet would cost about $428,000.

Today, the average cost per square foot of Whittier real estate is about $305. So, that same house of 1,200 square feet would cost about $366,000.

So, while Whittier homes are much more affordable today, there is also much more competition. If a home is priced well, it will attract multiple buyers and multiple offers. The competition for good homes is very brisk, and we are seeing "bidding wars" for homes that are priced to sell.

My friends, it is no longer a buyers' market, where you have a huge selection of properties, and can expect to get your reasonable offer accepted, right off the bat. You need to know exactly what the neighborhood homes are selling for, not only in price per square foot, but also what the sales price was in relation to the list price.

Today, March 4, 2009, there are 535 residential properties for sale in the City of Whittier. Back in May 2008 there were 888.

There were 48 residences sold in the City of Whittier in January 2008.

This year, in January 2009, there were 121 residences sold in the City of Whittier.

So, this January, there was over two and one half times the number of homes that sold over last year; while the number of homes available to purchase is only 2/3 the number that was available a year ago.

Are homes selling for a lot less than the asking price, as you would expect during a buyers' market? The answer is a flat "no". Homes in January 2009 sold for an average of 98.34% of the asking price. It is not a buyers' market, despite the fact that homes are the most affordable they have been since 1970 (according to the Home Affordability Index).

The bottom line is, if a home is in good condition, and reasonably priced close to market value, do not expect to make a "low ball" offer and get it accepted. Low ball offers are simply getting rejected because there are oftentimes multiple offers that are either very close to the asking price, or way above the asking price.

Only a competent Realtor® who knows the market and knows how to analyze the statistics of home sales for the neighborhood can provide you with the comparative information you need to make a wise decision on how much you should offer on a property. Make sure you choose a competent Realtor®, who knows the local real estate market, to help you with your home purchase.

Note: The above charts are copyrighted material provided by Real Data Strategies through the distribution license of the Pacific West Organization of Realtors®.

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About the author: The above Market Report on Whittier Real Estate was provided by Bob Willis, a locally recognized Realtor®. Bob can be reached via email at bob@willisrealtor.com or by phone at (562) 639-9400.

For Whittier real estate, see Whittier Welcomes You. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my ListingBook website.

I service the following towns in the greater Whittier area: La Habra, La Habra Heights, La Mirada, Norwalk and Santa Fe Springs.

Whoo doggies - that is cats and doggies. That's what it's "actively raining" right now in Whittier. And the song says, "It never rains in California... It pours, man it pours."

Every Wednesday, my real estate office has a caravan of homes on the market, where we get in our cars and collectively see a bunch of houses as a group. Today, while it was raining, we saw houses for sale in Whittier, La Habra Heights and La Mirada, ranging from a home in La Mirada that needs some TLC (Tender Loving Care), and is priced at $299,900, to an exquisitely gorgeous Friendly Hills home that EVERYBODY loved, priced at $749,900. Oh my goodness, what a wonderful home that one is! The view of the back yard from the living room takes your breath away.

While I was out in the weather with my buddies from the office, I started noticing how the rain was affecting our caravan. The gorgeous home in Friendly Hills has several small utility buildings in the back yard. Normally, everyone in the group would go out and quickly inspect each building. Not today. The rain kept all but a few of us from peeking inside one of the sheds. What I discovered was a nicely built structure that is wired with electricity, and could be used as a hobby room, work room or gardening shed. Add some drywall to the walls and ceiling and you would have a nice, but private, home office. The listing agent had a great idea that it could also be used as a sewing room or as a scrapbooking room.

10 Tips for Home Buyers in the Rain

1. Bring an umbrella.
2. Wear your galoshes.
3. Wear a rain coat.
4. When you are looking at homes in the rain, it is a perfect time to check for leaks in the ceiling.
5. Check to see how the rain gutters run.
6. Look at the back and front yards, as well as the sides of the property to see if water pools where it shouldn't.
7. Does the front porch have an area that shields you from getting wet while you are taking out your keys to get inside?
8. Can you go from the garage to the inside of the house without getting wet?
9. Go into all the structures on the property so you can see what they look like in the rain.
10. Finally, think about how the inside of the home makes you feel during a storm. Do you get a warm feeling when you look at the fireplace and imagine a burning fire? Is it a home where you would feel comfortable curling up with a good book and a hot mug of coffee or cocoa?

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About the author: The above Real Estate information on Viewing Homes for Sale was provided by Bob Willis, a locally recognized Realtor®. Bob can be reached via email at bob@willisrealtor.com or by phone at (562) 639-9400.

For Whittier real estate, see Whittier Welcomes You. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my ListingBook website.

I service the following towns in the greater Whittier area: La Habra, La Habra Heights, La Mirada, Norwalk and Santa Fe Springs.

While previewing bank owned properties in Whittier today, I came across two pretty good deals.

Imagine a Whittier single family residence for under $190,000, that is actually in move-in condition. There is a nice, small home near Whittier High School, that is listed for less than $185,000. Of course, it is small. Technically, it is listed as a one bedroom home, but really has two bedrooms. Freshly painted on the inside, it has newer carpet in the bedrooms, a neat bathroom and new tile flooring in the living room. The kitchen is mostly all original, but is clean and in usable condition. If you don't need a large house, this home may be for you.

The second buy of the week is a spacious two bedroom home in a great Whittier neighborhood. Both bedrooms are quite large, as is the living room and formal dining room, in this 1500 square foot home. The hardwood floors throughout the house are in good condition. The kitchen has beautiful wood cabinets and gorgeous granite counter tops. All this in a bank owned property for less than $400,000.

I love to preview homes, and one of the joys of previewing is coming across jewells like these.

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About the author: The above Real Estate information on Bank Owned Properties was provided by Bob Willis, a locally recognized Realtor®. Bob can be reached via email at bob@willisrealtor.com or by phone at (562) 639-9400.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!

For Whittier real estate, see Whittier Welcomes You. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my ListingBook website.

I service the following towns in the greater Whittier area: La Habra, La Habra Heights, La Mirada, Norwalk and Santa Fe Springs.

Tax Credits, Tax Credits, and more Tax Credits! Californians Save Big!

$7,500 Tax Credit (Last Year Home Buyers)

Last year, Congress approved a $7,500 Tax Credit for first time home buyers. Here are some of the key points of that tax credit.

Terms:

• The tax credit is actually a loan that is payable over 15 years, and it will be paid off in $500 annual increments from your income taxes, starting in 2010.

Who:

• First time home buyers were eligible. A first time home buyer is someone who has not owned a home in the past three years.
• People who jointly purchased a home can divide the tax credit equally, including married or unmarried people.
• You must live in the home.
• Maximum income limits do apply, and adjustments to the eligible amounts begin at $75,000, then phase out completely at $95,000 for individuals or $170,000 for married couples.

When:

• The $7,500 home ownership tax credit is for first time buyers who bought a home between April 8, 2008 and December 31, 2008.

$8,000 Tax Credit

Congress just approved an $8,000 Tax Credit for first time home buyers. Here are some of the key points of this new tax credit.

Terms:

• You don't have to repay it.
• The $8,000 would apply to two people buying the same property together. An individual would be eligible for half the amount, or $4,000.
• Income limitations do exist.

Who:

• First time home buyers are eligible. A first time home buyer is someone who has not owned a home in the past three years.

When:

• The tax credit is available for a home purchased from January 1, 2009 through November 30, 2009.
• You must live in the home for at least three years in order to keep the tax credit. If you sell it sooner, you will have to pay it back.

$10,000 Tax Credit for Californians Buying New Construction

The State of California just approved a $10,000 Tax Credit for the purchase of a newly-constructed home. Here are some of the key points of this new tax credit.

Terms:

• This tax credit is for the purchase of a newly constructed home. It cannot be used to buy an older home.
• The amount is $10,000, or 5 percent of the purchase price, whichever is less.
• You don't have to repay it.
• There are no income limitations.

Who:

• Anyone who buys a newly-built home. You do not have to be a first time home buyer.
• The home must be the principal residence of the buyer.

When:

• The home must be purchased between March 1, 2009 and March 1, 2010.
• You must live in the home for at least two years in order to keep the tax credit. If you sell it sooner, you will have to pay it back.
• It is a first-come, first served program that is funded with $100 million of tax payer money. When these funds run out, it will be too late. Most analysts predict that the funds will run out much sooner than the expiration date.
• Buyers will receive one third of the tax credit over three consecutive tax years. If, for example, a buyer is eligible for the full amount of $10,000, the amount of the tax credit will be approximately $3,333 per year.

Why the $18,000 in Tax Credits and Other Benefits of Home Ownership Make 2009 an Excellent Time to Buy a Home

Imagine Putting the $18,000 Tax Credit Toward Your Mortgage

Why would you want to continue paying rent when you can buy a home now and take advantage of these excellent tax credits?

If you are paying $1,500 per month in rent, after one year, you will have paid $18,000 to your landlord, and have nothing to show for it. If, on the other hand, this same $18,000 is applied to a mortgage, you will be investing in your own home and building equity for the future.

Imagine taking the combined $18,000 Tax Credits and applying them toward your house payments.

Other Tax Benefits of Being a Home Owner

Part of your mortgage payment is tax deductible. This deduction is usually about one third of your payment. In other words, if you are currently paying $1,500 per month in rent, you may be able to afford to pay as much as $2,200 per month for a mortgage. Consult your tax advisor for more details and professional advice.

Talk to Your Tax Advisor

Make sure you talk with your tax advisor about filing for any of these tax credits.

Now is the time to become a home owner.

-Blog End-

Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA 90603
DRE License # 01788371
Phone: (562) 639-9400
Email: bob@willisrealtor.com

Search for your new home online at http://myhome.listingbook.com

Learn more about Whittier real estate at http://www.WhittierWelcomesYou.com.

Are you ready to buy your first home, move up to a better home or buy an investment property?
Call me today for a FREE Buyer Consultation!

I specialize in helping first time buyers get into their first home. Whether you want to buy now, in six months or in a year, a Buyer Consultation with a professional Realtor® should be the first priority of your home search. It's custom designed for you and your needs! Please call me for a FREE Buyer Consultation! (562) 639-9400.