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Kary Oncu

Tarbell, REALTORS Annual Awards

02-13-09
Kary Oncu

Wow, every now and again you just know you are in the right place at the right time.

Each year Don Tarbell treats his agents to an extravaganza. He brings in Broadway stars and gives a full blown show all morning, lunch, and then gives awards to agents reaching a series of sales goals for the past year.

This year's awards were at the OC Performing Arts Center, Segerstrom Hall. Stars performed a series of Rodgers & Hammerstein musicals. Stars such as Shirley Jones, Brian Stokes Mitchell, Hugh Panaro, Laura Bell Bundy, Susan Egan, Nita Whitaker, Roy Leake Jr. (My personal favorite), and Mark Watters, producer/musical director, and the Young Americans.

Shirley Jones sang for us and introduced each segment of the acts. She is elegant. What a lifetime of entertainment she has provided when you look at all of her credits.

The music, the acting, the setting, wow, Segerstrom Hall was a building built to enhance the performance. The main act was the full concert version of Rodgers & Hammerstein's South Pacific. With period costumes and quality acting you felt like you were back in WWII. Laura Bell Bundy performed Nellie Forbush flawlessly, and Roy Leake Jr. provided a comedic relief, playing Luther Billis.

Mark Watters, with a full ochestra compliment, played the music of Rodgers & Hammerstein marvelously. Of course most of Rodgers & Hammerstein's music is so uplifting, you find yourself singing along, and feeling somewhat empowered to be larger than life yourself. Who can singing "the hills are alive" without feeling yourself running through the Alps yourself. (In your mind of course).

In a year with so much economical blues, The Tarbell's could have easily downsized the extravaganza, but instead turn it up and treated their agents to an inspiring show and another reason to strive to be the best of the best.

Thank you Don and Betsy, and Tarbell Corporate for the great show.

A shout out goes to Roula Fawaz for being the No. 1 Tarbell agent in the company!

Federal Tax Credit highlights:

02-07-09
Kary Oncu
1. Tax Credit is 10% of the purchase price up to $7,500. The buyer receives a tax credit on their personal income tax return in the calendar year they close on their home. Currently this tax credit is paid back starting the next tax year in $500 increments over a 15 year period. If the home is sold before the 15 year period the balanced owed is paid back when the home sale closes, unless the home sells at a loss at which point the balnace is forgiven.
2. First-time homes buyers only qualify. 1st time homebuyer is defined as anyone who has not owned a home at any time during the past three years. Certain income limits apply but the amount of credit is the same whether married or single.
3. Income Limits: Buyers using Form 1040 filing status single or head of household are eligible if their income is no more than $75,000. Joint filers income can be no more that $150,000.
a. Buyers with income between $75,001 - $94,999 (Single) or $150,001 - $169,999 (Joint) can receive a partial tax credit.
b. Buyers with income over $95,000 (single) or $170,000 (joint) are not eligible for the credit.
4. The home must be purchased between April 9, 2008 through July 1, 2009.
*Currently, Congress is discussing raising this limit to $15,000. We are anticipating the structure of the credit to remain as noted above, however they are also discussing the possibility of making the $7,500 a one time tax deduction and not requiring it to be paid back.
**The payback without interest is in equal installments of 6.67% of the total credit each year over a 15 year period beginning the year after the tax credit is claimed.
***You should always consult a professional tax advisor for exact tax calculations and tax advice.
Also you need to consider the risk of trying to time the market. If your Sales price goes down but the interest rate goes up, your monthly payment will actually be higher on the lower sales price/higher interest rate combo.
Hope this information helps with your decision.

Buyer Purchase Power

11-08-08
Kary Oncu

Working with buyer's presents challenges. As Realtors we have our own expectations for our yearly production. As buyers reach out for our services Realtors have the ethical obligation of caring for our clients interests above and beyond our own.

In this world of instant gratification it is easy to see why agents take the path of least resistence. Loan officers are telling our clients that they can qualify for homes that are still at the top of their affordibiity level. Clients want to get the biggest house they can with their money. Now just because a buyer can doesn't mean he should. It is a delicate balance to counsel our clients to look in a lower price range than they qualify for vs. getting the most house for their dollar, then becoming a slave to the house down the road.

In the recent environment where voters continue to vote for every tax increase presented them on the ballot, potential homeowners need to take into consideration future costs that could impact their quality of life. Current home values are still declining albeit at a slower rate, since sales numbers are up from last year at this time. Buyers who have been sitting on the sidelines are now recognizing it's a good time to buy. If the number of sales continue to rise, it will act as a brake on the price decline. Because of the number of short sales soon to become foreclosures the market will still see a flucuation in prices. More and more buyers will recognize now is the time to purchase.

Realtors who are making a career of real estate, will continue to watch out for their clients because clients interests are the first priority of a career Realtor. I am a career-minded Realtor. My clients can rest assured their interest will come before mine.