Archive for the ‘Market Trends’ Category

Affordability - Watch it Slip Away?

Friday, September 30th, 2016

THE FACTS ABOUT HOMEOWNERSHIP:

49% OF MILLENNIALS SURVEYED SAID THEY ARE UNAWARE OF THEIR QUALIFICATIONS TO OWN A HOME.

INTEREST RATES = PRICE OF MONEY TO BORROW FOR HOME PURCHASES. SUPER LOW INTEREST RATES ARE THE RESULT OF THE LINGERING GREAT RECESSION. (LACK OF DEMAND FOR MONEY TO FINANCE BUSINESS GROWTH). BANKS ARE THROWING MONEY AT HOMEOWNERS (QUALIFIED BUYERS ONLY…. SINCE LOANS TO UNQUALIFIED HOMEOWNERS CAUSED THE HOUSING “BUBBLE” TO “BURST”.)

DUE TO SUPPLY AND DEMAND FOR HOMES IN SOUTHERN CALIFORNIA (ONE OF THE MOST DESIRABLE PLACES TO LIVE IN THE WORLD WITH CASH BUYERS APLENTY), PRICES OF HOMES ARE ON THE RISE AGAIN (NO BUBBLE THIS TIME)

AN OVERWHELMING MAJORITY OF POLITICIANS ARE IN SUPPORT OF STEPS TO GROW THE US ECONOMY (THINGS ARE CHANGING – BIG TIME!)

WHAT DOES THIS MEAN TO ME?

WHAT DOES THIS MEAN? IT MEANS THAT ONCE THE DEMAND FOR MONEY TO FINANCE ECONOMIC RECOVERY BEGINS, BANKS WILL RAISE THE RATES BECAUSE THEY KNOW DEMAND IS STRONGER.

IT MEANS THAT THE HOME YOU QUALIFIY TO BUY NOW MIGHT BE OUT OF REACH IN AS SOON AS ONE YEAR.

BELIEVE IT! PAY ATTENTION TO THE FACTS. LOCK IN YOUR HOME PRICE AND INTEREST RATE ASAP!

KNOW YOUR OWN QUALIFICATIONS

If you are renting a home, it is high time that you know what you qualify for NOW, while you still can choose to own a home. Once you understand the numbers about owning a home, you just might (likely WILL) make a smart decision for your financial future as well as the quality of life for you and your family. Your rights as a homeOWNER are much different than those of a tenant without the uncertainty of a month to month or annual lease.

My name is Bob Bodemer. I have served my clients in the Temecula Valley for 15 years. I believe in the strength of this community for families.  CONTACT ME to get you started on the path of owning your own home.

Sincerely,

Bob Bodemer 951-833-8302

IRS issues new guidelines on obtaining home buyer tax credits.

Sunday, February 21st, 2010

This article comes from the L.A. Times. “The agency clarifies documentation that taxpayers will need in an effort to curtail widespread fraud in the program. Reporting from Washington - Despite blizzards that shut federal offices for days, the Internal Revenue Service issued new guidance Feb. 12 on the two tax credit programs that are powering the country’s real estate markets — the $6,500 credit for repeat buyers and the $8,000 first-time buyer credit.

The new IRS policy clarified documentation that taxpayers need to submit to successfully obtain either credit. When Congress revised the credit programs in November, it ordered the IRS to tighten its rules and monitoring to curtail widespread frauds that had emerged earlier in 2009.

These included fictitious home purchases in which people claimed and received $8,000 checks from the government on transactions that had never occurred. Click here to read the rest of this article.

Extension of $8,000 new home buyers credit moving forward.

Thursday, October 29th, 2009

This post comes from Bloomberg.com. “The Obama administration endorsed a plan to extend an $8,000 tax credit for first-time homebuyers, saying it is helping stabilize the housing market. The tax break, enacted early this year as part of the economic stimulus, has “brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” Treasury Secretary Timothy Geithner said today in a statement.” Click here to read the rest of this article.

Home auctions biz grows 1.1% in ‘08

Thursday, March 5th, 2009

The National Auctioneers Association, a trade group for auction professionals, this week reported that gross receipts for real estate auctions grew about 1.1 percent in 2008, with an estimated $17.1 worth of residential real estate sold at auction.

Bank-owned properties that have completed a foreclosure process (commonly referred to as REOs) were “a major contributor to the industry’s growth in 2008,” NAA reported.

Gross receipts for commercial and industrial real estate auctions fell about 0.5 percent in 2008, to $15.5 billion, NAA also reported. Land and agricultural real estate auctions grew an estimated 0.5 percent to $26 billion in 2008.

In total, all types of real estate sales at auction accounted for an estimated $58.6 billion in gross receipts in 2008, or 21.8 percent of all goods and services sold at auction last year. Overall, gross receipts for all types of auctions dipped about 1 percent in 2008 compared to 2007.

Segments of the auction industry that grew last year include: agricultural machinery and equipment; commercial and industrial machinery and equipment; and charity auctions.

NAA reported “significant decreases in gross revenue” for art, antiques and collectibles (down 9.3 percent), automobiles (down 5.4 percent), and personal property (down 5.1 percent).

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