Home Buyers Tax Credit Extended

November 5, 2009: More good news for consumers and the housing market recovery. Following the Senate’s favorable vote, the U.S. House of Representatives just voted to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers.

The legislation maintains the provision that 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.

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500.

To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases 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 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. We expect that number to increase dramatically in the months ahead with this new legislation in place.

Now is the time to get off the fence and start searching for your new home, Give me a call today so we can find you a great property with an attractive price AND a great tax incentive.

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

CANADIANS FLOCKING TO THE DESERT

Soon, Palm Springs, California will be known as “Little Canada.” So many Canadians are flocking to this beautiful desert area so they can “warm up” during the snowbird season. During the season we often listen on our news to the Canadian Stock Market Report, the Canadian News and the weather report in Canada.

Canadians who have second homes in this area soon “connect” with other Canadian friends and neighbors. After all, no matter where you are in the desert…you can spot a Canadian not far away. They are the ones enjoying themselves poolside, or walking around town in their t-shirts and shorts…while the natives are still wearing their sweaters and jackets!

Many of my clients the past 2-3 years have been Canadians. They’ve contacted me from British Columbia, Alberta, Ontario, Saskatchewan and Toronto. Many are now my dear friends. They’re happy here. Perhaps that’s because they have now found a way where they can “Enjoy Summer All Winter Long,” here in our beautiful Palm Springs Desert Area known as the Coachella Valley. You can too. Just give me a call or email me. I’m here to help in any way I can.

If you enjoy golfing click here to read about why avid golfers are buying homes in Palm Springs, CA.

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

List/Sale Price Gap Diminishes

According to the California Association of Realtors newsletter, home buyers are still paying less than a home’s asking price, but had slightly less negotiating power in August than they did in July, according to the August Zillow Real Estate Market Reports.

Sellers also continued to cut prices on unsold homes. One quarter (24.7 percent) of all homes listed for sale on Zillow had at least one listing price reduction as of Oct. 1, 2009. For the U.S. as a whole, the median U.S. price reduction was 6.6 percent off the original listing price.

Several Metropolitan Statistical Areas (MSAs) in Florida made the top 25 list of markets nationwide with the greatest gap in list price to sale price; no MSA in California made the list. In two California markets, buyers paid more than asking price during August, according to the report:

“Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply in some markets is translating into less of a discount off listing price,” said Zillow Chief Economist Dr. Stan Humphries. “Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers’ negotiating power to regain the ground it lost in August.”

What is this information telling us? It’s telling buyers we’ve pretty much “hit the bottom,” and it’s time to MAKE THAT OFFER!

Now that you are ready to buy, click here to learn what should you consider when buying a townhouse or condo?

Please keep in mind that I have been representing buyers and sellers in the desert for 18 years, so if you are looking for EXPERIENCE, then give me a call. My successful “tract record” says it all!

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

ADVANCE FEES FOR LOAN MODIFICATIONS NOW PROHIBITTED

On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting I – 4 unit residential dwellings.

Agreements entered into and advance fees collected prior to October 11, 2009 are not affected. Advance fees inadvertently collected after October 11, 2009 must be fully refunded.

One of the main reasons for this bill was to protect the consumer from scams whereby homeowners gave money “up front” for these services, and these services were NEVER provided. Many homeowners, trying to modify their existing loans, were contacted by these lenders claiming they could modify the homeowners loan, but needed funds in order to provide this service. After the homeowner gave these companies their funds, the companies magically disappeared and were never heard from again.

If you know of someone who is thinking of modifying their existing loan, please forward this article to them. You will be doing them a huge service.

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Critical Information Not to Be Taken Lightly!

I recently received a very official looking email from Bank of America. It read:

“Dear Bank of America customer:

We recently have determined that different computers have logged onto your Online Banking account, and multiple password failures were present before the logons.

We now need you to re-confirm your account information to us.

If this is not completed by (date was given), we will be forced to suspend your account indefinitely, as it may have been used for fraudulent purposes. We thank you for your cooperation in this manner.”

Please note the underlined information above. The letter then provided me with a web site that also looked very official where I could provide my security information to them so they could “check it out” to make sure I was, in fact, the correct person on the account. If I was, then they would not suspend my account.

Does this look familiar? This is what is known as Plishing. In plain English, it’s how con artists rob you of your identity and strip your bank account clean. Many of you are aware of this type of official looking fraudulent email. Perhaps you’ve received similar emails from what looks like your Bank or Credit Card Company.

For others, you may not be aware of this, so I am sending this as a warning. Never, under any circumstances provide your Passwords, Social Security information, Bank or Credit Card information to ANYONE who calls or emails you with a similar request. If you have any concerns, pick up the phone and call your bank or credit card company and ask them if they called or emailed you with this type of request. Any under NO CIRCUMSTANCE, should you call the phone number the email or phone caller provides you. This phone number is also phony and will be answered in a very official way by the person who is attempting to steal from you.

I’ve often told my clients, I may be a Realtor, but I’m also here to help you any way I can. That’s why I thought it might be best to send this to everyone, even though it has nothing to do with real estate.

I received my letter in the mail but sometimes this type of letter is sent to your email address. If you ever get an email you are unsure about you can check its validity by typing in the subject of the email at Google.com or by looking on http://hoax.com/

I hope this has been helpful and you will “pass this on” to others who may not be aware of what Plishing is or how it works.

For information on Protecting your Laptop click here.

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Avid golfers are buying homes in Palm Springs, CA

This is for all you avid golfers out there.

If you happen to be living in the Midwest, or perhaps the Northeast or Northwest, you’re probably enjoying the summertime weather and getting in some good games of golf. Well….you can continue to do so when winter arrives. Just head over to this beautiful Palm Springs California Desert where the sun shines daily and you can golf 365 days a year surrounded by breathtaking majestic mountains and hundreds of fabulous golf courses.

You see, we are surrounded by mountains and we can actually look up and see the storm clouds pushing against the mountains trying to enter our Coachella Valley. But we just don’t allow them to enter!

Palm Springs California is known for its fabulous sunny weather. A chilly today is when it only reach’s the 70’s! But the sun was definitely shinning!

In the 17 years I’ve been marketing homes in this beautiful paradise, many of the homes I sell are located on some pretty terrific golf courses.

I live about 20 miles east of the city of Palm Springs, Ca in an area called Rancho Mirage. My home is surrounded by five (5) great championship golf courses. Three are private at Mission Hills Country Club where they play the Women’s Nabisco Open, a huge event held each year for women golfers. I actually live on the Westin Hotel’s Pete Dye Course. I look out onto water, mountains and fairway. It doesn’t get any better than this!

Three of the cities comprising the Palm Springs Desert Area, known as the Coachella Valley, offer special golf discounts if you live in their area. Palm Desert residents enjoy reduced rates at the beautiful Desert Willow golf course. Residents of Rancho Mirage enjoy reduced rates at the Pete Dye and Gary Player Westin Hotel courses, and residents of La Quinta enjoy the Silverrock Golf Course at reduced rates as well.

Now is an excellent time to purchase that vacation or retirement home. Many Canadians are doing the same. Home prices are at an all time low and they are beginning to climb, so don’t wait too long. Interest rates are also very attractive.

Hope to see you on the course where many of us are Enjoying Summer All Winter Long!

You might want to take a tour of my website www.PalmSpringsHomesAndEstates.com because it is filled with helpful information and you and your clients can also access the MLS 24/7, just as I do to see any property in the desert. And remember, we are only 1.5 hours from the snow capped mountains where they have great skiing, 2.5 hours from the Pacific Ocean and 4 hours from Las Vegas! You can’t beat that!

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Buying a townhouse or condominium: What should you consider?

Tired of mowing the lawn? Ready for a low-maintenance lifestyle? Perhaps it’s time to consider buying a condominium. But before forging ahead, consider the following.

When you buy a single family detached residence, you become the exclusive owner of the structure and the property it’s located on. The property boundaries distinguish what is yours from what belongs to your neighbors.

When you purchase an attached dwelling such as a condominium, you obtain exclusive ownership rights to the interior fences, shared walls and facilities-with other owners in the condo (also called a planned unit development or PUD).

As a condo owner, you automatically become a part of a homeowner’s association to which you pay dues, usually on a monthly basis. Homeowner’s dues usually cover the cost of maintaining and insuring the common areas. Precisely what the homeowner’s dues cover varies from one complex to the next, so make sure you find out what’s covered before buying. The dues should also fund a reserve account to cover major expenses like resurfacing tennis courts or replacing homeowner’s roofs. When looking at the budget, make sure a Reserve Account is in place.

Buying a condominium involves some of the same issues that are involved in buying a detached home. The unit should minimally meet your housing needs, be within your price range, be reasonably priced and be thoroughly inspected by a professional home inspector. But additional issues come into play when you buy into a PUD.

FIRST-TIME TIP: Attached housing projects are governed by Covenants, Conditions and Restrictions (CC&Rs) that restrict ownership rights. For example, CC&Rs may include restrictions on remodeling, parking and renting. Some CC&Rs prohibit pets. On the other hand, they will also restrict your neighbors from painting their homes red and making sure their yards are not cluttered with junk. CC&R’s are actually geared to make sure everyone is treated equally. Make sure that you read and understand the CC&Rs before you buy. If the CC&Rs are cumbersome and incomprehensible, hire an attorney with expertise in PUDs to review the CC&Rs for you.

Be sure to read the bylaws and articles of incorporation of the Home Owner’s Association and review a current financial statement. It’s also advisable to obtain copies of the minutes from the last several homeowners’ association meetings.

Find out if the homeowner’s association is involved in any litigation. Perhaps you’ve heard horror stories about condo owners suing the developer for shoddy construction. If a condo seems under priced, there may be a reason for this. If the association loses the case and does not have sufficient reserves, the condo owners might have to pay to repair the defects.

One of the best ways to get information about a PUD is to talk with current owners. Be sure to ask what they like and dislike about living there. How is the soundproofing? Are there any parking problems? Is there ample storage space? Are the current owners satisfied with the homeowner association management?

A condo that is unique should raise a red flag in your mind. One buyer paid top price for a condo that had an enclosed balcony that was furnished as a home office. Years later, the association management began strictly enforcing the CC&Rs. It was only then that the buyer discovered that the balcony renovation was in violation of the CC&Rs. The CC&Rs clearly stated that the only furniture allowed on the decks was patio furniture. The lack of a home office diminished the value of the condo significantly because it was a small studio unit. When the buyer sold, she sold at a loss.

Living in a PUD has many advantages, especially if you only use your condo part of the year. You don’t have to worry about maintaining the yard when you are not there. Many PUD’s in the Palm Springs Desert Area are gated and have community pools and spas. Some have tennis facilities, and others have dynamite views overlooking golf courses.

Top 7 Tips for Buying New Construction Homes

IN CLOSING: In terms of resale, a 1- or 2-bedroom condo is a better investment than a studio. And if you have two bedrooms, make sure it has two bathrooms, as a two bedroom one bath condo is a poor investment. And difficult to re-sale.

Click here for FREE Reports on Buying Strategies.

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Proposal to Expand the Tax Credit now in the House

Senator Johnny Isakson, R-Ga is proposing to expand the tax credit beyond the $8000 first-time buyer tax credit to include any buyer. The legislation currently in the House would raise the credit amount to a maximum of $15,000 for ANY buyer of ANY home over next year. Income caps that currently apply (limits of $75,000 for an individual and $150,000 on couples) would also be removed.

“I think we’ve got a realistic chance of doing this,” Isakson says. “Our problem is not with the first-time home buyer, it’s the move-up buyer.”

This proposal is also endorsed by Lawrence Yun, chief economist of the National Association of Realtors. He says extending, or raising the tax credit would help to SPUR THE HOUSING RECOVERY, which in turn would bolster the economy.

What are your thoughts on this? What other ideas do you have to get our economy back “on tract” and reducing unemployment?

For the latest Real Estate News click here.

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

New home sales rise 9.6 percent in July

According to the California Association of Realtors latest report, Sales of new, single-family houses rose 9.6 percent in July compared with June, to a seasonally adjusted annual rate of 433,000 units, according to estimates released jointly by the U.S. Census Bureau and the Dept. of Housing and Urban Development. Sales of new homes remain 13.4 percent below the July 2008 estimate of 500,000 units.

As many of you are aware of, the real estate market is MOVING, after years of stagnation and falling prices. Most economists are saying we have “hit the bottom.” It certainly appears that way…..although it will be many years into the future before prices reach the highs we saw in 2005.

It’s still a tough market for those who purchased properties in and around the “peak.” But for those who have had their homes for quite a few years, there is still good appreciation to be had.

Now is an excellent time to access your situation. If you are a Buyer, this is an EXCELLENT time to BUY. You are buying at a time where prices are low and interest rates are still very attractive.

If you are a Seller, you need to ask yourselves a few questions to determine if this is the time to sell. If you will be buying a property after you sell, this can be a good time to sell because you will reap the benefits on the home you will be purchasing. If you have accumulated a nice gain over the past years, be grateful, for you have invested wisely. Just like the stock market, it will be quite a while before the Dow hits the highs of 14000 as it did in the past.

Many “First Time Buyers” have taken advantage of the $8000 tax benefit. Many Canadians are buying NOW as their dollar strengthens. Many others are buying at this time to take advantage of this market. You can too. Just give me a call. It’s as simple as that!

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

I have a question…

I have a question to ask, however, it involves also asking you to do me a favor. First, let me explain.

I’ve been representing clients in real estate in the Palm Springs Desert Area since 1992. I LOVE what I do, and I can’t imagine doing anything else.

I was one of the first agents, nationwide, to have my own website. Today, that is how many of my clients locate me, in addition to the many repeat clients, and referrals I have had all these past years.

I also feel it’s important to “give back.” In September 2001 I began writing my first Real Estate Newsletter with the purpose of keeping you informed of the market, providing you with homeowner tips, financial information and seller and buyer information. I have just written my forty-sixth newsletter and I sincerely hope you have enjoyed the newsletter these past eight years.

Last year I began Blogging. Some of you may not be familiar with this word. Blogging is just another form of electronic two-way communication. Each week I write “something I hope will be of interest to you,” and I send this to you in the form of an email. At the end of each Blog there is an area where you can leave your own comments for me and others to see.

Now here is the favor I am asking of you. Would you mind letting me know if these Newsletters and Blogs have been helpful. You can also let me know if there are any particular subjects you would like more information on.

I look forward hearing from you. Just click below where it will either say “No Comment,” or it will state how many comments there are, and you can leave YOUR comment there. YOUR FEEDBACK is extremely important to me and I want to thank you in advance for taking the time to respond.

On a more personal note, thank you in advance, for being a part of my professional or personal life. It means a lot to me.

Create Yourself a Wonderful Day !

Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com