Santa Clarita Valley Real Estate

        Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season in full swing, it is a great time to speak to your tax advisor about the tax advantages associated with homeownership. Some of these benefits include: Reduce your taxable income: On your itemized income tax return, you may be able to deduct mortgage interest payments, property taxes and points paid to lower your loan's interest rate. Take advantage of special tax breaks : First-time buyers who get under contract before April 30, 2010, and close by June 30, 2010, may be eligible for an $8,000 tax credit. Some existing homeowners who purchase a new principal residence within the same time frame could get a $6,500 tax credit. Lower tax on capital gains when you sell : When you sell your home, you will not have to pay federal income tax on capital gains of up to $500,000 for a married couple and $250,000 if you are single. This applies

For mortgages, 620 is the new magic number Near historic low mortgage rates, favorable home prices, and the federal tax credit for first-time home buyers have contributed to home purchases in the past year. However, the onset of the credit crisis, new regulations for home appraisals, and more stringent guidelines for purchases and refinances have resulted in confusion for some potential home buyers. While using a mortgage broker to find the best loan may work for some buyers, it may not always be the best route. In the past, mortgage brokers could “shop” a loan to multiple lenders to help find the best deal. However, new practices and procedures under the Home Valuation Code of Conduct (HVCC) have hampered mortgage brokers’ abilities, namely that lenders may no longer accept home appraisals commissioned by brokers. As a result, consumers may have to pay for new appraisals with each lender, which costs time and money. However, consumers who are very busy or need guidance may fin

Santa Clarita Valley Home Prices Bottoming Out Single-family homes sales during July in the Santa Clarita Valley held even with activity reported a year ago and gained 16.3 percent over this June. 235 homes closed escrow, down two sales or 0.8 percent from a year ago, but up 33 sales from this June. The 237 sales were the second highest monthly figure since the low point of this market of 99 sales was reported in January 2008. 88 condos changed owners, up three sales from a year ago and off a single transaction from the 89 closed escrows reported this June. Condo resales also have been gaining momentum since the low-water mark of 31 transactions in January 2008. Buyers interest in puchasing has increased across the board, with homes priced under $500,000 receiving the most activity and multiple bids common. "Inventory is half of what is was in 2008 while the pool of prospective buyers continue to expand as financing and low interest rates are available today. Plus th

Valuable information to for buyers and sellers. Statistics from the National Association of Homebuilders show that the square footage of homes has shrunk in recent years. This is a trend that is likely to continue given the current economy. This may be an opportune time for owners of smaller homes to sell, according to a recent article published in Realty Times , which provided these tips for giving a small home big appeal to buyers: Accentuate storage space . A buyer must sense that a smaller home has enough storage space to accommodate their everyday needs. Clear out the attic and/or basement if the home has them. In addition, built-in furniture or custom closets also provide convenient, hidden storage. Create an office niche . Home offices are very popular, but a smaller home might not have an extra room to use for this purpose. Using a decorative screen around a small desk or tucking one away beneath a staircase shows buyers how they can

Home Maintenance Tip - Instead of using chemical drain cleaners to clear a tub or sink stoppage, pour 1 cup of baking soda and 1 cup of salt down the drain, and then follow with 1 cup of white vinegar. Let it sit 15 - 20 minutes, then follow with a pot of boiling water. To keep your garbage disposal running smoothly and odor free, try this: Fill an ice cube tray with a mixture of 1/2 vinegar and 1/2 water. Once the cubes are frozen, place 2 - 3 cubes down the disposal a week for about a month. This will not only sharpen the blades, but also keep your disposal clean and odor-free at the same time! (Grinding lemon peels in your disposer will also work well for odors).

Get to know FHA, it's going to be a good friend of the real estate recovery for buyers and sellers. FHA loans can do many things that conventioanal loans cannot. Let's start by dispelling some of the myths that I keep hearing. Myth #1-- FHA loans are harder to get done then conventional. Actually, it is the opposite. In most cases, FHA has more lenient restrictions then conventional. Here are some examples: Only 3.5% down required Entire down can be a gift Can lend to a 55% expense ratio no reserves are required Seller can pay 6.0% credit towards ALL costs (not downpayment ) due at closing Lower credit score requirements You can add as many coborrowers as you need to make a deal work. Myth #2-- FHA is slow. It is true that they can't be rushed that fast, but they are not slow. I can have a lender approval for you within a day of taking the loan application. The file won't need a second signature, or to be passed around for different departments to review. Myth