Tuesday, May 19, 2009


Home Buyer Tax Credit Becomes Down Payment

HUD creates new $8000 dollar tax credit flexibility for first time home buyers.
In an effort to spur the housing market, the United States Department of Housing and Urban Development released plans to implement flexibility to the $8,000 First Time Home Buyer Tax Credit; as part of President Obama’s 2009 stimulus package.

"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment," United States HUD Secretary, Shaun Donovan stated.


HUD will allow approved lenders and nonprofits to issue short-term bridge loans buyers can use for down payments. Buyers would repay the loans after getting their tax refunds in 2010.
“Allowing first time homebuyers to utilize the tax credit as a down payment, plus the availability of low interest rates creates incredible opportunities for those who waited. There might be a cost or a fee involved on taking advantage of this scenario, the cost is still to be determined.
If you have any questions regarding real estate please contact me rina@my858realtor.com

Thursday, May 7, 2009

9 Easy steps to Buying a Home in this Market

SO YOU ARE THINKING OF BUYING A HOME…WHER DO YOU BEGIN?

9 Easy steps to purchasing a home in today’s market


1-Look at your reasons for homeownership and make an informed decision whether buying a home IS the right step for you at this time. If it is, determine your time frame.
2-Sit down and talk to a lender. Yes even before looking at a single property, get the facts of what you can afford in this market and which loan programs are out there and right for you (it might be more or less than you think). This will allow you to be very precise and save time and even hardship down the line. You will also be ready if you come across a great opportunity and want to make an offer right away.
3-Now that you know how much house you can afford and what limitations your loan has (i.e FHA loans will have strict guidelines and not all properties will qualify for this loans) Make sure you will have enough money in reserves after the purchase.
4-Sit down with the other people that will make the decisions with you and make a list with at least 3 categories: a) Things I NEED (must haves) b) Things I would LIKE (Nice if I could have) c)Things I could NOT accept (deal breakers). In this list you will asses what is important to you from the area to the numbers of bedrooms and Bathrooms. Try to make it as extensive and detailed as possible but then be willing to be flexible and open, this list will change through the process. It is O.K.
5-Start looking…If you have not contacted a Realtor up to this point, this is the time to do so, you want someone who will not only help you find a home (“apparently” not that hard to do on your own with the help of today’s technology) but will actually look after your best interest and give you guidance about the process, the specific areas, will be able to navigate this real estate market and all the different forms of listings that have come up in recent months (REO, Short Sales, Auctions, etc.) the market is changing day to day and you need a professional that is ahead of the game to know how to deal with each situation and to prepare you on what to expect , how long it might take, and how to make the right decision in each case.
6-Be prepared to start writing offers when you see a home you like. In order to do this your agent will help you determine the right offer depending on the particular circumstances. Not only money wise but timing, correct wording on the contract, order of paperwork it really does make a big difference when dealing with banks making the final decision.
7-Get an accepted offer (probably after a couple of offers and counter offers) Open an Escrow. This is where your agents Negotiation skills will come into play.
From this point on, there will be some deadlines to meet, your Realtor should have already sat down with you and explained the Escrow process and what comes next, including removal of contingencies and specific timeframes. There are inspections to be done, documentation to be gathered and funds to be handled….
8-Everything goes according to plan (usually there will be some bumps and unexpected turns down the line, but do not worry this is why you have a great agent or team of agents working on your behalf) Seller gets paid…you just got yourself a HOME!!!
9-Remeber to have fun!!! Try to enjoy the ride and be open to adjust the path during the process.

Thursday, April 23, 2009

The other day, I had several errands to run, and when I pulled my car up to a department store parking lot...it was full! Under the weight of my usual to-do list, I normally would've been frustrated, but instead, I was elated! I continued on with my errands, only to find the next two situations exactly the same. People were out, places were crowded. Later that evening I went to dinner in a local restaurant that was so busy the wait for a table was 45 minutes.

What could have been a series of annoyances turned into signs that people were showing more consumer confidence by spending again. Keep your fingers crossed that we have several months of increased consumer spending -- perhaps brought on by recent stock market gains.

Today is a great time to sell a home, while inventory levels remain low and in most cases prices have been holding steady.

It's also a great time to buy, as the interest rates are exceptionally low and there are some truly great buys to be found in this market.Remember -- you only know when things have hit bottom when they start to go back up. And things sure seem to be looking up!Have you found yourself more confident to dip your toe in the retail pool? I'd love to hear about it.

Warmest regards,

Rina

Monday, April 13, 2009

What constitutes an "Amazing Deal" ?

Last weekend I was holding an open house on 2 very attractive properties. Yes 2...Let me explain, this are 2 brand new homes, one next to the other, with many upgrades, absolutely move in ready including landscaping front and back! Did I mention they were priced about 400k less than the same floor plans across the street? and that is not considering all the upgrades and landscaping the neighbors put in after closing.

So as I said, I was holding this 2 homes open with a great turnout, however when I asked questions I kept getting one answer in particular over and over....I love the house, however....what I am really looking for is a "Killer deal"! OK, I can respect that, so I asked, What does a "Great deal" look like to you? How will you know when you have found one? It surprised me to see how few people had an answer. If you do not know what you are looking for looks like, How will you know when you have found it?

I open this question to all of you, I would love to hear your feedback, I am sure many of you do have a very clear picture and that is what I would like to hear.

Of course what constitutes a deal varies from area to area but to be clear you should do some research before heading out, be sure to know the specifics of the area and some of the things to consider are:
  1. Look at the most recent numbers (up to the last 2 weeks) for that specific area you are considering, it can be as specific as that floor plan in that particular development on that side of the street.
  2. Know how the market is behaving, how this area has behaved so far, does it offer something to back this prices, is it in high demand, why is it so? many of these questions can be answered with the help of a local realtor that is very familiar with such area.
  3. Think about the pros of this particular home, some of the things it offers might have a greater resale value than other very similar homes (i.e. Newer home, upgraded flooring, kitchens or other areas, pool, large lot, end of cul de sac, etc.) or it actually might be harder to sell than other homes due to some specific characteristics (i.e closeness to power lines, smaller lot, noise, traffic,etc)

One word of caution, I have seen a few listings with a price that were well bellow market, in some cases this have turned out to be what you can consider as a bait and switch or a hook. When you make an offer on the property they come back saying that they have received many offers so the bank (in most cases) or the owner, are looking at all of them but will only consider yours if you go a little higher since you are bellow the others, (still at a price where is bellow market comps) then they come back again and again telling you that you are amongst the favorites and are now so close until you realize you have now reached market price or above. Not such a deal after all...in the process you let some other homes you liked go into escrow where you could have actually NEGOTIATED a better price.

Now having said all of that, please remember that you are buying a home, this is where you are going to spend every day for hopefully several years so it is very important to remember that even though price IS important, getting something that will make you and your family have a better quality of life in your day to day is also a very important factor.

So remember, clear picture before you head out, get the correct data and happy hunting!

If you would like any information on a specific area please let me know, I can always help you or find someone who can.

Best regards,

Rina

Rina Podolsky

Prudential California Realty

Honor Society

Fine Homes Specialist

rina@my858realtor.com

www.my858realtor.com

Friday, March 20, 2009

What is a Foreclosure?

In today's market, buyers are looking for the "killer deal", and I am constantly finding clients who want to purchase a home that is a "foreclosure".
I understand their point of view and respect the fact that they are looking out for their best interest or at least they think they are. One of the problems with this strategy arises from the fact that many people don't clearly understand what a foreclosure is, they use the term to refer to everything from a Short Sale to a property sold at Auction or an REO.
So what are the differences?
A foreclosure is a legal process in which, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.Usually this happens against the wishes of the owner.
This process begins with the Notice of Default (and it varies according to local state law) but if not resolved it will end in what is called at a Trustee Sale (also called Auction)
When the property ends up belonging to the holder of the note (lender) it is called an REO (real Estate Owned). And many times it is then given to a Listing agent to be put on the market for sale.
The fact that a home might be in a foreclosure process does not necesarily mean it is currently on the market or that it will be sometime soon, in many cases, homeowner solve their delinquencies and that is the end of it.
It is also important to point out that depending on whether you are buying a property at a Trustee Sale, an REO, Short Sale etc, make sure that you are working with reputable agents that can guide you through the process, the are very different from each other and each has its own time-lines, requirements and implications, it is always important to know what you are getting yourself into before you begin.
Lastly I mentioned the Short Sale. Basically it is when your property is worth less than the total mortgage you owe on it. If you want to sell your home in this situation it will have to be approved by the lenders and there might be a tax implication for the seller of such property.

There is a lot to talk about on the subject if you have any questions contact me.

Have a GREAT weekend!

Rina Podolsky
rina@my858realtor.com
www.my858realtor.com

Remember if you are thinking of buying or selling a home I would like to apply for the job!

Tuesday, March 17, 2009

Short Sales

Today I am micro blogging...Maybe I have been spending too much time in twitter lately.

I found this article that clearly explains what is called a "Short Sale".
http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/shortsales_sellers

If you find yourself in any of the situations described in the article above, please contact us so that we can sit down with you and help you decide what your best options are.

For those looking to purchase a home in this market, it is important that you read the article as well so you know what a Short Sale entitles and you understand the process of making an offer to buy such properties. If you want to learn more regarding this subject contact me.

Rina Podolsky
rina@my858realtor.com

Friday, March 13, 2009

Torrey Hills Master Community




I will be sharing some information about different areas around San Diego, their history, local Restaurants ,schools, etc.




TORREY HILLS MASTER COMMUNITY





The planning area contains approximately 784 acres and is located in the northern region of the City. The community is bounded by Interstate 5 to the west, the Carmel Valley community to the north and east, and the Los Peñasquitos Canyon Preserve and Mira Mesa community to the south. West of Interstate 5 is the Torrey Pines community planning area.
The Torrey Hills area's planning history is tied to the planning efforts for Los Peñasquitos Canyon Preserve. For nearly ten years, prior to the adoption of the City of San Diego Progress Guide and General Plan in 1979, the City and County had been conducting studies on Los Peñasquitos Canyon as an open space park. During that period, the Carmel Valley community was being planned, and the Torrey Hills area was specifically excluded so as not to preempt the determination of a precise park boundary. By the time the City's Progress Guide and General Plan was adopted in 1979, the precise boundary of the park still had not been determined, and the Torrey Hills property was designated as Future Urbanizing on the General Plan until the boundary of the preserve could be determined.
In February 1980, Genstar-Peñasquitos (now AG Land Associates, LLC) dedicated a total of 1,806 acres of Los Peñasquitos Canyon to the City for use as a preserve. This action precisely defined the boundaries of the preserve as it borders the Torrey Hills property. This action subsequently cleared the way to initiate a community planning program for the Torrey Hills property and to amend the City's Progress Guide and General Plan which transferred the original plan area from Future Urbanizing to Planned Urbanizing.
Prior to 1986, approximately 178 acres located adjacent to the Torrey Hills community planning area was designated as "Future Urbanizing." On November 4, 1986, the citizens of San Diego approved a ballot measure which directed that a 166 acre parcel owned by the City and located at the western boundary of Los Peñasquitos Canyon Preserve adjacent to Interstate 5 be traded for 288 acres of privately owned land located adjacent to the preserve and just north of the area known as "The Falls." An additional 12 acres located between the 166 acre parcel and Interstate 5 was also incorporated into the ballot measure. This total 178 acre addition to Torrey Hills was referred to as the "Park Trade" property. Approval of the ballot measure resulted in a transfer of this property from Future Urbanizing to Planned Urbanizing.
In 1994, the City Council approved an amendment to the Torrey Hills Community Plan and the City's Progress Guide and General Plan which served to implement the results of the initiative, converting the Park Trade property from Future Urbanizing to Planned Urbanizing, and providing for expanded industrial and residential opportunities for the community. Other minor changes which occurred in the 1994 update included a restructuring of industrial uses diminishing the focus on professional office use; the inclusion of 1.3 acres previously shown within the Carmel Valley Neighborhood 8A Precise Plan; and the addition of Vista Sorrento Parkway, the northern extension of which provides north-south access through the community between Carmel Mountain Road and Sorrento Valley Boulevard.
In subsequent years the area devoted to industrial land uses has been reduced and concentrated in the western portion of the community, where easy access to Interstate 5 and Vista Sorrento Parkway is available. An amendment in 1997 provided a broader range of residential land uses, varying from apartments, condominiums and town homes, to smaller lot detached residential and single-family subdivisions. A Neighborhood Commercial Center was added, providing for retail commercial uses typically serving residential neighborhoods. Additional amendments since 1997 have also changed residential and industrial land uses in the western portion of the community.

By 2009 there are over 900 Homes divided in 12 communities, plus Over 1200 rental Units.
Torrey Hills is also home for a great number of office buildings including the offices for Cardinal Health among others

The local elementary schools are:


Current issues in the community:

  • Sunrise powerlink project
  • Torrey Reserve Project

Local Restaurants:

  • Taste of Italy
  • Daphne's
  • Subway
  • Zip Fusion
  • Joey's Smokin BBQ
  • Pick up Stix
  • Starbucks
  • Ruth's Chris Steak House

Stores

  • Vons
  • Beach Bungalow
  • Art and framing by Munro Gallery

Banks

  • Bank of America
  • Union Bank
  • Wells Fargo
  • California Bank and Trust
  • US Bank

There is also a medical building located inside the Torrey Hills Shopping Plaza.

Upcoming Events:

  • March 12, 2009 Art and music Festival at Torrey Hills Elementary.

If you want any other information about this area or if you would like me to cover a specific area in future postings please let me know by leaving a comment on this post.

Enjoy your weekend!

Rina Podolsky