Pending Home Sales Inch Up From Year Ago

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NOW SELLING! Custom-Crafted Lofts in Oakland

NOW SELLING! Custom-Crafted Lofts in Oakland

On the fence about Purchasing a Home?

PURCHASING A HOME AND POCKET THE PERKS Since you’re thinking of purchasing a new home, I thought it would be a great time to pass along some of the financial benefits of home ownership: • Mortgage interest and property taxes are usually 100% deductible • Homes typically appreciate over time • Builds equity • Increases borrowing power since a home’s equity is typically used to secure other loans or lines of credit These are just a few of the financial perks of owning a home—there are plenty more. I’m ready to assist you to get into your new home, so when the time is right, feel free to get in touch. Patrick Gardner Mortgage Loan Officer 415-423-1424 Patrick.Gardner@EverBank.com NMLS ID: 378888 Visit my website

Your Weekly Mortgage Time is Here…(better late than NEVER!)

MORTGAGE TIME Mortgage Market News for the week of Oct. 25, 2013

Patrick Gardner Mortgage Loan Officer 415-423-1424 Patrick.Gardner@EverBank.com NMLS ID: 378888 Visit my website JOBS FALL SHORT With the end of the government shutdown, investors turned their attention to the economic data. The September Employment report was weaker than expected, while the rest of the data released this week was mixed. As a result, mortgage rates ended the week a little lower. Delayed by the shutdown, the September Employment data was released on Tuesday. Against a consensus forecast of 180K, the economy added just 148K jobs. The Unemployment Rate unexpectedly dropped from 7.3% to 7.2%, the lowest level since November 2008. The decline was mixed news, though, since it was due to both job gains and to people who left the labor force, meaning that they stopped trying to find a job. Bottom line, the results were weaker than what Fed officials would like to see. Between the ongoing uncertainty about future fiscal policy and the slow pace of improvement in the labor market, investors now expect that the Fed will not begin to taper until at least the March Fed meeting. While the labor market data disappointed investors, the housing market continued to perform well. September Existing Home Sales were just slightly down from the four-year high reached in August, and they were 11% higher than one year ago. Total inventory of existing homes available for sale was unchanged at a five-month supply. Since the Existing Home Sales data is produced by the National Association of Realtors, it was unaffected by the government shutdown. The New Home Sales report, which is produced by the government, is delayed. ALSO NOTABLE • FHFA said Fannie/Freddie loan limits won’t be reduced for at least 6 months • Consumer Sentiment declined to the lowest level since December 2012 • Oil prices dropped below $100 per barrel for the first time since early July • The Treasury will auction $96 billion in 2-yr, 5-yr, and 7-yr securities next week WEEK AHEAD Next week will be packed with economic news, as the calendar includes many reports that were delayed by the shutdown. Wednesday will be the biggest day due to the Fed meeting. Investors will be looking for indications that Fed policy will not change any time soon. The crowded calendar includes Industrial Production and Pending Home Sales on Monday, PPI and Retail Sales on Tuesday, CPI on Wednesday, Chicago PMI on Thursday, and ISM Manufacturing on Friday. And that’s not all, as there will be Treasury auctions on Monday, Tuesday, and Wednesday.

Monthly Investment Meet-Up Meeting with Antoine Pirson Tomorrow Night 7-9pm

Where will the Housing Market go in 2011?

Tomorrow evening (January 4th, 2011)  from 7 – 9 pm, Antoine Pirson (our Director of Investment Properties) will hold his regular monthly investment meet-up meeting at our Oakland office (5251 Broadway, Oakland, CA 94618 – the corner of Broadway and College Avenue)

This month, he will cover the following topics:

1. What is the economical forecast for 2011? (Attendance participation encouraged)

2. What is happening to lending, and underwriting requirements (A mortgage broker will be in attendance to answer these questions)

3. Housing Rebound: Bull or Bear?

4. Sales trend from December 2010

5. What is inflation and how does it affect real estate?

6. Who is buying NOW? And why?

Anyone who would like to join in the discussion is welcome to come and hear what Antoine and others have to say about the housing outlook for 2011.

Hope to see you there tomorrow night!

Antoine E. Pirson
MBA, CCRM, CCIM (candidate)
R.E. Broker and Investment Advisor
Lic #01372814

apirson@caldecott.com
Office: 510.594.2400 x 234
www.investmentpropertyfirst.com

Completely Remodeled Mid-Century Modern House in Leona Heights

4211 Knoll Avenue | Oakland

offered at $595,000

Completely remodeled mid-century modern house on a quiet dead-end lane in Leona Heights (Redwood Heights School District). This charming street, just a block from the rambling, dog-friendly Leona Heights Park, feel miles removed from bustling city living, but is just 3 miles from Montclair Village.

The house was designed with modern living in mind – everything feels open, but there is great separation of space. The house features a large open living /dining area with designer lighting, a custom chef’s eat-in kitchen with stainless gas range, Carrera marble counters & custom whisper shut cabinetry, refinished hardwood floors, gracious master suite with huge dual headed shower, family room with balcony, fenced yard with lawn, new roof, new systems, and a 2-car attached garage.

Sometimes its the small things that make a big difference. If you agree, you’ll appreciate some of the finising touches like the handcrafted mailbox made in Seattle from Brazillain hardwood, the handcrafted cabinets made by an Oakland carpenter, and the unique light fixtures.

The following improvements were made by Seller:

– New front porch & footings

– Refinished original hardwood floors

– New kitchen with marble counters, breakfast bar, breakfast nook, custom “whisper shut” cabinets, new stainless appliances with gas range, fridge, dishwasher and garbage disposal & light fixtures

– New dual pane windows

– New roof, sheating, gutters and downspouts

– New sewer lateral

– Installed french drain at front of house

– New interior/exterior paint

– New roof

– 3 new tiled bathrooms

– Master bath with dual shower heads, dual vanity and custom glass shower enclosure

– New hardware throughout

– Opened living room, removed chimney, open stairwell to create modern living space and added recessed lighting

– New furnace and thermostat

– New water heater

– Updated electrical service

– 40 new linear feet of foundation at front and side of house

– New garage door and motor

– New landscaping including rear fence

– New deck off family room

– New carpet in family room and downstairs bedroom

– New landscaping with irrigation

– Clear termite report forthcoming

– New fencing in back and side of house

– Leveled basement area to create storage room

– New light fixtures throughout

For more information, click here, or contact:

Mario M. Feusier

Broker Associate
925.212.4514
mario@Caldecott.com

Andy Read

Broker
510.594.2400 x222
aread@caldecott.com

About the Home Buyer Tax Credit

by John C. Glynn, CMPS®
Residential Pacific Mortgage

General Rules:

• A “first time home buyer” is defined as someone who has not owned a home in the last three years. If you are a “first-time home buyer”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $8,000.
• A “long-time resident” is defined as someone who has lived in the same primary home for 5 out of the past 8 years. If you are a “long-time resident”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $6,500.
• The tax credit does not need to be paid back if you continue living in the home as your primary residence for three years without selling it
• The home must be purchased for less than $800,000 before May 1, 2010. If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit
• You cannot purchase the home from a related party like a spouse, direct ancestor, or direct lineal descendent (child or grandchild); however, you can still qualify for the credit if you purchase a property from siblings, nephews, nieces, and others
• If you are married, both spouses must qualify for the credit
• If more than one unmarried individual is buying the property, the credit can be split up among all the individuals who qualify. However, the total credit taken cannot exceed $8,000 (or $6,500 for “long-time residents”). Alternatively, if only one of the unmarried buyers qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit.
• The credit applies even if you have co-signers on your mortgage loan
• The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others

How does the tax credit work? A tax credit is kind of like a gift certificate that you can use to pay your taxes – it reduces your income tax bill on a dollar for dollar basis. Imagine paying your bill at IRS Restaurant, and then later getting an IRS Restaurant gift certificate. Normally, you would need to go back to IRS Restaurant and buy more food in order to use your new gift certificate. But what if IRS Restaurant allowed you to just turn in your gift certificate for cash? That’s how the home buyer tax credit works! All you need to do is file a form with the IRS after you buy your new home and they will send you a refund check for $8,000 (or $6,500) – just like the example of IRS Restaurant that allows you to exchange your gift certificate for cash! Remember though, you’ll receive the $8,000 (or $6,500) from the IRS AFTER you purchase your new home, so you cannot use the funds to help with your down payment.

 For more information about the home buyer tax credit or other recent updates to the mortgage and real estate markets, just give me a call. I would be happy to assist you with your mortgage in the purchase of your new home!

For this or any other mortgage information, contact:

John C. Glynn, CMPS^®

Residential Pacific Mortgage
3201 Danville Blvd, Suite 195
Alamo, CA 94507
(415)674-1283 direct
(866)898-0227 fax
jglynn@gmail.com
http://johncglynn.blogspot.com

To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing or recommending to another person any transaction or matter addressed in this communication. I recommend that you consult with properly licensed legal, tax and investment advisors for specific advice pertaining to your individual situation.