Interest Rates to Remain Low for South Lake Tahoe Home Buyers
April 29, 2010
The federal open market committee reiterated that the main US interest rate will remain in the range where it has stood since 12/08. No hint was given that changes in policy tightening is anywhere in the foreseeable future remaining cautiously optimistic about the encouraging economic indicators and noting the the risks of a double dip recession has receded. Some of the indicators on both sides were a recent jump in new construction while employers are still reluctant to hire new workers. Let’s embrace the up-tick in consumer confidence and the good news on interest rates which will strengthen Lake Tahoe Real Estate sales this summer. To read more about the recent Fed promise on interest rates visit financial times online at http://www.ft.com/cms/s/0/3a932b88-5327-11df-813e-00144feab49a.html
$10,000 Tax Credit Offered to California (South Lake Tahoe) Home Buyers
March 31, 2010
Governor Arnold Schwarzenegger is expected to sign a bill which will allow first time home buyers in California (South Lake Tahoe) and buyers of new unoccupied homes a $10,000 tax credit. The credit will begin May 1 and for escrows that close before December 31. New construction inventory in South Lake Tahoe has been reduced during this recent Real Estate down turn but there are still many good choices available if you act soon. Read more about the tax credit: http://www.mcclatchydc.com/2010/03/24/91023/california-to-offer-10000-tax.html
Is the Foreclosure Nightmare Near the End?
February 25, 2010
The number of bad loans in the foreclosure process increased to a new high in the last quarter of ‘09 and with many many more loans seriously behind the foreclosures will continue. Some good news however, the percentage of delinquent loans eased from the third quarter of ’09 to the fourth which is sign that we may be awakened from the nightmare before we slip into a coma. It was good news and a shock because that is a time the delinquencies would normally run high as borrowers struggle to pay heating bills, Christmas debt etc. Inman news stats that the drop is significant because the “30 day delinquencies have historically been a leading indicator of serious delinquencies and foreclosures”. Let’s hope that maybe there is some good news to look forward to because we obviously have a long way to go with nearly 2.26 million loans delinquent 90 days or more. Read more http://www.inman.com/news/2010/02/19/light-end-foreclosure-tunnel
Why Loan Modifications Do Not Work
February 24, 2010
I have sent this video to several Real Estate Brokers and loan officers and it appears to be true. So this explains in detail why loan modifications have fallen on deaf ears for the most part. Based on this information I would recommend a short sale to all homeowners that are struggling with their current mortgage. Make sure the agent you pick knows the short sale process.
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1287086
http://articles.latimes.com/2009/mar/20/business/fi-indymac20
New Lising Christmas Valley South Lake Tahoe
November 28, 2009
Price at $319,00 this 3 bedroom, 2 bath, 2 car garage home located in Christmas Valley has room for the entire family with 1848 sq. ft. of living space. Surrounded by large boulders and nicely landscaped this house has the Tahoe charm you are looking for and at $172.62 per sq. ft. this home will not last long.
Zillow Reports CA & NV Home Prices on the Rise
November 19, 2009
I’m not a big Zillow fan but when I see good news I like to pass it on and by the way I see the homes pirces in South Lake Tahoe stabilizing as well. The latest Zillow reports indicate that home prices in the large California Metro areas (San Francisco & Los Angeles) are showing a slight uptick and California in whole has stabilized. While Nevada continues to fall with the continued property distress in Las Vegas leading the way Carson City is showing upward movement. To view the latest stats on Zillow for both California and Nevada visit
http://www.zillow.com/local-info/CA-home-value/r_9/
South Lake Tahoe Home Prices Decline in October
November 13, 2009
For the 10th consecutive month this year and 14th in a row dating back to August ‘08 The median home price in South Lake has dropped. The median home price fell to $320,000 in October with bank owned homes leading the way down. Although the volume of homes sold has increased for last year the lower price bank owned homes have caused the prices to continue to decline. This is good news for buyers although the competition to acquire bank owned homes in Lake Tahoe has become evident with multiple offers and lists prices getting bid up regularly. If the buyer is not ready to move on a listing it is often gone with in days if it lasts that long.
Click on Image to Enlarge
39 Current Short Sale Opportunities in South Lake Tahoe
November 11, 2009
39 Current Short Sale Opportunities in South Lake Tahoe. For information on the short sale process please call Chuck Stanley 530-318-8830. Short Sales can sometimes be the best investments on the market but there are many things to know before you make an offer. Some of the most frequent questions I get are:
*What is a short sale? What are my risks? Can I lose my deposit? How long before I can move in?
For answers to these questions and many more check out one or more of these websites-but don’t forget to book mark my site first…..you’ll want to have an experienced real estate agent.
bankrate.com/finance/money-guides/10-crucial-steps-to-short-sale-buying-1.aspx
realestate.about.com/od/realestateinvesting/tp/short_sale_go.htm
en.wikipedia.org/wiki/Short_sale_(real_estate)
| Street # | Street Name | City | Price | Beds | Baths | Sq.Ft. | Lot Size | DOM | |||||||||
| 2368 | Sierra House | Trl | South Lake Tahoe | 829,000 | 4 | 3.5 | 2900 | 12900 | 862 | ||||||||
| 601 | Lucerne | Way | South Lake Tahoe | 899,000 | 4 | 3.5 | 2388 | 0 | 820 | ||||||||
| 686 | Michael | Dr | South Lake Tahoe | 390,000 | 3 | 2 | 1570 | 0 | 796 | ||||||||
| 3685 | David | Ln | South Lake Tahoe | 545,000 | 3 | 3.5 | 2188 | 9235 | 758 | ||||||||
| 1961 | Kokanee | Way | South Lake Tahoe | 1,250,000 | 5 | 3 | 2903 | 19515 | 551 | ||||||||
| 1903 | 10th | St | South Lake Tahoe | 389,000 | 3 | 2 | 1680 | 10412 | 427 | ||||||||
| 1120 | Craig | Ave | South Lake Tahoe | 409,900 | 3 | 3 | 2519 | 5489 | 437 | ||||||||
| 3033 | Fresno | Ave | South Lake Tahoe | 350,000 | 3 | 1.75 | 1488 | 6000 | 345 | ||||||||
| 967 | Kiowa | Dr | South Lake Tahoe | 189,900 | 2 | 1 | 912 | 11190 | 331 | ||||||||
| 1992 | Marconi | Way | South Lake Tahoe | 975,000 | 4 | 2.5 | 2663 | 5619 | 305 | ||||||||
| 1946 | Kokanee | Way | South Lake Tahoe | 699,000 | 4 | 3 | 1965 | 6621 | 270 | ||||||||
| 2587 | Pinter | Ave | South Lake Tahoe | 225,000 | 2 | 1 | 912 | 4999 | 271 | ||||||||
| 3575 | April | Dr | South Lake Tahoe | 310,000 | 3 | 2.5 | 1600 | 10406 | 265 | ||||||||
| 2452 | Ponderosa | St | South Lake Tahoe | 349,000 | 3 | 2.5 | 2352 | 6100 | 229 | ||||||||
| 1192 | Timber | Ln | South Lake Tahoe | 425,000 | 4 | 2 | 1992 | 1999 | 213 | ||||||||
| 1605 | Pioneer | Trl | South Lake Tahoe | 309,000 | 4 | 3 | 2052 | 7968 | 198 | ||||||||
| 1468 | Apple Valley | Dr | South Lake Tahoe | 295,000 | 4 | 2 | 1440 | 10498 | 195 | ||||||||
| 3419 | Aloha | Rd | South Lake Tahoe | 675,000 | 4 | 2.5 | 3050 | 11543 | 174 | ||||||||
| 840 | Paloma | Ave | South Lake Tahoe | 399,900 | 4 | 2 | 2472 | 6013 | 173 | ||||||||
| 2264 | Sky Meadows | Ct | South Lake Tahoe | 243,900 | 2 | 1.75 | 1120 | 1033 | 174 | ||||||||
| 3598 | Terry | Ln | South Lake Tahoe | 165,000 | 2 | 1 | 896 | 457 | 172 | ||||||||
| 1254 | Margaret | Ave | South Lake Tahoe | 395,000 | 4 | 2.5 | 1960 | 5010 | 162 | ||||||||
| 1589 | Arapahoe | St | South Lake Tahoe | 749,000 | 4 | 3 | 3453 | 37000 | 159 | ||||||||
| 2860 | St. Nick | Way | South Lake Tahoe | 389,000 | 4 | 2 | 2767 | 10000 | 149 | ||||||||
| 2515 | Armstrong | Ave | South Lake Tahoe | 239,000 | 2 | 1 | 963 | 5001 | 142 | ||||||||
| 953 | San Francisco | Ave | South Lake Tahoe | 219,000 | 3 | 1.75 | 1300 | 6000 | 141 | ||||||||
| 1767 | Arrowhead | Ave | South Lake Tahoe | 265,000 | 3 | 2 | 1040 | 5956 | 106 | ||||||||
| 1355 | Glenwood | Way | South Lake Tahoe | 875,000 | 4 | 3.5 | 4322 | 40685 | 81 | ||||||||
| 796 | Clement | St | South Lake Tahoe | 350,000 | 4 | 2 | 1800 | 10008 | 92 | ||||||||
| 2640 | Bertha | Ave | South Lake Tahoe | 199,900 | 2 | 1 | 1176 | 4994 | 78 | ||||||||
| 1226 | Apache | Ave | South Lake Tahoe | 279,000 | 3 | 1 | 1294 | 10140 | 75 | ||||||||
| 1636 | Thunderbird | Dr | South Lake Tahoe | 329,000 | 3 | 2 | 1288 | 10377 | 57 | ||||||||
| 2272 | Washington | Ave | South Lake Tahoe | 324,000 | 3 | 1.5 | 1196 | 6125 | 49 | ||||||||
| 1200 | Wildwood | Ave | South Lake Tahoe | 199,000 | 2 | 1.5 | 936 | 463 | 30 | ||||||||
| 876 | Clement | St | South Lake Tahoe | 275,000 | 3 | 3 | 1358 | 10000 | 25 | ||||||||
| 3861 | Saddle | Rd | South Lake Tahoe | 320,000 | 3 | 2 | 935 | 404 | 11 | ||||||||
| 1174 | Tokochi | St | South Lake Tahoe | 329,000 | 2 | 2 | 1286 | 7215 | 9 | ||||||||
| 1655 | Pebble Beach | Dr | South Lake Tahoe | 319,000 | 3 | 1.75 | 1248 | 9612 | 5 | ||||||||
| 2209 | Blitzen | Rd | South Lake Tahoe | 220,000 | 2 | 1 | 864 | 8094 | 9 | ||||||||
Up-date on The Competition for Bank Owned Homes
November 10, 2009
As I mentioned in a previous blog titled “Competition for Bank Owned Homes Increasing” the perfect example just took place. 782 Colorado in the Tahoe Keys was on the market for less than 24 hours and received multiple offers. The asset manager cut off bids at 5pm. I cannot emphasize enough how important it is to know your criteria, be qualified and be ready to strike fast when the right home hits the market. Your Realtor should know by watching the NOD (notice of default) and NOT (notice of trustee sale) lists for up-coming foreclosures and alerting you as to the homes that might fit your search criteria.
Tax Credit Extended-Good News For Lake Tahoe
November 10, 2009
$8,000 Homebuyer tax credit extended and expanded until 4/30/10
$6,500 Existing home owners tax credit included
How it works
· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The tax credit applies only to homes priced at $800,000 or less.
· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
How the $6,500 Repeat Home Buyer Move-Up Tax Credit works
· Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
· The tax credit applies only to homes priced at $800,000 or less.
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· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
For more information visit www.realtor.org