Make $$ in 2010 - Your Home

This excerpt was taken from CNN Money:
Following three years of declining home prices, the end of the nationwide housing slump may be in sight. Home sales consistently have been rising, the surplus of houses is shrinking, and most economists believe home values nationwide will hit bottom in the second half of 2010, but not before declining an additional five
to 10 percent. That's good news for homeowners hoping to sell or rebuild lost equity.

KEEP THIS IN MIND
- Mortgage rates currently are below 5 percent, and should remain low for the next few months, partially due to the Federal Reserve's ongoing purchase of mortgage-backed securities. However, if the economy quickly turns around and inflation fears resurface, rates could rise to as high as 6.5%, slowing demand and pushing down home values.

- According to one analyst, the market will remain tilted in favor of buyers over the next year, but that power gradually will be reduced as conditions in the housing market continue to improve.

- Buyers hoping to purchase or invest in a lower-priced, entry-level home should expect some competition from investors and other buyers. To remain competitive, buyers are advised to put down as much cash as possible, as many investors are offering to make all-cash deals. Another factor to keep in mind is that offers below listing price often are outbid by others.

- Some home sellers are postponing listing their homes until the market recovers. However, timing the market is difficult, so homeowners thinking of selling should carefully weigh their options. Congress recently expanded the federal tax credit to include some existing homeowners, but they must close before June 30, 2010 to qualify. Although existing homeowners are not required to sell their current home to qualify for the credit, those who plan to rent out their current residences should be aware that many lenders require borrowers to show they are financially capable of paying two mortgages, or show rental income for at least six months.

Read the full story here:
http://money.cnn.com/2009/11/09/pf/Make_money_home.moneymag/index.htm

First Time Homebuyer Tax Credit

Did you know 1.4 million people have used the tax credit & 355,000 people wouldn't have purchased without the tax credit as an incentive!

The California Assoication of Reatltors President stated, "This tax credit is arguably the most successful strategy employed by the goverment to stimulate the housing market."

Right now the First-Time Homebuyer Tax Credit goes to November 30th, 2009. Hopefully this will be extended!

IRS.gov has a Q & A on the tax credit, take a look:
http://www.irs.gov/newsroom/article/0,,id=206291,00.html

"How to Buy Short Sales & Avoid Foreclosure" Free Seminar

The Canaday Group would like you to attend a free information session on
How to Buy Short Sales & Avoid Foreclosure
It will be held Wednesday, June 24th from 6:30pm -8:30pm.
Program will begin at 7pm.

Lee Ann Canaday with the Canaday Group is a Certified Distressed Property Expert (CDPE). The Canaday Group has a short sale department and has successfully closed numerous short sales. Short sales allow a homeowner with a legitimate hardship to sell their property for less than the balance of their mortgages and avoid foreclosure. At our seminar we will explain the short sale process, how to obtain financing, how to avoid foreclosure and we will present short sales currently on the market. Laurie Garrick with Bank of America will be providing finance information and prequalifying interested parties.

Location:
Mission Viejo Library
100 Civic Center
Mission Viejo, CA 92691

*Food & beverages provided
Any questions? Call 949.249.2424

A Good Time to Buy? YES

Buy Real Estate now? YES! Interesting article found on Yahoo Finance:

If you are contemplating buying a home, now may be the perfect time to make a purchase -- if you have the money and a secure job.

Real estate sales have sagged in many parts of the country as buyers have been frozen in the headlights of the economic downturn. As a result, prices are falling in many markets.

"If I could buy real estate right now, I would," says Amy Bonis, a certified mortgage planner with Alera Financial in Raleigh, N.C. "It's clearly a buyer's market. If you can buy a house that is undervalued, it's like, what shade of green do you want?"

In addition, mortgage rates have fallen near historic lows, substantially reducing the cost of financing for buyers with good credit.

Bonis says buyers who act now rather than wait are likely to see the best return.

"Somebody has to start buying, and when they do, there are going to be more buyers on the market, which is going to cause home prices to go up," she says. "When you stimulate home prices to go up, that affects the economy in a positive way, which raises interest rates. What people don't realize is, by the time they hear that things are better, (their opportunity) is already gone."

Check out the full article at:
http://finance.yahoo.com/family-home/article/106651/Wait-for-Bargains-on-These-5-Items