Does the New Tax Credit Extension Apply to Me?

Here it is: in a nutshell, the new rules of the tax credit!

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.

First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Still confused? Check out this handy chart from the National Association of Realtors. NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit.

Obama Signs Extended Tax Credit into Law!

Great news for San Diego home buyers! Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

Just Listed: Bank-Owned Foreclosure on Coronado

Holy moly! This bank-owned foreclosure sold for $1,700,000 in 2007. It's now listed at $990,000!

A 3 bedroom, 4 bath detached home just two blocks from the beach. Check out the ocean views! Over 2400 square feet. Rooftop patio with fireplace and views of the waves. 2 car garage. Just 2 blocks to the Village dining, shops, etc.

This home lives like a detached home (no shared walls) but is technically a cloud condo (no HOA fees.)

This property won't last. Contact me anytime at christinevt@prusd.com or 858.405.7264 to view this home, or for more info and pictures.

Top Tips to Improve Your Credit Score Now!

"Although interest rates are at historic lows, you need to have excellent credit to secure the best possible rate,” said Christine Van Tuyl, real estate agent with Prudential California Realty in Coronado. “Whether you’re looking to boost an already good score, or if you have a foreclosure or short sale on your record, it’s never a bad time to improve your credit score."

Top Tips to Improve your Credit Now
1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus—Experian, Equifax, and TransUnion.) Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information that you are being evaluated on is current and correct.
2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations and will usually do so within 30 days of your request.
3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.
4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.
5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.
6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.
7. Be aware that paying off a collection account will not remove it from your credit report.It will stay on your report for seven years.
8. Pay off debt rather than moving it around.The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
9. Beware credit-repair scams. By all means, don't pay someone to wipe away the negative items in your file. If they don't follow through, the damaging items will reappear in two or three months.

Please keep in mind that Christine Van Tuyl and Margaret La Grange are real estate agents, not mortgage lenders. For more information on how your credit score will impact your loan and interest rate, please contact your mortgage lender.

About Christine Van Tuyl and Margaret La Grange
Christine Van Tuyl and Margaret La Grange are award-winning agents with Prudential California Realty in the Coronado Village office, in the top 7% of Prudential Agents nationwide. A mother-daughter team with San Diego family roots going back 75 years, Christine and Margaret pride themselves on delivering impeccable service for home buyers and sellers alike. Visit www.sandiegosurfandsand.com to learn more and to search properties for free online. They also offer a blog with the latest local real estate news at http://realestatesd.blogspot.com.

Coronado Best Buys List, November 2, 2009

Greetings!

19 properties are currently in escrow in Coronado right now. 7 of them are have made our Best Buy List. They include:
835 D #2, condo, 3/3, $688,000.
807 8th Street, condo, 3/3, $699,000.
16 Montego, condo, 2/3, $739,000.
5 Half Moon, house, 3/3, $799,000.
522 Fifth Street, house, 2/1, $849,000.
24 the Point, house, 3/3, $1,495,000
225 G Avenue, house, 4/5 , $1,699,000-$1,795,000.

19 homes also closed escrow the last month. The average sales price was $1,394,000 (an average of $781 per square foot) and the average days on market was just over 3 months. Not bad!

Here are is our complete BEST BUY LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

BEST BUY LIST FOR NOVEMBER 2, 2009.

$465,000 730 E Condo, 2/2, PRICE DROP! a charming condo with nice upgrades.

$774,800—23 Delaport, house, 3/3. FORECLOSURE! Don't miss this terrific opportunity to own a Coronado Cays, BANK-OWNED, detached town home in 'Mardi Gras' at a below market price! Just fell out of escrow, will go fast, don’t hesitate! Most recently listed pre-foreclosure at $999,999! Great end-unit locale with terrific ocean views across the highway from the second level, updated kitchen with travertine floors, a warming living room fireplace and an expansive master suite with bay nook and private terrace taking in the ocean views-this is just the start! More than 1800 square feet.

$797,000—14 Antigua Court, Condo, 2/2. The Coronado Cays welcome you to the prestigious Antigua Community! This upper view unit provides the most desirable eastern views with a large patio over the Bay (great for entertaining) along with your personal boat slip! Relax in the inviting cozy living room with fireplace. The kitchen opens to the dining area facing the water view. Mirrored wall provides beautiful bay reflections & lots of light. Private master suite with large full bath and generous closet space.

$799,000-$839,000—407 E Ave, house, 3/3. PRICE DROP! This property is a masterpiece. Every detail has been meticulously thought out to best maximize the size, utility and value of this home. The attic is fully finished. You must see this property to truly appreciate all of the features. It is wired for alarm, intercom, internet, cable, central vacuum. The high end tile & granite is simply beautiful. It has its own private grass courtyard like area in front of unit and a good size patio/deck of both the front and rear of the unit.

$798,000-$898,000--1405 First Street, condo, 3/3. SHORT SALE! Bay views and highly desirable location just steps away from world famous Coronado shops, restaurants, fishing pier and more. Incredible value for this highly upgraded town home including granite kitchen, Brazilian hardwood floors throughout, marble bath rooms, community pool and more. Please see supplement and property website for more about this amazing value.

$899,000—247 D Ave, house, 3/ 4. Highly Upgraded Unit Built by Owner for Owner. Custom Entertainment Built-in and Additional Built-ins at Fireplace. Hardwood Floors in All Rooms. No Carpet. Beautiful Decorator Tiles in Kitchen and Bathrooms. Much Thought put into Window Placement to Maximize the City Views. No Other Two-Stories on Either Side. Lots of Light. Gorgeous City Views from Rooftop Deck.

$1,150,000--611 Fifth Avenue, house, 3/3. Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!

$1,445,000—165 I Ave, house, 3/3. Historic Albert Galucci residence. Spanish Revival. 3bdrm, 2.5 ba, 1,423sqft, 3,484sqft lot.Rich stylistic details include hand painted tiles, vintage iron railings, open beams, arched passageways, iron lighting fixtures. Upgrades include Kashmir gold granite counter tops, red oak floors, chestnut stained cabinets. Plantation shutters, French doors, dual pane windows, designer appliances and country kitchen sink enhance the living areas. Central air conditioning/heating. Custom patios and landscape.

$1,300,000-1,495,000—120 C Avenue, #207, condo, 2/2. Never been lived in LUXURY CONDO. Beautiful 2 Bedroom 2 Bath end unit with fabulous patio. Hardwood floors, crown molding, Island style finishes, Viking appliances... all on one level. Regatta Bay is a new luxury complex with 16 High End Residential units

$1,450,000—468 B Ave, house, 4/3. PRICE DROP! Great open floorplan with 10ft. ceilings, lots of natural light and hardwood floors. Custom kitchen opens to large family room with french doors to the cute backyard. Terrific family home. Close to Spreckels Park and the heart of the village.

$1,575,000—420 J, house, 3/3. PRICE DROP! Gorgeous Like New..."Tommy Bahama Style" Interior... Nothing 'ordinary' here! Warm & wonderful home, w/ 3 spacious bedrooms including a beautiful master suite. Plenty of closet space & storage. Warm granites & designer features. Kitchen w/breakfast bar & built in nook. Sound system, Backyard w/fountains, BBQ area + 2 car garage w/ storage & epoxy floors.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Leading Edge Award Winner
101 Orange Avenue
Coronado, CA 92118
858.405.7264mailto:858.405.7264christinevt@prusd.com
Search properties free on our website:
http://www.sandiegosurfandsand.com/
Check out our blog at:
http://realestatesd.blogspot.com/

Google Maps Now Has Real Estate Info

Google has been improving the usability of real estate information in its Google Maps function.

Users can now select the “real estate” option from the “more” button on the top right of any Google Map. They’ll automatically see balloons on the maps of listings, as well as a pop-up real estate refinement panel on the left.

From there, they can refine what they are searching for by checking the boxes for renting or buying, apartment or house, as well as price range, square footage, numbers of bedrooms and bathrooms, and foreclosure listings.

Google is also inviting real estate practitioners to list homes on Google Maps.

Source: eWeek, Clint Boulton (10/30/2009)

Pending Home Sales Continue to Rise

Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.Lawrence Yun, NAR chief economist, said the momentum is understandable.

“What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”

Watch a video interview of Yun as he talks about these latest pending-home sales trends. NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home.

“As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”

The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago.

In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008.

In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.

Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said.

“Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”

— NAR