http://tempo5.sandicor.com/Pub/EmailView.asp?r=376575203&s=SND&t=SND

Honeys Bistro is excellent. I have been there more than 1oo times.  This morning, without asking, my breakfast sandwich was cooked to perfection.  It comes with coffee as well for under $5.

Try a homemade doughnut with your choice of 15 coffee’s.   Just grab a cup and choose your favorite kind.  Teh doughnuts are made fresh each morning.  It’s perfect for dunking in the coffee.  and as always, free refills on coffee.

I love to bring my dog and kid as well.   On the weekends its a great place to people watch in down town encinitas.  Just look for the maroon awning between E and F St on the West side next door to the new East Village Asian Bistro.

Three main factors have played a roll in turning this trend.

1.  Historic low interest rates are allowing many first time home buyers and others to purchase property at low rates.  30 Year Fixed rates as low as 4.25%.

2.  First Time Home Buyers Tax Credit of $8500 applies to all people who have not owned a home in the last three years.

3.  Short Sales and Foreclosures brings an interesting new dynamic to the market because sellers do not care how much the property sells for.  They just want it sold.  This allows the banks to price properties extremely low, thus bringing many buyers/offers to the table.  With multiple offers banks ask for buyers best and final.  Thanks to low rates and low payments, buyers are showing a willingness to overpay for the property thus inflating property values.  That is why the San Diego real estate market is starting to show positive gains value month over month. (Based on Dataquick).

I currently have 8 short sale listings where I represent the sellers.   Each of these properties have multiple offers.   One property, recently listed in Mira Mesa, received 8 offers in the first 2 days, 3 offers were ALL CASH deals.  I listed the property at $169k and the three all cash offers all came in over $200k.  The buyers bid the property up $40k.   The other 5 offers are with financing with anywhere for 20% down to as little as 3.5% down.  These buyers are dead in the water.  As the bank/seller they would much rather accept an ALL CASH deal vs. a deal that involves appraisal and mortgage loan risk.

Because the market is seeing a large volume of ALL CASH buyers or buyers with large cash down payments (50% of value or more), it’s virtually impossible for a buyer with FHA financing or a minimum down payment to find properties.   First Time Home Buyers in San Diego are finding it very difficult to secure good properties.

Today more than ever, having an experienced real estate agent/broker represent you in buying or selling your home is crucial.

If you are interested in buying or selling a home, please contact Eric Iantorno today.

In addition to First Look, buyers using Neighborhood Stabilization Program (NSP) funds from the U.S. Dept. of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds also may qualify for additional benefits, including:
Deposit waivers
A reserved contract period, and
Extra time for closing
For more information about Fannie Mae’s First Look initiative or the company’s programs for public entities, contact Eric Iantorno

10 Important Facts about the Extended First-Time Homebuyer Credit
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it:
1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.
2 . If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
5 . The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
7 . The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.
8. No credit is available if the purchase price of the home exceeds $800,000.
9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
10. A dependent is not eligible to claim the credit.

Example.

I had a home listed for $165,000.  We received 1o offers over $200,000 and all the way up to $250,000.  I alerted the bank to these offers.  The banks response was to take the $165,000 all cash offer.   This eliminated the need for appraisals and loan problems thus delaying the transaction further.     This is very common today!

Buyers with minimum down payments are still able to purchase homes, even with all cash offers.  With patience and a good agent representing your best interest, eventually you will win.

For more questions about today’s real estate market, please feel free to comment below or contact Eric Iantorno direct.

California’s Foreclosure Process and Timelines – Frequently Asked Questions

Download frequently asked questions about California’s foreclosure process and timelines.
download English version

Senators OK homebuyer tax credit extension – Real estate- msnbc.com.