In California, losing the mortgage interest deduction – an active discussion in Washington – would cost the average California taxpayer over $3,900.00 a year, according to the California Association of REALTORS®. That’s MORE, almost DOUBLE, the average “2k” nation-wide taxpayers may lose if the so-called “fiscal cliff” is not soon averted. 89 percent of those … Continue Reading
Homebuyers – Be Prepared to Compete As Competition Heats Up; The New Supply-and-Demand Driven Market
House hunters in Newport Beach, Costa Mesa, Orange County and elsewhere are encountering formidable old foes… ample competition, multiple offers and all cash buyers. Well-priced homes in desirable areas are rare – and thus a precious commodity. Some homes in sought-after neighborhoods are selling like hotcakes, above list price, with multiple offers submitted within … Continue Reading
Southern California Home Prices Hit Three-Year High; Orange County Sales Volume up 41 Percent from Last Year
More Buyers, fewer Sellers, record-low interest rates and increase in rental values made Southern California home sales jump over 25 percent this past October, compared to October 2011, a three-year high, according to real estate research firm DataQuick. Not surprisingly, coastal markets saw the biggest increase in sales, especially such prime locations as Newport Beach … Continue Reading
Though Higher Prices Can Be Discouraging, Keep In Mind Mortgage Rates Remain Near All-Time Lows, Saving Hundreds of Thousands of Dollars
With home prices back at or above the recent year’s lows, those discouraged by today’s returning prices should also keep in mind the near all-time record low mortgage rates hovering under 3.5 percent, saving borrowers hundreds of thousands of dollars compared to earlier 6 percent rates and literally millions of dollars compared to the historical … Continue Reading
Foreclosed Properties Are No Longer the “Deals” They Once Were
Orange County, Newport Beach and Costa Mesa Buyers Take note – The days of a foreclosed home being sold for 20 percent or more under market value are all but gone in the Southern California and Orange County marketplaces, especially in ideal locations such as Newport Beach and Costa Mesa. And with good reason. Well-priced … Continue Reading
Short Sales Demystified – Red Flags and Potential Pit Falls
A short sale property listing – a property being listed, and potentially sold, for less than the current mortgage/debt, by agreement of the owner and lender(s) – can be a wonderful opportunity for the right, and very patient, buyer. However, potential buyers beware, as short sales can have massive problems, pit falls, delays and be … Continue Reading
Renters Beware – Scam “Leasing” Of Foreclosed Properties Is On The Rise
Renters beware. A new rental scam is on the rise as foreclosures continue to flood the marketplace… rental properties being “leased” by sham “landlords” with no connection, whatsoever, to the property! You, the renter, find a great rental property – perhaps on-line or driving by – you fill out your applications, pay a deposit, maybe even … Continue Reading
Save Water, Save Money, Upgrade Your Home, All For Free – The Weather-Based Irrigation Control Rebate Program From The Municipal Water District of Orange County
There are many energy-efficient rebate programs still out there. While Congress let lapse a key federal tax rebate for all kinds of great energy-efficient upgrades, there are still many programs remaining that homeowners, landlords and businesses should jump on. One of the best programs (because it’s completely free for single-family residences), is to upgrade to a Weather-Based Irrigation … Continue Reading
HOA Investments – Can An HOA Buy A Mutual Fund Or Other Non-FDIC Security??? – Maybe… But It Shouldn’t
Can a California Homeowner’s Association (“HOA”) invest in mutual funds or other potentially “risky” investments (as opposed to traditional FIDC savings accounts, CD, etc.)? This appears to be a hot topic right now, given the low/zero interest rates traditional FDIC investments are returning, with HOA Boards, and members alike, eager to get more return on … Continue Reading
Seriously, Change Your Air Filter Often When In Use
As I recently reminded myself… When running your Heating, Ventilation and Air Conditioning unit (your HVAC), check your filter more often. Routinely check every 2-3 months, and more so in the hot summer and cool winter months. -Devin Lucas Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa … Continue Reading
