This is a really big home with 5 bedrooms and over 2200 sq. ft in the Westwood neighborhood of Rancho Bernardo. Updated, clean and in a quiet neighborhood with no freeway noise this house also has a studio/ home office with a separate entrance. Do you work at home and need space to meet clients? This house is already set-up and it has a kitchen area included in this extra space. House is sited on a large lot of 10,200 sq. ft which is more than double the average size of 5,000.
The Westwood neighborhood offers Rancho Bernardo residents access to the Westwood club with , tennis courts, swimming pools; kiddy and Olympic size, gym , baseball courts, miniature golf, playgrounds and picnic areas that you will never stop appreciating and enjoying. Membership is only $360/yr. A dollar a day for complete access to all those facilities which would cost double or triple at a private gym. Check out this link to read about all the benefits at http://www.rbwestwoodclub.com/index.htm. Rancho Bernardo Community park is only a few minutes away and offers tennis courts, basketball courts, lawn bowling , baseball, dog runs, picnic and playgrounds plus walking paths past Lake Hodges.
The Rancho Bernardo area is part of the Poway Unified School district (PUSD) and the local schools for this home are Westwood Elementary, Bernardo Heights middle school and Rancho Bernardo High.
This special home is currently offered at $450,000 and is a short sale being sold in as-is condition. Short sales are often difficult for buyers because they usually require that you wait for the banks approval. The waiting process can be aggravating and often buyers leave the deal only days before bank approval. My average short sale time frame is two months, while it can typically be up to 6 months or more.
Use your first time buyer tax credit of up to $8000. Buyers have until April 2010 but if you act now you can have your tax credit in only a few weeks and use that money for a new couch, improvements or ….
Call me today to make an appointment to see this home -
The recently extended tax credit for first time homebuyers was also expanded to include existing homeowners. Although it is not getting as a much attention as the $8000 tax credit it is a significant and important option for homeowners to know about. Here are the details -
1. The new house cannot cost more that $800,000
2. The replacement home must be your main home. You do not have to sell your current home. You can rent it, keep it or sell it later. If you keep your existing home make sure that you move into the new house on the day you close escrow so that there is no question which home is your principal residence.
3. You may purchase new construction, existing homes, condominiums, manufactured, mobile homes or a boat that will function as your principal residence. You cannot claim the credit if you are buying a second home or an investment property.
4. The credit is available NOW, until April 30 2010 with 60 days extension if a contract is signed by the expiration date.
5. You must have owned and resided in your current home for a consecutive five out of the past eight years.
6. Your adjusted household income cannot exceed $125,000 for singles and $225,000 for married filing jointly.
7. You may purchase a home that is smaller than your existing home.
$6,500 from the government in the form of a tax credit is considerable but why should you move or buy a house right now. Since prices have dropped significantly you may be able to buy a house that is bigger or in a better location.
Or contact me and I will set-up a personalized search for you that will automatically send you all the houses that match your search criteria. I understand the desire to do your own search but many sites like Realtor.com aren’t updated regularly and often you find houses that your really like and they are either already pending, contingent or sold. The value of setting up a search is that you will know the same day when houses become available or have price changes.
Here is my pick for a Best San Diego Home; 3 bedrooms, 2 1/2 baths, 1695 sq. ft. Remodeled kitchen with a private backyard that includes a psa. Spacious master bedroom with vaulted ceilings, walk-in closets with organizers and a roman tub. Vacant. Short sale approved for $330,000.
Ge the rest of the story on this wonderful home by emailing me at
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. NAR members sent more than 500,000 letters to leaders in Congress and made nearly 13,000 telephone calls to Senate offices last weekend to encourage support. So far this year, REALTORS® have spent nearly $14 million lobbying Congress, according to federal campaign finance records compiled by the Center for Responsive Politics.
Homebuyer Tax Credit Plan Agreed to by U.S. Senate Democrats
Below are the Highlights:
1) It would allow homeowners to qualify for a $6,500 credit if they have lived in their residence for five years. In addition they wouldn’t have to be first-time home buyers.
2) The income limits will go up to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
3. The new plan would extend the credit which is due to expire Nov. 30. The home purchaser would have to be under contract by April 30, 2010. The purchaser would be allowed another 60 days to close the escrow to get the credit.
This is great news for many, many people especially those who are in a short sale and still waiting for bank approval. I would still encourage buyers to continue to work towards finding a house now because they will be able to apply to for tax credit in only a few months. Buyers who wait will have almost 9 months before they are able to touch their tax credit. Another factor to consider is that the winter months are traditionally the slowest sales months. Finding a house now could give buyers more opportunities to negotiate price and terms.
News about the real estate market continues to bounce around almost daily. One report states prices are expected to drop 10% and the very next day another report states, prices have stabilized and the economy is improving. With information like that how do you plan? One thing I know with absolute certainty is the cycle of real estate. In spring and summer more buyers enter the market and activity increases often driving prices upward. During the fall and winter fewer buyers are active and sales time often increases and prices drop according. It is the simple supply and demand formula that most of us learned in High School and applies to real estate. So..
If you are thinking about buying a house NOW, NOW, NOW is the time to be making offers and working at finding a home. Sellers will be negotiating and making deals.
Here are some market statistics for Rancho Penasquitos – 92129, for the last 90 days.
16 houses sold in the $400,000 to $615,000 price range. Homes were between 3 and 5 bedrooms with 2 to 3 baths and a minimum of 1900 sq.ft.
The highest sales price was $612,500, $10,400 less than asking price. Market time was 34 days , although the average is 58 days. The lowest sales price was $336,000 for a house that had a cracked slab and needed major repairs. Personally, I don’t consider this house a typical sale because of the issues involved and the need for special financing. I decided to eliminate it and two others from the group of solds because they also had very unique issues which seriously affected the sales prices. The lowest price then becomes $525,000, down almost $14,000 from asking price.
This data doesn’t surprise me and that is why I encourage all buyers to get moving and don’t worry about asking prices. It isn’t unusual for sellers to accept offers 10,20 even 30 thousand dollars less than asking.
How much is your house worth in today’s market? Email me with your address and I can give you a ball park estimate. If you let me see the inside than I can give you a better estimate.
According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.
That’s a difference of $167.80 a month between 5.5% and 4.87%. Which could be the difference between qualifying for your dream house or not. Remember interest rates affect your monthly payments for the life of the loan or until you refinance. These numbers do not include property taxes which are approx. 1.5% of the purchase price.
Considering the $8000 tax rebate and the drop in prices plus the end-of-the-year specials I strongly encourage buyers to get moving.
With time running out on the $8000 tax rebate unless congress extends the Nov. 30th deadline – and they are discussing both extending and expanding the rebate, I am curious about what buyers are thinking, so I created a poll. Personally, I think a house is too big an investment to allow a mere 1% incentive to guide your actions. Take the poll and let the world know what you think.
4 bedrooms, 3 baths, family room, backyard with a view.
I have a lovely house for rent in Rancho Penasquitos. 4 bedrooms, 3 baths, approx. 2005 sq. ft., kitchen with an eat-in nook, family room with fireplace. Indoor laundry closet, 2 car garage. Four large rooms upstairs. Quiet neighborhood, near school, shopping and Doubletree Golf course and swim and tennis. Rent is $2600/mo with gardener included. Please contact me at 858-243-5719 or email jmccarthyhomes@gmail.com for more information.
I can handle your rental needs too! Property management experience for over 12 years.
This Month In Real Estate: 2009 First Time Home Buyer Tax Credit Special Edition
64 days and counting until Nov. 30th when the $8000 tax credit will expire unless extended. Buyers need to learn the details about the credit and act now to take advantage of this opportunity. Wouldn’t you like to have Uncle Sam give you up to $8000 just for buying a home this year? Watch the clip then visit – www.SanDiegoForeclosureGuide.com to search for houses or just email me and I will set-up a custom search for you.
Thanks
Janet McCarthy
858-243-5719
jmccarthyhomes@gmail.com
EXCELLENCE is
achieved by those who CARE more than others think they should,
RISK more than others think is safe,
DREAM more than others think is practical, and TRY HARDER than others think is necessary.
