Homebuyer Tax Credits

In March of 2009, President Obama signed a law adding a new tax credit for certain repeat homebuyers of up to $6,500. Together with the existing first-time homebuyer’s tax credit of $8,000; the stimulus package of $11 billion was intended to boost housing sales. Credits were available to taxpayers who used the home as a principal residence for the following three consecutive years. To avail of these tax credits, the buyer is required to have the contract completed before May 1, 2010 and to close the transaction before July 1, 2010. One of the criteria for repeat home buyers is that he/she should have lived in one residence consecutively for five years of the preceding eight. The new law incorporated anti-abuse measures intended to stem fraud that had become endemic with the existing homebuyer tax credit. The definition of principal residence included a co-op apartment, condominium, attached or semi-attached townhouse; even a boat, motor home or trailer, provided it had eating, sleeping and toilet conveniences.

Dale Warfel knows Federal and State tax credits

Many homebuyers have bought homes in San Jose neighborhoods through the services of Dale Warfel a real estate agent who has worked the area for the last 13 years. Dale Warfel is both Real Estate Consultant and a Certified Short Sale Professional who specializes in the California Bay Area from where he hails. He also deals in foreclosed properties some of which are listed on his website www.dalewarfel.com. Dale Warfel is familiar with federal and state tax credits available to first-time or repeat homebuyers.

Living Green

The US Green Building Council and other bodies are actively promoting the concept of green building. This concept has filtered down to existing homes and many homeowners are remodeling their homes to make them green compliant. Most people believe that living green is all about saving natural resources and cutting carbon emissions to avoid global warming. Living green is that and much more. Remodeling a home for green living makes it more energy efficient, which translates into reduced fuel and other operating costs. For example, a green home would exploit sunlight for illumination so saving on electricity consumption. It would also be remodeled in a manner to utilize free wind and shade so reducing air conditioning costs. The same applies to water usage, which is minimized. Most of all, a green home provides healthier living. Remodeling a home to make it green compliant adds to its value and increases the resale price, a hidden benefit.

Buy green in the Bay Area

If you are looking for a home in San Jose or the surrounding neighborhoods, then moving into a green home would be an excellent idea. Apart from reduced operating costs, it displays a social awareness and social responsibility. Dale Warfel is a Saratoga resident who knows Bay Area real estate intimately. He is a realtor who takes pride in finding just the right property to meet his client’s preferences. If it is a green home you are looking for, Dale Warfel will find it for you. To contact him, please call 408.624.6202. A visit to his website www.dalewarfel.com tells you more listings in San Jose neighborhoods.

Tax Benefits of Home Ownership

Purchasing a home is the most important and probably the largest purchase for most families. Home buying decisions are influenced by different factors. One of them is the available tax benefits which help offset part of the cost of investment. Homeowners are entitled to three major tax benefits which, taken together, substantially reduces the cost of homeownership. These are:
Mortgage interest which is deductible

Real estate taxes which are deductible

Capital gains tax which is excluded for principal residences

From these estimates it clearly evolves that the deduction of mortgage interest is usually the single largest benefit to most homebuyers. Tax code provisions allow homeowners a reduction of taxable income by the total amount of mortgage interest paid annually on the first and second home up to $ 1 million in total home mortgage debt. Taxpayers may also deduct the interest allocable on home equity loans up to a ceiling of $100,000. These are some of the major tax benefits of home ownership.

Homes in the Bay Area

Prospective home buyers interested in a home in San Jose or the surrounding communities are advised to contact Dale Warfel at 408.624.6202. This realtor has been buying and selling Bay Area real estate since 1997. In addition, he is conversant with the entire slew of tax benefits that are available to a home buyer. Dale Warfel is native to Saratoga and specializes in properties in Santa Clara County. His website http://www.dalewarfel.com/ has a fund of guides for prospective home buyers.

HUD Grants for Green Housing Retrofit

In an effort to promote green living, the Department of Housing and Urban Development grants loan for eligible property owners to upgrade their properties. The loans are intended for green, energy-efficient retrofit investments in their property; ensuring the maintenance and preservation of the property and the sustained operation and maintenance of energy efficient technologies. The size of each grant and loan will be determined by a physical and financial analysis of each property. Participating owners will be eligible for certain incentives. The terms of the loans or grants will be subject to continued affordability agreements.

A Boon to Homeowners

This grant or loan to promote green living will benefit many existing homeowners and prospective buyers interested in a first-time home purchase in a Bay Area property. The advantages of green living are well established. Not only does it save operating costs through energy savings but also preserves scarce natural resources and offers more healthy living. Retrofitting a property to make it green compliant is a demonstration of social responsibility in protecting and preserving the environment.

Dale Warfel is an experienced Bay Area real estate agent who has been working the area for 13 years. He keeps abreast of all properties in San Jose and the surrounding neighborhoods and has a sixth sense of knowing a particular buyer’s requirement. He can be contacted at 408.624.6202. His website www.dalewarfel.com has substantial data for prospective homebuyers.

Troubled Times for Real Estate

Mortgage defaults have reached a 20 year high. The fallout is a transfer of ownership of real estate assets. Borrowers and owners have now had to relinquish title deeds in favor of lenders and investors. Real estate capital providers are mystified, frantically searching for a painless exit strategy from real estate investments that have turned sour. The problem has worsened since lenders possess property ownership expertise. Many are seeking to outsource the function of real estate management to real estate professionals. This opens a Pandora’s Box for experienced real estate professionals to offer their expertise on management of REO properties.

A Dedicated Bay Area Realtor

Despite the vagaries of the real estate market and the new opportunities that have opened, Dale Warfel, an experienced real estate professional, has confined his activities to buying and selling properties in San Jose neighborhoods. He has been in the business for over 13 years now and has witnessed a property boom in 2006 and the present low. He offers his substantial expertise to prospective home buyers, not merely in finding a suitable home but also in seeking an affordable mortgage. Dale Warfel is fully conversant with prevailing California real estate laws. With his experience he is able to correctly assess a fair value of a property in a particular neighborhood, given the depressed economic environment.

Mortgage Norms

Though housing prices have fallen, in most places they prevail alarmingly high when compared with rents and incomes. A bank norm for a safe mortgage is a maximum of 3 times the annual income of a buyer with a down payment of 20%. According to landlords, a safe mortgage runs to a maximum of 15 times the income from annual rent. However these norms are being grossly violated on the coasts. With a 3% down payment, buyers are borrowing as much as 6 times their annual income. Even with declining prices, sellers are quoting as much as 30 times the annual rent.

Dale Warfel’s Bay Area Expertise

Dale Warfel is a realtor who buys and sells housing properties in the Bay Area. He is an experienced real estate agent who guides a buyer or seller as to a fair price for a property given the uncertain times and the neighborhood. He can also advise a buyer on a safe and affordable mortgage. San Jose real estate can be confusing to the unfamiliar, since there are so many neighborhoods. Dale Warfel’s website www.dalewarfel.com contains comprehensive data on homes in San Jose communities. It offers a homeowner an expert assessment of the value of his property and a buyer can search San Jose MLS – and all this for free. Dale Warfel can be contacted at 408.624.6202.

The Housing Market in 2010

The collapse of the housing market is what triggered the current economic meltdown. Housing determines consumer confidence and bank behavior. Lack of consumer confidence reflects in a falling housing market, as the United States has been witness to. The present financial crisis is unlikely to improve till the housing market demonstrates a recovery. Where are housing prices headed, in this New Year? That is a question no one has an answer to. Broad economic indicators like price to rent and price to income ratios along with prevailing housing inventory all point to housing being far better placed than last year. But housing is still far from cheap. Worse, the foreclosure plan and first time homebuyer’s credit are due to expire during the current year. When that happens, there is every possibility of a negative impact on prices. It would hence be fair to assume that housing prices have not seen the bottom.

San Jose Housing

Despite the ups and downs of the economy, Dale Warfel, a real estate agent of many years standing has been buying and selling homes in San Jose and other surrounding neighborhoods. Dale Warfel knows the area intimately having worked in it for the last 13 years. He has established a reputation for reliability and integrity, which remains unshaken despite the vagaries of the uncertain housing climate. To buy or sell Bay Area real estate property, do contact Dale Warfel at 408.624.6202. His website www.dalewarfel.com is a fund of useful information for buyers and sellers.

Finding the Right Home

The home buying process in California is different than most other states in the country. An offer is invariably made in writing, accompanied by a deposit check for 3% of offer price as a measure of ‘good faith’. The agent then presents the offer to the sellers and their agents. The buyer and seller never really get to meet.

Before then, a good agent will conduct an interview with the buyer to ensure he/she is ready and able to buy a home and is aware of the implications. The agent will also require full details of the home the buyer is looking for. This gives the agent a clear picture to take the buyer to the ideal home he/she is looking for. No good agent proceeds without an initial qualifying interview. The agent will then take the buyer through the loan process. An approved loan puts the buyer in a strong negotiating position.

An Experienced Bay Area Realtor

Dale Warfel has been buying, selling and investing in Bay Area real estate properties since 1997. He is fully conversant with the real estate laws and procedures. Dale Warfel is a skilled realtor and has concluded numerous deals to the satisfaction of both the buyer and seller. He can be contacted at 408.624.6202. His comprehensive website is at www.dalewarfel.com. Apart from listings, it contains useful information for both buyers and sellers.