Weekly Neighborhood Market Reports Available

Dilbeck Real Estate now offers reports to help track neighborhood market conditions.  These reports can be obtained by calling or emailing The Jennie Manders Home Team.  Here is more information from Dilbeck:

National and County-wide news sources are slow and do not accurately represent what is happening in our local market.  It's important to stay informed about conditions impacting your local neighborhood.
The Dilbeck Real Estate weekly reports track neighborhood inventory, median price, price per square foot, median sales price, average days on market and more. The market reports are updated weekly, and are a service we provide to you, so that you can be "ahead of the curve" as to the direction in which the housing market is heading in 2011.

The Home Team is happy to provide you with the Market Reports of your choice.  The link above is the market report for the week of July 25th for the Rossmoyne area of Glendale.  If you would like to receive a specific area report, please contact me at Jennie@JennieManders.com or 818.949.7830.

WHAT HAPPENS IF THE TAX BENEFITS GO AWAY FOR HOME OWNERSHIP?

When the economy starts shifting, the government begins looking for ways to cut costs or “save money”. The tax benefits related to home ownership have periodically come under scrutiny as a way for the government to retain more money by not allowing certain credits, allowances or write-offs.   

In December 2010, the President’s National Commission on Fiscal Responsibility and Reform (best known as the Deficit Commission) issued a report identifying tax and spending changes designed to sig­nificantly reduce the deficit over the next decade. That Commission recommended different tax options. At least three different approaches were included:

• Eliminate all “tax expenditures” (deductions, exclusions, credits).

• Eliminate the MID (Mortgage Interest Deduction) for second homes and reduce the amount of allowable mortgage debt from $1 million to $500,000.

• Convert the deduction to a 12% tax credit.

Since this report was issued, the National Association of Realtors has aggressively reminded Congress that any change to the tax rules that apply to home ownership would disrupt the market and cause home values to further decline.

The above factors deal with the monetary part of the home ownership equation. However, our general economy correlates almost directly to the housing market. The ripple effect of building a home and then purchasing it benefits individuals in numerous related companies including banks, mortgage companies, title, all the trades, heat and air, plumbing, electrical, wood production, cement, carpet, flooring, appliances, appraisal and much more.

The bigger question is “If you take away those tax benefits, what is the incentive to own”? As evidence of this, the recent tax credits offered to buyers of $8000 caused more activity and sales, showing that a credit does incentivize buyers to purchase.

Taking away these benefits would permanently and dangerously change Americans views of the American dream, home ownership. It also would immediately impact those baby boomers that were relying on what equity they have to retire and live comfortably. What about all those industries that would be impacted with less work, fewer orders for improvements, etc.? If every property eventually becomes a rental, how often will landlords improve them? Certainly not as often as a homeowner does. The end result is a huge negative impact that will have a ripple effect on everyone. There are other ways to generate revenue. If we are all trying to “run lean and mean” how about the government doing that for a number of years with the goal being no deficit?

A Perspective on Multiple Offers in This Market

When to buy real estate above list price Inman News

This article contains one perspective on multiple offers in this market. I would love to hear your opinions on this. Please comment and share your thoughts with me.

Summer Traditions- Music in the Park

The city of La Canada Flintridge’s Music in the Park series is a special summer tradition for my husband and me.  Similar to a small version of the Pasadena Pops but on a local level, the city holds concerts at Memorial Park. 

From Jazz to Country to Elvis tributes, each concert is truly entertaining.  Bring your dinner, libations, and relax under the stars listening to local talent for free! This is a great event to catch up with friends and neighbors or to just enjoy your family. 

Coming up this month is A Tribute to Elvis by Steve Roth on July 10^th, The Jack Lantz Big Band on July 17^th, and Classic Rock by Misplaced Priorities on July 24^th.  All concerts are from 6pm-8pm on Sundays.  A complete schedule can be found at http://www.lacanadaflintridge.com/.

My husband Alan and me at a recent Music in the Park concert.

Peace and Serenity in Montecito Park

This single story Ranch located on a secluded cul-de-sac is ideally situated to enjoy the treetops views and views of the foothills from your home and striking rear yard.  The flow of the floor plan is ideal for today’s lifestyle with the kitchen opening to the family room and the living room oriented to the views.  The rooms are spacious and include 3 bedrooms, 3 baths, a formal dining room, family room plus a great neighborhood. Offered at $824,900.

Open House This Sunday, June 26th, 2pm-5pm

1010 Eilinita Ave., Glendale

This attractive Cape Cod home has all the rooms you can ask for including 4 bedrooms, 3 baths, a family room, formal dining room, den, plus a finished attic and sun roof! Vintage features throughout add to its charm and character. The living room features trestle beam ceilings and a traditional fireplace.  Newly updated kitchen and baths provide modern amenities.  This home is located in the desirable Oakmont Woods neighborhood with La Crescenta schools and access to a community pool. Close to hiking trails and easy freeway access for the best of both worlds!  Offered at $829,900.

Come visit the Home Team Sunday to see this wonderful home.

Conforming Loan Limit to Drop September 30th

The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit to $729,900 which has been wonderful for buyers in high-cost areas of the country like California.  Buyers have been able to take advantage of higher conforming loan limits and have also been able to avoid higher interest jumbo loans.  Unfortunately, the high balance conforming loan limit will drop on September 30th to $625,500.  After this date, Fannie Mae and Freddie Mac will no longer purchase loans over $625,500. For most buyers, this means they will need to be able to put at least 20% down for loans over $625,500 and the approval process will be more difficult.  For sellers, it means their buyer pool will be smaller for homes in the $650,000 to $800,000 range.

How will this change affect you?  Are you looking to buy or sell in the next 6 months in this price range? 

If you have questions about this change in conforming loan limits and how it may affect you, I encourage you to contact me and the Home Team.  We would also love to hear your thoughts on the loan limit drop so please share your comments with us.