Costa Mesa Real Estate Blog

We had another great experience in our office this week as one of our agents was able to help first-time Costa Mesa buyers locate, negotiate, and close escrow on a beautiful townhome.

Best of all these folks get to take advantage of the homebuyers $8000 tax credit!!

Costa Mesa Homes for sale, Costa Mesa Real estate

We had a great experience in our Mortgage department here today, enough that I had to write about it. President Obama, as part of his economic recovery program, had allowed what he termed a "Making Homes Affordable" program which allowed homeowners to refinance even if their home had lost value in recent years.

Of course there are some caveats to the program, but in this case it allowed our self-employed borrower the opportunity to refinance when it was not even close to possible last year. And she was able to get a prevailing rate of 4.875%, not a rate that had been knocked up for qualifying criteria.

The real beauty of the situation was to see the look on the homeowners face when we told her that yes, we had final approval on the loan, and yes, we would be saving her $450 per month!! The smile was ear to ear!!

So, I say thank you Mr. President for allowing that option to pass into the marketplace, it made a huge difference for our client!

If you are looking for a rate or a refinance for your Costa Mesa real estate, give Colin Delaney a call at 714-743-9882 or e-mail at Colin@VerandaHomes.com.

It's Not Too Late to Still Claim a 2007 Tax Credit

Did you know if you bought a house prior to the new tax credit being offered in 2007 that it is not too late to receive it if you bought a home in Costa Mesa last year?

Check it out below, here are some easy ways to get that credit!!

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

Costa Mesa is seriously suffering......no homes for sale!! Our current inventory situation is much worse than during the run-up of prices in '04-'05 when realtors would stick the for sale sign in the ground and receive offers.

Current inventory: 166 Properties for sale

Current inventory that is not a short sale: 120 properties

Current homes for sale: 84 (not short sales)

Current condos for sale: 36 (not short sales)

Yikes!!

It gets even worse in places like Mesa Verde:

Total for sale: 16

Total homes for sale: 12

Total homes and condos for sale that are not short sales: 8

Hello seller's market........

OK, enough real estate talk for the week!

Here's a great place to check out in Costa Mesa:

Eat Chow.

Great retaurant for lunch or breakfast, always has a fresh fish sandwich of the day, grilled fish tacos, and a great spin on american classic foods.

Check it out!

Costa Mesa Homes for sale, Costa Mesa Real Estate by Colin Delaney

714-743-9882

Well, you might or might not already be familiar with the national home index called the Case Shiller home index - it tracks the rate at which homes (including pending sales) are being bought up off of the resale market, a very important indicator to us locally.

Unfortunately, our particular area is lumped in with los Angeles County, but it finally gave us the news that I have been blogging about for many months: home sales and this market are recovering.

Here are the stats from the most recent data:

June 2009
Month to Month: Up 1.1% (raw)
Month to Month Up 0.4% (seasonally adjusted)
Year to Year: Down 17.8%
Change from Peak: Down 41.3% in 33 months

What I will tell you locally is that we still have a major inventory problem, and those homes that are priced well and well positioned in the market are selling quickly.

Curious about buying or what the Costa Mesa real estate market is doing? Or curious what your Costa Mesa home is worth? Call me at 714-743-9882 or e-mail me at Colin@Verandahomes.com.