Finally..a positive news article about the return of real estate! Check out
this article from cnn.com

http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/

Best,

Debbie

This “second wave” of foreclosures – combined with the fact that many
people’s 401(k)s have bounced back with the stock market, and most
economists agree that the bottom of the recession has hit – means that
competition for these foreclosed homes is going to be strong. There’s a
renewed, final dash to get in on what many people think are the best
real-estate deals they’ll get in awhile. This is evident of the multiple
offer situations that are occurring across our Peninsula Markets, including
Foster City. But how do you know which foreclosure is a good buy? I have
some ideals that can help you. (1)Work with a professional that knows market
values as you may have to offer over the list price to get the home; yes
multiple offers are back in several areas! (2) Get the property inspected if
possible before writing the offer; especially of you’re planning to get work
done to rent it out. That means travelling with your contractor to see the
properties to calculate fix-up costs right away. (3) Don’t go overboard.
Remember, Peninsula real estate values increase every ten years. Don’t start
the process thinking that you’ll pick up a foreclosure property for a song,
then flip it and make a killing. While there are several great deals out
there, real estate investment is still ‘long term’. It’s a great day in real
estate!

Best,

Debbie

Have you ever been a long car ride with family and inevitably someone with
ask the question, “Are we there yet?”

How this translates to real estate is, “Are we at the bottom of the market
yet?” My answer is yes! Yet there will be those that still want to wait and
see what the market will look like next year. In 30 years, rates have never
been this ‘breathtakingly’ low. Take it from someone that bought her home at
13.75% adjustable start rate! The buys currently on the market for first
time home buyers and investors unbelievable, check out this gem:
www.803circlect.info The market will definitely look different next year,
rates will be higher, and once the rates go up, affordability goes down.
There are only 35 shopping days left, buy yourself the greatest gift of all,
homeownership!

Best,

Debbie

Mortgage interest and property tax deductions can mean significant tax
savings, especially in the early years of the mortgage when interest makes
up most of the monthly payment. Essentially the government is subsidizing
your home purchase. After calculating your taxes, you may find it’s cheaper
for you to buy than to rent.

As a general rule, real estate appreciates 4 or 5 percent a year on average,
depending on the neighborhood and region. If you made a 20 percent down
payment on a $400,000 house, your investment would be $80,000. At an
appreciation rate of 5 percent annually, a $400,000 home would increase in
value $20,000 during the first year.

Wong Receives Platinum Service Recognition

Debbie Wong of Prudential California Realty in Burlingame, CA was awarded the highest level of service achievement in the real estate industry, Quality Service Certified® Platinum.  The award is in recognition of earning 100% client service satisfaction in 2009, as measured by Leading Research Corporation (LRC).

Quality Service Certified (QSC) status is the only award in the real estate industry based on independently validated, measurable service results.  Clients of QSC agents receive a customer satisfaction survey at the end of each transaction.  The surveys are administered and the results are compiled by LRC.

Client feedback from the surveys becomes part of the agent’s credentials.  An overall satisfaction rating is displayed on a consumer website (www.QualityService.org) where sellers and buyers have the ability to select a real estate professional based upon each agent’s validated record of service satisfaction.

“Nothing is more important to a prospective client in selecting a professional than the service results achieved with past clients,” says Larry D. Romito, President and CEO of QSC.  He adds, “Consumers have greater confidence in service reliability, results and satisfaction with a Quality Service Certified real estate professional because they know that the agent’s service record has been validated by an independent third party.  100% service satisfaction record like Debbie Wong has achieved is just awesome.”

If you are one of the lucky few that still have equity in your home, you can still take advantage of the great rates that are available! Pull out some cash, maybe improve your home or snatch up a great investment opportunity. Historically, money has never been this cheap to borrow!

If you are a distressed Seller, and feeling the squeeze of your growing mortgage payments, you can try to Modify your loan, ask the bank to lower your payments. Many have tried this route and not everyone is successful at getting the bank to lower the payment to something ‘affordable’. Just be aware that in California, it is against the law for anyone to charge an upfront fee to perform this service for you. You can apply directly to the bank free of charge. Be aware it’s not an easy process. Be patience, take notes, write down name of those you spoke to, document your conversations. It can be well worth the time involved if you are successful.

Lastly, “Di-Fi” or the SHORT SALE. Work with a Certified Short Sale Specialist! Look for  a Realtor that holds the only NAR (National Association of Realtors) approved designation ,the SFR Short Sale, Foreclosure Resource or the CDPE Certified Distressed Property Expert. Agents that have taken the time to further their education in how to best serve their clients are the ones that can help guide you as to what choices there are for you and what to expect . See my ” 7 Choices” blog submission for more info. Too much is at stake to leave this type of transaction to an agent that is not familiar with the intricate process of direct negotiation with banks on your behalf.

It’s a Great Day in Real Estate!

Mortgage interest and property tax deductions can mean significant tax savings, especially in the early years of the mortgage when interest makes up most of the monthly payment. Essentially the government is subsidizing your home purchase. After calculating your taxes, you may find it’s cheaper for you to buy than to rent.

As a general rule, real estate appreciates 4 or 5 percent a year on average, depending on the neighborhood and region. If you made a 20 percent down payment on a $400,000 house, your investment would be $80,000. At an appreciation rate of 5 percent annually, a $400,000 home would increase in value $20,000 during the first year.

Click here to learn more about why buying a home is a good investment.

It official!  The Tax Credit is going to stay a little while longer . That means that in order to avail of the credit, you need to be in contract to buy home by April 30,20010 as it is set to expire June 30, 2010.

I know there are lots of questions as to who qualifies – the best website I could find with factual answers is at :

www.federalhousingtaxcredit.com

Ask your realtor to help you with information about buying a home and  how to use the credit. Both FHA and Conventional loans can be used.

It’s a great day in real estate!

Attention Home Buyers, time is running out for you to take advantage of special incentives from Fannie Mae and Freddie Mac! Contact your Realtor today!

Here’s an brief explanation about the program from the California Association of Realtors website:

“Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie. Home buyers have until Oct. 30 to apply for Freddie Mac’s SmartBuy program, which started in July. This program offers up to 3.5 percent of a home’s sale price to help cover closing costs.

To qualify, the home must be the buyers principal residence and must be selected from Freddie Mac’s HomeSteps Web site: visit www.homesteps.com/homeshoppers.htm
for a list of its foreclosed properties. Loans must close by year’s end. The HomeSteps properties also include two-year warranties on major appliances and electrical, plumbing, and air-conditioning and heating systems.

Fannie Mae’s HomePath program www.homepath.comis an ongoing program and offers more incentives than Freddie Mac’s. Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent. The buyers do not have to secure private mortgage insurance, a common practice with nearly all lenders. Home buyers also can negotiate for Fannie Mae to offer closing-cost assistance. Unlike Freddie Mac’s program, Fannie’s assistance level is not capped. Under the HomePath program, the average participating homeowner has received payments equivalent to 3.75 percent of the loan’s value.”

Thousands of Realtors have lobbied for the government to extend these great incentives for Buyers!

Dear Mrs. Wong:

Thank you for contacting me to express your support for expanding the first-time homebuyer tax credit. I appreciate the time you took to write and welcome the opportunity to respond.

In July 2008, the Housing and Economic Recovery Act of 2008 (Public Law 110-289) provided first-time homebuyers with a tax credit, equivalent to an interest-free loan, worth up to $7,500. The tax credit applied to homes purchased between April 9, 2009 and July 1, 2009. As the housing situation worsened in the fall of 2008, additional action was taken to prevent further declines in home values. Congress included in the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), a more robust first-time homebuyer tax credit. Specifically, the tax credit was increased to $8,000 for homes purchased in 2009 and will not have to be repaid.

I understand your belief that the first-time homebuyer tax credit should be increased and expanded further. As you know, on June 10, 2009, Senator Johnny Isakson (R-GA) introduced the “Home Buyer Tax Credit Act of 2009″ (S. 1230), which would increase the credit to up to $15,000, remove income eligibility limits, and expand it to include homebuyers purchasing homes other than their first. S. 1230 has been referred to the Senate Finance Committee, of which I am not a member. Please know that I will keep your support for this legislation in mind should it come before the full Senate.

Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.

Sincerely yours,

Dianne Feinstein
United States Senator

Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.