Mystery Home of the Week

Can you identify this modest Orange County home?

Posted via email from Paul's posterous

New Expanded Home Buyer Tax Credit

New legislation has extended and expanded the old “First Time Home Buyer Tax Credit” – it now applies to people who already own home as well. The picture of the chart from NAR has the details.

Here are the main points:

· First time buyers are people who have not owned a home in over 3 years

· Credit for first time buyers is $8,000

· Credit for current home owners is $6,500

· Current home owners must have lived in the home being sold for 5 consecutive years out of the last 8 years

· The income limits are increased to $125k/$225k single/married

· You must be under contract by April 30 and close escrow by July 1, 2010

Ready to start shopping? Try looking here or here!

Posted via email from Paul's posterous

Bank Owned Listing Update - 2 Closed Sales

Here's a little status update on our Bank Owned Listings:

2834 W Bridgeport Ave, Anaheim - In Escrow, accepting backup offers

215 Knox Street B, Costa Mesa -

• Price reduced $50,000 - offers have been received, so there's no time to waste if you're interested in this one

11 Villa Valtelena, Lake Elsinore - Sold for all cash, 15% above asking price

21331 Bristlecone, Mission Viejo - Sold for full price



If you'd like more info on any of these, or any of our other listings, just contact me or Leslie directly!

Market Time of Orange County Homes Continues to Fall

The "Market Time" benchmark tracked by Steve Thomas of Altera Real Estate has fallen below 2 1/2 months for all Orange County homes, and below 1 1/2 months for homes priced between $250,000 and $500,000.

Market time is the number of months that it would take to sell all homes currently listed on the MLS at the current transaction rate. Here's a chart that shows the picture: