Realty World Tri-Shasta

Distressed properties are foreclosed homes or homes in a Short Sale situation. We have both available in the Shasta County real estate market. Here are some tips to help buyers who are looking to purchase a distressed property.

1. Have the money before you shop.
2. Be mentally prepared for delays, aggravations, and red tape.
3. No contingencies.
4. Flexibility as to the condition of the property.
5. Be prepared to make an offer.
6. Motivation rules the day.
7. Buy at the bottom of the market.
8. Quick settlement.
9. Inspections.
10. Examination of title.

Southern Shasta County and Northern Tehama County

Anderson (Including Happy Valley)

There is currently 117 active listings in the Anderson area. The average days on the market is currently standing at 126 days. The low price is $73,300, the high price is $2,799,000, the average price is $300,992, and the median price is $200,000.

There are currently three listings available for under $100,000; there are 55 between $100,000 and $200,000; 23 between $200,000 and $300,000; 19 between $300,000 and $400,000; five between $400,000 and $500,000; three between $500,000 and $600,000; three between $600,000 and $700,000; two between $700,000 and $800,000; none between $800,000 and $900,000; one between $900,000 and $1,000,000; and three for above $1,000,000.

There were 15 new listings on the market within the past week, list prices ranging from $115,000 to $321,950. There is currently 50 listings in escrow, list prices ranging from $28,000 to $649,000. There were three closings within the past seven days, list prices ranging from $165,000 to $198,900 and sale prices ranging from $166,000 to $198,900.

Cottonwood (Including Lake California)

There is currently 142 active listings on the market in the Cottonwood area. The average days on the market is currently standing at 159 days. The low price is $44,275, the high price is $1,395,000, the average price is $268,625, and the median price is $219,950.

There is currently two listings available for under $100,000; there are 60 between $100,000 and $200,000; 48 between $200,000 and $300,000; 13 between $300,000 and $400,000; nine between $400,000 and $500,000; four between $500,000 and $600,000; three between $600,000 and $700,000; one between $700,000 and $800,000; none between $800,000 and $900,000; none between $900,000 and $1,000,000; and two for above $1,000,000.

There were 20 new listings on the market within the past week; list prices ranging from $109,900 to $549,000. There is currently 40 listings in escrow, list prices ranging from $97,800 to $739,900. There were three closings within the past seven days, list prices ranging from $165,000 to $224,900 and sale prices ranging from $165,000 to $227,000.

Here is some great news for those of you who are buying real estate here in Shasta County. The U.S. Senate, on Wednesday, approved the extension of the tax credit for homebuyers.

An amendment was added to the $140 billion tax bill that renews a series of tax credits – continues federal programs such as the jobless benefits and flood insurance program, boosts fiscal aid to states and averts reductions in payments to doctors who treat Medicare patients.

As is already known, this tax credit provided buyers up to $8,000 for first-time homebuyers and up to $6,500 for those who are looking for buy another home as their primary residence. Under this new amendment the purchase contract still had to have been entered into by April 30 to qualify but buyers now have till September 30 to close the transaction.

• It is estimated that the average cost of handling a foreclosure for the financial institutions is right around $50,000.
• REO properties sell for more than comparable Short Sale properties because of the cost incurred by the financial institution in acquiring the property.
• Disclaimers on REO properties are not available from the lender because they cannot represent the condition of the property or neighborhood information.
• The average REO listing is for 90-days, this is based on a national average not the Shasta County real estate market.
• Most REO properties are sold in “As Is” condition.
• REO purchases are less of a risk than buying at a foreclosure auction, but contain considerably more risk than a Short Sale.
• REO properties can usually be purchased faster with less problems than a Short Sale.
• REO properties are usually priced to sell. Making ridiculously low offers is a waste of time and may not elecit a counter offer.

Shasta County Real Estate

This weeks Featured Listing is located at 3580 Dune St., Redding

Here is a listing that just came on the market yesterday. It is a three bedroom, two bath, 1,238 square foot fixer in a great neighborhood. Enjoy the inground pool during the summer or the enclosed patio all year round. Home is fenced front and back and has RV parking. Close to parks and schools. This is a foreclosure property listed for $155,820.

House hunting can be a very stressful task, especially if you are unsure of what you are looking for. The first step is to figure out what you qualify for (if you are not planning on paying cash for the transaction), the second step is to simply shop around.

To gain a better understanding of what you are looking for view as many homes as possible within your price range. There are many great homes out there for a great price, especially here in Shasta County. Have your agent show you homes or check your local newspaper for open houses and attend those on your own. By viewing homes you will gain a better understanding of what you are looking for.

When viewing homes bring along paper and pen. While walking through the homes take notes on what you like the most about that home, what was simply ok but livable, and what you disliked. Later on when you go over those notes you will start to get the picture of the certain features you are looking for in your home.

It is important to remember that no piece of real estate is perfect and no two are exactly the same. Do not be overly picky, but do focus on the one feature you find the most desirable and important to you and go from there. This will also make it easier for your agent to find homes to show you.

The most important thing to remember when viewing homes is simply feel. How do you feel upon first walking through the door? Can you see yourself living here comfortably for the next several years? If you are able to answer those two questions with an affirmative then it may be possible – just possible – that you have found the home you are looking for.

Following is an article posted by Susanne in the Home Buying 101, Real Estate, Today’s Market Place. This will be one of my longer posts, but for all of you  buyers here in Shasta County, looking to purchase a piece of real estate, this is some important information regarding the first-time home buyers credit that is available to you.

On November 6, 2009 President Obama signed into law an expansion and extension of the home buyer tax credit.

The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any singly-family home (newly constructed or resale, single-family detached, town homes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.

The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is defined as an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wishes to move to a different home (a “move-up” buyer), must have owned and resided in their residence for five consecutive years out of the last eight.

Under the legislation, the income limits to qualify are the same for both first-time home buyers and current homeowners: Single taxpayers with income up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. These income limits make almost all first-time home buyers eligible and approximately 70% of current homeowners eligible. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive partial credit.

The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less.

Provided the home-owner stays in the home for three or more years, the tax credit is a true credit and does not need to be repaid. The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you own no tax or the credit is more than the tax owned. The credit is claimed using Form 5405, which you file with your original or amended tax return. Buyers can claim the credit on their 2009 taxes, even if the home is purchased in 2010, by filing amended tax return.

The current tax credit legislation has built-in fraud measures, therefore, anyone claiming the credit must provide documentation to prove that the sale has closed, such as a copy of their HUD-1 Settlement Statement. The law also prevents anyone younger than 18 from claiming the credit.

Well Shasta County, here is another charming real estate joke I have found. Hope you enjoy.

Best Deal In TOWN

One Sunday afternoon a couple sees an ad in the paper. They can’t believe their eyes. There is a house in the paper for $1000 that is in the nicest part of town. We are talking about a Highland Park mansion for $1000. They think this has to be a misprint, but decide to call anyway.
They say to lady who answers we saw your ad, and realize it is a misprint correct. She tells them no it’s not & you are actually the first ones to call.
They decide to go look at the house. They race over as fast as they can. They pull up to the most beautiful house on the block. In front of the house is a fountain that cost at least $30,000. They ring the door bell & the lady answers. She starts showing them the house. They realize this house is over 5000 sq ft and it is obvious that expense was not a problem in building this house. The house had marble imported from Italy & a chandelier imported from France. The landscaping was breath taking & the house had a great pool & a nice tennis court.
The couple said to the lady this is the most beautiful house we have ever seen, what’s the catch? The lady assured the couple there was no catch. The couple wanted the house for $1,000 but was leery of doing the deal. Finally the lady said you seem like a nice couple, so I’ll let you know the truth.
She told them this house is completely paid for, and not a penny is owed against it. Well, last week I got a call from my Husband. He informed me he is leaving me for his secretary. He then told me I could have everything we own as long as he could have the proceeds off the sale of the house. I agreed and he asked me if I could sell the house while he & his new girlfriend hung out in the Caribbean?
HOUSE SOLD.

There are various improvements going on in Shasta County, regardless of what city or town you are in. It is well known that the City of Anderson is working really hard in updating and improving the city. This article may not be entirely real estate related, but these improvements will help every homeowner here in Anderson.

Redding Firm Wins Bid to Complete North St. Work

This article was written by George L. Winship and can be found in this weeks North Valley Post on page A-5. The following is just a brief summary of what the article entails.

Anderson residents will soon see another round of construction along North Street as Phase II of the widening project tackles the incomplete west side of the road. The plan is to widen the roadway by one traffic lane, install curbs, gutters, storm drains and sidewalks along the roadway’s western perimeter and complete the construction project that will link North Street from Sharon Avenue to Riverside Drive, just south of the recently replaced North Street Bridge.

There are definitely a lot of homes on the market right now here in Shasta County and the one question that is most likely keeps running through your head is how to make your home more appealing then all the rest in the same price range? The answer to that is simple presentation. Not only is it important to keep the house clean and free of visible damage for an appointments that potential buyers may schedule to view your home, it is also important to have an open house free of the same problems but with a little more effort.

If you read the paper you will notice that there is a section that advertises the times and dates an open house is going to be held, you will also notice that a majority of these open houses are held on the weekend during the afternoon. Why not schedule your open house and a completely different day? For example, old your open house on a Tuesday during the lunch hour or in the evening time when people are off of work.

Another tip is signage. Make your signs visible but also make them appealing to the eye. You will want something that is going to draw in any potential buyers.

When it comes to the home it is important to make sure every room within the home (even the garage and the yards) are clean. In the kitchen or dining room have drinks and snack readily available, this will cause the potential buyer to want to stay longer and talk about your home. If you have pets see if a friend or family member would be willing to watch them during your open house. And, get the family out of the house! You want a one-on-one basis with any person who walks through your door, and it is easier when you are the only person dealing with them.

So good luck on your next open house, I hope it goes great for you!