March 10th, 2010 ~
Posted in Northeast Financial
If your mortgage is set to adjust this year, the smart move may be to let it. Today’s conforming mortgages are adjusting lower than ever before — as low as 3 percent. It may not be what you expected when you signed for your ARM several years ago.
The reason why ARMs are adjusting lower is because of how they’re made.
When conforming adjustable-rate mortgages adjust, they adjust according to a pre-determined formula. The formula is the sum of a constant and a variable. The constant is usually 2.25 percent and the variable is a daily-changing interest rate called LIBOR.
The formula looks like this:
New Mortgage Rate = LIBOR + 2.250 percent
LIBOR is an acronym for London Interbank Offered Rate. It’s an interest rate at which banks borrow money from each other. In Fall 2008, when Lehman Brothers fell and sparked a global banking fear, LIBOR spiked as the risk of inter-bank borrowing jumped.
Since then, however, LIBOR is down.
Normalcy is returning to banking and the timing couldn’t be better for homeowners with ARMs. 15 months ago, a homeowner’s ARM may have adjusted to 6 1/2 percent. Today, that same ARM falls to just above 3.
As a strategy play, it might make sense to let your ARM adjust. Or, because fixed rates are still near 5 percent, converting that ARM to a long-term fixed-rate product might make sense, too. The decision is a balance between how low do you want your payment, and how long might you live in your home.
The longer you stay, the more it might make sense to switch to fixed-rate, even though ARM rates are so low.
If you’ve got an adjusting ARM, talk to your loan officer about your choices. Once March ends and the Fed withdraws its mortgage market support, mortgage rates may rise and the fixed-rate option may be gone.
March 9th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 850000.00
Bedrooms: 3.00
Bathrooms: 3.00
Listing Number: 22134513
Marketing Remark: Looking for a newer home with a guest house? This is it. This 2006 built Mediterranean home is perfect for an extended family. The main house is divided into two wings. The first level has a bedroom, a full bath and a family room with a kitchenette. The second level leads you to a sunny great room with an open kitchen, balcony, city views and a gas fireplace. Two bedrooms including a master suite with an incredibly luxurious bathroom with tub, shower, bidet and views. The master has its own balcony and a walk-in closet. The 3rd bedroom is serviced by a full bath. Stainless steel appliances, use of beautiful stone throughout bathrooms and kitchen, high end fixtures make this a truly special home. The guest house is behind the main home and has a spacious living room, 1 bedroom and kitchen. It has it's own fenced in yard with a deck accessible through the back bedroom. This home is just minutes from Los Feliz, Glendale and Silverlake and is located in desirable Atwater Village.
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 9th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 697000.00
Bedrooms: 5.00
Bathrooms: 4.00
Listing Number: 12135569
Marketing Remark: VIEW....VIEW...VIEW... VIEW...VIEW...VIEW... TOP OF THE HILL............ NEW HOME. 5 bedrooms,4 bathrooms. All appliances included. Security alarm. Wet bar, Attached two car garage (480 square feet). 2 fire places. Hidromassage tub in master bathroom. You must see this property. Culdesac.
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 9th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 446900.00
Bedrooms: 4.00
Bathrooms: 2.00
Listing Number: 12135476
Marketing Remark: Great property location next to the hills, secluded area three lots, property needs TLC. Bonus rooms and bathroom.
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 9th, 2010 ~
Posted in Northeast Financial
In November, Congress extended and expanded the First-Time Home Buyer Tax Credit program to include a subset of “move-up” buyers — homeowners that have owned and lived in their home for 5 of the last 8 years.
The credit ranges up to $8,000 per buyer. There’s now just 7 weeks left to take advantage.
To be eligible, home buyers must be under contract for a new home no later than April 30, 2010, and must be closed no later than June 30, 2010.
In addition to meeting the deadline dates, there’s a basic set of requirements to be tax credit-eligible:
- You can’t purchase the home from a parent, spouse, or child
- You can’t purchase the home from an entity in which the seller is a majority owner
- You can’t acquire the home by gift or inheritance
- Each buyer in the purchase must meet eligibility requirements
There’s other criteria, too.
For one, the sales price on the subject property cannot exceed $800,000. Homes sold for more than $800,000 are ineligible for the tax credit. Furthermore, households earning more than $125,000 as single-filers, or $225,500 for joint-filers, are ineligible.
You can read the complete eligibility requirements at the IRS website, or, you may just find it simpler to speak with your accountant about it. There are some nuances in qualifying for and claiming the tax credit on your returns and getting a professional’s opinion is always wise.
And lastly, don’t forget that government’s tax credit program is a true tax credit. It’s not a tax deduction. This means that a tax filer whose “normal” tax liability is $3,500 and who is eligible for $8,000 in credit will receive a $4,500 refund from the U.S. Treasury.
If you’re currently in the House Hunt, mark your calendar for April 30, 2010. It’s 7 weeks away and you can be sure that as the date gets closer, buyer traffic is going to increase. You may find sellers more willing to negotiate today than several weeks from now.
March 8th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 595000.00
Bedrooms: 5.00
Bathrooms: 2.00
Listing Number: 12135394
Marketing Remark: Wilderness calling! Spectacular city and mountains views; 1909 American foursquare home perched on Eagle Rock hilltop. Profile shows five bedrooms, two baths, but is being used as three large bedrooms, and two huge bathrooms. Sited high above the street this spacious home offers seclusion and breathtaking views up the foothill community you must see.
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 8th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 459000.00
Bedrooms: 3.00
Bathrooms: 3.00
Listing Number: 22135041
Marketing Remark: Spectacular view townhome in one of the most desirable complexes in Monterey Hills. Remodeled Kitchen with Silestone countertops, natural maple cabinets. Gigantic walk-in closet off of the Master Bedroom. Shows beautifully!
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 8th, 2010 ~
Posted in Northeast Financial
Mortgage markets improved last week in low-volume trading.
Between Monday to Thursday, Wall Street focused on the upcoming jobs reports and mortgage markets gained while traders jockeyed for position. Mortgage rates drifted lower through Thursday afternoon. But, then, after a better-than-expected Non-Farm Payrolls report Friday morning, mortgage markets — and mortgage rates — reversed.
Overall, mortgage rates dropped last week, but only by a small margin. Rates were best Thursday afternoon.
It was the second consecutive week in which mortgage rates fell.
Last week was also interesting in that both stock markets and bond markets improved, proving that rates don’t always rise when stock prices do. 455 of the S&P 500 companies posted gains last week.
If you’re shopping for a home or a refinance, though, don’t rest on your laurels. After Friday’s big sell-off, this week opens into a major headwind and, plus, the Federal Reserve’s support for mortgage markets ends in just 3 weeks.
This week, without much data to influence traders, the upward momentum in rates may have little cause to temper. We’ll see the Consumer Confidence numbers on Tuesday and Retail Sales on Friday. Beyond that, there’s not much else.
After last week’s performance, conforming mortgage rates may be poised to rise rather sharply. If you’re waiting for the right time to lock your rate, it may have been this past Thursday. Consider locking your rate early this week to protect against further rate hikes.
March 7th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 529000.00
Bedrooms: 2.00
Bathrooms: 1.00
Listing Number: 12135578
Marketing Remark: An amazing refurbished Craftsman! Original details with tastefully done upgrades. Some vaulted redwood ceilings, sky lights, rock facade fireplace, and some hardwood floors with wide baseboards. Gorgeous oversized formal dining room with beautiful buffet. The state of the art kitchen has stainless appliances, slate flooring, Silestone quartz counter tops and custom cabinets. Surround sound is in the living area, master and outside converted studio. Has central air and heat. The huge useable lot has a patio area with firepit. The garage has been converted to a wonderful studio but parking is available in the gated area besides the driveway. Just down the street from Occidental College.
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 7th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 448500.00
Bedrooms: 2.00
Bathrooms: 1.00
Listing Number: 22135013
Marketing Remark: If peaceful pastoral views are high on your wish list, you may not get passed the broad front porch of this welcoming California bungalow. Hawks soar and tree tops wrestle in the lush canyon and city light setting. When its time to indulge the senses, whip up a lovely dish in the spacious garden view kitchen or BBQ for a party on the private patio and level rear yard. Big view capturing sliders offer the perfect indoor/outdoor flow and enhance the sense of light and space in this 1924 gem. Surprising storage for the era, dog friendly fencing and all on delightful Dustin Drive, one of Mt. Washington's great streets.
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
March 7th, 2010 ~
Posted in NELA Living, Northeast Los Angeles Homes for Sale
City: Los Angeles
Listing Price: 309000.00
Bedrooms: 2.00
Bathrooms: 1.00
Listing Number: 22134331
Marketing Remark: Done! Done! Done! Do nothing but move in and delight in the crisp clean-lined contemporary redesign of this delightful 20's cottage. What you'll see are updated flooring, open granite kitchen, sunny living & dining area & sparkling bath. What you'll be glad to know is seller reports new wiring, plumbing, dry wall, windows & house roof. There's a single detached garage with bonus room above, ready for your office or yoga mat & a sweet private rear patio for relaxed spring lounging! Sweet, petite & ready to love!
You are viewing a live feed of new listings from ITECH Multiple Listing Service. Would you like to see this property? Please call Bob Taylor Properties at 323.257.1080 for an appointment to see this home or any other home currently on the market.
