Mark your calendar
May 8th, 11am to 4m
Twin Lakes Church in Aptos
Santa Cruz Housing Expo
March 11, 2010 · Leave a Comment
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FHA becoming HVCC Compliant on appraisals
January 16, 2010 · Leave a Comment
The recent changes in the Appraisal Industry have to do with FHA becoming HVCC compliant and implementing an appraiser independence and Appraisal Management Company format.
The FHA has announced a series changes to be implemented by February 15th in Mortgagee Letter 2009-28, stating that “FHA Approved lenders have new responsibilities to ensure that FHA appraisers are ‘…compensated at a rate that is customary and reasonable for appraisal services in the market area…’” and “the fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal.” “AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised.”
Appraisers are hoping this this FHA policy will help to keep appraisers fees reasonable and not so low that appraisers are forced to leave the profession for lack of compensation and inability to bring in a living wage.
Also, locally it appears that market values throughout most neighborhoods in Santa Cruz county appear to be levelling out and stabalizing over the past 3-6 months. This means that appraisers are no longer having to use “negative time adjustments” in our reports.
Posted by Kristina Campbell, Coast Home Appraisal, 831-247-7223
→ Leave a CommentCategories: Appraisals · Real Estate Market Updates
Tagged: Appraisals
Winter weed control in Santa Cruz
January 15, 2010 · Leave a Comment
Weeds have evolve to colonize bare soil
The first line of defense is organic matter, fertile soil is relatively weed resistant. Compost is the best nutrient for all plants from small plants to enormous trees
Secondly, especially in perennial beds, lay down a thick layer of organic mulch. Use a weed whacker or pruner’s to cut the weeds to the ground if they are really tall, and then put down cardboard to smother out the crab grass, oxalis, and other persistent weeds. One of our m embers suggested that Cosco has sheets of cardboard from in-between the pallets if you don’t want to tear up boxes.
Ideally use mulch materials already at your home such as grass clippings, fallen leaves, pine needles, or even dried weeds that you have already pulled out. Pine needles are also great for azaleas, hydrangea, rhododendron, and camellias, and for your strawberries and blueberries since they acidify the soil. And slugs don’t like pine needles.
Weed seeds can lie dormant under thick layers of soil and mulch so avoid tilling beds; just add organic matter on top. See there is a reason to not dig up that old soil.
RoundUp alternatives are vinegar, rubbing alcohol, boiling water, and cabbage … cabbage???? Cabbage, Brussels sprouts and other cruciferous plants contain thiocyanate, a chemical toxic to newly germinated plants. Blend those Brussels sprouts or a few cabbage leaves in the blender with water and pour in the cracks of you sidewalk to get those seedlings.
Vinegar and rubbing alcohol work on sunny days if you pour it directly on a weed.
Boiling water in the cracks works too, especially for established weeds and grasses, it is also recommended for poison oak and bramble roots, and is useful to rid an area of ants.
Other odd ways for weed control, Nick at Iowa State says cornmeal inhibits seed germination and fertilizes as well with its 10 percent nitrogen. He says just sprinkle it over the area before the growing season.
My new favorite read for garden and household ideas, using things you have at home, is ‘Slug Bread and Beheaded Thistles’ by Ellen Sandbeck; a $10 humorous approach to gardening.
→ Leave a CommentCategories: Plants and your garden
Tagged: gardening, weed control
2010 Federal Tax Brackets and Thresholds
January 14, 2010 · Leave a Comment
It’s the time of year that people and businesses are focusing on filing their 2009 tax returns. However, it’s never too late to get organized and plan for the future! Studies show that individuals who plan for the future and remain organized save more money, not only as a function of their personal savings efforts, but also in the form of reduced expenses related to income tax preparation and other financial planning services.
By law, each year, the dollar amounts for a variety of tax provisions must be revised to match inflation. As we all know that inflation was minimal in 2009 as compared to prior years, there are no significant changes in the specific provisions for 2010 as compared to 2009. Following are some of the key items affecting 2010 tax returns (and which are due to be filed by April 15, 2011 for most people):
- The personal and dependency exemption will remain the same as 2009 levels, at $3,650 per individual or dependent.
- The standard deduction for married couples filing jointly, married individuals filing separately and singles remain the same as 2009 levels. Specifically, the standard deduction for each is listed below:
Married couples filing jointly – $11,400
Married individual filing separately – $5,700
Singles – $5,700 - The federal tax rate thresholds for 2010 are increased slightly from 2009 levels. That means that individuals will need to earn slightly more money before their tax rate increases from 15% to 25%.
- The maximum earned income credit for working families with 2 or more children for 2010 is $5,028, up from $4,824 for 2009. Further, the upper income limit to qualify for the credit for joint filers with 2 or more children is $43,415 for 2010, up from $41,646 for 2009.
- The annual gift exclusion will remain consistent with 2009 at $13,000 per individual.
The above information is a summary of some of the key items that will affect taxpayers in 2010, and are subject to changes by the IRS. As such, it is important to consult with a qualified tax professional when dealing with tax issues as the rules are complex and include numerous qualifiers and phase outs.
→ Leave a CommentCategories: Tax Planning & Information
Tagged: earned income credit, gift exclusion, standard tax deduction, tax thresholds
NEW FIRST TIME HOMEBUYER CREDIT
January 14, 2010 · Leave a Comment
Late in 2009, Congress passed The Worker, Homeownership and Business Assistance Act of 2009, which extended the First-Time Homebuyer Credit and expanded the credit to apply to more individuals.
Following are some of the key items that individuals should know with respect to the credit:
- To qualify, you must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010. This means that second homes and vacation homes do NOT qualify.
- If you enter into a binding contract by April 30, 2010, you must close escrow on the purchase of the home before June 30, 2010 (this may prove difficult for short-sale and bank-owned properties).
- For purchases (see above) made in 2010, you have the option of claiming the credit on your either your 2009 or 2010 tax return. This is great as it allows you to receive the benefit of the credit almost concurrent with the purchase.
- A reduced credit is now available for residents who have lived in the same principal residence for any five consecutive year period during the preceding eight year period that ended on the date the new home is purchased. Additionally, to qualify under this provision, the settlement date for the new purchase must be after November 6, 2009.
- The maximum credit for long-time residents (see #4 above) is $6,500 for married couples filing jointly. For married couples filing separately, the maximum credit for long-time residents is $3,250 each.
- People with higher incomes can now qualify for the credit. The new law raises the upper income limits for homes purchased after Nov. 6, 2009. In order to receive the full credit, taxpayers must have adjusted gross incomes of $125,000, or $225,000 for joint filers.
- To claim the credit on homes purchased after Nov. 6, 2009, and all home purchases claimed on 2009 tax returns, the newly revised IRS Form 5405 must be used. This form was revised in December 2009. Failure to use the proper form may cause the credit to be denied.
- No credit is available if the purchase price of the home exceeds $800,000.
- The purchaser must be at least 18 years of age on the date of the purchase.
- A dependent of another taxpayer is not eligible to claim the credit, even if over 18 years of age.
As a caution, the IRS has stated that there was much abuse of this credit during 2009 and as a result it plans to be critical of credits claimed on future tax returns. To protect yourself and obtain the maximum credit for which you may qualify, it is important to consult with a qualified tax professional regarding the credit.
→ Leave a CommentCategories: Tax Planning & Information
Tagged: tax credit
Santa Cruz Women Homeowner Network meets
December 14, 2009 · Leave a Comment
The monthly Santa Cruz Women Homeowners Network meeting was attended with much enthusiasm. New affiliates are joining and we are planning our next community outreach program for the month of February. Program and agenda to be announced soon.
Karen Calcagno with Advantage Family Business Center in Soquel was visiting but is looking to join. She is a counselor and family systems coach utilizing peaceful estate settlement.
Linda Murphy, Mortgage Broker with Network Mortgage stated there are new GFE rules effective January 1, 2010. Will be easier to read and more in alignment with the HUD1. Separate licenses will be required for all lenders in July of 2010. Rates are for a fixed 15 year loan are at 4.25%. Good time to refinance with proper income documentation, good equity and high credit score.
Teresa Ronald, Certified Financial Planner predicted inflation to decrease to 1%, economy appears poised for solid growth in the coming quarters. GDP to rise at a a 3.5% pace in the first year of recovery.
Jeannie Martin, Insurance Broker who handles E&O, business owner, workman’s comp, personal, home, auto and life insurance. Sees a trend as homeowners look to lower their insurance due to the market shift but suggests everyone look at rebuilding costs vs market value as they have not declined. Also notes that rates are higher for vacant homes.
Kathleen Richard, Portola Property Management advised us of the new Red Flag Rule, effective 11/1/09. States that a credit reports cannot be given to a renter even though they order and pay for them. Provides additional credit protection to consumers. New policies and procedures for owners that live our of state but have rentals in Ca are now paying 7% withholding. Rents locally have stabilized after seeing a 10-20% decline in the last year.
Kathleen Bodmer, Attorney does estate planning and business transaction law. She is busy with year end activities, including people exercising their $13,000 annual gift tax exclusion, as well as forming new businesses and closing others in time for the 12/31/09 deadline to save tax filings and additional fees.
Andrea Robinson, Interior and Systems Designer is a professional organizer, trained life coach, empowering people to improve their environment.
Micah Fox, Business Builder and Coach helps individuals, teams and businesses build effective teams, staffing and managers.
Carol VanAusdal, Realtor with Keller Williams Realty announced the extension of $8000 credit for first time homebuyers and addition of $6500 tax credit for move-up buyers if they meet certain criteria. Market is improving. Median price is higher than since August 2008 at $550,000. Inventory at all time low down 35% from one year ago. Many homeowners experiencing troubles paying their mortgages. Some are trying loan modifications and being subjected to fraud. Paying upwards of $6000 for nothing in return. Banks are reaching out to homeowners for free.
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Tagged: business building, Estate Planning, family coaching, Financial Planning, insurance coverage, mortgages, organization, real estate market, rentals and property management
November mastermind gathering for WHN in Santa Cruz
November 23, 2009 · Leave a Comment
The monthly meeting of the Women Homeowners Network of Santa Cruz County met on November 12th. It was a fact filled event with information presented by all in attendance.
Theresa Robinson, Certified Finincial Planner stated that starting in 2010 you may be able to roll traditional IRA’s and 401K’s into Roth IRA’s. Theresa can help you compare costs and determine what to do with regard to Tax Free Income. Consultations are billed by the hour and she is a true financial planner and analyst. She does not sell any products.
Jeanette Anderson, CPA mentioned the tax credits for the Obama First Time Homebuyer program have been extended and expanded to include homeowners who have owned and lived in a primary residence for 5 of the last 8 years. For more details check out this site: http://www.federalhousingtaxcredit.com/faq2.php
Deborah Cypert, Interior Designer mentioned there are lots of new green flooring products now available. Hunter Douglas is offering rebates on energy efficient window treatments. Many of her vendors are limiting deliveries meaning buyers will need to plan for a longer time between purchase and installation dates. Deborah and her team can still deliver and install in-stock items by next day in most cases.
Linda Murphy, Senior Loan Consultant gave us an update on interest rates as they are still in the low 5’s. Due to the new disclosure requirements, she recommends a 45-60 day escrow period for home purchases to insure the loan can be funded on time to meet the purchase contract. She has also had several clients who have had short sale transactions that fell through or have been seriously delayed. She recommends using an agent who specializes in short sale transactions.
Andrea Robinson, Organizer offers a variety of services including Interior Design for the home, office, staging for properties on the market and event design. She can provide organization options to help de-clutter your space or create systems for organizing everything from paperwork to your family schedule. Finally, she offers business and personal coaching. For details, visit : www.roomwow.com.
Diane Flowers, Gardener extraordinaire told us it is just about the end of the planning cycle for most types of plants. It is almost time to plan some bulbs. Hold off on cutting back your roses until Dec and the temp drops. Capitalize on the rain by feeding your lawn and garden with Harvest Supreme Soil Amendment. If you need soil or other ground cover, check out Craigslist for free stuff.
Carol VanAusdal & Micah Fox, Realtors advised that some banks are starting to help homeowners with short sales and even offering to give the homeowner $2500+ to help with moving expense. Overall more are closing than earlier this year. When representing a buyer in a short sale, the agent must so their homework to insure the listing agent knows how to negotiate with the bank to get the deal done. Fannie Mae announced its new Deed-for-Lease Program (D4L) that allows eligible borrowers facing foreclosure (or their tenants) to stay in their primary residences. Carol and Micah are still working with banks to help homeowners qualify for free loan modifications. Unfortunately, some homeowners are still paying for services they could get for free and often the after paying $2500-5000, the service provider does nothing. Watch out for fraud.
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Tagged: accountants, Financial Planning, interior design, mortgages, women homebuyers
Santa Cruz Housing Expo
September 23, 2009 · Leave a Comment
All members of the Womens Homeowners Network participated in the 2009 SCAOR Housing Expo held this past Saturday, September 19th. The Expo was FREE to all and provided attendees with in-depth educational information on home buying, investing, foreclosure avoidance, green real estate and more! It was a great opportunity to connect and learn!
Many new relationships were formed, information was obtained by all those who attended and fun was had by all!
→ Leave a CommentCategories: Community Events
Tagged: buying, housing, investing, mortgages, rentals, tax advise
Identity Theft & Fraud Alerts
September 1, 2009 · 2 Comments
The next time you order checks, have only your initials (instead of your first name) and last name put on them. If someone takes your check book they will not know if you sign your checks with just your initials or your first name, but your bank will know how you sign your checks.
Put your work phone number on your checks instead of your home phone. If you have a P.O. Box, use that instead of your home address. If you do not have a P.O. Box, use your work address. Never have your Social Security number printed on your checks. You can add it if it is absolutely necessary. If you do decide to have it printed, remember, anyone can gain access to it.
Place the contents of your wallet on a photocopy machine, copy both sides of each license, credit card, etc. This way, you will know exactly what you had in your wallet and have all of the account numbers and phone numbers so that you are able to call and cancel the cards. Keep the photocopy in a safe place. It is also a good idea to carry a photocopy of your passport when traveling abroad.
We have all heard the fraud horror—from stealing names, addresses, Social Security numbers, credit cards, etc. This story is about a lawyer who had his wallet stolen a few months ago. Within one week, the thief had ordered an expensive monthly cell phone package, applied for a Visa credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change the lawyer’s driving record information online, and more.
Here is some critical information to limit the damage in case this happens to you or someone you know:
1) We have all been told to cancel our credit cards immediately, but the key is having the toll-free numbers and your card numbers handy so you know whom to call. Keep those where you can find them easily.
2) File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is the first step toward an investigation if there ever is one.
3) Call the three national credit reporting organizations immediately to place a fraud alert on your name and Social Security number. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new lines of credit.
The numbers are: Equifax: 1-800-525-6285;
Experian (formerly TRW): 1-888-397-3742;
Trans Union: 1-800-680-7289
and the Social Security Administration (fraud line): 1-800-269-0271.
By the time the lawyer was advised to do these things, almost two weeks after the theft, all the damage had been done. There were records of all the credit checks initiated by the thieves’ purchases, none of which he knew about before placing the alert. Since then, no additional damage has been done, and the thieves recently threw his wallet away (someone turned it in). It seems to have stopped them in their tracks.
→ 2 CommentsCategories: Property Management
Tagged: credit cards, passports, renting
Women homebuyers know what they want
August 19, 2009 · 1 Comment
A recent industry study found the following about women homebuyers:
Women may be inclined to make up their mind quickly.
—When asked how long it took before they knew their home was “right” for them, almost 70% of women had made up their mind the day they walked into the house. Only 23% of women felt the need to visit the home a second time to make a purchasing decision.
Women would rather live closer to their extended family than to their job.
—55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job.
A home’s security is a deal-breaker for women.
—64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested.
Couples say that no one “wears the pants in the relationship” in terms of major financial decisions.
—When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70% of respondents living with their significant other said it’s actually mutual.
If you want a Realtor® that understand a women’s needs and concerns, contact Carol VanAusdal or Micah Fox today.
→ 1 CommentCategories: Real Estate Market Updates
Tagged: purchasing a home, purchasing decisions
