Mesa Verde Classic Golf Tournament at Mesa Verde Country Club

 

Mesa Verde Classic Golf Tournament at Mesa Verde Country Club to benefit Costa Mesa United. They are in need of Team Foursomes, Sponsorships and Auction Items. Registration begins at 8:30 a.m. with a 10:30 a.m. Shotgun Start in a Team Shamble foursome format, with on-course lunch provided.

On course contests include Closest to the Pin (men's and women's), Longest Drive (men's and women's) and a Hole-In-One. Immediately following play, each player is invited to bring a guest to enjoy hors d'oeuvres, no host bar, silent and live auctions, opportunity drawing and awards. A delicious dinner buffet will be served and Ed Fawcett, Costa Mesa Chamber of Commerce CEO and President will be honored.

Cost is $275 per player (includes each player inviting one guest to join in the clubhouse following play.) Checks can be made payable to Costa Mesa United and mailed to: Rick Kapko, ℅ Mesa Verde Classic Golf Tournament, 1700 Adams Ave., #102, Costa Mesa, Calif. 92626. You can download an entry form at www.costamesaunited.com. Deadline for entries is Thursday, Dec. 31, 2009. For more information, contact Tom Johnson, tournament chair at (949) 244-2583 or by email at tom@newportmesadailyvoice.com.

The tournament benefits Costa Mesa United, a 501(c)(3) non-profit organization whose ongoing mission is to help facilitate athletic facilities throughout Costa Mesa that benefit youngsters by awarding monetary or in-kind grants to youth sports organizations.

Please join this great event!  I will be playing with my fellow board members from Costa Mesa National Little League!

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

Posted via web from Larry Weichman's Blog (714) 241-4532

ALL IN THE FAMILY

 

Many areas of the country are experiencing buyers markets, and current tax laws make this a very attractive time for parents to help their children become homeowners.  Prices and interest rates may never be lower than they are now, so strongly consider this potential investment in your children's future.

 

As parents, you can provide a significant down payment, free of taxation.  Individuals may gift up to $13,000 per year, so two parents making gifts to their child and spouse can give a total of $52,000 in one year without paying gift tax!

 

Above and beyond the outright gift, you may loan your family money, as long as you charge a minimum interest rate, which is currently very low.  Then you can make your gifts each year, and your child's family can use the gifts to pay the loan!

 

If neither of these options is attractive, you could purchase the home yourself and then set up a Qualified Personal Residence Trust (QPRT), with the home passing to the children at the end of an established term, tax free.  You will need to consult with your financial advisor and employ an attorney to handle this kind of transaction.

 

Begin by meeting with a real estate agent and explaining your situation.  Contrary to what you may have been hearing, there is practically no better investment today than real estate.

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

 

Posted via web from larryweichman's posterous

DECEMBER-2009 Newsletter Housing Trends

DECEMBER-2009 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more. Please click here to view the DECEMBER-2009 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

Posted via web from larryweichman's posterous

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or ju

 

Posted via web from larryweichman's posterous

DEVILS IN THE DETAILS! When it comes to Real Estate Offers!

When you receive an Offer To Purchase, you are likely to focus on the price.  You might be ecstatic over a full price offer, but you should be aware how "contingencies" could affect the likelihood of success.

Almost every offer has a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term.  Make sure these factors are realistic.  A buyer seeking a 30-year loan at 4% with no points may be hedging their bets if your agent advises that these loans are typically written at 7% with 1.5 points.  Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer.

Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours.  There has to be a realistic time limit, so the buyer doesn't tie up your listing.

It's wise to respond with a "kick-out" clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.

These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976.  Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call him at 714-241

Posted via web from larryweichman's posterous

Entry-level housing affordability reached 64 percent in the third quarter of 2009!

Here is some more positive news that was put out about a week and half ago!

Quick Facts:
· C.A.R. First-time Buyer Housing Affordability Index stood at 64 percent in the third quarter of 2009 compared with 55 percent (revised) in the third quarter of 2008
· The median price of an entry-level home in California was $247,150 in the third quarter of 2009
· The estimated monthly payment including taxes and insurance was $1,450 in the third quarter of 2009
· The minimum household income needed to purchase an entry-level home in California in the third quarter of 2009 was $43,500

C.A.R. reports entry-level housing affordability reached 64 percent in the third quarter of 2009

LOS ANGELES (Nov. 12) The percentage of households that could afford to buy an entry-level home in California stood at 64 percent in the third quarter of 2009, compared with 55 percent (revised) for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $247,150 in California in the third quarter of 2009 was $43,500, based on an adjustable interest rate of 4.79 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,450 for the third quarter of 2009.

At $43,500, the minimum qualifying income was 19 percent lower than a year earlier when households needed $53,700 to qualify for a loan on an entry-level home. Recent decreases in home prices and mortgage rates have brought affordability into better alignment with income levels of the typical California households, where the median household income is $61,030.

The First-time Buyer Housing Affordability Index declined 3 percentage points in the third quarter of this year compared with the second quarter of 2009, due to a 10.2 percent increase in the price of an entry-level home.

At 85 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 47 percent, followed by the San Francisco Bay region at 49 percent.

Source:  CALIFORNIA ASSOCIATION OF REALTORS^® 

 

 

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976.  Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com  or www.OCRepoBroker.com he can be reached at 714-241-4532.

Posted via web from larryweichman's posterous

When are things going to return to normal in real estate?

 

The question on everyone’s lips is, “When are things going to return to normal in real estate?”  Well, if the “normal” being referred to is the conditions and shady financial dealings that created the artificially inflated markets of five years ago, then we need to be thinking about redefining “normal.”

The bad lending practices of the past are indeed making it more difficult now to secure financing, but try to understand that’s not necessarily a bad thing.  Those days of lower standards and easy money led us into this predicament in the first place.  It’s good for housing and for the economy when banks become interested in whether loans will be repaid.

In the “new” normal, home prices will stabilize, the number of sales will start gaining, and more people will again realize the benefits that homeownership offers, for both personal and financial security.  With historically low interest rates, affordable prices, government incentives, and motivated sellers, the housing market is already experiencing the initial signs of recovery.

All of these factors combine to get first-time buyers excited about a purchase.  As these consumers enter the market, they will trigger other purchases, and the chain of transactions grows.  Expect your real estate representative to reveal a wide range of affordable choices and guide you toward securing the financing you need to make your dream come true.

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976.  Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com  or www.OCRepoBroker.com he can be reached at 714-241-4532.

Posted via web from larryweichman's posterous