Good News Friday

What Makes a Successful Real Estate Transaction?

(Click The Play Button To Listen To The Podcast)

Good News Friday Podcast Week 24
(4 Minutes and 38 Seconds)

Hello and Welcome back to Good News Friday! Today is Friday December 11th, 2009. My name is Bruce Karasik. 

What makes a successful Real Estate Transaction? 

I was thinking the other day about all the successful Real Estate and Mortgage transactions that I have closed over the years and what they had in common. What I found was that there were in fact so many things that took place in each transaction that made it a tremendous success. Today I want to share 10 things that are most important on this list with you. I know that it could help you my clients, and my future clients have enjoyable transactions, accomplish your goals, and enjoy the process. Here are my top ten. 

1. We met in my office for an initial consultation in advance of when we started the process. I have found this essential. 

2. I asked thought provoking questions to help clarify what is most important to my client and they responded openly and honestly while sharing their hopes and dreams me.

3. We established mutual trust 

4. We created a strategy and a blueprint for success based on the clients goals 

5. We created goals were reasonable and attainable 

6. We had open and regular communication throughout the transaction 

7. We worked as a team to achieve positive results 

8. When the time was right my clients acted and were available when needed. 

9. My client all knew what they wanted and did not hesitate to make important decisions when required 

10. My clients asked me for advice based on my experience and knowledge, and incorporated that advice in their decision making process. They listen to me, because they trusted me, and knew I was basing my advice on what was in their best interest. They knew that I had the courage and the commitment to tell them the truth. 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at The Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. 

The Good News Friday Podcast brings you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.goodnewsfriday.com. 

So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday! 

Mortgage Rates Are At All-Time Lows Again, But For How Long?

(Click The Play Button To Listen To The Podcast)

Good News Friday Podcast Week 23
(5 Minutes and 3 Seconds)

Hello and Welcome back to Good News Friday! Today is Friday December 4th, 2009. My name is Bruce Karasik. 

Did you ever wish you could look into the future? Well, here is a glimpse of what could happen very quickly if the Federal Reserve Board does not change it current course. As I record this podcast, interest rates are at or near all time lows. The 30 year fixed, 15 year fixed, and 5/1 ARM have never been lower. However rates are artificially low. One of the reasons for these low rates on home loans is that the Federal Reserve Board under the direction of Ben Bernanke have been purchasing Mortgage Backed Securites and lending money to Freddie Mac and Fannie Mae. The Federal Reserve put programs in place where they were to buy up to $1.25 trillion in these securities and lend up to $175 billion to Freddie and Fannie. In the Federal Reserve Board’s November 4th 2009 Statement, it indicated that it planned to gradually slow down the amount of these purchases in the first quarter of 2010 and end the programs all together by April 30, 2010. 

So what does this mean to YOU the homeowner or the homebuyer? Most analysts are saying that this will mean interest rates for mortgages will start to rise as the Fed slows the pace of these purchases. If you are planning to refinance your home, NOW is the time to call me. If you are planning on moving by either buying a new home or selling your existing house, NOW is the time to call me. The potential changes that will start during the first quarter of 2010 will have an effect on your pocketbook and I don’t want my clients to miss out on the opportunities that exist today. Remember we still have the first time home buyer credit of $8,000 until April 30th 2010, and we also have a $6,500 tax credit for homeowners who have been in their home for at least 5 years until April 30th. As your Real Estate and Mortgage Consultant I am strongly advising you to schedule a consultation with me to discuss how this may affect your plans for 2010 and beyond. During this consultation I will ask you some thought provoking questions to help us determine what you should do next. 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at The Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. 

The Good News Friday Podcast brings you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.goodnewsfriday.com. So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday! 

How We Helped a Single Mom Save $10,000

(Click The Play Button To Listen To The Podcast)

Good News Friday Podcast Week 22
(5 Minutes and 30 Seconds)

Hello and Welcome back to Good News Friday! Today is Friday November 20th, 2009. My name is Bruce Karasik. 

Here is a story with a happy ending. We are currently working with a wonderful single Mom trying to buy her first home. She came to our office to see if we could help her. We had about a one hour initial consultation with her and asked her some thought provoking questions. She told us was most important to her. She was currently living with her parents in the area but really wanted to be on her own with her kids. She had been divorced years before and although she has a wonderful relationship with her parents, she really wanted to be on her own. I pre-qualified her for a loan and told her we could certainly help her. We also explained in detail to her how the new tax credit will help her, and how much she could afford. Her parents were even willing to help her with a down payment. 

We found her a lovely home in the area, and did our inspection. What we discovered was that the deck/balcony outside the master bedroom upstairs needed to be replaced and since a prior owner had made changes to the deck’s materials, the home owner’ association would not pay for the repair. The repair was going to cost almost $15,000 and there was no way my client could pay that much money. The other issue was that this was a short sale and so the seller had no money to make the repairs. My client told me she really wanted this house so I went to work. 

The first thing we did was to begin to negotiate with the bank. The good news was that we were successful and received a $15,000 price reduction to pay for the new deck. We also negotiated with the seller also contributed money to make other repairs. But we were not done. 

We were able to find a contractor to perform the $15,000 repair for only $5,000. So our client had all her repairs paid for by the seller, the bank paid for the replacement of the deck and our client pocketed another $10,000 on the savings we negotiated with the new contractor. In addition our client will be receiving an $8,000 tax credit from the IRS that will go right into her savings. Now she is moving toward closing and being in her new home for the holidays. She was thrilled and now wants to tell everyone about how we helped her. Any agent can open up a door and show a buyer a home, but our experience, negotiating skills and our personal interest in our clients makes all the difference. You see, it is what we do after we find you a home that is sometimes is just as important as finding you the right home. 

I would be happy to discuss your unique situation with you to determine how we can help you. I have heard it said, that you don’t know how much I know, until you know how much I care.” 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at The Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. 

The Good News Friday Podcast brings you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.goodnewsfriday.com. 

So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday! 

Tax Credit Extended for First Time Homebuyers and Current Homeowners

(Click the Play Button to Listen to the Podcast)

Good News Friday Podcast

Week 21

(4 Minutes and 50 Seconds)

Hello and Welcome back to Good News Friday! Today is Friday November 13th, 2009. My name is Bruce Karasik. 

A new federal law has just been passed that extends the tax credit for first time homebuyers through June 30th, 2010. There are some important changes to the previous bill that both first time homebuyers and existing homeowners need to understand. Prior to this current bill only first time homebuyers qualified for the credit. This new bill not only provides an $8,000 tax credit to first time homebuyers but also provides for a $6,500 tax credit to existing homeowners who have lived in their home for five consecutive years and sell that home to buy another home. 

Here is how the new bill works: 

There is a Deadline 

In order to qualify for the credit all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010 

Higher Income Caps in Effect 

The income limits for single tax payers have been increased from $75,000 to a new limit of $125,000. The income limit for married couples has been increased from $150,000 to a new limit of $225,000. There is a partial credit available up to $20,000 over these new limits. 

The maximum purchase price must not exceed $800,000 

The tax credit is not repayable as long as the home qualifying remains the primary residence of the buyer for 36 months. To qualify for the first time homebuyer tax credit the buyer must not have owned a primary residence in the last 36 months. To qualify as an existing homebuyer you must have lived in your home for 5 consecutive years during the last 8 years. 

I would be happy to discuss your unique situation with you to determine how this new legislation can help you. The timing of the tax credits and very low interest rates could create a golden opportunity for you to buy your next home and save thousands of dollars. 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at The Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. 

The Good News Friday Podcast brings you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com. 

So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday!

Mortgage Applications Soar!

(Click The Play Button To Listen To The Podcast)

Good News Friday Podcast

Week 20

(4 Minutes and 50 Seconds)

Hello and Welcome back to Good News Friday!  Today is Friday May 1, 2009. My name is Bruce Karasik.

The Good News Friday Podcast is back and so each week we will bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com.

There are now numerous signs that the Real Estate Market has moved beyond just bottoming out, but seems to be in a slow recovery mode.  Here are some examples:

·      The Mortgage Bankers Association reports that Mortgage Applications are up 77% for home purchases and refinancing from the same time last year.

·      Mortgage Interest Rates continue to average below 5% for a 30 year fixed loan.  These low rates are a major reason why Mortgage Applications continue to rise, but sharply lower prices for homes are another reason as well. Many of the buyers are true first time buyers but many are people who have been out of the Real Estate Market for a few years and are coming back in to buy a home after not owning for a few years. What is bringing them back to the market? The answer:  Lower prices and lower interest rates.

·      The National Association of Home Builders reports that nearly 600,000 have take advantage of the first time home buyers tax credit that we talked about in our previous podcasts.

·      Bank of America has announced that they are going to be hiring up 5,000 new employees to help with their Mortgage Business after closing over $400,000 loans in the first quarter of this year. And other big lenders are hiring loan officers, underwriters, and processors too.

·      House prices are starting to move up slightly again nationally after many months of decline.  According to the Federal Housing Finance Agency national home prices rose seven tenths of one percent last month after falling for 12 straight months.

Now more than ever it is important to contact a real professional to get the best advice.  So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy.  As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability.  My unique ability is consulting, negotiating and overseeing the transaction details.  We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home.  

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com  

So we do have some good news to be grateful for.  And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week.  And that’s it for now.  I’ll see you back here next week for another episode of Good News Friday!

  

$10,000 California Tax Credit for the Purchase of a Newly Constructed Home!

(Click The Play Button to Listen to the Podcast)

Good News Friday Podcast

Week 19

(4 Min. 37 Sec.)  

Hello and Welcome back to Good News Friday! Today is Friday April 24, 2009. My name is Bruce Karasik. 

The Good News Friday Podcast is back and so each week we will bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com.

A couple of weeks ago a talked to you about the $8,000 tax credit being offered to first time home buyers by the Federal Government. This week I want to talk with you about an additional $10,000 being offered by the State of California for purchasers of newly constructed homes. 

1. The tax credit is good for 5 percent of the value of the newly constructed home, up to $10,000. (That would mean any home priced over $200,000 would qualify for the full credit.) 

 

2. The tax credit will be available between March 1, 2009 and March 1, 2010, or when the funding authority runs out. (The Legislature has earmarked $100 million for this credit. That means at least 10,000 new home sales. We don’t know yet if the tax credit will be based on when the contract for sale is written or when the escrow is closed for the purchase.) 
 

3. The tax credit will be allocated by the Franchise Tax Board and will be available to new homebuyers over a three-year period. (Roughly one third of the tax credit will be available each year, details here are still being worked out.) 

 

4. The new home purchaser must live in the home for at least two years. 


5. There are no income limitations for the purchaser. 

 

6. There is no “first time buyer” restriction. 

 

7. There is no repayment requirement (unless the purchaser sells or rents out the home before two years have past from the close of escrow). 

 

This is great news for California homebuyers. And, if the homebuyer also qualifies for the $8,000 Federal Tax Credit then the total tax credit for buying a newly constructed home would be $18,000. That is $10,000 from the state of California and $8,000 from the federal government.

So if you are thinking about buying a new, let us know and we can represent you, negotiate with the builder, review all the contracts and save you money. 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. 

So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday! 

Good News Friday- New Federal Loan Modification Program

Week 18

Hello and Welcome back to Good News Friday! Today is Friday April 17, 2009. My name is Bruce Karasik. 

The Good News Friday Podcast is back and so each week we will bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com. 

The Obama administration has now kicked off a new loan modification program. 

The Treasury Department announced Wednesday the first six participants to sign up. They include three of the nation's largest banks: JPMorgan Chase, which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo, $2.9 billion; and Citigroup, $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million. 

Additional loan servicers will be added to the list over time. 

"The plan would help up to 9 million borrowers stay in their homes, the two-part plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers' pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity. The government is allocating $75 billion to subsidize part of payment reduction, as well as provide thousands of dollars in incentives for servicers and borrowers to participate.”

The modification plan calls for the servicer to reduce interest rates so that the monthly obligation is no more than 38% of a borrower's pre-tax income, and then the government would kick in money to bring payments down to 31% of income. Servicers can also reduce the loan balance to achieve these affordability levels. The government will share in the cost, up to the amount the servicer would have received if it had reduced the interest rates.

The Treasury will not provide subsidies to reduce rates to levels below 2%. 

Homeowners, meanwhile, will get up to $1,000 a year for five years if they keep up with payments. The funds will be used to reduce their loan principal balance. As more details of the plan are released, I will keep you up to date. 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday! 

New Government Program-Refinance Your Home up to 105%!

Week 17

Hello and Welcome back to Good News Friday!  Today is Friday April 10, 2009. My name is Bruce Karasik.

The Good News Friday Podcast is back and so each week we will bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.goodnewsfriday.com. This week I want to talk with you about Homeowner Affordability and Stability Plan (HASP).  If you or someone you care about is upside down on their home and you don’t know what to do, you really need to listen to this weeks podcast.

The new $275 Billion Homeowner rescue plan, HASP has three main avenues to prevent foreclosures.  Today we are going to talk about just one aspect of the plan, The Streamlined Refinance Mortgage Product.  Beginning this month April 2009, the government will make refinancing easier for many borrowers who are current on their mortgages, yet unable to refinance their loans due low or no equity. Under current loan guidelines, borrowers were unable to take advantage of today’s low rates, and are may be trapped in loans with higher fixed rates or adjustable rates, and high payments. This part of the Plan is meant to aid “millions of responsible homeowners who put money down and made their mortgage payments on time” and “have – through no fault of their own – seen the value of their homes drop low enough to make them unable to access these lower rates.” Most borrowers refinancing an existing Fannie Mae loan will not be required to buy new or additional mortgage insurance if the loan at the time of the refinance is more than 80 percent of a home's value. Any existing mortgage insurance may be carried forward to the new loan.  But here is the best part, borrowers can refinance loans up to 105 percent of a home's value with this new flexibility, so even borrowers who are "underwater" -- who owe more than their home is worth -- may be able to refinance. This will expand the number of borrowers able to take advantage of lower interest rates that reduce monthly payments, or refinance into a more sustainable mortgage.

What Do Borrowers Need to Know:

• To qualify, your mortgage loan must be owned by Fannie Mae.
• You must have a solid payment history on your existing mortgage. 
• The expanded refinance flexibility end June 2010 

 The government estimates that 4 to 5 million borrowers will be eligible.

T·    The refinance loans will have 15 or 30 year fixed rates. The rates and fees will be those available in  the market at the time of the refinance. 

· T   The new first mortgage, including any financed closing costs, cannot exceed 105% of the value of the  home. Property values will be determined after the application is submitted to the lender.

B·    Borrowers will have to provide income documentation to qualify for the new loans.

H    Homeowners with second mortgages will be eligible for a refinance, if the second mortgage lender agrees to remain in second position to the new loan.

Th  This plan is very new and many details are still unfolding, I will keep you updated in future podcasts as more details become available. So if you or someone you care about is upside down in their home and don’t know what to do, have them get in touch with me.

Now more than ever it is important to contact a real professional to get the best advice.  So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy.  As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability.  My unique ability is consulting, negotiating and overseeing the transaction details.  We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain the best avenue for American families to secure their financial future. I look forward to our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. 

So we do have some good news to be grateful for.  And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week.  And that’s it for now.  I’ll see you back here next week for another episode of Good News Friday!

Welcome Back to Good News Friday!

April 3, 2009

Hello and Welcome back to Good News Friday! Today is Friday April 3, 2009. My name is Bruce Karasik. 

After receiving numerous requests from our listeners, we have resumed our weekly Good News Friday Podcast. So each week we will bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com. 

If you are a Homeowner or if you are a family or individual who is considering buying or selling, refinancing a home this year, it is important that you know, that there has been a large amount legislation coming out of Washington in recent months that will have a significant affect on you. It is so important that you have the latest detailed information on all these programs. So we are going to be talking about these programs and they can help you. I invite you to listen or read my podcasts each week and call me or email me with any questions so you can get the answers you need to make intelligent informed decisions. 

Today we are going to be focusing on the First Time Home Buyer Credit. Many of you have heard about the First Time Home Buyer Credit passed in February of this year. 

Here is how it works: 

First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes. 

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill was less than that amount. Does that mean if you purchased now that I would get an extra $8,000 added on top of my current refund?" 

The short answer is Yes, but the long answer is that it depends on several factors:

Here are three scenarios:

Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check. 

Scenario 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll withholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid. 

Scenario 3: Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund. 

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit. 

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) Applying for the credit will be easy - or at least as easy as doing your income taxes. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit. 

The stimulus plan improves on the current $7,500 tax credit, which was passed in July and was more of a low-interest loan than an actual credit. 

Now more than ever it is important to contact a real professional to get the best advice. So call me or email and I will be happy to talk with you about the most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain to the best avenue for American families to secure their financial future. I look forward our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com. So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and Prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday!

Real Estate Outlook: Worst is Over

Good News Friday
Week 15
May 23, 2008

(5 Minutes and 14 Seconds)

(Click Play To Listen To The Podcast Above)

Hello and Welcome to Good News Friday!  Today is Friday May 23, 2008. My name is Bruce Karasik.

Each week we bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com. 

Since I first began this podcast, it has always been by intent to represent a more realistic and positive outlook about our Real Estate and Mortgage Market.  So it has become a very uplifting project to open to seeing and receiving good news.  This week I want to thank my good friend Steve Brooks, President of Steve Brooks Insurance Services, Inc. here in Westlake Village for forwarding me and article by Kenneth Harney entitled Real Estate Outlook: Worst is Over. Steve is a true professional and very service oriented and I truly appreciate his contribution to this weeks show.

Here are some of the news from the article:

There are more economic signs this week that the worst is over for the three year real estate correction cycle.

New home starts up by 8.2 percent last month and building permits up by 5 percent.

Southern California, home sales in April were up 22 percent compared to March, according to DataQuick Information Systems.

One of the country's most prestigious groups of market forecasters, the National Association of Business Economists, says housing and consumer credit conditions will stabilize and begin improving as the year moves on.

Rates fell again for the third straight week. Thirty year fixed rate conventional mortgages averaged 5.8 percent, according to the Mortgage Bankers Association of America. Fifteen year rates also dropped, averaging 5.5 percent.

Why the continuing decline in rates? One reason is that inflation is not a major worry for capital markets investors at the moment -- even if gas and food prices are over the top for most of us. The latest Consumer Price Index report -- that's the federal government's measure of inflation -- came in at just zero point two percent (0.2%) for April, which is very low. Year over year, inflation is still only around 2.3 percent.

If you look at conditions in most markets objectively he says, most of the current numbers add up to an excellent buying opportunity. Prices are more affordable they've been in several years. There's a bumper crop of houses to choose from. And mortgage money is cheap and getting cheaper. Maybe the message is just taking a little time to get out there.

Everything that we are seeing in the Real Estate market here leads me to agree very strongly with the main points of this article.

And just as Steve Brooks did this week, always feel free to forward to us any article that you would like to hear me comment on.

Now more than ever it is important to contact a real professional to get the best advice.  So call me or email and I will be happy to talk with you about the  most current information about the Real Estate and Mortgage market and how it can affect you. Our goal is to save you money when you buy your home this year or refinance at the new lower rates. 

The key to success is having the right advisors and consultants in place so you can have the right strategy.  As your trusted Real Estate consultants and advisors, we at the Karasik Team work in our unique ability.  My unique ability is consulting, negotiating and overseeing the transaction details.  We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home. 

We continue to believe that homeownership will remain to be the best avenue for American families to secure their financial future. I look forward our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com.

 
So we do have some good news to be grateful for.  And so, my friends, I wish you and your families a Happy, Healthy, and prosperous week.  And that’s it for now.  I’ll see you back here next week for another episode of Good News Friday!