This document provides information about buying a home on the San Francisco Peninsula, including details about financing options, home buying tax benefits, and the current real estate market. It discusses:
- Federal stimulus programs that provide tax credits for first-time homebuyers and current homeowners making purchases through 2010.
- Historically low mortgage rates and the benefits of owning versus renting, such as building equity over time.
- An overview of the process for purchasing a home, from getting pre-approved to closing.
- Factors that make the San Francisco Peninsula housing market desirable such as location, schools, and weather.
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1. Buy A HOME ON THE SAN FRANCISCO PENINSULA 2010 Aimee Snodgrass Klarich Realtor ® Alain Pinel Realtors Burlingame, Ca Business 650-483-3795 aklarich@apr.com www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California San Mateo, Ca Business 650-645-1775 eileenhoran@mortgagecalifornia.com
8. State of the San Mateo County real estate marketAimee Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
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10. $8000 First Time Home Buyer tax credit on purchases through 6/30/10 for qualified buyers.
16. You have much more flexibility in how you use, decorate and make physical changes to your home
17. Pride of homeownershipAimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
18. STIMULUS PLAN The "American Recovery and Reinvestment Act of 2009," was signed by President Obama on February 17th, 2009. On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. This means lower interest rates for those getting a loan between the $729,750 and $625,500 in San Mateo and San Francisco Counties. On Nov 13th, 2009, congress extended this thru Dec. 31st, 2010. . Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
19. STIMULUS PLAN The bill also increases the first-time home buyer credit from $7,500 to $8,000 through June 30th, 2010. See Appendix for more details Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
20. Other Tax Credits Homeowners who currently do not qualify for aid under the federal housing-rescue plan still may qualify for tax credits on energy-efficient upgrades. Homeowners may qualify for up to $1,500 in tax credits for adding qualifying windows, doors, insulation, roofs, heating and cooling equipment, water heaters, and wood and pellet stoves. The installations must take place in 2010 to qualify for the tax credit. Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
25. You have nothing to show after spending all this money.Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
26. Renting vs Buying a home The rent you pay could build equity in your own real estate. Using this chart, find your month rental payment and you can determine how much money you are “giving away” in rent and interest (5%) over 10, 20, 30 years. Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
30. It is customary in San Mateo County that buyers pay closing costs. This is negotiable.Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
46. Tax Deduction Example 2 Bedroom 1 Bath Condominium West Side San Mateo Purchase Price $340,000 Buyers Combined Annual Salary $65,000 (28% Tax Bracket) Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
47. OUR MARKET? Months of Inventory is used as an analytical tool in determining who holds the power in negotiations. Months of Inventory = # homes of sale/#homes sold Supply and Demand… Months of Inventory <4 = Seller Market Months of Inventory =4 = Flat Market Months of Inventory >4 = Buyer Market Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
48. FLAT MARKET: SAN MATEO COUNTY SINGLE FAMILY HOMEs San Mateo County Single Family Homes All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. * Cities within the county vary from the total.
49. STATE OF THE MARKET (Dec 2009): SAN MATEO COUNTY SINGLE FAMILY HOMES At an aggregate level, San Mateo County continues to be a flat market. All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
54. Avg Sales Price vs. Original List Price: 93%Median Sales Price: $755,000 (+28% to last year) Each city, neighborhood and area shows a different picture. Schools, commute, weather are all key factors in the variances between cities and areas. All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
55. FLAT MARKET: SAN MATEO COUNTY CONDOs &TOWNHOMEs San Mateo County Condos and Townhomes All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. * Cities within the county vary from the total county picture.
56. STATE OF THE MARKET (DEC 2009): SAN MATEO COUNTY CONDOS & TOWNHOMES At an aggregate level, San Mateo County continues to be a flat market. Months of Inventory based on closed sales was 3 last month vs 5.6 a year ago. All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
60. Avg Sales Price vs. Original List Price: 98%Median Sales Price: $465,000 (+23% to last year) Each city, neighborhood and area shows a different picture. Schools, commute, weather are all key factors in the variances between cities and areas. All reports are published Jan. 2009, based on data available at the end of Dec. 2008. All reports presented are based on data supplied by San Mateo County Association of Realtors. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
61. MORTGAGE RATES ARE HISTORICALLY LOW Aimee Snodgrass Klarich Realtor® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
66. Good schoolsAimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
67. WHY BUY A HOME ON THE San FRANCISCO PENINSULA? San Mateo County sub-prime loans are only 1.5% of total housing units. SOURCE: FirstAmerican CoreLogic, LoanPerformance Data, U.S. Census Bureau, and Federal Reserve Bank of New York Dec 07 Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
68. Advice FROM First-Time Home Buyers: Top 10 Answers from a Survey of 1000 Buyers by California Association of Realtors on advice they would give other home buyers.
74. Inspectors: Provide insight into the condition of a home Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
92. AssetsThe most important part of this is for you to decide how much you WANT to pay on a monthly basis. Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
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94. Homebuyers need to pay more attention to their credit scores than they did before.
98. But you don’t need perfect credit to buy a home.Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
109. Again, the most important part is to be comfortable with the calculated monthly payment:
110. Repairs and maintenance costs are part of homeownership.Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
123. Government loans: FHA & VA.*The conforming ceiling of $417,000 has been raised in high-cost housing markets starting 01/01/2009. The loan limit on these “conforming jumbo” loans varies by location but doesn’t exceed $729,750 in the continental U.S. Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
124. What type of mortgage should I get? What kind of rate? Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
125. What type of mortgage should I get? How long a term? Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
150. What online services does the Realtor provide?Aimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
192. Know your financing options and have your pre-approval letter from your lender for the exact offer priceAimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California
202. The close of escrow date will need to also be negotiated
203. The lender will most often influence the closing date so your lending partner must be involved during the negotiation processAimee Snodgrass Klarich Realtor ® http://www.AimeeKlarich.com Eileen Horan Mortgage Broker Mortgage California