November 2009 Newsletter
The Best Time of the Year
If folks in Lake Tahoe seem to be a bit confused these days (yet smiling) there is a good reason. From day to day, locals are not sure if it is summer or winter or something in between. We experienced all four seasons in one short month and now, here we are in the first week of November and we are back in short sleeves.
We hope you enjoy the articles we are including in this month’s newsletter. As always, we would love to hear your feedback about features you enjoy reading.
South Lake Tahoe Market Update
Good news, bad news – but news all the same. The South Tahoe Association of Realtors MLS reported that as of September 30, 2009, there was nearly a 10% increase in the number of home sales as compared to the same period last year. It was also reported that the median home prices dropped approximately 18.1% to $340,000, equivalent to that reported in June of 2004.
Traditionally, the Lake Tahoe real estate market follows the Bay area by 6 to 12 months. If this pattern continues to hold, this could be one of the best opportunities for investors to jump into the South Lake Tahoe real estate market. According to C.A.R. Vice President and Chief Economist Leslie-Appleton-Young, “A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008. September also marked the seventh consecutive month of month- to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.”
The Californa Association of Realtors report that California home sales increased 2.1% in September as compared to the same period one year ago while the median home price of existing homes declined 7.3% (an increase of 1.1% above the August sales.)
So. Tahoe Median Home Price Graph
Website Updates & Videos
We’re still in the process of designing our new website and hopefully will have some exciting news to share in the future. In the meantime, we are having a ball learning a new video system called Animoto. Check it out if you have the time to be obsessed with your photos. This newest video will give you an idea of the seasonal activities in which we have participated during the past month. All four season in one month, to be exact. Enjoy and we would love to hear from you.
“BIG PICTURE” Real Estate Market UPDATES
J immy Buffet said it perfectly, “it makes no sense that common sense don’t make no sense no more.” It has recently come to our attention that potential buyers with great credit and high FICO scores, are being denied mortgages by Fannie Mae’s underwriting system because credit reports are showing notations that an applicant has a disputed an item. What??!!
Here’s the skinny. Under the Fair Credit Reporting Act, we are all guaranteed the right to dispute inaccurate or misinformation in their credit files. Having just gone through a similar process, I can tell you it is a long, drawn out procedure – yet highly worthwhile. HOWEVER, until the notation of the dispute is removed from one’s file, most credit-scoring systems will not take into consideration that an error has been made. Applications that are denied through Fannie Mae’s system (nearly all loans) are suffering delays because the loan packages are being sent back to the lender for manual underwiting. If you or someone you know is considering a home purchase in the near future, it may be wothwhile to take a pre-emptive step to make sure that their credit reports are not showing such notations. Please pass the word.
Attention Tahoe Boaters
Over 12,000 boats were inspected for that dreaded mussel this past summer and in the process, 12 were successfully intercepted and over 2,000 were decontaminated. At the same time, it is anticipated that approximately 25,000 people were educated as to the troubles the mussels could cause to Lake Tahoe.
Inspections will continue this coming winter at Cave Rock and the Lake Forest Boat Launch. The hours of operation will be between 6 in the morning to 4 in the afternoon, 7 days a week (weather permitting.) Other launch ramps with winter hours are the Tahoe Keys, Obexer’s, and Incline-Ski Beach. If you have an interest or concern, please contact these facilities for reservations and specific hours of operation. For further information on launches, inspections, and invasive species please call 1-888-TAHO-ANS (1-888-824-6267).
November Events
You never know what the weather will bring in November however one guarantee – there is plenty to do in South Lake Tahoe. One might even consider golfing with geese as experienced by my goddess friend Lynette Sheppard. (Check out her Digital Diva Photos through the link on the left.) Aside from the year-round outdoor recreation opportunities, check out the following highlighted events.
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The November activities continue with Tower of Power playing at Harrah’s on the 24th & 25th, Dweezil Zappa at Montbleau on the 27th, and a “Live Tribute to Pink Floyd & Full Color Laser Show at Montbleau. It’s going to be a fun-fill month so come on up. Finally, it’s Ms “Sweet Judy Blue Eyes” herself – Judy Collins will be performing at Harrah’s. Tahoe Home Lookout Services
Our neice, Lisa Twomey (offically called “cuz”) is expanding her home cleaning services. Up to now, she has been working small jobs for the Tahoe Home Lookout Services and now, is in the initial steps of setting up her own official business. Call us if you are interested in booking her prior to the holidays. References are available. 1st Time Home Buyer Credit
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order. Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was “the most important” or a “very important” factor in their decision to buy a home. |
THE FOLLOWING INFORMATION IS PROVIDED BY THE CALIFORNIA ASSOCIATION OF REALTORS. If you haven’t already heard, the U.S. House of Representatives voted 403 to 12 to extend and expand the home buyer tax credit. The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.
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