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South Lake Tahoe Real Estate Blog Update Regarding $8,000 Tax Credit

On May 16th I wrote a South Lake Tahoe real estate blog post regarding the FHA now allowing the first time home buyer $8,000 tax credit as part of the down payment. Apparently Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development offered this news prematurely. My blog post was written from information provided from the National Association of Realtors.

Here is a copy of an e-mail that I received from Andy McInnes of Band Of America regarding the current status of the credit down payment option.

As many of you know, the Secretary of HUD stated at the NAR Real Estate Summit last Tuesday that FHA is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. I’ve received multiple emails and phone calls around this subject asking if and when we would participate. We’ve now learned that HUD removed this information and pulled Mortgagee Letter 2009-15 from their website so the remarks by Secretary Donovan may have been premature. HUD will let us know if there is a change in status and we will communicate as needed.

 Andy McInnes

It appears that the option to use the $8,000 tax credit as part of the down payment is currently not an option. I will make sure to update my SouthLake Tahoe Real Estate Blog with any new information regarding the tax credit/ down payment option as soon as I hear anything. I take pride in providing the most up to date information regarding the South Lake Tahoe real estate market and I apologize for providing any information that was prematurely released by HUD.

Sincerely,

Brent Johnson

Looking at South Lake Tahoe Real Estate this Memorial Day?

If you are looking at South Lake Tahoe real estate, this Memorial Day is going to be a great time to do so! According Weather.com it is going to be a gorgeous weekend and the temperatures will be from 71 to 72 degrees and mostly sunny.

If you are planning to look at properties in South Lake Tahoe this weekend, make sure to set some time aside to enjoy all of the outdoor activities that Tahoe is famous for. Here is a list of activities that I would recommend for this Memorial Day Weekend:

1. Book a fishing charter with Tahoe Topliners. Mike Neilson of Tahoe Topliners is sporting a brand new boat this year, and knows how to find the huge Macanaw and Trout in Lake Tahoe!
2. Have a picnic at the Beach. The beaches in South Lake Tahoe open up on Memorial Day Weekend and are a great place to relax after a morning of house hunting. Baldwin Beach off of highway 89 is one of my favorite!
3. Play a round of golf at the Lake Tahoe Golf Course. The views of Mt. Tallac from this course are amazing, and if you have never played golf at this elevation, you will be amazed how much further your drives go!
4. Take a kayak tour. Kayak Tahoe offers guided tours and kayak rentals for those looking to enjoy the  lake and get some exercise at the same time.
5. Take a cruise on the Ms. Dixie or the Tahoe Queen to Emerald Bay.
6. Head to the Beacon Bar and Grill for lunch and a Rum Runner. The setting on the beach at Camp Richardson Resort is a great place enjoy a famous Rum Runner (watch out for brain freeze!) Camp Richardson also offers bike rentals, water ski lessons, kayak rentals, boat rentals, and camping.
7. Go camping! I love camping, and the best place to camp on the South Shore is the Fallen Leaf Lake Campground. The Fallen Leaf Campground is quietly located outside of town off of hwy 89. There are sites that will fit a motorhome up to 40 feet (dry camping only).
8. Take a hike! Although some of the higher elevation trails still have some snow, many of the trails around the lake are ready to be explored!
9. Look at houses for sale in South Lake Tahoe. With interest rates and property values as low as they are, now is a great time to buy Real Estate in South Lake Tahoe. It is also great to look at properties this time of year with no snow on the ground!
10. Do just about what ever it is that you love to do. South Lake Tahoe has just about everything for everyone!
11. Remember our fallen heroes. Lets remember that Memorial Day is a day to honor the Americans who lost their lives in wars while protecting our Country and our freedom!

If you would like to schedule an appointment to look at properties for sale in South Lake Tahoe this Memorial Day weekend, give Brent and Jill Johnson a call. If you have any questions regarding activities in South Lake Tahoe please let me know.

South Lake Tahoe Home Sales and The $8,000 Tax Credit

South Lake Tahoe real estate first time home buyers now have an extra incentive and some help with their down payment. According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

Secretary Donovan said that important changes, which the National Association of Realtors has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan , the FHA’s approved lenders will be permitted to “monetize” the tax credit through  short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan also goes on to say that the housing market appears to be stabilizing and that the rapid decline in home prices starting to abate.

This information was provided by the National Association of Realtors.

Enabling first time home buyers to use the $8,000 tax credit as part of the down payment on FHA loans should bring more buyers into the market. I would also agree with Donovan in that the real estate market is stabilizing. There are currently 82 houses in South Lake Tahoe that are in escrow out of 469. With 17% of our current housing inventory is in escrow, this is the highest percentage that it has been all year. There are also 27 foreclosure listings in South lake Tahoe, and 19 of them are in escrow. We are once again seeing multiple offer situations on foreclosures and short sales.

For more information regarding South Lake Tahoe real estate, foreclosures in South Lake Tahoe, and the $8,000 first time home buyer tax credit, call Brent Johnson today!

Bank Owned Properties in South Lake Tahoe

A new foreclosure listing in South Lake Tahoe has just been added to the mls. If this home interests you at all, call Brent or Jill  as soon as possible. I expect this new listing to sell very quickly!

806 Stanford Ave. Offered at $295,000

806 Stanfordis a bank owned foreclosure in South Lake Tahoe located in the Al Tahoe area. This 3 bedroom , 2 bath, 2 car garage 1300 square foot home has been remodeled on the inside and has  a newer roof. Pine accents, a river rock fireplace, and wide plank laminate flooring give this home a warm “Tahoe Feel.” Skylights throughout brighten this open floor-plan. The bathrooms are clean but have not been updated. There is a missing stove, refrigerator, and a few minor repairs needed. The last sale of this home took place on 5/24/07 when it sold for $493,000.

• Energy Star rated natural gas forced air furnace
• River rock gas fireplace
• Log accents
• Flat fenced lot
• Open floor plan
• Great Al Tahoe location!

 

There are only 7 foreclosure listings in South Lake Tahoe out of 27 that are not currently in escrow. If you would like to take a look at this bank owned home, please call Brent and Jill Johnson at (530) 416-2625.

If you have any questions regarding foreclosures in South Lake Tahoe, South Lake Tahoe real estate, or South Lake Tahoe mls listings, contact us today!

 

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