$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits.  To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)).  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)).  Other terms and restrictions apply to both tax credits.
For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws.  C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.

Information provided by ” California Association of Realtors”

Are You Ready to Buy a Cabin in Big Bear?

Most buyer’s start their search online before they contact a realtor. This gives the buyer a feel for the market, but not always a true picture.

After you have done some research online, you should contact a lender to determine the current mortgage rates, what you will qualify for, and a price range that will produce a payment that is comfortable on you budget. Taking the time to get your prequalification with a lender will allow you to avoid looking at homes that out of your budget.

Most lenders currently require a minimum of 20% down payment for second homes, and it’s a good idea to offer 3% in good faith deposit. Closing costs are additional cash needed to buy, so be sure to inquire with your lender what these will be for your loan etc.

This is also a good time to select a local Realtor to represent you during the buying process. Selecting your agent is an important process. I would recommend reading blogs from agents that live and work in the Big Bear area to get a feel for the agent that will best represent your interests. It would also be a good idea to check the agent’s client endorsements and reviews. Once you select your agent, I recommend communicating your list of wants and needs so that they can best serve you.

Every buyer wants to get a great deal, but great deals aren’t going to last long. Be ready to act quickly once you see the home that fits your needs and is priced like a deal. Be prepared to compete with other buyers, and often these homes will sell at or above the listing price.

Don’t forget to bring your checkbook!

California Passes Home Buyer Tax Credit AB183

AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.

The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.

AB 183 will significantly contribute to the effort to stimulate jobs-creation within California’s housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.

“Information provided by California Association of Realtors”

Cabin in Big Bear for Sale (Video)

Priced like a Bank Owned

Overview Maps Photos Description Market Stats

$179,900 Single Family Home For Sale Main Features 3 Bedrooms 2 Bathrooms 1 Unit Interior: 1548 sqft Lot: 8,322 sqft Location 300 Bluebill Big Bear City, CA 92314

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Steve Hirschler Coldwell Banker DRE# 01703081 (909) 866-3481 stevehirschler@gmail.com http://www.stevesellsbigbear.com Listed by: Coldwell Banker

Our recent listings Great Value! Gold Crown Hallmark Store Mountain Get A Way Lots and Lands for $109,900 in Big Bear City, CA Affordable Cabin in the Mountains Subscribe to our listing feed

See more Big Bear City, CA real estate for sale

16 Homes Sold this Week in Big Bear 3/20/2010

Click here to see the details for these homes.

• 9 of these homes (56%) were bank owned foreclosures, with average days on the market of 63.
• 4 of these homes (25%) were short sales, with average days on the market of 292.
• 2 of these homes (12.5%) were traditional sellers, with average days on the market of 67.

The ratio of closed short sales is the highest that I have seen this week. I don’t think this is a sign of things to come, just a coincidence….

Price differential is still holding high at 99.82% of list price. Overpriced properties are not selling. If you are a seller in this market, your list price is the most important thing that your agent provides to you. Don’t make the mistake of interviewing multiple agents and selecting the agent with the highest price, or lowest commission.

Steve Hirschler
DRE#01703081
Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
www.bigbearhomes.wordpress.com (blog)
www.stevesellsbigbear.com (website)
www.activerain.com/blogs/slhoo7\ (blog)
www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)

Big Bear Area 10 Year Residential Deed Recording History

Big Bear Deed Recordings YTD through February 2010 are down 11.6% from last year for the same period.  This is a small number considering the inventory is down to 624, close to 30% less than the approximately 900 units on the market last year at this time. It feels and looks like we will have a strong March, with 41 closed sales in the first 18 days. If you would like to discuss Big Bear Real Estate, please give me a call.

Steve Hirschler
DRE#01703081
Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
www.bigbearhomes.wordpress.com (blog)
www.stevesellsbigbear.com (website)
www.activerain.com/blogs/slhoo7\ (blog)
www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)

Big Bear Home Sales By Category through 3/16/2010

Units Sold YTD

Days on the Market

Price Differential

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
www.bigbearhomes.wordpress.com (blog)
www.stevesellsbigbear.com (website)
www.activerain.com/blogs/slhoo7\ (blog)
www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)

In Big Bear, List Prices Can Be Deceiving These Days…

Steve Hirschler
DRE#01703081
Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
http://www.bigbearhomes.wordpress.com (blog)
http://www.stevesellsbigbear.com (website)
http://www.activerain.com/blogs/slhoo7\ (blog)
http://www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)

60 Homes Sold in Big Bear this February 2010

ML #	Price	Address	Area	Bd	Baths	SF Apx Ttl	Sold Price	Sold Date
2100015	52,900	637 MERCED	BLC	1	1	421	49,000	2/23/10
292386	54,900	595 VISTA	SUGA	2	1	588	57,000	2/9/10
291670	57,000	44416 VALLEY VIEW LN.	SUGA	2	1	738	50,000	2/17/10
292582	64,300	862 SAN BERNARDINO	SUGA	1	1	408	61,000	2/24/10
2100021	70,240	755 SAN BERNARDINO	SUGA	1	1	570	70,555	2/26/10
292278	75,500	708 W AEROPLANE	BBC	2	1	940	73,150	2/2/10
292473	79,800	1091 PAN SPRINGS	BBC	2	2	1038	102,000	2/2/10
290868	90,000	325 W COUNTRY CLUB BLVD	BBC	2	1	570	90,000	2/11/10
292310	99,000	560 HIGHLAND	BLC	1	1	868	95,000	2/5/10
291505	99,900	1121 W COUNTRY CLUB	BBC	2	1	1080	85,000	2/3/10
291709	100,000	242 VISTA	SUGA	3	1	952	94,000	2/5/10
291633	105,000	514 W BIG BEAR BLVD	BBC	1	1.75	1064	60,375	2/23/10
290559	107,000	2164 7TH LANE	ERWL	2	1	880	107,000	2/11/10
281685	109,000	129 W MOJAVE BLVD	BBC	2	1	646	105,000	2/22/10
292460	109,900	2135 2ND	ERWL	2	2	1040	106,500	2/16/10
292246	110,000	816 W AEROPLANE BLVD.	BBC	2	1	896	77,500	2/8/10
292486	114,900	399 IMPERIAL	SUGA	2	1	570	112,000	2/5/10
291952	116,900	586 SPRUCE	SUGA	2	1.5	896	117,000	2/12/10
292290	118,700	781 W AEROPLANE BLVD.	BBC	2	1	652	80,000	2/1/10
292370	125,000	42749 LA CERENA	MOON	1	0.75	610	120,000	2/5/10
2100040	138,000	798 ORIOLE	BLC	4	3.5	1728	146,100	2/19/10
292174	139,900	40156 HIGHLAND ROAD	BLC	2	1	960	137,500	2/4/10
292567	144,800	612 BOOTH	BBC	3	2	1200	155,000	2/19/10
292308	155,000	515 ELYSIAN	BBC	2	1	816	155,000	2/26/10
292447	159,000	525 KERN	SUGA	2	1	1100	159,000	2/12/10
292466	160,000	542 KERN	SUGA	2	1	783	160,000	2/2/10
292376	160,900	404 BERNHARDT	BBC	3	2	1080	157,500	2/26/10
292571	164,000	42742 WILLOW	MOON	2	2.5	1138	160,000	2/5/10
291130	165,000	42769 LA CERENA	MOON	3	2	1090	165,000	2/17/10
2100061	176,220	39263 N BAY	BLW	2	1.5	1094	190,100	2/12/10
291968	179,900	40042 TR. OF WHISPERING PI	BLC	3	2	1250	180,000	2/8/10
292367	185,300	616 KEAN	BBC	4	1	1440	180,000	2/11/10
2100230	194,900	42929 ENCINO	MOON	3	2	1040	194,900	2/12/10
292404	209,900	2308 STATE LANE	ERWL	4	2	1680	193,000	2/19/10
280787	239,000	40195 GUINAN	BLC	3	2	1632	239,000	2/17/10
291617	245,000	2159 MARIPOSA LANE	ERWL	3	2.5	1730	245,000	2/18/10
2100066	269,900	782 MOUNTAIN SKY DRIVE	BLE	3	1.75	1186	270,000	2/19/10
291010	269,900	1273 BALSAM DRIVE	MOON	2	2	1142	250,000	2/25/10
2100132	279,900	42789 REDWOOD	FOXF	3	1	1152	283,000	2/23/10
292039	285,000	44333 SISKIYOU LANE	MOON	3	1	990	252,500	2/25/10
2100007	299,900	819 SILVERTIP	MOON	3	2	1266	279,000	2/16/10
292292	313,900	46784 PIONEER TOWN	BALD	4	2	2473	270,000	2/9/10
291313	329,000	41745 COMSTOCK  LANE	BLE	4	2	1254	315,000	2/24/10
292279	334,000	791 RAYO	BLW	2	2.5	1588	325,000	2/12/10
290794	349,900	1629 E BIG BEAR BLVD.	BBC	3	2.5	2385	326,500	2/23/10
291735	369,900	39880 LAKEVIEW DRIVE	BLC	3	2	1344	359,900	2/5/10
282420	399,900	471 VILLA GROVE	MOON	4	3	1800	360,000	2/19/10
292471	400,000	575 VAIL	BLE	4	2.5	2257	390,000	2/12/10
2100002	411,900	1100 JOHNNY	FOXF	4	3.5	3580	500,001	2/11/10
291683	419,000	723 VILLA GROVE	MOON	3	2	1708	391,250	2/19/10
290265	499,000	43827 YOSEMITE DR.	MOON	4	3.5	2578	485,000	2/11/10
292198	499,900	943 D LANE	ERWL	6	4	4486	459,500	2/16/10
282669	499,900	1277 BRUIN TRAIL	FAWN	3	3.5	2800	475,000	2/12/10
290612	500,000	928 SAHUARO WAY	MOON	3	2.5	2291	450,000	2/26/10
282342	550,000	42311 EAGLE RIDGE	FOXF	3	2	2500	538,000	2/24/10
292359	699,900	39540 LAKE	BLC	4	3.5	3263	699,900	2/1/10
2100030	699,900	1056 WILDERNESS DRIVE	ERWL	3	3	2671	693,000	2/19/10
2100119	739,900	386 MEADOW CIRCLE	BLE	3	3.5	2300	764,000	2/23/10
292574	764,800	323 STARLIGHT	FOXF	4	3.5	3458	745,000	2/24/10
282772	999,900	38817 WATERVIEW DR.	BLW	4	4	3095	1,000,000	2/19/10

Click here to see the details for these homes.

• 40% (24) of these homes were bank owned.
• 13% (8) were short sales.
• 47% (28) of these were traditional sellers.

Real Estate is Local, Big Bear is a unique market!

I can show you any home for sale in Big Bear.

Search the Big Bear MLS (Multiple Listing Service)

Search the Southern California MLS  (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

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