Renter's - Is it time to Renegotiate your Lease?

Apartment vacancies hit a 30-year high in the fourth quarter and left landlords scrambling to retain their existing tenants plus trying to attract new one.

The vacancy rate ended the year at 8%.  This is the highest level since a New York research tracking firm surveying the top 79 U.S. markets started to tally vacancies plus rents in 1980.  San Jose CA, Seattle, San Francisco saw rents fall 3%.


Landlords must now entice tenants to renew leases.  Incentives like Starbucks gift cards, repainting the unit and cleaning carpets are just a few of the enticements landlords are implementing.


If you are renting a place, now might be a good time to renegotiate your lease.




Linda Shank is a real estate broker w/Linda Shank and Company in the Southeast Phoenix Valley.  Contact her at LShank5179ataol.com

Do I have to Sell my Home to Qualifty for the Homebuyer Tax Credit

Here's a question that keeps popping up:

I'm already a homeowner.  If I buy another home ofter Nov. 6, 2009 to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?

Answer:

No.  If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit up to $6,500 when you buy a replacement home to use as your principal residence.  The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009 and on or before April 30, 2010 and close on the home by June 30, 2010.  Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased.  For example, if you bought a home on November 30, 2009, the eight-year period would run from December 1, 2001 through November 30, 2009.



Information courtesy of Jay Starks, Bell America Mortgage, www.jaystarks.com

Do this first before you Buy a Home

You found your dream home and are ready to make an offer.  Do these four investigative measures before you sign on the dotted line.

1.  Talk to would-be neighbors.  Ask how they like the area, how are the schools or if there are any problem activity nearby.


2.  Check your commute.  Drive from your possible new home to work during rush hour to see how long it will really take.  If you use the bus, then take the daily bus you would use to commute.


3.  Check crime data and sex offender databases.  For crime statistics go to faxnet1.org or search the internet for your local crime statistics link.  For sex offenders go to azsexoffender.org or search the internet for your local sex offender database line.


 4.  Read up.  Investigate the location of nearby dairy farms, jails or proposed freeway developments or alignments.  Call local Planning and Zoning for additional proposed developments.

5.  Make multiple offers on multiple properties.  You can make sellers compete for your business.  Just make sure the Realtor provides the correct verbiage so that you don't end up buying several properties. This won't always work but in the current Seller's market it's worth a shot.





Linda Shank is a local real estate broker in the Southeast Phoenix Valley.  She can be reached on her website www.ISellAZSunshine.com or on this blog.   

What you Should Know about FHA loans

Loans can be underwritten by an approved lender which includes most of the major banks in the country.  FHA has the some high loan limits as Freddie Mac and Fannie Mae (which have been extended to the end of 2010).  You can buy a home with a 3.5 percent down payment as compared to at least 10 percent down for a Freddie Mac or Fannie Mae home.  You can get your loan scored for approval through a variety of underwriting engines including Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector.



 Linda Shank is a Real Estate broker in the Phoenix Southeast Valley Gold Canyon area.  She can be contacted at www.ISellAZsunshine.com