Reduce Your San Luis Obispo Property Tax Bill!

Reduce Your San Luis Obispo Property Tax Bill!

Do you own a home in San Luis Obispo that has declined in property value? In California we live in a high property tax area and you can save a bundle by fighting your assessment. The County has been reassessing properties all over, but they haven't yet gotten to everyone. You can do something today to get your home reevaluated. Doing it yourself can seem like a daunting task, but there are easy steps to reduce your bill to a much more realistic value of your home, lot or condo.

Example 
I love examples so here's one to give you a clear scenario:
Let's say you live in San Luis Obispo and the value of your home has reduced from $600,000 to $450,000. A huge drop! A reassessment of your bill could lower your annual bill from approximately $7,500 to $5,625, an annual savings of $1,875. That's two round trip tickets to Italy!

So now what?
SLO County has a website that walks you through the process. The "Decline in Property Value" Application is available to download and fill out. There is even a Decline in Value Estimator that can tell you if you are eligible for a reduction. You will need your 9-digit Assessment Parcel Number (APN) to do it. The Parcel number is on your annual property tax bill. You will also need to put in a fair market value of your home based on homes that have sold in your area recently. A Realtor can get you this number, email me if you need a more accurate number. Then it spits out your revised Assessed Value. Then fill out the "Decline in Property Value"form and get the county moving on your reassessment. Do wait till they do it, it could take years.

Options
If you aren't up for the task you can outsource the work to a local real estate lawyer or a property tax appeal expert. They will handle everything and charge 25%-50% of your first years tax savings. I recommend doing it your self, SLO County makes it simple to do.


I hope this is helpful and if you live in another California County or another State you can do this too. Many forms and resources online can assist you in being proactive with reassessments. I encourage you to do this as part of your new year resolution. Take the extra money and go an amazing vacation and send me a postcard.:)


Are you in the market to buy or to sell your home? Give me a call today!

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

What Income Should You Have to Get The Home You Want?

Your level of income is only one piece of qualification puzzle when you are in the market for the home of your dreams. Lenders will review other things, such as your credit score and your total amount of debt, when considering you for a loan. Remember, your debt takes away a big part of your income. So even if you meet the lenders general guidelines for income level, you'll be denied if you are paying too much money toward your other debts (because you would have less money left over each month to put toward a mortgage payment).

There are a few factors, but you can use 30% as a rule of thumb. In other words, most lenders want your annual income to equal around 30% of your mortgage amount. So based on this rule of thumb, if you wanted to qualify for a mortgage loan of $300,000, you would need an annual income in the neighborhood of $90,000. If a married couple makes $45,000 each, they should qualify for a $300,000 loan. Your lender can work with your individual situation to get you the largest loan possible.
There are numerous types of loans and ways to qualify. Some first time buyer loans make it very easy to qualify with little money down. Some FHA loans require as little as 3-4% down payment.

It's important to shop around for loans and lenders. Large banks may offer different loan packages than smaller local banks or brokerages. It's important to shop for your loan and see what choices you have. Ask your Realtor for referrals to lenders in your area.

We strive to make it easy for you!
Visit my Mortgage Calculator page filled with additional information.
For more information about Real Estate on the Central Coast, please contact Traci Ferguson by E-mail or by phone directly at 805-235-6396.

San Luis Obispo - Investor Tip: Making it easier to buy a home!

How can home buying be easier in San Luis Obispo? 
In my last blog post I touched on the HomeStyle® Renovation Mortgage. A program available for home buyers or investors who need to make renovations to a home.

A HomeStyle Renovation Mortgage is available to buy or refinance a home (with up to four units) that you will live in as your primary residence.

 Instead of financing the renovation with a second mortgage or home equity loan, you get the lower interest rates of a first mortgage and only have to pay for one mortgage closing. And with a HomeStyle Renovation Mortgage, you can borrow an amount based on the value of the home after the renovations are finished, so you know you will have the funds available to do the job right. For borrowers considering major home improvements, this option provides an effective and affordable way to leverage the future value of a home with a single-close first mortgage.

If you are an investor who is considering purchasing a property that is currently owned by Fannie Mae that is in need of a little work – the Fannie Mae Home Style renovation mortgage (a close cousin to the Fannie Mae HomePath renovation mortgage) is the loan program designed for you.
At closing, all funds for renovation will be escrowed in an interest-bearing account. After all renovation work is complete, any remaining funds in the escrow account will be used to pay down the principal balance of the mortgage.

If this is of interest to you, I can help with finding a Fannie Mae lender partner in your area and find Home Path Properties in the San Luis Obispo County Area. I have the tools and resources to get you a home today. Let me be your Realtor of choice.

I am also available via email for any questions you may have about this or any other program. I look forward to helping you make smart choices.

San Luis Obispo - Home Buyer Tip: Making it easier to buy a home!

How can home buying be easier in San Luis Obispo? 
Well Fannie Mae and Freddie Mac; the two largest purchasers of home loans, set the standards under which they will purchase loans from banks and mortgage companies. They have set up a program to reduce their growing inventory of nearly 1,500 Foreclosed homes called HomePath®

So what's in it for buyers? The benefits include:

• Reduced Home Prices
• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors*
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance (Typically if you don't put down 20%, you would need it.)
• No appraisal fees
• Also eligible for HomePath® Renovation Mortgage*
• HomePath® Mortgage financing is available from a variety of lenders - both local and national.

*If you're an investor interested in renovating a property in San Luis County, you may qualify for financing under our HomeStyle® Renovation Mortgage product. See my next Blog Post explaining this option.

Currently there are 3 homes available under this program in the city of San Luis Obispo. There are many more in other neighboring cities. Email me today to get a list of homes that qualify in your area. Take advantage of a government program that helps you purchase at bargain prices and extremely low interest rates.

This is just another way to learn and be smart about Real Estate with me at your side. For any of your home buying needs look to a Realtor that Knows Homes in SLO County.

First Time Home Buyers Tips_San Luis Obispo

As a first time home buyer don't let information overload get the best of you! Today I want to share some tips to keep you focused and motivated to find your first home in San Luis Obispo with ease.

 

Defining your search Parameters as a First Time Home Buyer

Begin on the Internet. Learn about the neighborhoods you like and can see yourself living in. With just a few clicks of the mouse, you can search through hundreds of neighborhoods and homes, view virtual tours, sort through dozens of photographs and aerial shots. Once you've found the location in San Luis Obispo County, call me to get a list of homes in the area you like. I can send you a detailed list of Condos/ Homes/ Townhomes/ Land, to begin your search for your first home. Click here to get a customized Free Home Search, just for you.

 

How Long Should It Take to Buy Your First Home? 

A motivated first time home buyer will find a home within two weeks. I'll listen to your wants, needs and arrange to show only those homes that fit your particular parameters. I'll also preview the homes before showing them to you. My job is to not waste your time looking at every home out there, just the homes that fit your needs. 

 

Rate the homes you've seen:

• Bring a digital camera and begin each series of photos with a close-up of the house number to identify each home and take photos of the interior an exterior of the parts you want to remember.
• Take detailed notes of unusual features, colors and design elements. (Ask me for your own "Home Search Sheet" to keep track and stay organized.)
• Pay attention to the neighborhood surroundings. What's next door? Do 2-story homes tower over your single story?
• Do you like the location? Is it near a park or a power plant?
• Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the best.

 

Take a Second look at your top choices:

Once you have toured homes for a couple of weeks, revisit your top three. You will instinctively know which homes are perfect for you. Request to go back to the home and see it with a new set of eyes, you will always see new items you didn't see the first go-around. Be discriminating and rate the home again from 1-10 with 10 being the best. Ask yourself, "Is this the home for me? Does it meet all my needs?

 

Making a home selection:

In the end you make the home selection on your own. As your Realtor I will guide you through the pros and cons of the homes you've seen and liked, but I will not steer you into picking a certain home. I want you to pick with out any interference from me. My job is to make sure you feel confident about the home choice you have made and the home meets your needs.

So this is what you can expect from your home buying experience with me. It doesn't need to be overwhelming or difficult. The plan above will help you through the easiest home buying experience possible. I'm here to help you through it!  Click here to get a customized Free Home Search, just for you. Or sign up on my website to get my new Book; Real Estate Made Simple, Primarily for the First Time Home Buyer, By Traci Ferguson. It will be out at the end of Feb 2011.

Give me a call today or email me. I'd love to find your first home!
805-235-6396

Are you on the Home Buying Grid?

Did you know you could afford your own home?
I know what you are thinking, NO WAY! I don't make enough money!

As a Real Estate resource to my clients and friends,  I have put together a scenario that will illustrate how I believe you too can live the American dream and be a home owner.

To buy a $200,000 home you would need to make $55K annually for a 32% housing ratio. The housing ratio is the percentage you spend on your housing costs. $55K annual income can be between a couple making $13.25 an hour each, or $26.50 an hour for a single person.
I just did a search for Homes/Condos/PUD properties under $200,000 in SLO County and came up with 88 of them. Get yourself and your family started on one of the best investments around, a home purchase. Ask me about the great programs that can help you get into your own home with as little as 3% down in some cases.

This moment in our economy is a turning point in housing for all of us. In front of us is an opportunity to live the American Dream and be a part of the best investment that you can possibly make, long term. The decline in Interest Rates and Housing prices have opened the door to a new group of working class people that CAN afford to buy their first home.

Call me to see how I can be your guide: Traci 805-235-6396