What is new in Real Estate for 2010?
Well, the Fed's and the state have passed over 700 new laws that effect California real estate, and some of these laws have to do with the new disclosure laws for the loan industry side of real estate. Many of the other new laws have to do with how buyers and sellers are going to be purchasing and selling homes from now on in California. There are new requirements regarding Probate, Trust, REO properties (bank owned) and Short Sales to mention a few. There are also many language changes in existing contracts, disclosures and their procedures.
I started reading and going over these new laws with my agents at our first meeting of the year, although this is very dry reading, be assured that I will have all of these new changes and laws understood, and have the new forms ready for you when you need my services. I have to say, "Most of these changes and new laws are for the better."
What is the good news?
With all this doom and gloom, it is getting harder to find the good news, especially in real estate. Here are some bright spots from the past year and in the year to come:
- In September 2009, I got married to my wife, Patsy Garcia, a wonderful person, and I am one of the luckiest guys in the world!
- The Shire Real Estate Group just celebrated its 10th year in business in December of 2009 - hard work pays off!
- The $8,000 tax credit for first time buyers has been extended to April 30, 2010, one thing the government did to help!
- Interest rates are holding, Conforming Interest rates are steady between 5 and 5.5% for a 30 year fixed rate, and Jumbo Loans are about 1/2% higher, around 6 to 6.25% for a 30-year loan. The same rates as in 1959 through 1966! Yeah!
- I normally don’t get too political with this newsletter; however, finally yet importantly, I have noticed that America is waking up! The November elections are only 9 months away and I, for one, cannot wait!
