While uncertainty regarding the fiscal cliff may have had consumers concerned about the overall economy and how taxes would be affected, those who have purchased homes for sale in Los Angeles County and made eco friendly renovations could benefit from a tax credit that has been extended.
The American Taxpayer Relief Act pushed the $500 tax credit through the new year, so projects done in 2012 and in 2013 are eligible. The tax break itself , the non-business energy property tax credit, gives homeowners $500 off their taxes for making approved energy-efficient improvements. Some renovations include the installation of a new front door or other Energy Star labeled appliances and products.
Breaking down the credit, 10 percent of the cost of building materials, not including labor for insulation, windows and doors, greener roods, heat pumps, furnaces and corn-fueled stoves. In addition to savings when filing taxes, homeowners can expect to see reduced utility bills with these changes.
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- We are a full service mortgage brokerage with experience in the areas of mortgage lending, real estate and business. Our company has established relationships with many mortgage investors and banks to provide the best programs for your individual circumstances. We specialize in Conventional, Goverment, Investment, and Reverse Mortgage. We are experts regarding any FHA or VA (veteran) questions you may have. Post any questions or feel free to call our office 818-773-0033. If our clients don't fit into one of the many loan programs offered we promise to help them overcome the roadblocks that can stop them from securing a loan. When purchasing we suggest always getting a pre-approval early on to have ease of mind knowing what amount you will qualify for and make the loan process as smooth as possible.
Friday, May 24, 2013
California home prices surge in April
Owners of Los Angeles real estate might have gained some equity in April, as home prices across California surged.
The median price for a home sold in the Golden State surpassed $400,000 for the first time in five years, rising from $378,960 to $402,760, according to the California Association of Realtors.
"The upsurge in the median price continues to be driven by an increase in sales in the upper- price range, where low inventory is less of an issue," said CAR vice president and chief economist Leslie Appleton-Young.
Prices have been on the rise in recent months, as buyer demand has far outpaced supply in the housing market. Part of the reason demand has been so high is the fact that mortgage rates have been near all-time lows.
However, mortgage rates jumped for the second consecutive week in mid-May, which could help ease demand a bit, but they are still well below averages seen a year ago at this time.
Fifteen-year fixed-rate mortgages rose to 2.69 percent in the week ending May 16, while 30-year loans hit 3.51 percent, according to Freddie Mac.
The median price for a home sold in the Golden State surpassed $400,000 for the first time in five years, rising from $378,960 to $402,760, according to the California Association of Realtors.
"The upsurge in the median price continues to be driven by an increase in sales in the upper- price range, where low inventory is less of an issue," said CAR vice president and chief economist Leslie Appleton-Young.
Prices have been on the rise in recent months, as buyer demand has far outpaced supply in the housing market. Part of the reason demand has been so high is the fact that mortgage rates have been near all-time lows.
However, mortgage rates jumped for the second consecutive week in mid-May, which could help ease demand a bit, but they are still well below averages seen a year ago at this time.
Fifteen-year fixed-rate mortgages rose to 2.69 percent in the week ending May 16, while 30-year loans hit 3.51 percent, according to Freddie Mac.
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