Joel Dameral's South Lake Tahoe Real Estate Blog (530-545-8827)

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Here are just a few family friendly events for Friday Dec 4th and Saturday Dec 5th.

Friday Dec 4th

1. South Lake Tahoe Community Tree and Menorah Lighting from 5 to 7pm.  This is hosted by the Lake Tahoe Visitors Authority at the Visitors Center, 3066 Lake Tahoe Blvd.  The event will feature appearances by Santa and Mrs.  Clause along with their elves.  Fee sleigh rides courtesy of Borges Sleigh Rides.  Complementary refreshments and will be provided.  Please bring canned food or a toy to benefit Christmas Cheer.  For more info call Lake Tahoe Visitors Authority at 530-544-5050.
2. Tahoe Art League Holiday Boutique from 5-7:30 pm.  This is located next to the Community Tree and Menorah Lighting.  Come in for hot cider and see the unique Holiday gifts made by local artist.

Saturday Dec 5th

1. Huge Estate Sale from 8:30-4:00.  816 Hazel Drive in South Lake Tahoe.
2. Tahoe Figure Skating Club’s Christmas on Ice at the South Lake Tahoe Ice Arena from 5-6pm.  Local figure skaters perform to holiday music.  The Lake Tahoe Elementary Choir will perform.  Call 530-416-2324 for more information.
3. Breakfast with Santa from 9-11am at the Kahle Community Center located at 236 Kingsbury Grade in Stateline.  The pancake breakfast will be prepared and served ty firefighters from the Tahoe Douglas Fire District.  Tickets are $2 and pre-registration is recommended.  Call the community center for more information 775-586-7271.
4. The South Lake Tahoe Branch Library is seeking volunteers of all ages to help make wreaths and tree ornaments for assisted care patients at Barton Hospital form 10 to noon.  1000 Rufus Allen Blvd.  Enjoy Christmas music and refreshments.  Call Jan at the library for more information 530-573-3185
5. Chamber mixer with Santa from 2-5pm.  Located at 4000 Lake Tahoe Blvd #29.  Santa will be on-hand for free photos with children.  For more information call 530-542-5060.

Hope you have a good weekend…..

Image via CrunchBase

Here are some tips to help improve your credit score. 

1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus—Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.

2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.

3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.

4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.

5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.

6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.

7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.

9. Beware credit-repair scams. By all means, don’t pay someone to wipe away the negative items in your file. If they don’t follow through, the damaging items will reappear in two or three months.

You may also consider talking to your lender also for other options when your credit score is not were you would like it to be.

Image via Wikipedia

The California Highway Patrol is starting its annual Chips for Kids program on November 23rd.  They will be collecting food, new unwrapped toys,  and new or lightly used jackets.  The items will be donated to such local organizations as the Lake Tahoe Women’s Center, Christmas Cheer, and St.  Catholic Church.

For questins please call Officer Jeff Gartner at 530-577-1001.

Prescribed Fire Information
Update

U.S. Forest Service
Lake Tahoe Basin Management Unit
35 College Drive
South Lake Tahoe CA 96150
(530) 543-2600
www.fs.fed.us/r5/ltbmu

Date:  November 16, 2009

Contact:  Public Affairs, Cheva Heck 530-543-2608 or Rex Norman 530-543-2627

PRESCRIBED FIRE UPDATE FOR TUESDAY, NOVEMBER 17, 2009

South Lake Tahoe Calif.–U.S. Forest Service Fuels Management Crews will begin prescribed fire operations in the Cave Rock and Lakeridge areas starting Tuesday, November 17, 2009, as weather and staffing allows.

Residents and travelers can expect to see smoke from prescribed fire project areas.

Other fire protection agencies, state and local, may also be conducting prescribed fire operations during this period.

This and other prescribed fire projects are designed to reduce wildfire risks to communities and critical resources. Smoke management is part of every prescribed fire burn plan, and efforts will be taken to reduce actual or potential smoke impacts on community areas.

To learn more about the efforts to reduce catastrophic wildfire risks in the Tahoe Basin, visit:
http://www.fs.fed.us/r5/ltbmu/documents/fuel-reduction-projects/10-year-plan/LTBCFP_Public_Presentation_8_3.pdf.

Take a few moments to visit an excellent web site and learn about Prescribed Fire vs. Wildfire at: http://www.smokeybear.com/good-bad.asp.

Stocks Swell on Monetary Promises
Last weekend, the G20 stated that they would continue to support global economies which caused stocks to jump earlier in the week.  The G20 finance ministers said they would maintain their current plan to stimulate their respective economies with emergency support initiatives although many nations are already recovering.  The plan to keep pumping money into the global system in order to spark growth is seen as a positive sign for businesses by most equity markets, and shows the commitment of the world’s largest economies to the current monetary policy strategy.
The Dow Jones Industrial Average was up roughly 1% in early afternoon trading on Friday, reaching its highest levels since October 2008.  Positive earnings reports and lower crude oil prices helped to offset weaker economic data on Friday. The Crude December contract was down about 0.4% at $76.67/barrel in the early afternoon.  Some cause for caution still remains, with the University of Michigan/Reuters consumer sentiment index declining from last month, which raises concern about the consumer side of the economic recovery and the prospects for retailers in the upcoming holiday shopping season.
Investors continue to hedge against inflation and devaluation of the U.S. Dollar by driving up the price of precious metals.  The price of gold is up over 25% while the price of silver has jumped nearly 60% since the beginning of the year.  Gold prices traded slightly higher on Friday afternoon to $1,116/ounce.
While precious metals are a traditional place to park capital to offset expected inflation by institutional investors, the current sustained plateau of demand seems broader based of late, with a larger amount of physical metal purchases by new investors both in the U.S. and abroad.  Additionally, the recent purchase of 200 metric tons of gold by India’s central bank from the IMF, along with the large Canadian miner Barrick Gold painfully unwinding its massive book of hedges, both suggest that the price of gold will likely continue to rise in the near term.

The Economy
The University of Michigan/Reuters consumer sentiment index fell to a reading of 66.0 from 70.6 in October.  This is the second straight month that the reading has declined which sparks concern as to whether U.S. consumers are onboard with the supposedly ongoing recovery.  Rising unemployment and weak wage growth has crimped the U.S. consumer which may hurt holiday shopping this year.
Initial unemployment claims continued to decline this week which gives optimism that things are stabilizing on the labor front.  The Labor Department reported on Thursday that initial claims for unemployment insurance fell by 12,000 to 502,000 in the week ending November 7 which is the lowest since January.

Housing Market
National average mortgage rates declined from the previous week to 4.91% in the latest Primary Mortgage Market Survey released weekly by Freddie Mac on November 12th.  This is the second straight week that mortgage rates have declined and the lowest they have been in a month.  Fixed mortgage rates continue to sit at historically low levels.  In the week ending November 6th, the MBA’s seasonally-adjusted purchase index dropped 11.3% from the previous week and was down 22.4% compared to the same time last year.  This is the fifth straight week that purchase applications have declined and the lowest the purchase index has been since late December 2000.

Image via Wikipedia

Well its that time of the year again.  The 2009 Turkey Trot will be held at Bijou Community Park on Al Tahoe Blvd on Saturday, November 21st rain or shine.  All participants are encouraged to bring one non-perishable food item to donate to Christmas Cheer.  Those of us that are 18 and older have a $2.00 entrance fee, the young ones are free.

The events are sponsored by the South Lake Tahoe Optimist Club, Tahoe Mountain Milers, and the City of South Lake Tahoe Parks and Recreation Department.

Registration starts a 10am.  Kids races start at 11am, and the adults race starts at 12 noon.  There are events for the whole family from the 25 yard dash for the 3 and 4 year olds to the 2.7 miles for the adults.

1st place is of course a turkey.  I am shooting for 2nd or 3rd however because of the pumpkin pie for those slots.  Gobble Gobble…..

For other information pleas call 542-6056.  See you there.

Image by Casey Hamilton via Flickr

I started making a list of things to do before the snow flies and I thought I would share it with you…  Please feel free to add anything you wish in the comments.

1. Tune the furnace and replace filters.
2. Clean fireplace and chimney.
3. Roof repairs that you have been putting off (like me).
4. Clean all the pine needles and leaves out of the gutters
5. Check heat tape.
6. Turn off sprinkler system.
7. Put hoses away (the snowblower loves to eat them).
8. Close the underhouse vents (after I get the squirrel out).
9. Winterize the lawn and garden.
10. Prepare for snow removal.  Ideally hire someone for this but at the very least have fresh gas for the snowblower and shovels handy.
11. Plan for the holiday light decorations (I try to put them up before it snows).

Hope this list helps you get thinking about all you need to do before we strap on the skis and boards (or chains).

Buying a home can be a dauniting task that has both risks and rewards.  The following is a shortened version of an article that first appeared in October on RISMedia.  I think that is offers some usefull information for those people who have their sights set on the “foreclosure”.

Buying a foreclosure often is appealing to buyers trying to stretch their dollars. It’s finding a good one can that can be a challenge.  Finding the bad one is easy.

The vast majority of the banks don’t want us to advertise them as ‘bank-owned’ because it comes with a negative connotation.   This means no sign on the front lawn indicating the home is anything other than a traditional sale. A buyer probably won’t find a property advertised as a foreclosure on marketing materials.

Plus, in some markets, including Las Vegas, foreclosure inventory is actually down compared with last year as government programs attempt to keep owners in their homes and banks aren’t putting as many homes on the market.   This is making it harder for buyers to purchace a foreclosure, and those paying with cash often win a bid over someone who needs financing.

If you’re considering the purchase of a home that is now owned by a bank, it’s also important to know at the outset just how much work you’re in for — and how much it is going to cost you. Many foreclosures are in various states of disrepair; some of the fixes are cosmetic, but some can be extensive.

Those looking for the best deal probably shouldn’t rule out non-foreclosure properties.

Image by Getty Images via Daylife

RISMEDIA, November 6, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.