Hi Desert Real Estate Forum

Whether you are a first-time home buyer, or interested in moving from your current home to a larger one, or downsizing, The Southern California Homebuyer’s Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day, power-primer on the home buying process, packed with more than two dozen educational "how-to" seminars designed to help you navigate today’s real estate market with confidence and peace of mind.

The decision to purchase a home may be one of the biggest choices you make in your lifetime, and certainly one of the most complicated. But if you are armed with information and educational tools about your buying power and how the home-buying process works, your dream of becoming a homeowner may be easier to achieve than you may think.

The Southern California Home Buyer’s Fair will provide you with access to a wide selection of free seminars presented in English and Spanish, covering a wide range of topics, including: how to qualify for a home loan; understanding your credit score; finding a loan that best suits your budget and long-term goals; understanding the tax benefits of homeownership; how to avoid fraud; the dos and don’ts of the home-buying process; how to chose and work with a REALTOR®, and more!

The Home Buyer’s Fair is being held April 12^th and 13^th and the Los Angeles Convention Center and is free to all attendees. Mark your calendar and plan on attending.

With current market conditions lending themselves towards a buyer’s market the question becomes is it better to leave your home vacant while trying to sell, or rent it. While renting your home presents its own set of problems, such as tenant damages, there are many benefits to using your home as a rental.

The seller retains their capital gains exemption if they have occupied the property for two of the last five years. So there is a three year window for rental opportunity while the seller waits for the market to come back.

Even if rental income doesn’t cover the entire monthly burden, it can greatly reduce the negative cash flow. While not all sellers will be in a position to carry the negative, a seller that can manage can reap benefits upon market correction.

Any repair or improvement cost is tax deductible once the home is rented. This can provide opportunities for improvements while getting a break on taxes.

Finally, an empty home is difficult to insure and may become a target for vandals.

Being a landlord is not for everyone, there are many pitfalls and risks, but given the right situation a seller may be able to take advantage of the positive aspects of rental ownership while riding out this market and ultimately recover some, if not all, of their lost equity.