California’s New Home Construction Tax Credit of $10,000 For Home Buyers Almost Gone

By Alicia Lanier, REALTOR

Apparently even $100,000 million in tax credits for California homebuyers wanting to purchase a newly constructed home or condo is not enough for the pentup demand of buyers finally deciding to risk jumping off the fence! Only about 20% of the funds, which were intended to last until March 2010, are now available – and much of that amount may already be earmarked for transactions in the pipeline. Check cnnmoney.com for an article with full details on how the program works and its current status.

Along with the $8,000 federal tax credit for first time homebuyers, the California tax incentive was intended to spur home purchases. The California tax credit is available only for new construction.

Related Blog Post:  http://hometownsiliconvalley.wordpress.com/2009/05/29/faq-8000-tax-credit-for-2009-home-buyers/

TIP: Whether you are considering buying or selling a home or investment property, call me at 408-491-1634 with any real estate questions, to obtain photos and details about homes for sale,  or to learn the potential selling value for your home.

Drought + Recession: It May Be Time To Explore A “Green Makeover” of Silicon Valley Yards

By Alicia Lanier, REALTOR

One of my colleagues has a true green thumb and it is most evident in the eye-catching landscaping admired by all in her Willow Glen neighborhood and the fresh produce enjoyed by friends lucky enough to be invited to dinner.

Not too long ago, she and her husband invested in a true green makeover of their yard, replacing old thirsty grass and plants with new foliage requiring less water and also installing a new water-conserving irrigation system. Their timing could not have been better, with the Bay Area now facing its first drought in 20 years and a recession straining the pocketbooks of many.

Several Bay Area water providers have a rebate program to encourage water-conserving measures in landscaping. On average, half of residential water use gets poured on thirsty lawns, non-native shrubs and other plants outdoors. And a lot of it is just plain wasted by outdated, inefficient or malfunctioning irrigation systems. So, it just might be time to call your water provider and ask for a free “water audit” and learn how a rebate program might help with a green makeover of your lawn.

TIP:  Attractive landscaping and a watering system helps the resale value of a home.  If you are considering buying or selling a home or investment property, call me at 408-491-1634 with any real estate questions, to obtain photos and details about homes for sale,  or to learn the potential selling value for your home.

Summer Housing Slump in Silicon Valley? Not Exactly.

By Alicia Lanier, REALTOR

Distressing housing news continues, the latest being that foreclosures in the Bay Area as of May are up by 18% over the same time last year and throughout California up by 23%. (California ranks #2 in the U.S. in numbers of foreclosures in May, with 1 of every 144 homes taken back by the lender.)

On the other hand, anecdotally at least,  foreclosured single-family homes and condos in the Bay Area are being snapped up by buyers – frequently with multiple offers - very quickly once the “For Sale” sign goes up. “Short sales” where the seller owes more on a home than its selling value are a different story, with lenders who respond slowly and often negatively still the norm. Most short sales will end up in the foreclosure pipeline.

Our Coldwell Banker agents continue to report that sales are brisk, with many noting multiple offers on the low end (many of them foreclosures) and increasing sales in the $1 million to $4 million neighborhoods as well. And, inventories of homes for sale are shrinking.

Rick Turley, Coldwell Banker president, notes:

“…both San Mateo and Santa Clara counties took a big jump in May in $1 million+ properties, with the number of May sales up 32% over April, and the median price the highest since April of 2008. Similarly, in San Francisco, median price jumped 27% over prior month to $1,750,000 and highest number of sales since last September. The prevailing commentary you’ll hear in any areas that are experiencing increased high-end activity is very careful selection of listing price and great attention to detail for showing condition of the property.”

TIP to POTENTIAL BUYERS: Continue to “fence sit” at your own risk. Whether you are considering buying or selling a home or investment property, call me at 408-491-1634 with any real estate questions, to obtain photos and details about homes for sale,  or to learn the potential selling value for your home.