BLOG - Marin Real Estate

Stafford Lake, Novato, CA

The last time I did a blog post on Novato Real Estate Market Statistics was back in November, 2008 - almost seems like an eternity; so much has happened in the past four months.  I have to say, the fun and challenge is all in there.   

Novato Real Estate Market statistics stays pretty flat with a few big gain in percent pending - under $500K starter single family homes had a gain of 10% to a strong sellers market at 51% pending; the midrange, properties between $700K and $800k enjoyed an 8% increase in pending.  The total now reach 27%, moving towards the right direction. 

The Biggest gais are the over $1,25M market - I guess people with money can take advantage of the softening market and buy luxury homes when the prices are low; a couple I know bought with cash! One thing to keep in mind is that due to the very small volume of the homes avaialbe, a house or two sale makes a huge difference percentage wise. 

The ratio is held steady by dwindling inventory - overall inventory dropped by another 20%, from 370 to 305. This can be attributed to several reasons -

* The normal beginning of the year brings slower new inventories

*  The bail out plan gives many home owners hope and they decided to refinance or negotiate for a 'loan modification'  Whether they will get their loans modified is irrelevant for this moment.  The reality is it brings down the available homes market. 

* Sellers are holidng onto their properties for the right moment - either the prices go up or when they HAVE to sell.  This also limits the inventory.

This is a great time to buy, with bargains abound, whether it's in Novato, San Rafael or Southern Marin.  Bank owned homes or sellers with plenty of equity are pricing homes low to attract multiple offers. 

Make Sure You do not spend TOO MUCH time waiting for the right price and when you finally buy, you already missed the bottom of the market.

Just Remember, The Bottom of the Hill is all hindsight - You don't know it's here and when you discover it's the bottom, you have already missed it!

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com for inventories on the market, whether REO, Trust Sale, start home, luxury homes.. I will be very happy to find the best house / investment property for you! 

It will be a pleasure to serve you!  

• Buyer’s Market  < 25%
• Neutral                25% - 40%
• Seller’s Market   > 40%

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frank Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

SERVING MARIN, SONOMA, S.F. BAY AREA - FOR ALL YOUR REAL ESTATE NEEDS Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.

FEDERAL TAX CREDIT FOR FIRST TIME HOME BUYERS

This post addresses the Federal Tax Credit for First Time Home Buyers.  Look for new post for California Tax Credit.  Note that the Federal and California tax credits are very different from each other, and the methods for claiming the credit are likewise very different.

The good news is that the first time home buyer credit allows qualifying home buyers who bought their homes between April 8, 2008 and December 1, 2009 to claim their first home buyer tax credit.  

1. FEDERAL TAX CREDIT (FIRST-TIME BUYERS ONLY)

Amount: $8,000 if home purchased in 2009, but no more than 10% of the purchase price of the home (half that amount if married filing separately). $7,500 if purchased before 2009.

Expires: December 1, 2009

Only First-Time Homebuyers Can Claim the Credit: In general, buyers can claim the credit if they are a first-time homebuyer. Buyers are considered a first-time homebuyer if:

• They purchased their main home after April 8, 2008, and before December 1, 2009.
• The buyer (and spouse, if married) did not own any other main home during the 3-year period ending on the date of purchase.

Main home. A main home is the one the buyer lives in most of the time. Not limited to new construction. It can be a house, houseboat, house-trailer, cooperative apartment, condominium, or other type of residence.

The Credit Cannot Be Claimed If:

• The buyer’s modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).
• The buyer is a nonresident alien.
• The home is located outside the United States.
• The buyer acquired their home by gift or inheritance.
• The buyer acquired their home from a related person.

No Repayment of Credit: There is no repayment of this credit if the home is purchased in 2009. However, the buyer must repay the credit if the home ceases to be their main home within the 36-month period beginning on the purchase date. (Note: For homes purchased before 2009, the tax credit is subject to repayment rules.)

Call Sylvia (415) 717-0293 or email Sylvia if you have questions or need help with property reassessment or any other real estate related assistances.

Property value in Marin County is not immune from the current housing crisis; homeowners who bought their homes during the past few years have seen their property value decline. 

Proposition 13 allows homeowners to keep their property tax to no more than 2% annual increase during the time when property values are going up until the property changes hand.  This works wonder for homeowners when property value is in upswing.

On the other hand, Proposition 8 protects homeowners when the property value drops below the current market value by allowing reassessment of their properties when the market value of their home is less than the assessed value of the home.  This results in a lower property tax which is in sync with the current lower market value.

Depending on the location and types of the homes, the price drop might result in current market value to be much lower than their homes' taxable (assessed) value.  Marin Homeowners whose property value is lower than the current market value should ask for a reassessment from Marin County Tax Assessors so they can lower their property tax bill.

To request a reassessment of your property value, you will need to provide Marin County Tax Assessor's office with the value of three current comparable properties that are sold around 01/2009 (no later than 03/2009). 

Fill out the 'Request for Informal Review of January 1, 2009 Reassessment' and follow the very simple direction.  Your request has to be in before 12/31/09. 

If you need help with comparable values of homes, please feel free to contact Sylvia (415) 717-0293 and I will be very happy to help.