Great Buy in Los Gatos

239 Prince Street, Los Gatos $899,000

Open House Sat & Sun 1-4PM

This lovely Los Gatos home features many new upgrades, including new Arts & Crafts style lighting, designer paint colors, dual paned windows and a high efficiency heating and air conditioning system. Located in a wonderful neighborhood nestled against the foothills, this home is in the district for Marshall Lane Elementary School – a California distinguished school.

More Info & Photos: www.239Prince.com and www.239Prince.info

If you would like a private viewing of this home email me.

Tracy Pina

More on the First Time Homebuyers Credit...

First-time homebuyers also get a tax break under the plan. A credit would allow them to subtract $8,000 from the income tax they owe for 2009 for a principal residence purchased through Nov. 31, 2009. It phases out for individuals with adjusted gross income between $75,000 and $95,000 ($150,000 and $170,000 for joint filers). The credit is also available to taxpayers who haven't bought a home for the past three years. The homebuyer credit doesn't have to be repaid if the home isn't sold for at least 36 months.

More questions or interested in taking advantage of this FREE money? email me.

Tracy Pina

Federal Stimulus Update

Recently the U.S. Senate unanimously adopted an amendment to the tax portion of the stimulus package that would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit, for all purchasers, not just first-time homebuyers, in 2009 for a primary residence. Taxpayers would claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principal residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

The House-passed version of the bill continues the current $7,500 credit for first-time homebuyers and eliminates the repayment feature of the credit, but only for purchases that occur between January 1, 2009 and June 30, 2009.

The Senate legislation so far does not include the loan limit increase for FHA and GSEs, but NAR is urging its inclusion. The House-passed bill reinstates and makes permanent last year's temporary FHA and conforming loan limits of $729,750, as sought by NAR. Limits currently are $625,500.

(This information was received by me from my local board, the Silicon Valley Association of Realtors)

If you would like more information on this please email me.
Tracy Pina

3 Great New Listings in Willow Glen

Top picks from Willow Glen's Broker Tour today...

1. 1516 Cherry Garden Lane, List Price $1,089,000 - A fabulous home in a GREAT neighborhood. 3/3, 2,427+/-SF. The pictures do not do this house justice - if you are at all looking in the market and know this is in your range you need to see it. It was the best of tour today.

2. 1176 Britton Ave, List Price $779,000.

If you are looking for a downtown location at a great price Britton is it. 3/2, 1,378+/-SF, 10,260+/-SF Lot (attn builders!).

3. 2858 La Jolla Ave, List Price $559,000.

Located on the Cambrian border, this is a home with good bones in GREAT schools (Bagby, Ida Price). Value consensus today was $500,000 - get to it soon before the MLS price gets reduced - once it does, it'll go quick.

For more information on these homes or others in email me.

Tracy Pina

The Latest Market Update - REOs Continue.

Hot Statistic: 236,000 foreclosures in California in 2008, 560 were in December.

This WEEK: Pending sales are UP, Inventory is DOWN. Why? Investors, foreign and local are buying as much as they can, Sellers are holding/contemplating what to do, Banks are holding back inventory (for now).

So What is Going On Right Now?
Fannie Mae in pressuring banks to offer rent backs to owners (or former owners). In addition, the banks are holding more of their inventory... for the time being. There are initiatives and movements across the United States to assist homeowners with keeping their homes and/or staying in them.

Locally, we have seen what looks to be a bottom on the East side of the Bay. Expect prices to remain flat for the next several years - up to 5 years. Rental rates have continued to increase - what was renting for $1,400 a few months ago is now renting for $2,000. This presents a great market for investors. That being said, we are beginning to see foreclosures come to the West side which will quickly be followed by pricing pressure (we've already begun seeing it).

What does all this mean for the market and for you?
A likely extension of the recovery - we are now looking out to 2012, versus 2009. For buyers, it means great opportunities now and more to come. For those contemplating selling in the near term, give serious consideration to modifying your plans and staying for the next 5-8 years. If that doesn't fit, the best time to sell is probably right now.

If you want more information specific to your neighborhood, email me.

If you are interested in investing and want more details on the REO (bank-owned) market, email me. There IS a method to the madness and a way to win in this multiple offer, low communication, low information market segment.

Tracy Pina