The economic stimulus package has many provisions which will affect the real estate market. For first time buyers, there is an attractive tax credit which will apply to purchases closed before December 1, 2009. It is important to pay attention to the details of the tax credit and consult with your tax accountant to see if you qualify.
I recently received the following update :
"Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years."
The income qualifcations are based upon "adjusted gross income" which can be affected by many items. Tax filing season is just around the corner. Make your appointment early with your tax advisor to see if you can qualify as a first time buyer for this credit.
Todays blog looks at pending sales data in Palo Alto,Menlo Park,Redwood City and San Carlos. This data is based on sales recorded in the Multiple Listing Service showing "pending status" within the past four weeks for single family homes.
The past four weeks have been very active with many buyers moving forward on properties that reflect value in a market that is driven by limited land.
Palo Alto data indicates 19 pending sales with an average list price of $1,482,395. The average days on market data indicates 61 days.
Menlo Park data indicates 30 pending sales with an average list price of $942,985. The average days on market data indicates 65 days.
Redwood City data indicates 53 pending sales with an average list price of $693,011. The average days on market data indicates 84 days.
San Carlos data indicates 18 pending sales with an average list price of $1,088,658. The average days on market data indicates 71 days.
It is important to realize that averages are just that: averages. For example, Palo Alto pending sales list prices ranged from $2,425,000 to $849,000. This data indicates a very active January market.
Today's blog takes a look at average sales price data for both the Allied Arts/Downtown area of Menlo Park and the Willows/O'connor area of Menlo Park. This data is pulled from Multiple Listing sales data and does not reflect any sales that may not have been reported to the MLS. It is based on single family home sales.
The Willows/O'conner area had an average sales price of $1,278,000 in December 2007. In December 2008, the average sales price was $1,118,000. This data indicates a 13% adjustment from December 2007 to December 2008.
The Allied Arts/Downtown area had an average sales price of $1,551,000 in January 2008(no sales data reported for December 2007). In December 2008, the average sales price was $1,228,000. This data indicates a 21% adjustment from January 2008 to December 2008.
It is important to note that average sales price data can be dramatically impacted by sales of larger more expensive luxury homes in any given month.
Currently there are 65 active listings in Palo Alto. The MLS data shows 15 pending sales. (Single Family Homes)
Currently there are 83 active listings in Menlo Park. The MLS data shows 21 pending sales. (Single Family Homes.
For those buyers looking to purchase for under one million dollars, there are 30 active listings in Menlo Park listed under one million dollars(Single Family Homes). Palo Alto has seven active listings listed under one million dollars(Single Family Homes).
Want to learn more? Email me today for a more detailed review.
Today my blog looks at active listings and pending sales in San Carlos. Currently there are 46 single family homes listed as active on the Multiple Listing Service. Eight of these homes are listed for less than one million dollars. MLS data indicates 16 pending sales as of this date.
Buyers continue to seek premium locations with attractive pricing. If you are looking to purchase in this market it is important to get prequalified and keep in contact with your mortgage broker throughout the search process.
If you are in downtown San Carlos and looking for a park bench, try the downtown park located on Laurel Street.
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Serving the Mid-Peninsula: Los Altos, Palo Alto, Menlo Park, Woodside, Atherton, Redwood City,Belmont,San Carlos and San Mateo. Let me put my experience to work for you!
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