While the Federal Housing Tax Credit ended April 30th, you can still take advantage of the California New Home and First-Time Buyer Credits. Qualified buyers may be eligible for tax credits spread over 3 consecutive years totaling 5% of purchase price up to $10,000. State funds are running out so don’t miss this opportunity.

New San Jose Home Buyers who qualify for the New Home Buyer Credit may, but are not required to, request a reservation to a New Condo prior to the close of escrow. New condo reservations will become important as we near the $100 million cap! Any new condos that may not close escrow before the cap is reached should make a reservation with the developer. The reservation will “hold the taxpayer’s/home buyers place in line” until 2 weeks after escrow closes. Taxpayers/home buyers should only request a reservation if they have entered into an enforceable contract on or after May 1, 2010, and on or before December 31, 2010. Home buyers may not reserve a credit if the contract was entered into before May 1, 2010. Taxpayers/Home buyers who only qualify for the First-Time Buyer Credit may not request a reservation.

Requesting or receiving a reservation does not guarantee the credit. An application must still be completed and faxed to FTB along with the final settlement statement within two weeks after the close of escrow. If a buyer requests a reservation and the purchase is canceled, the buyer must notify FTB.

So if you have thought about buying into the many New San Jose High Rises downtown and would like to make use of a free $10k credit, let us help you make the deadline.

* Not intended for the purpose of providing legal, accounting tax advice, or tax consulting of any kind. Please consult with your tax advisor for complete details.

Sales of Million Dollar homes have increased last month from 148 sales in May of 2009 to 251 homes for May of 2010. Could this be due to the fact that the Median price of sales was down during the same time period at $1.3M in May of 2010 from $1.41M in May 2009. This is a change of 8% from last year. Lower the prices of the top tier homes and more buyers will be looking for the move-up option.

There still some issue with the selling of the highest end homes in Silicon Valley as the downtown SanJoseHighRises still have $1.M + penthouses available. These homes in the sky make up the best of downtown living with views that can not be found anywhere else in the Valley. When your ready to make an offer on a High Rise Penthouse make sure you have a professional to represent your interests and not just that of the developer. 

Highest Price Silicon Valley house sold last month for $5.95M in Los Altos, CA.

Many news organizations are talking and the consensus is that the time to buy is today. A year from now, will you be saying, “I should have bought when mortgage rates and pricing were at their lowest?” Don’t be! Schedule time to look through homes today.

Here’s what the news media and real estate experts are saying about today’s market…

Now’s Really the Time to Buy a Home, Many Say
- San Jose Mercury News, 12/4/09

Home Prices Rise in SF Bay Area for Sixth Month
- San Jose Mercury News, 11/24/09

Bay Area Home Prices Zip Up Nearly 7%
- San Francisco Chronicle, 11/20/09

If you have been looking at homes online but have yet to take any tours, now would be the time to do so. Give us a call today and schedual you own personal showing of your favorate Silicon Valley properties.