Schwarzenegger’s New Homebuyer Tax Credit Starts May 1

Different Than The Previous First Time Buyer Credit

Palo Alto Home Sales = Multiple Offers

Every week, we have staff meetings to discuss listings, sales etc. and we are seeing a change in the market that I thought would be interesting to pass along to all of you.  I know you’ve seen me write for the past couple of months that the published stats will start to support what I am seeing on the market.  Here is an example of just one segment of the market as reported in last weeks meeting, and this is only from Alain Pinel.

1. 5 offers received on 2553 Emerson street in Midtown Palo Alto with 3 bedroom, 2 bath, 1784 sf.  Listed at $1,398,000 and went  pending within a week on the market. Top offers went over $1.5M.

2. 4 offers on 2671 Emerson with 4 bedroom, 2 bath listed at $1,648,000, sold to an all cash buyer. No contingency, as is, quick close clean offer.

3. 6 offers on 3250 Murry way with 3 bedroom, 2.5 bath 1548sf, listed at $1,098,000 sold within a weeks.

4. All cash buyer bought 2340 Dartmouth house for its tear down value and will rebuild it. It was listed at $1,295,000 last year. Sold off the market.

5. Approx. 3 offers on 3715 Whitsell with 3 bedrooms, 1 bath listed at $895,000.

6. One all cash offer was received on 3145 Emerson new construction house. Seller rejected the low ball offer.

7. Multiple interested parties are taking disclosure packages for 601 Matadero.  Multiple offers to follow.

The same thing is happening in Menlo Park, Atherton and areas along the Peninsula.

Home Sales Surge As Tax Credit Deadline Approaches

But What Will Happen After April 30?

Lower Your Propety Taxes Now!

Property Taxes Being Reduced
Santa Clara County Assessor Reductions Growing

Keep your deadlines in mind if you want to get a review of or appeal their property tax assessment.

The Santa Clara County assessor’s office is one of 10 in the state that mails assessment notification cards to homeowners early every year. This year the notification cards will be sent out to 465,000 property owners on June 23.

The assessor’s office received thousands of requests for informal reviews and reductions which led to a reduction in value of 98,000 properties, which took a total of $19.3 billion off the county’s assessment roll. They believe most reductions will carry over this year, and an additional 30,000 to 40,000 properties will be placed on Proposition 8 temporary assessment relief status, as well.

Homeowners are asked to wait until they receive their notification card before asking for an informal review or appeal. In the meantime, homeowners can gather information regarding the value of their home based on values at the beginning of the year. Remember, in accordance with Proposition 8, the market value of a property has to drop below the assessed value before a homeowner can seek a property assessment reduction. The time to take note of comps begins on the lien or valuation date, which is January 1 of the current year.

Once homeowners receive their assessment notification cards, they have until August 15 to seek an informal review. Homeowners can do this online by going to www.sccassessor.org/state. Homeowners have between July 2 and September 15 to file a formal appeal. Requests for appeals cannot be considered past the deadline.

Each year the county’s assessment roll growth has declined. In 2006, the roll grew 9.6 percent; 2007, 8.3 percent; 2008, 7 percent. Last year, the roll grew by just 0.18 percent. They expect the roll to be negative this year.