Castro Valley Home Team

Family Fire Safety

December 19, 2013 in Tips, Uncategorized - Leave a Comment
Family Fire Safety

FEMA reports that each year more than 2,500 people die and 12,600 are injured in home fires in the United States, with direct property loss due to home fires estimated at $7.3 billion annually. Most home fires can be prevented. Here are some ways to prevent fires.

  1. Install smoke alarms outside of every bedroom and on every level of your home. It should be properly installed and maintained. According to the National Fire Protection Association, almost two-thirds of home fire deaths resulted from fires in properties without working smoke alarms.
  2. Never overload circuits or extension cords, electrical fires could result. Inspect outlets and power cords on a regular basis.
  3. Chimneys should be inspected annually.
  4. When using space heaters, allow enough room between the device and items such as clothing or flammable liquids.
  5. Do not leave pans on an open flame unsupervised, most residential fires begin in kitchens.
  6. If you must smoke, do it outdoors. Cigars and cigarettes common culprits of fires.
  7. Instead of standard candles, consider flameless, they provide the same functions, but are a lot safer.

Visit www.fema.gov for more information.

Negotiate your way into your dream home.

December 9, 2013 in Buyers, Uncategorized - Leave a Comment
Negotiate your way into your dream home.

Whether you are buying your first home or looking to downsize after retirement, negotiation skills are crucial in getting what you want. Here are some tips for homebuyers trying to negotiate with sellers.

  1. It is always advisable for buyers to get preapproved, not just prequalified. Pre-approved buyers have an edge over potential buyers who have only prequalified for a loan. Preapproval means the buyer has attained a conditional commitment in writing for an exact loan amount from a lender. This saves time and a quick closing may be appealing to a seller.
  2. Do your homework before you make an offer. Confer with your qualified real estate agent to decide how much a property is worth. After researching comparables, crime statistics, local schools and considering the length of time the property has been on the market-make an educated and realistic offer. If you come to negotiations with facts to back up your offer, the seller may be more willing to meet your price.
  3. Find out the seller’s motivation. Do your due diligence when it comes to finding out as much as you can about why the home is for sale. If a property is vacant, perhaps the owners are anxious to unload the property. It is important the sellers see a human face on the other end of the sale. This may work in your favor, though be careful not to over share with the sellers, exposing your motivation or finances.

Feel free to give us a call at 510.969.2848 if you have any questions about buying a home.

This information is courtesy of Century 21 life@home newsletter.

6 Tax Facts Every Home Owner Should Know

July 24, 2013 in How to, Real Estate News, Uncategorized - Leave a Comment
6 Tax Facts Every Home Owner Should Know

6 Tax Facts from the IRS

Most home owners are well aware of the tax advantages of home ownership. But, make sure you know the rules before selling your home. Here are 6 facts published by the IRS you should keep in mind:

  1. If you’ve owned and lived in your home for two of the five years prior to selling it, you can generally exclude up to $250,000 of capital gains ($500,000 on a joint return in most cases).
  2. You are not eligible for this exclusion if you sold another principal residence within the past two years and excluded the allowable gain from your income.
  3. If you can exclude ALL of the gain from the sale of your primary residence, you don’t need to report the sale on your tax return.
  4. If you have a gain on your principal residence that exceeds the allowable deduction, it is taxable.
  5. You can’t deduct a loss from the sale of your primary residence.
  6. Special rules may apply when you sell a home for which you’ve received the first-time home buyer credit. (See IRS publication 523, “Selling Your Home,”  for details.)

Can a Property Taxe Base Transfer Help You?

If you are interested in selling your current home and buying another one, you should explore if you can take advantage of a Property Tax Base Transfer (especially if you are 55 years or age or older or if you are permanently disabled) The property tax base transfer is an option where by your County may allow you to sell your home and then purchase another home (subject to purchase price limits and limited to the homes being located in participating Counties) and transfer your existing property tax base. This could be a significant savings you can take advantage of.

Is now the right time for you to sell? Property values in Castro Valley are on the rise. Take a look at our latest Neighborhood Sales Report for more information.

Feel free to contact us today. We would be happy to explore your options and answer any questions for you.

Castro Valley: What has your home done for you lately?

July 17, 2013 in Real Estate News, Uncategorized - 2 Comments
Castro Valley: What has your home done for you lately?

Looking at recent sales data, it is clear that home values in Castro Valley are on the rise for the first time in years.  The median sale price during the second quarter of this year was $593,423, an increase of over 11% from the median price of $534, 900 just 3 months earlier. If we look at the last 12 months, the median sale price is up 27%. While gains like these are outstanding, they are even more impressive when you consider that most of the gain may be tax free if you lived in that home as your main residence for 2 of the last 5 years!

Even if you are not considering a move right now, knowing your home’s current value is still important. If you’re like most people, the home you live in is the largest asset you have. The fact that it is also the place where you and your family spend most of your time makes it even more important to know its worth. There are several reasons why you should keep up-to-date on your home’s value:

  • Refinance: Reduce your monthly expenses by refinancing your loan.
  • HELOC: Use a Home Equity Line of Credit to finance desired upgrades.
  • Peace of mind: Know exactly where you stand financially.

A proper valuation arms you with information on your home and your financial position. Feel free to contact us with any questions.

*Home prices based on information from Bay East Association of Realtors

Neighborhood Sales Report – April – June 2013

July 12, 2013 in Neighborhood Reports - Leave a Comment

Castro Valley home values have increased by 27% over the last 12 months.

So, how much is your home worth? When determining your home’s value, websites like Zillow and Trulia are a good place to start, but do not take into account the things that make your home special.

  • Have you made upgrades that increase your home’s value?
  • How close is your home to neighborhood amenities?
  • What unique features make your home standout?
  • How does the size, topography and landscaping compare to other homes?

You need a professional realtor to help you determine your home’s value. We will give you a free, professional valuation for your home. There will be no high-pressure sales tactics, no hidden commitments.

Matrix of recent home sales.

Interesting Fact: How QE affects you as a homeowner.

Ever wonder how you are directly affected by decisions made in Washington? The fact is, the implementation of QE has helped the Real Estate market stabilize and recover. The acronym QE is short for Quantitative Easing and is the name used to describe the action taken by The Federal Reserve to buy Mortgage Backed Securities and Federal Bonds. The net effect has been a significant drop in interest rates. The fall in interest rates means more buyers are qualifying to purchase homes and home prices are rising as a result. If you have been considering selling your home given the current market conditions and the significant lack of inventory now is the best time to explore your options.

Feel free to contact us with any questions.