PleasantonHomes.com

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The federal government and the State of California are both offering tax credits to Californians purchasing residential real estate in the spring of 2010.

Federal Credits: First-time home buyers may qualify for up to $8,000 in federal funds, while move-up buyers/long-term residents could qualify for $6,500.

* The tax credit cannot exceed $8,000 for first time buyers, or $6,500 for long-term residents and is calculated on 10% of the purchase price

* The buyer must have a fully executed, binding contract by 04/30/2010, with close of escrow on or before 06/30/2010.

* The purchased property MUST BE the taxpayer’s primary residence (i.e., the one where the buyer/taxpayer lives most of the time)

* Maximum purchase price of $800,000

California Credits: First-time buyers and buyers of new homes (or homes that have never been occupied) may qualify for up to $10,000.

* The tax credit cannot exceed $10,000 or 5% of the purchase price.

* The deadline to have a fully executed, binding contract is December 31, 2010. Close of escrow must occur prior to 07/31/2011.

* The purchased property MUST qualify for the homeowner’s exemption from property taxes AND be the buyers’ primary residence for a minimum of 2 years from the date of purchase.

* Applications will be accepted beginning May 1st, 2010.

* The buyer may wish to reserve a tax credit with a reservation request. In order to do so, the buyer and seller must provide proof of a fully executed, binding contract on or after 05/01/2010 and prior to 12/31/2010.

* Seller must certify that the home has never been lived in

Caveats:

* Only one credit is allowed per taxpayer.
* Buyer does not qualify if they took advantage of a 2009 New Home Credit.

* Buyer must be 18 and over

* Buyer CANNOT be claimed as a dependent of any other taxpayer for the tax year of the purchase

For more information, give Bob a call at 925.487.8734 or consult with your tax adviser

Meadowlark Dairy - One of the treasured destinations of downtown Pleasanton - especially after our popular Concerts in the Park series, or during one of the summer street festivals like First Wednesdays, the Antiques Faire or the Good Guys events at Alameda County Fairgrounds. Kids big and small enjoy the soft-serve ice cream cones or the cool, refreshing slushies. You’d be hard-pressed to find someone who doesn’t have a fond memory of the dairy. Check out the mural, enjoy that cone and check out all that downtown Pleasanton has to offer!

The Alameda County Fairgrounds will be buzzing with thousands of car enthusiasts as they show of their classic treasures this weekend for the 28th Annual All American Get-Together, taking place on March 27th and 28th. Saturday hours are 8 a.m. to 5 p.m., and Sunday is from 8 a.m. to 4 p.m. Over 3,000 cars will be on display with something for everyone - muscle cars, customs and classics. Visitors can also check out the swap meet, vendor exhibits and car sale.

Cost is $17 for adults and $6 for kids ages 7-12. Children 6 and under are free. Parking fee is $8. Visit www.allamericangettogether.com for additional details.

Be sure to check out the Stable Cafe at the fairgrounds for the best no-frills, all-American breakfast in town. To get there, take Valley Avenue and turn in to the fairgrounds at Gate 12, (by the driving range.) Tell the guard you’re going to the Stable Cafe for breakfast, (if he’s on duty that day) then take a hard right when the road ends. You’ll find the restaurant right next to the guard shack for the race horse entry. Tell Esther we sent you.

After you’ve had your breakfast and have checked out the cars, give us a call - we’ll gladly help you find the garage (single family home included!) to go with your newest classic car.

Bob & Deb Cilk
Northern California Brokers
Specializing in residential and investment real estate
Pleasanton, San Ramon, Danville, Livermore, Dublin, Sunol, East Bay

Homeowners interested in the government’s Making Home Affordable program could see their credit score drop by up to 100 points - simply by applying for the program. The rationale is that homeowners would not be applying to participate unless they were already experiencing financial difficulties. The drop in credit rating could sting further when the homeowner applies for a job or for a loan to purchase a vehicle.

Be informed. Before taking drastic measures, be sure to consult with your experienced real estate agents, your accountant as well as your attorney.

If you’d like recommendations, just let us know. We’ve got the names and numbers, and are ready to help. It’s time to get the ball back in your court.

If you are thinking of making the move, visit www.cnnmoney.com/tools and check out “How much house can you afford?”

We are thrilled to announce our affiliation with the newest real estate company in the Tri- Valley, NORTHERN CALIFORNIA BROKERS.  Watch for announcements on our new location - coming soon!  Call us at 925.487.8734 for more details, or visit our websites - www.pleasantonhomes.com or www.eastbaycrossroads.com.  Even in this ‘non-traditional’ real estate market, we remain enthusiastic about our chosen profession, and look forward to serving our clients for many, many years to come….kicking off in 2009.

Our best to you,

Bob & Deb

The old adage ‘Buy Low - Sell High’ is a popular cue to wise investment practices.  Invest when prices are down….and invest for the long term.  This is not the market to ‘flip’ properties, needless to say.  If you’re looking for values though, for the long run, it is time to seriously consider jumping back into real estate.  Don’t wait, however.  As history has proven, everything goes in cycles, and real estate is no exception. 

Today’s inventory in the East Bay is flush with bargains - short sales, foreclosures and more affordable prices.  Activity has increased in the lower price ranges as the investors are out there scooping up ‘bargain’ properties, and first time buyers once again have the luxury of more inventory to choose from.  Competition is heating up for the ‘hot properties’, however.  We are seeing more ‘multiple offers’ again these days.  The banks are wanting to unload the properties and have seriously reduced the prices as a result.  The investors are making offers, and sales prices (for a percentage of the properties) are even topping the asking price.  Investors understand that homeowners who have lost their homes in short sales and foreclosures still need a place to live.  Many of these newly displaced families were hurt by the drastic increase of their monthly payment on the adjustable loans.  While their loan payment when up so drastically, their income did not.  Most times these individuals are still great prospects as tenants, etc.  As such, the rental market is thriving right now as well.  Inventory is low, and prices are higher as a result.

It is interesting to note that most of the foreclosures, REO (real estate owned) and short sale properties on the market today in Pleasanton, Livermore and the Tri-Valley were originally purchased between 2006 and 2008.  Many of these homes are newer.  A good number of those owners pulled out equity from the property and put it right back into the home - banking on the rapid appreciation we enjoyed a few years back.  As a result, some of the inventory is ‘turn key’ or close to it with new kitchens, pools, etc….Of course there are a good number of ‘contractor specials’ out there that have been left in total disrepair, but those are only a small percentage. 

For even more drastic reductions in pricing and larger inventory, the Central Valley, Tracy, Modesto and  and Mountain House have an unbelievable amount of

If you’ve been ‘on the fence’ about making a move, make the time to do a little homework.  Check out our website, or www.realtor.com, for example, to see how far your money can go these days.  Interest rates for 30-year mortgages are again at record lows.  Keep in mind that the limit for conventional loans will be decreasing on January 1st, 2009, however, the change in pricing will only be affecting inventory in the higher price ranges.

For information on available inventory, foreclosure, short sales, REOs or possible avenues for you to pursue to avoid short sales or foreclosures, contact Bob & Deb Cilk at 925.487.8734.

Happy Holidays!

Downtown Pleasanton will close off the streets for this month’s 1st Wednesday Street Party celebration -HOT FUN IN THE SUMMERTIME!

Stroll Pleasanton’s historic downtown as you peruse the specialty boutique shops and savor the aromas of the many delectable, first rate restaurants.  Stop by one of the many booths set up on Main Street and sample wares and services from this month’s featured community and non-profit groups.

Pleasanton’s perfect weather (forecast to be in the mid-70’s) will allow you to sit for a spell and enjoy the talents of local duo, Patty & Abigail.  They’ll be performing at on Main Street by Pleasanton Liquors and Oasis Grille.

For high energy excitement, stop by the beer and wine garden where the memorable band, Night Fever, will perform everything from R&B to disco and 80’s dance songs to today’s top 40.  This high energy, multi-talented band features outstanding vocals, great crowd participation and technical instrumentals. Main Street Brewery will be featuring some micro-brews and selections of Anheuser Busch beer for sale.  Of course, featured wines from our world famous Livermore Valley vineyards will also be on sale.

1st Wednesday goes from 6 p.m. to 9 p.m.  Park on one of the side streets, or bring your bike and save energy.  Hope to see you there!