Real Estate Information Archive

Current real estate market statistics (single family homes) for the Willow Glen area of San Jose, CA:

For Sale in Willow Glen

• Number of homes listed for sale:  191
  
• Lowest list price:  $295,000
  
• Highest list price:  $2,950,000
  
• Number of REO banked-owned homes:  11
  
• Number of Short Sale homes:  23
  

Sold in Willow Glen

• Number of homes pending sale:  134
  
• Number of homes sold in last 30 days:  40
  
• Lowest sale price in last 30 days:  $425,000
  
• Highest sale price in last 30 days:  $2,000,000
  
• Median sale price in last 30 days: $740,000

Here are the real estate trends for Willow Glen:

Data source:  MLS Listings

Want more information about the market in your specific neighborhood?  Give us a call or email us!

Have a GREAT week!

Laura Powers, Realtor
The Dawn Thomas Team
Intero Real Estate Services
496 First Street, Suite 200
Los Altos CA 94022
(877) 901-2121
CA DRE License: 01860743

____________________________________________________________________
The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

As stated over the last several weeks, we are very concerned about interest rates going higher for the following reasons:

• In just 2 months, interest rates have increased by .500% in rate across the board.
• The Federal Reserve has stopped buying mortgage back securities which has kept rates down in the past.
• The Federal Reserve now plans on selling mortgage backed secrurities which will force interest rates higher.
• There is talk on the street that the Federal Reserve may increase the federal fund rate by .25 in after hours trading one of these days not to upset the stock market but would devistate the bond market and push rates higher.
• We continue to see more economic reports being released weekly that are indicating the economy is recovering which pushes interest rate higher.

As result of the above, the window of opportunity for locking in a low interest rate on your mortgage or refinance may be numbered.  Please contact me for more information.

Rob McCarthy
Owner and Senior Mortgage Planner - 101 Loan
www.101loan.com
Email Me
408-377-4123 Office
650-465-8957 Cell
560 S Winchester Blvd, Suite 500
San Jose, CA  95128
A Dept.of Real Estate - License # 01165697

____________________________________________________________________
Author and Business are endorsed by The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

I bought a property at a trustee sale, and the former owner refuses to get out!

Many real estate investors are taking advantage of great deals in the housing market when a property is being sold at a trustee sale.  Unfortunately, some of these investors are unknowingly buying more than just a house at a great price; they might be buying a lawsuit.  

What happens when the former owner refuses to vacate the property after you purchase it at a foreclosure or trustee sale?  In California, you are not allowed to do any “self-help”, meaning, you’re not allowed to do something like change the locks, cut off the power, or cut off the electricity to the property to force somebody out of the house.  

You must take appropriate legal action to remove a former owner or tenant from the premises.  

1. Provide the proper written notice for the person to vacate the premises.  If it’s the former owner, a three day notice is appropriate.  If it’s a tenant of the former owner, you must determine whether they stay in the property on a month-to-month basis or if they have a lease.
   
   
2. If the tenant refuses to vacate after the notice period is up, you must file an unlawful detainer action in the superior court of the county your property is located in.  There are strict technical rules to follow when filing and serving the lawsuit.  You must ensure you follow the appropriate service and notice periods in order to succeed.  
   
   
3. The unlawful detainer action is an expedited proceeding.  This means the defendant will have approximately five days to respond to your complaint.  If they don’t, you can request a default judgment taken against them in order to remove them from the property.  If they do answer, you should request a trial date and work on gathering evidence for the trial by requesting documents and sending discovery requests for anything you need to prove as part of your case.
   
   
4. The tenant is not allowed to file a cross-complaint, but they may say you have done something badly as an affirmative defense.  If the tenant says there was a problem with the foreclosure itself, that is a case against the foreclosing lender, not you.  Unfortunately, it is up to you to show this to the judge.  If the tenant has filed for bankruptcy, that will generally just delay things, but not stop the eviction itself.  If your unlawful detainer action is against the former owner, they do not have a legal right to remain in the property. 
   
   
5. After you prove your case at trial, the tenant will have a number of days to vacate the property.  If they still refuse to do so, you may now have the sheriff assist you based on the information in the “judgment for possession” that you should have received at your trial.

The good news about unlawful detainer actions is that they are very quick.  From start to finish, it generally will take about 30 days for a standard unlawful detainer action.   A regular civil action, like a quiet title action or an action for ejectment can take up to a year or more.  

For more information on real estate law, contact:

Elena Rivkin Franz,  Attorney at Law
Pratt & Associates 
1901 S. Bascom Avenue, #350
Campbell, CA  95008
(408) 369-0800 ext. 202

____________________________________________________________________
Author and Business are endorsed by The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

For a limited time - Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits.  

To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

The Federal Credit
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  

The New California Credit
Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)).  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)).  Other terms and restrictions apply to both tax credits.

Got Questions?
Interpreting the rules for the two programs can be confusing (does one program limit credit when you close on a full moon or if the purchase contract has an odd number of page?) – call us to help you craft the best strategy to buy your next home at the best possible price (with the most tax credits possible!)

The Dawn Thomas Team
Intero Real Estate Services
496 First Street, Suite 200
Los Altos CA 94022
(877) 901-2121
CA DRE License: 01860743

____________________________________________________________________
The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

When a taxpayer sells an investment property and implements a 1031 tax deferred exchange, there are a few time period requirements the taxpayer must follow. 

1031 taxpayers have 45 days from the sale of the relinquished (old) property to identify new property to purchase. The deadline for completing the exchange is the earlier of

• 180 days from the sale of the old property or
  
• the due date of the taxpayer's tax return for the year in which the old property was disposed. 
  

If a taxpayer sold property after October 18, 2009 and utilized a 1031 exchange, the taxpayer's exchange period will expire on April 15, 2010 (assuming the taxpayer is a calendar year paying taxpayer).  In order to ensure the taxpayer has a full 180 days to purchase new property, the taxpayer must file for an extension.   For example, if the relinquished (old) property closed on December 2, 2009, unless the taxpayer files for an extension, the taxpayer will only have until April 15th to acquire their replacement (new) property.

However, if the taxpayer files for an extension of their tax return the taxpayer will have the entire 180 days (May 31, 2010) to complete the exchange.

 
Tax Forms You May Need

 It is important to note that, taxpayers must report their exchange on the tax return for the year in which the exchange begins.

•  Form 8824 is used to report the 1031 exchange. This form requests the date of the exchange transaction, the date properties were "identified" and financial information obtained from the closing/settlement statement.

• Form 4797   is used when depreciable rental or business property is sold.

• Form 1041 is used when non-depreciable investment property is sold.

• Form 4868 is used to file for an extension.

Ron Ricard, CES®
Assistant Vice President, Sales Manager
Investment Property Exchange Services, Inc.
(408) 483-1031
Email me

____________________________________________________________________
Author and Business are endorsed by The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

Adding new solar panels to a home in a remodel is still quite expensive. If you are looking into adding solar panels to your home or even a backyard greenhouse, then consider going to commercial installers and asking them to let you have the solar panels they have replaced in commercial buildings. Panels that become chipped or scratched in commercial buildings are swapped out for new panels. Yet, even damaged solar panels can deliver most of their original output and still be perfectly safe for a home project or renovation.

Be prepared to ask politely and it is good form to offer to pay something. Getting rid of old solar panels will save commercial installers the recycling and disposal fees, but it is still good business to acknowledge their helpfulness.

You can purchase a multimeter that measures amps and watts and attach it to the used solar panels while they are in the sun to determine if they are still producing energy.

© The Dawn Thomas Team

The Dawn Thomas Team
Intero Real Estate Services
496 First Street, Suite 200
Los Altos CA 94022
(877) 901-2121
CA DRE License: 01860743

____________________________________________________________________
The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

You have surrendered and changed all the light bulbs to CFLs (compact fluorescents). That is actually a great first step because that one little change affects about 20% of a home's lighting cost!  Step up your plans and look for any way that you can show your utility bills decreasing after changes occur.

• Check the sealing of windows; if you cannot afford new windows, then look at weather stripping, caulk, and fresh paint.
• Check your attic insulation
• Have the foundation of your basement and garage checked for cracks.
• Consider finishing your basement to improve heat loss.
• Trim hedges and bushes to improve air circulation around your home's foundation, as well as provide a natural windbreak.
• Update appliances to new energy efficient ones.

When going green also think about the quality of life potential small things can have for a potential buyer.

• Use paint that is low in VOC's (volatile organic compounds). Many people who suffer from asthma and allergies, or who have small children will certainly appreciate the fewer use of chemical paint additives.
• Start a garden, even if it is a container garden on a deck. While you are at it, invest in a composting container (many easy to use one cost under $200).
• Wall to wall carpeting is less appealing than it was for homebuyers these days. Carpeting attracts and retains dust, allergens, and dirt. If you cannot replace all your carpeting, consider doing so in smaller areas such as, entryways, hallways, and at least one bedroom. Make sure you have your current carpeting professionally cleaned prior any home showing.
• Search out hidden pockets of mold and mildew in bathrooms and basements. It is time to grab the bleach, be prepared to replace tile, and make sure the toilets in your home are fastened securely and sealed properly against leaking. If necessary, consider installing a sump pump as well as longer drain spouts to wick water away from the foundation and the house.

There is always something green you can do to improve your life in a house, which will make it attractive to a potential buyer.

© The Dawn Thomas Team

The Dawn Thomas Team
Intero Real Estate Services
496 First Street, Suite 200
Los Altos CA 94022
(877) 901-2121
CA DRE License: 01860743

____________________________________________________________________
The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

When it comes to selling a home in Silicon Valley, you have to understand what real estate buyers are looking for – what is important to them in terms of how they are choosing to live their lives, as well as where they are choosing to live. The trend towards 'going green' and environmental friendliness and compatibility is no passing fancy. The world and the buying public are smarter regarding green awareness, and thus, anything you can do, to make your home trend towards this path will benefit you twofold.

1. It provides yet another built in and tangible value that can be reflected in the asking price of a potential home sale.
2. It provides you the seller and your agent will something of real marketing value. In a soft market, a home with a healthy respect and care for and about its environment is a home that will attract attention.

Your personal opinions regarding environmental awareness aside, there is no doubt that homes 'gone green' have a decided appeal towards today's home buying audience.

© The Dawn Thomas Team

The Dawn Thomas Team
Intero Real Estate Services
496 First Street, Suite 200
Los Altos CA 94022
(877) 901-2121
CA DRE License: 01860743

____________________________________________________________________
The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

Current real estate market statistics (single family homes) for the Willow Glen area of San Jose, CA:

For Sale in Willow Glen

• Number of homes listed for sale:  158
  
• Lowest list price:  $263,000
  
• Highest list price:  $2,950,000
  
• Number of REO banked-owned homes:  11
  
• Number of Short Sale homes:  16
  

Sold in Willow Glen

• Number of homes pending sale:  126
  
• Number of homes sold in last 30 days:  44
  
• Lowest sale price in last 30 days:  $175,000
  
• Highest sale price in last 30 days:  $1,670,000
  
• Median sale price in last 30 days: $710,500

Here are the real estate trends for Willow Glen:

Data source:  MLS Listings

Want more information about the market in your specific neighborhood?  Give us a call or email us!

Have a GREAT week!

Laura Powers, Realtor
The Dawn Thomas Team
Intero Real Estate Services
496 First Street, Suite 200
Los Altos CA 94022
(877) 901-2121
CA DRE License: 01860743

____________________________________________________________________
The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home

(Part 1 of 3)

Balance in one's portfolio, as in life, is often easier said than accomplished.  Questions arise that include:

1)    Is real estate safe?  If so, when, what, where, how and why should I buy?
2)    Is the stock market safe?  Again…when, what and why should I buy and for how long?
3)    How do I keep balanced in my stock and real estate portfolio?

These, and many others, are questions we ask ourselves as investors on a daily basis.  Many of us may have had too much of one thing at one point in time, whether it was tech stocks in the late 90’s or real estate in  2006 through 2008 or now in 2010 with commercial property.

Many analysts have very complicated spreadsheets and graphs predicting what may happen or not happen in the future and based on these, investors must make hard decisions on what to do, how to proceed and what purchases they should make.  There is no real crystal ball that is 100% accurate.  If there was, I would not be writing this article, if you know what I mean!

One thing I have learned through my years of lending experience and course work on economics, lending and finance is something titled “The Four Cycles of Real Estate” which, based on my experience, repeats every 10 years or so and is applicable to investing in the stock market as well.

For real estate, every 10 or so years, each geographic area throughout the United States experiences a full circle, moving from a recessionary market (that we have experienced over the last 2 years) to a recovery market to a growth market to an oversupply market.  It appears that each cycle lasts between 2 to 2.5 years but can vary from area to area.  Based on my experience, an investor of real estate would should buy in the recessionary period when prices are low and sell in a growth market when prices are high.  This application could be used with the stock market as well.  Buy the stock (after researching it) when the stock is low and no one wants it and sell when everyone is buying it or when the stock is high.

With this model, you might not see the peak or the high point of real estate or stock prices but you certainly won’t see the low point either as so many investors experienced in 2001 and 2008 if they held on to the investment and had to sell.  In summary, it seems that one of the major keys to creating balance while providing a good return on investment is when you buy and when you sell and in the case of real estate buying in the recessionary period, holding in the recovery period, selling in the growth period, staying in cash in the oversupply period and then buying again in the recessionary period.

In relationship to what, where and why to buy, on Thursday 2/25/10 I will provide part 2  and explain the “what and why” part and on Thursday 3/4/10 I will explain the “where” part.

If you have any questions on the above or would like to determine your purchasing power and financing options for a home purchase or investment property in the future, please contact me.

All the Best,

Rob McCarthy
Owner and Senior Mortgage Planner - 101 Loan
www.101loan.com
Email Me
408-377-4123 Office
408-558-1422 (Renee Steff) Sr. Loan Coordinator
408-608-1921 Fax
CA Dept.of Real Estate - License # 01165697

____________________________________________________________________
Author and Business are endorsed by The Dawn Thomas Team, Inc.
Silicon Valley and Beyond - our website
Silicon Valley Home Search  - find Silicon Valley properties for sale
What’s Your Silicon Valley Home Worth? - get current market information for your Silicon Valley home