Monthly Archives: December 2013

Desperate Home Buyers and UN-Inventory!

It is a remarkable time in the Silicon Valley and Peninsula Real Estate markets as desperate Home Buyers are seeking to buy when the inventory of homes for sale are at their lowest in history!  I have deemed this the UN-inventory!  Being that home prices are now at all time record prices, what is holding back home owners and potential home seller’s from putting their homes on the market?

The reasons I have come across are varied but the top ones are that they don’t know where to go, the capital gain tax rate has increased significantly and they will owe more tax and that if they sell and buy another property they will lose their Proposition 13 property tax base.  It also seems that home owners prefer to stay in their homes as they get older and have access to in home care for the long term as well.  To make this even more difficult, there are long waiting lists for senior housing choices making it difficult for them to make a move.

Buyers are now lined up bidding on almost any reasonable home that is listed and bidding the home prices up substantially!  Usually the spring brings on the most number of homes for sale, but this market is far from usual and there is no way to predict accurately how many homes will be put on the market for sale as 2014 begins.  Regardless, until more inventory comes on the market, there will continue to be desperate home buyers!

Friendly Reminder: 1st Installment of Property Taxes for California are due tomorrow December 10th!

If you own a property in California, this is just a friendly reminder that tomorrow, Monday, December 10th is date that property taxes are due before they become deliquent and subject to a 10% penalty. You can also go directly to the assessor’s website to pay your bill online. There is a slight fee to do this online but as long as your Property Tax payment envelopes are postmarked on or by December 10th you’ll be okay.

I ask that you verify this for yourselves by looking at your tax bill or going online to one of the county sites below or to your own county where you own a property.

Santa Clara County is http://payments.scctax.org/

San Mateo County is http://www.sanmateocountytaxcollector.org/

These links were obtained from a Google Search so please make certain for yourselves that these are valid sites. As far as I can tell they are. Hope this is helpful for you.

If you don’t own a property, did you know that property taxes are deductible? Let me know if you have any questions.