Monthly Archives: May 2014

Where did the Easter Bunny hide all those homes?

As we enter into the heart of the Spring market, the inventory of available homes remains very low.   Even though last week the inventory practically doubled from the week before, inventory is still 1/2 of what we usually see at this time of year.

Many homes did come on last week in anticipation of the Easter weekend and spring break and there are additional homes that have come on for this Easter weekend.  Yet, the demand remains very high and there are still multiple offers and sales over asking price.  Now that we are 3 weeks away from Memorial Day and the UN-official start of the summer, this should be the time we would see the most number of new listings appear on the market!  All bets are off though on this one.

Some off market inventory has increased, as some would like to sell without having to go through the whole preparation and marketing process which makes finding a home a bit more difficult.  Real Estate agents are networking like never before with their colleagues to see what they have coming up. After 30 years in business, I have some great connections and have found a number of off-market or at least coming soon homes to show my buyer clients.

Contact me to find out what’s happening in your neighborhood!

Home Mortgage Interest UN-Deduction!

One of the most favorable reasons for owning a home for your personal residence, is the Mortgage Interest and Property Tax deductions you can write off against your income.  Although much of the country can enjoy the full benefit of this deduction, high priced real estate areas where loans exceed $1 million, are limited in the mortgage interest deduction they make take against their income.  Areas such as the San Francisco Bay Area and Silicon Valley, where many mortgages are over $1 million, are limited in the amount mortgage interest they can deduct. You are allowed to only take the mortgage interest up to $1 million plus an additional $100,000 “qualified” equity 2nd.  This limitation when combined with historically lower interest rates, while still an attractive reason to own a home, is reducing the effect that it has against your income.  Thankfully, Property Taxes are still fully deductible and at Bay Area prices, this can make for a substantial deduction!   Also, the Alternative Minimum Tax looms out there still!  Check with your own tax consultant for advice as it pertain to you.