JANUARY 2010

"Spring" Before Spring

If you have been thinking about selling your home, now is the time to spring into action. Currently, the number of homes for sale is low and there are many buyers. Listing now increases the chances of your home being seen and sold quickly. This also provides you the opportunity to buy another home while home prices and interest rates remain at historic lows.

Some important factors you should consider: 

1. In Spring 2010, a large increase in the number of homes for sale is anticipated as the interest rates on many loans are due to expire. These loans will adjust to amounts that many homeowners may no longer be able to afford so they may need to sell. For you, this means there may be much more competition at potential lower price points if these are short sales or foreclosures.
2. On April 30, 2010, the Homebuyer Tax Credit will expire. This tax credit is available for first-time and repeat buyers. You could benefit from selling now (even for a price lower than you anticipated), buy at below market price AND take advantage of the tax credit before it expires.

READ MORE ABOUT THE TAX CREDIT

WEIGH THE OPTIONS

If you are considering selling your home, we encourage you to weigh all your options now. Please do not hesitate to contact Empire Reatly if you have questions or need assistance determine the best option for you at this time.

Regards,

Empire Realty Associates
Danville: 925-217-5000 | Walnut Creek: 925-465-5000

View more events at www.EmpireRealty.com/CommunityEvents

DANVILLE

Valley Youth Council Acoustic Show
Free night of musical performances featuring the talent of local musicians.

Friday, January 22, 2010
7:00 - 9:00 PM
Bittersweet Cafe
730 Camino Ramon # 120, Danville

CONTACT: Chris Waage
cwaage@ci.danville.ca.us
925-314-3481

Recreation Expo 2010
Summer's not too far away, so let us help you get a jump-start on your planning. Come and see what we have in store for you!

Danville Community Center
420 Front Street, Danville, CA 94526
Saturday, February 20, 2010
11:00 AM - 2:00 PM
925-314-3400

CONCORD

Chamber of Commerce
Crab Feed- Fisherman's Cove

Friday, February 19, 2010
5:30 -11:30 pm
Centre Concord
5298 Clayton Road, CA
Register (925) 685-5623

LAFAYETTE

Awesome Friday Nights
Drop off the kids and enjoy an AWESOME Friday night out. Pizza, popcorn and drinks will be provided / crafts, games and more. Children must be potty trained. Located in the Live Oak Room at the Lafayette Community Center.

4-10 years old
January 15, February 19 and March 12
5:30-9:00pm
$23 per night
Register: 284-2232 or www.LafayetteRec.org

Piano Jazz Cafe
*Presented by Lafayette Senior Services and Open to All Ages*

Festive Friday afternoon concert by CPPAS jazz piano musicians.

Friday, February 19th
1:30-2:30pm
Lafayette Library and Learning Center - Community Hall on the new Steinway!
$3/members ~ $5/non-members
925-284-5050 for more information and RSVP

SAN RAMON

Cinderella Kids
Performed by kids for kids! This fun show will feature all your favorites from Cinderella. (30 min show)

$7 General Admission
Front Row Theater
Saturday, January 23 at 1 and 3pm
Sunday, January 24 at 1 and 3pm

Youth Symphony Winter Concert
Dougherty Valley Performing Arts Center - Free!
Feb 8

WALNUT CREEK

Downtown Walnut Creek on Ice
Extended until Monday, February 15
www.IceSkateWalnutCreek.com

Jr. Theatre presents
Stinky Cheese Man & Other Fair(ly) Stoopid Tales
Del Valle Theatre
1963 Tice Valley Blvd
1/30 2pm and 7pm
Tickets: $15 & $17
925-943-SHOW for tickets.

Wild Night at the Museum
January 30, 6:00 – 9:30pm
Lindsay Wildlife Museum
1931 First Ave., Walnut Creek
$50 for Adults with free child. $10 for ea. additional child under 18.

JANUARY 2010

This is a general summary of this law. All homebuyers should be advised to consult with their tax advisors as there are additional provisions and limitations that may apply to individual situations.

The Basics: Extended Home Buyer Tax Credit 2009/2010

Reprinted with approval from The National Association of Realtors

Who Qualifies?

• First-time home buyers OR
• Current home owners who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
• Purchase must be made between November 7, 2009 and April 30, 2010 (with a close date prior to July 1, 2010)

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. 

Which Properties Are Eligible?

Primary residences including: single-family homes, condos, townhomes, and co-ops.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

• The price of the home.
• The buyer's income.

What is the Credit?

• 10% of the purchase price of the home, with a maximum available credit of $8,000 for first-time home buyers
• Maximum credit of $6,500 for current homeowners

Price

Homes purchased for $800,000 or less.

Buyer Income

• Single buyers with incomes up to $125,000
• Married couples with incomes up to $225,000

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale.

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