Fannie Mae Offers New Buyer Incentives on Homepath Homes

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New Buyer Incentive on Fannie Mae HomePath® Homes

Fannie Mae is offering buyers up to 3.5% in closing cost assistance on HomePath properties through December 31, 2010.

Buyers must meet the following qualifications to be eligible for the incentive:

  • HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
  • Only owner occupants purchasing a HomePath property as their primary residence will receive up to 3.5% in closing cost assistance
  • the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
  • Buyers must request incentive upon submission of initial offer in order to be eligible.

Note: Offers submitted after November 15, 2010 may be difficult to close by incentive deadline of December 31, 2010.

Terms & Conditions:

  • The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available.
  • Retail and public entities are eligible for the incentive however pool and auction sales, and sales to investors are not eligible.
  • Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus shall be resolved by Fannie Mae in its sole discretion.
  • Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

See link to search for Fannie Mae Homepath Homes

Federal Tax Credit for First Time Homebuyer Closing Deadline Extends to 09/30/10

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Updated July 1, 2010 – US Senate Passed this Bill and it is now at President Obama’s to be signed.

June 29, 2010 – US House extends Closing Deadline for First Time Homebuyer Tax Credit to 09/30/10 if they are in contract as of 04/30/10.

The homebuyer has to be in contract before 04/30/2010 and now close by 09/30/10 (instead of 06/30/10). This bill is going to the congress and is expected to pass.

This is in part due to the slow process by the lenders and loan servicers during the loan approval and loan funding process where two months escrow might not suffice to close escrow. However, I also fee the benefits to First Time Homebuyer in contract on Short Sale properties due to the notorious slowness in lender approval of short sales.

Hopefully the ones that are in contract on short sale as of 04/30/10 will also get the up to $8,000 tax credit if they close by 09/30/10. There is also the California Tax Credit of up to $10,000 which expires 12/31/10 – unlike the federal tax credit, this tax credit has to be claimed over a three year period.

_____________________________________________________

Sylvia Barr

_____________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frank Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architectural Distinctive Homes. Investment, 1031 Exchange.

Novato, Marin Real Estate Market Overview as of May 27, 2010

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It’s been quite sometime since I published a Novato Markret Overview. As I have told interested parties – the market is hopping for homes that are entry level homes, attractive to both first time home buyers and investos; but can be quite challenging for high-end or move-up homes.

Vey clear drop in % in escrow happens between $700K and $800K, with a steep drop from sellers market to buyers market; this might have something to do with the Jumbo Conforming loan cut off point of $729K.

However, homes are very competitively priced and in great conditon can go into escrow quickly, no matter where the price point is.

               
  Novato Market
  Week of 05/27/2010
           
  # of Total Units % of Total Market
  # Total Units # In Escrow   % Active % In Escrow  
Type          
SFDs 255 98 62% 38% N
CIDs 89 47 47% 53% S
All SFDs and CIDs 344 145 58% 42% S
           
SFD by Price Range          
$0-$500K 55 32 42% 58% S
$500,001-$600K 38 16 58% 42% S
$600,001-$700K 38 16 58% 42% S
$700,001-$800K 36 19 47% 53% S
$800,001-$999,999 36 7 81% 19% B
$1M – $1.25M 20 3 85% 15% B
$1.25M – $1.5M 17 3 82% 18% B
$1.5M+ 13 2 85% 15% B
TOTAL SFDs 253 98 61% 39% N
           
% in Contract Type of Market      
< 25% Buyers      
25% – 40% Neutral      
> 40% Sellers

_________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View

Novato Marin Real Estate Market Overview 08/19/09 – Sellers Market!!!

Partridge Knolls under Mt. Burdell

Partridge Knolls under Mt. Burdell

Can’t believe summer slips by so quickly!  I last posted Novato Statistics on April 1, 2009 and now is the later part of August.  Students are back in school and we are heading into fall.    

During the past four months, with housing prices dropped 20%-30% and certain condos at 50% drop (the ones with problementic HOAs), stimulus plan, attraction of the ‘up to $8,000 credit back’, interest rate staying low, regular sellers holding onto their properties unless they have to sell; the supply remains low and demand has heightened.  All these contribute a shift in the percentage of houses under contract, moving most price ranges into the ‘sellers’ market, meaning % of houses under contract is great than 40%.    

The only decrease in percent of pendings are the 700-800K range (inbetween starter homes and luxury homes) and the super luxury range (over $1.5M) in Novato.   

Novato, and for that matter, Marin county real estate are seeing an encouraging trend of more buyers are out looking for homes, and they are Serious and Anxious buyers.  Most are the traditional buyers with solid downpayments, steady jobs; some are seasoned investors, all cash buyers, some are first time investors, and many first time buyers are also taking advantage of the soft market, low housing prices; and not surprisingly, all are looking for that great bargains and many are getting them. 

% pending are also skewed by the many short sale homes that have been in contract for a long time while waiting for lenders approval, but what great bargains the buyers can get with time in hand and plenty of patience.  I often encourage my clients to look for short sales if they can wait, beats jumping back into that multiple offers situation with REO, bank owned homes.  All my buyers clients are getting the best deals now because both of us have the patience to strategize, look, wait and bargain for the best property to purchase.       

Contact me at (415) 717-0293 or at sylvia@SylviaSellsMarin.com to discuss the market and the current trend, get familiar with the buying process, and start hunting for inventories on the market, whether REO, Trust Sale, start home, luxury homes.  Take time to see many homes so you know the right house when you see it!  It’s never too late to get ready.      I will be very happy to find the best house / investment property for you! 

It will be my pleasure to serve you!  Good Hunting!

category   Total Units/ In Escrow   % Active   % Pending % +/- since 04/01/09
All SFD’s and CID’s   350/164   53%   47% (S) +11%
SFD’s   248/106   57%   43% (S) +11%
CID’s   102/58   43%   57% (S) +13%
$0 -$500K SFD   47/36   23%   77% (S) +24%
$500,001-$600K   35/22   37%   63% (S) +20%
$600,001 – $700K   40/20   50%   50% (S) +13%
$700,001 – $800K   33/6   82%   18% (B) -7%
$800,001 – $999,999   39/10   74%   26% (N) +20%
$1M – $1.25M   23/7   70%   30% (N) +19%
$1.25M – $1.5M   14/5   64%   36% (N) +15%
$1.5M+   17/0   100%   0% (B) -20%
  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%

_________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Marin County Bank Owned / REO / Foreclosed Homes as of 07/16/09

MARIN COUNTY BANK OWNED / REO / FORECLOSED HOMES

UPDATED 07/16/09 (last updated 06/06/09)

By Popular Demand … Thanks for emailing… Here is the updated report as requested!

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Wisdom from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best property for you in Marin and Sonoma county, Bank Owned or Not!  (O.K. I still have to work on the new Blog ‘Tale of a Short Sale’, but there are other priorities)  

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin).  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Single Family Homes, Farms and Ranches are in one link; and Condos/Townhomes are in another link.  Note that the link expires in 30 days (Per MLS rule).

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes (Updated 07/16/09)

It has been 1 and 1/2 months since I last (06/06/09) posted Marin REO proeprties – taking care of my clients tends to get in the way of posting online.  However, never hestiate to email me if you need current info.

The Marin housing market is heating up again, as evident in the new ‘sellers’ market.  Lack of supply and increasing demand play a big role in that – Economics 101, I am sure.  This can be attributed to a few reasons:  Continuing interest in first time homebuyers taking advantage of the up to $8,000 tax credit from the government, interest rates stay historicacl low, including the new friendly Jumbo ($729,000 in Marin county), consumer believing the market has hit the bottom (as evident by many multiple offers), the lenders are required to hold of for an additional 90 days before starting the foreclosure process – allowing distressed homeowners the opportunity to work out their loans with the lenders – we have heard quite a few successful loan modifications), short sales are getting easier to approve, less stress for buyers, and much more.  

And 1 and 1/2 months later, the famous, but accurate remark of: “The Bottom of the Market is Hindsight”   Don’t be the one who missed out on the opportunity.

Changes between 06/06/09 and 07/16/09!  for Single Family Homes

66 Totals!

  • 19 Active – Rumor had it and now Luxury REOs are finally on market.  Vacation at home with Bay and Mt. Tam views in Sausalito – speaking of breathtaking views!  check out that 178 Santa Rosa Avenue.  Belvedere REO? with stunning water view, small but sure

        ~ Continue watching for outstsanding properties on REO list! ~

  • 29 Pending (Contingent, Pending) a gorgeous home in Larkspur – 5 Wittshire Avenue, inescorw just after 3 days; 1190 Cambridge (short sale at $470K, now REO at $372,900) in escrow after 2 days, probably multiple offers too!  On the other hand, a major fixer (or tear down) in San Anselmo, first priced at $1,350,000 went into escrow when it was reduced to $1M in May. 
  • 18 Sold since 06/06/09 – Remember that super hot deal on Sun Lane? Sold for  $710K (12.72% over asking) ALL Cash. One of those, no offers, but then suddenly many offers came in.  A Shea Home in Pointe Marin closed in 21 days for $855K (last sale in 06 for $1,150,000)

Changes between 06/06/09 and 07/16/09 for  Marin County Bank Owned Townhomes / Condos  

54 Total Listings – 

Questions about the current market? a specific property? The Incentive?  Ready to Buy? Ready to Learn?  Call your trusted Realtor to give you personalized updates...

_________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

 

Marin County Bank Owned/REO/Foreclosures as of 06/06/09

MARIN COUNTY BANK OWNED / REO / FORECLOSED HOMESUPDATED 06/06/09

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Wisdom from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best deal and best house in Marin and Sonoma county for you, Bank Owned or Not!Come back for a new Blog ‘Tale of a Short Sale’, about my client’s latest Short Sale purchase, which hopefully I will be able to post within a day or two) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin).  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Single Family Homes, Farms and Ranches are in one link; and Condos/Townhomes are in another link.  Note that the link expires in 30 days (Per MLS rule).

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes (Updated 06/06/09)

It has been close to four months since I last (02/20/09) posted Marin REO proeprties – taking care of my clients tends to get in the way of posting online.  However, never hestiate to email me if you need current info.

Many homes went into escrow since March for quite a few reasons:  Obama Stimulus plan gave optimism in the market as a whole; first time homebuyers taking advantage of the up to $8,000 tax credit from the government, interest rate was the lowest (4.875% for 1 pt., 30 year conforming… although inching up) for a long time, consumers believe the market has hit the bottom (as evident by many multiple offers recently), lenders are open to loan modifications (we have heard quite a few successful loan modifications), short sales are getting easier to approve, less stress for buyers, and much more.  

The most famous, but oh, so accurate line is: “The Bottom of the Market is hindsight” – You only find out you have reached (actually, passed) the bottom of the market is when you look back.  Don’t be the one who missed out on the opportunity.

Changes between 02/20/09 and 06/06/09!  103 Totals!

 

Changes between 02/20/09 and 06/06/09 for:

Marin County Bank Owned Townhomes / Condos Marin County Bank Owned Townhomes / Condos

90 Total Listings – 

READY TO BUY (or not quite yet?)  Call your trusted Realtor to give you personalized updates... This is our profession and we should NEVER be TOO BUSY to help you!

 

find a Realtor

 

California Issues New Construction Tax Credit for Qualified Homebuyers

americandreamIn order to stimulate purchases of newly constructed homes as well as encouraging home ownership; the State of California has issued a (up to) $10,000 tax credit for homebuyers of new contruction properties.
 
Here are the details of the plan:
 
1)  This credit only applies to new homes that will be used as a primary residence and is limited to the first 10,000 new home purchases.
 
2)  The credit is for $10,000 or 5% of the home’s price, whichever is less.
 

3)  There is no down payment requirement to receive the $10,000 tax credit.
 
4)  There are no maximum income limitations so any buyer purchasing a new home can qualify.
  
5) The $10,000 tax credit is just that, a credit, not a loan, so if the home remains your primary residence for two years, you do not have to pay any portion of the tax credit back. If you sell the home in less than two years, then it has to be paid back at time of sale.
  
6) The new home cannot be located outside of the United States and it cannot be inherited property or a gift.

Novato Real Estate Market Overview, April 01, 2009

Millworks Novato

 Millworks Novato (going strong with a lot of interest -check with Sylvia to see)

Novato Real Estate Market started to pick up after the gloomy winter – Yes! (by the way, is there such a thing as gloomy winter in Marin?  – we are so spoiled, when there are more than a drizzle and a little bit of wind, we complaint about the weather and then secretly congratulate ourselves for being in such a wonderful place – there is a premium there :-))

Thanks to the press, both prnt and online and yes, the Obama Stimulus plan, the buzz out there is this is a great time to BUY in Marin county.  Finally, we have affordable prices (o.k. affordable is a relative term), but more affordable houses here in Marin.

The condo/townhome cotinue to pick up pace, as well as the below $500K single family homes.  These are the ones that went thru the worst downturn and were the ones who led the short sale / foreclosure pact, but are now being recognized as the best purchases in town.  

Many former renters find it costs them less to own than to rent; in the mean time, they are able to enjoy the write offs from owning a home. 

That buzz drives the market right above it to go up.  ‘Starter’ homes up to $700,000 saw across board increases in % Pending.  Being able to sell the condos and entry level homes means they can also move upward.  

This allows the $500K – $700K homes to see the biggest surge in % pending. 

The $800K and up range still lag behind – many are waiting for lenders to come up with the policy for Super Jumbo (between $625K and $729K) pricing structore.  Other move up buyers have their homes on market, are relunctant to ‘buy contingenty upon sale’ are hoping to sell and move into upper end houses here in Novato.  

Overall inventory starts to climb, as we expect it to be in Spring.  Homes for sale went up 25 homes, from 305 to 330 in a month (March to April). With the slower release of foreclosures, the inventory is not growing as much as we thought it would.   

Make Sure You are not waiting for the ‘bottom’ of the market. Remember, that is always hindside, by the time you look back, the bottom has already came and went. 

Call Sylvia now to discuss the market and the trend, get familiar with the buying process, and start hunting.  It’s never too late to get ready.     

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com for inventories on the market, whether REO, Trust Sale, start home, luxury homes.. I will be very happy to find the best house / investment property for you! 

It will be my pleasure to serve you!  

category   Total Units/ In Escrow   % Active   % Pending % +/- since 09/10/08
All SFD’s and CID’s   330/120   64%   36% (N) +1%
SFD’s   231/75   68%   32% (N) +2%
CID’s   99/45   55%   45% (S) +0%
$0 -$500K SFD   64/34   47%   53% (S) +2%
$500,001-$600K   35/15   57%   43% (N) +15%
$600,001 – $700K   27/10   63%   37% (N) +9%
$700,001 – $800K   28/7   75%   25% (N) -2%
$800,001 – $999,999   35/2   94%   6% (B) +2%
$1M – $1.25M   18/2   89%   11% (B) -2%
$1.25M – $1.5M   14/3   79%   21% (B) +3%
$1.5M+   10/2   80%   20% (B) -13%
  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%

 

 

Novato Real Estate Market Overview. March 4, 2009

Stafford Lake County Park, Novato, CA

Stafford Lake, Novato, CA

The last time I did a blog post on Novato Real Estate Market Statistics was back in November, 2008 – almost seems like an eternity; so much has happened in the past four months.  I have to say, the fun and challenge is all in there.   

Novato Real Estate Market statistics stays pretty flat with a few big gain in percent pending – under $500K starter single family homes had a gain of 10% to a strong sellers market at 51% pending; the midrange, properties between $700K and $800k enjoyed an 8% increase in pending.  The total now reach 27%, moving towards the right direction. 

The Biggest gais are the over $1,25M market – I guess people with money can take advantage of the softening market and buy luxury homes when the prices are low; a couple I know bought with cash! One thing to keep in mind is that due to the very small volume of the homes avaialbe, a house or two sale makes a huge difference percentage wise. 

The ratio is held steady by dwindling inventory – overall inventory dropped by another 20%, from 370 to 305. This can be attributed to several reasons –

* The normal beginning of the year brings slower new inventories

*  The bail out plan gives many home owners hope and they decided to refinance or negotiate for a ‘loan modification’  Whether they will get their loans modified is irrelevant for this moment.  The reality is it brings down the available homes market. 

* Sellers are holidng onto their properties for the right moment – either the prices go up or when they HAVE to sell.  This also limits the inventory.

This is a great time to buy, with bargains abound, whether it’s in Novato, San Rafael or Southern Marin.  Bank owned homes or sellers with plenty of equity are pricing homes low to attract multiple offers. 

Make Sure You do not spend TOO MUCH time waiting for the right price and when you finally buy, you already missed the bottom of the market.

Just Remember, The Bottom of the Hill is all hindsight – You don’t know it’s here and when you discover it’s the bottom, you have already missed it!

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com for inventories on the market, whether REO, Trust Sale, start home, luxury homes.. I will be very happy to find the best house / investment property for you! 

It will be a pleasure to serve you!  

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since 09/10/08

All SFD’s and CID’s

 

305/107

 

65%

 

35% (N)

+6%

SFD’s

 

207/63

 

70%

 

30% (N)

+7%

CID’s

 

98/44

 

55%

 

45% (S)

-2%

$0 -$500K SFD

 

61/31

 

49%

 

51% (S)

+10%

$500,001-$600K

 

32/9

 

72%

 

28% (N)

-2%

$600,001 – $700K

 

29/8

 

72%

 

28% (N)

-2%

$700,001 – $800K

 

26/7

 

73%

 

27% (N)

+8%

$800,001 – $999,999

 

24/1

 

96%

 

4% (B)

-6%

$1M – $1.25M

 

15/2

 

87%

 

13% (B)

-4%

$1.25M – $1.5M

 

11/2

 

82%

 

18% (B)

+18%

$1.5M+

 

9/3

 

67%

 

33% (N)

+24%

  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%

 


 

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frank Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

SERVING MARIN, SONOMA, S.F. BAY AREA – FOR ALL YOUR REAL ESTATE NEEDS Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.

Time to Lower Your Marin County Property Tax Bill – Get Reassessment Now!

Property value in Marin County have suffered from the current housing crisis; homeowners who bought their homes during the past few years have seen their share of property value decline. 

Depending on the location and types of the homes, the price drop might result in current market value to be much lower than their homes’ taxable (assessed) value.  Marn Homeowners whose property value is lower than the current market value should ask for a reassessment from Marin County Tax Assessors. 

If successful, the property tax bases for these homes will be lower resulting in lowered property tax payment for their Marin Homes.   

Proposition 13 allows homeowners to keep their property tax to no more than 2% annual increase during the time when property values are going up until the property changes hand. 

On the other hand, Proposition 8 protects homeowners when the property value drops below the current market value.  Proposition 8 allows homeowners to request for reassessment of their properties when the market value of their home is less than the assessed value of the home.  This results in a lower property tax which is in sync with the current lower market value.

To request a reassessment of your property value, you will need to provide Marin County Tax Assessor’s office with the value of three current comparable properties that are sold around 01/2009 (no later than 03/2009). 

Fill out the ‘Request for Informal Review of January 1, 2009 Reassessment’ and follow the very simple direction.  Your request has to be in before 12/31/09. 

If you need help with comparable values of homes, please feel free to contact Sylvia (415) 717-0293 and I will be very happy to help.

contact a real estate agent

_________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Make Dreams Real – Rotary Club of Novato Sunrise Youth Services