Hillsborough, Burlingame Luxury Homes Real Estate

It happens once a year and tonight’s the night.  Turn back the clock.  Daylight savings time ends until next year.  Gain an hour of sleep so you can do some important things in the morning.  What you ask?  This is the time of the year to check the batteries in all of your smoke detectors!  So not only will you turn every clock in your house back an hour, and the clocks in your cars, and your watches, but use this as a reminder to keep family safety in mind and change that battery!  It’s also a good time to change light bulbs in your outside lights.  Safety first.

I wrote about Threshold 2008 earlier this year here, here, here, here and here.  Threshold 2008 has been a unique opportunity for the public to have a voice in San Mateo County’s housing initiatives.  This is a very serious discussion that truly effects every last one of us living or working here and now and you, the public, have an opportunity to come together either tonight or tomorrow night and add your voice to the discussion through a Community Conversation.  But you need to hurry to take advantage of this opportunity to add your voices.

Why, you ask should I care?  Let me count the ways! 

1. Our County has only so much land available for housing and we have almost maxed it out. 
2. Should we build up with high rise condo towers? 
3. Should we have fewer parks in order to build housing? 
4. How about building along the coast and the special issues there, like water rights? 
   
5. What about the current battle in Redwood City about developing on the Bay? 
6. Traffic conjestion and flow are big battles throughout the County and are there any answers here?

There are no simple solutions to our housing shortage and now is your chance to add your voice, thoughts and concerns to the discussion.

What makes Threshold 2008 so unique is that you and I, the citizens of San Mateo County, are being given a voice to the discussion that the County Board of Supervisors and local city councils have about housing.  So here is your chance to make a little difference in the lives of all of us!  Take a little time and add your voice and ideas. They may be the key to our future.

So here’s the deal, you need to get yourself to the Peninsula Conference Center at 1700 South El Camino Real, Suite 100 in San Mateo.  This is 1 block north of Highway 92.  The discussions begin tonight at 6:30PM and will run until 9PM.  Tomorrow evenings discussions begin at 6PM and run until 8:30PM.  Parking is free and refreshments will be provided but you need to RSVP.  That’s easy just go here and sign up for tonight or here for tomorrow night.  If you can’t do that, you can call to register at 650-655-5851. You need only attend one of the evenings to add your voice.

This 2 1/2 hour conversation will be led by a facilitator with open ended questions tossed out and the discussion goes from there.  There are no right or wrong answers here.  The idea is to get as many diverse voices as possible.  This is your chance to have your voice heard by our elected officials in every town and city in San Mateo County. 

By the way, you don’t have to live in San Mateo County to participate.  If you work here, own a business here, or want to, you too can participate.

As the days grow shorter in the Fall season, Daylight Savings time will end one week later than we are used to, on November 4th so before it comes it's time to finish up those last few to-do's on your list.  

1. The battery in your Smoke Detectors must be changed annually.  What better time to do it then now?  Replace every smoke detector battery without fail.  Make sure you have enough smoke detectors around your house, too.
2. Before you fire up your furnace is the time to change that filter.  I know it's a lousy job but it must be done.  While you're out buying the new filter, pick up two extras and change them every 6-8 weeks during the winter months.  Your furnace will run better, heat the house more efficiently and save you money.  Read my comments about having those ducts professionally cleaned while you're at it.
3. It's a good time to check for leaks under the kitchen sink, bathroom sinks and the caulking around the shower and tub areas.  A little preventive medicine goes a long way.  Caulk is cheap, easy to do yourself, and will save you much money and grief when it's time to sell that house.
4. How are the shingles on your roof looking?  If you see any that look out of kilter or you had issues last winter and just forgot about them, get them repaired now.  Trying to figure out water intrusion issues in a house is like a jigsaw puzzle and it's no fun when the storms hit and you need help then.  A roof inspection is not terribly expensive and makes for cheap insurance if they find something that's easy to fix.
5. Gutters need to be cleaned around this time of year.  The trees are dropping their leaves and they like to clog up gutters.  Get them cleaned out and ready for winter storms.  Look for companies that offer to clean them for you if you're not handy or don't have the right ladder to use to reach high places. 
6. Clean your chimney if you burn wood in your fireplace.  Creosote builds up in chimneys and that's a potential fire trap. 

If you need referral to trades people who do some of these things give me a call.  Referring the best of the best is what we do for all of our clients.  It's part of our on going service.  If you live in Northern California PG&E provides free inspections of furnaces.  Take advantage of that and have it looked at if it's not fairly new.  Same for hot water heaters. 

I’ve written before giving The Top 10 things NOT to do while in escrow but obviously I need to spell it out once again because someone didn’t read the list. The top thing not to do while in escrow is to change jobs.  That is the #1 No-No on the Top Ten List!  What will happen?  Hum, where shall I begin?

1.  The lender will get very angry at you and will make you start the entire application process over again.

2.  The seller of the house you’re trying to buy could tell you to take a walk and you could lose your deposit up to the full 3% you have down,

3.  The length of the escrow will double at a minimum.

4.  Your credit rating could tumble.

5.  The loan you thought you were going to get might have vanished.

6.  The interest rate on the new loan, assuming you now qualify for one, will no doublt be different.

7.  You might not be able to afford the house any longer.

8.  The lender you had may no longer be around

All of this is serious business when you’re buying a home.  Do not make changes in employment during an escrow.  If you must change your job do it after you close escrow.  Suck it up and wait those few extra weeks.  Your new employer should understand and hold that job for you and if they don’t, is that someone you really want to work for anyway? 

The Key to the First Time Home Buyer Tax Credit

One of the benefits, perhaps the only real benefit, of the mortgage crisis mess, is a tax credit for people buying their first home.  But be careful.  What the government gives, the government takes and this is not totally a free and clear tax credit for you and not everyone in our area will qualify for this tax assistance.  If you have never purchases a home before, or it’s been 3 years or more since you last owned a home, you may qualify for up to $7500 in tax credits. This is an interest free loan from Uncle Sam.

How Does this thing work?

You must buy your home between April 9, 2008 and July 1, 2009. This is a credit against your adjusted gross income.  Your adjusted gross income must be below $75,000 if you are single, or $150,000 if you are married.  There is a formula to determine exactly how much of this $7500 credit you are eligible for and if your income is above these amounts you may not see much, if any, of this credit. 

I don’t file a long tax form

If you file the short form this credit might reduce your tax consequences for 2009/2010.  For instance, if you owe $7500 in taxes, this credit might reduce your tax liability by the same amount.  Then again, it might not.  You might even get a refund because of this credit.  This is definitely going to be the tax year you should seek help in filing your taxes so you don’t lose out.

Who’s Eligible?

Anyone who has purchased their first home since April 9, 2007, whether they are a US citizen or not, is eligible for this tax credit, assuming your income allows. The IRS has rules and regulations for “aliens” who are selling property in the US, so it is imperative that you seek professional assistance when it comes time to file your taxes.

Do I Have to Pay the credit back?

Of course!  What the government gives, the government wants back, so yes.  This is a 15 year interest free loan and you will have to reimburse Uncle Sam if you sell your house for a profit within the 15 year time frame.  The good news is you get a 2 year grace period before you need to repay Uncle Sam but you still have to do it and then it’s prorated at $500 per year on your tax bill.  Sell the home, and be prepared to repay the pro-rated amount in your taxes the following year.  See what I mean about give and take? Since the average family moves about every 5 years, your pro-ration would be 10 years, or $5000 ($500 per year over 10 years that you did not use the loan).

Uncle Sam and Congress is loaning this money to first time buyers as an incentive to buy a home.  It’s really a zero-interest loan and when you are stretching to buy that first home, any help you can get should be gratefully accepted.  Just understand what this is going into it so you won’t have any surprises in a few years when you’re ready to move up to a larger home.

There are some great loan packages out there for first time buyers if you have the FICO scores.  There are also some great houses priced for what you might have paid for a condo two years ago.  We are here to help you.  Call me at 650-867-2909 to get started.