Top 5 reasons to buy your first home

 
The first time home buyer tax credit has expired.  But do not let that stop you from buying....It is a better time then ever to buy your first home:
 
 
by Vanessa Linn on May 13, 2011

I remember the first home I bought back in 1999. I was so scared. I called my lender
every day. But I knew in my heart of hearts it was the right thing to do for my family.
I wanted to live in a neighborhood where my daughter would have friends to play with,
and I needed a tax deduction. So I saved for my down payment and closings costs, and
then borrowed a few bucks from my dad (just for a week).

There were many firsts at my first home: our first Fourth of July block party; my
neighbor bringing me dinner when I was sick; and the first time I hosted Thanksgiving
dinner. We made friends that will last a lifetime. Would you believe I still get together
with my childhood friends from the first house my parents bought?

Besides creating lifelong memories there are several practical reasons to own a home
today:

1. Interest rates are lower than when your parents and grandparents bought their first
home. Ask them, see what they say.
2. There are grants (no repayment) available to moderate income families for
assistance with a down payment and/or closing costs.
3. Your monthly rent payment goes towards paying your landlord’s mortgage
payment and taxes. Why not reap these benefits for yourself?
4. Some of the things you can deduct on your taxes include:
• mortgage interest
• property taxes
• sales taxes
• mortgage insurance premiums
• To learn more go to IRS.gov

5. When was the last time you ate dinner at your neighbor’s house?

If you need help navigating your way through homeownership, we are here every step of
the way. We have created an entire section on our website dedicated to you and getting
started.

What memories will you create in your first home?

 



Smart Growth

Below is an interesting article about “smart growth” communities.  The statement that Americans prefer walkable neighborhoods seems to correspond directly with local markets which have best retained or recovered their values during the down turn.  The two most important things I see buyers looking for are respectable schools and close amenities.  Look at the demand in Lafayette’s Moraga Blvd. neighborhood, Rockridge and Elmwood.  Homes in these areas that are priced right received multiple offers.   

Study finds Americans prefer smart growth communities

By Rose Meily, for Silicon Valley Community Newspapers

More Americans seem to favor walkable mixed-use neighborhoods. According to a community preference survey conducted by the National Association of Realtors, 56 percent of respondents preferred smart growth neighborhoods over neighborhoods that require more driving among home, work and recreation.

Walkable communities are defined as those where shops, restaurants and local businesses are within walking distance from homes. According to local real estate people, mixed-use neighborhoods make sense not only from the standpoint of convenience, but communities that are walkable and transit-oriented are a good investment, especially in Silicon Valley, where land is scarce.

Doug Evans, a Realtor with Coldwell Banker in Los Gatos and chairman of the Silicon Valley Association of Realtors' Los Gatos/Saratoga District, said that while homebuyers are looking for all kinds of neighborhood settings, he has observed that many buyers want to live close to downtown. "Today's buyer wants to be as close to the action as possible," said Evans. "This is why the Almond Grove District, which is one of the oldest residential neighborhoods in Los Gatos, has always been a big draw due to the close proximity to the restaurants and shops."

According to the survey, when considering a home purchase, 77 percent of respondents said they would look for neighborhoods with abundant sidewalks and oth-er pedestrian-friendly fea- tures. Half of the respondents said they would like to see improvements to existing public transportation, rather than initiatives to build new roads and developments.

Many of those surveyed said they were willing to sacrifice square footage for less driving. Eighty percent would prefer to live in a single-family detached home as long as it didn't require a longer commute, but nearly three out of five of those surveyed--59 percent--would choose a smaller home if it meant a commute time of 20 minutes or less.

"Actually, historically, mixed use communities were the norm. It's good to see that this type of neighborhood is coming back in vogue in almost all communities in this region," said John Tripp, board member and past president of the local trade association.

Tripp, a Realtor with Foundation Trust in San Jose, named three proposed projects in Los Gatos that fit the mixed-use definition. "The North 40 is now on the drawing board for mixed use and will, in its final form, have a lot of community involvement," said Tripp.

The North 40 is a 34-acre site nestled between Los Gatos Boulevard and the intersection of two freeways. The mixed use component has residential units above ground- floor retail and office space over retail. Plans call for an extension of the VTA light rail system nearby.

The Dittos Lane project is officially an affordable housing development but "would fit into the category nicely because of its location," according to Tripp. This project calls for 32 low-income housing units in downtown Los Gatos. The project has been put on hold until the governor and state legislature decide on the future of redevelopment agencies. Redevelopment funds were used to purchase the property and will also be used to finance the project.

In addition, a mixed use plan is being proposed for the old Swanson Ford site, located at the northwest corner of Los Gatos Boulevard and Blossom Hill Road.

"These three projects, when finalized, will take the Los Gatos community back closer to its roots, where what is now called mixed use was a normal way of life of having shopping and services within walking distance of homes," said Tripp.

Community characteristics are very important to most people. The survey found 88 percent of respondents placed more value on the quality of the neighborhood than the size of the home, and 77 percent of those surveyed want communities with high-quality schools. The survey of 2,071 adult Americans was conducted by Belden, Russonello and Stewart from Feb. 15 to 24.

 

 

Homes for sale Lafayette, Moraga, Orinda, Walnut Creek, Rockridge, Elmwood



 

  



New Blog

MB Realty Group is excited about our new site and blog.

Our site will let you know about our current listings, as well as all the information you need to know about who we are and how we can help you.

The blog was created to give you helpful information on real estate news and more. We hope that it can serve as a useful resource for you.






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