What's your San Carlos home worth?

Go to: http://www.sancarloshomefinder.com/sell/

Renting vs. Owning

There’s nothing quite like a home that you can truly call your own. A place where you can have the gleaming hardwood floors you’ve always dreamed of, a space to cultivate your own vine-lined patio, a way to provide a good neighborhood for your kids to grow up in, and a freedom from the whims of your landlord. These are the images that immediately come to mind, for many of us.

Yet some of the biggest advantages of owning a home are less romantic and more practical – in fact, there are financial advantages to owning a home:

• Tax Deductibility You can deduct the cost of your mortgage loan interest from your state and federal income taxes. Since interest generally will account for most of your payment during the first half of your mortgage, the savings can be significant. Some of your costs at the time of closing (including prepaid mortgage interest) can be taken as deductions on that year’s income tax return, and points paid up front at the time of closing represent additional mortgage interest and may be taken as a deduction.
• Tax Deductibility of Property Taxes You can deduct all of the property taxes you pay.
• Appreciation Potential Real estate is considered a good long-term investment because it usually appreciates in value. The effects of borrowing potential can increase as the value of the home appreciates.
• Capital Gains Exclusion When it’s time to sell your home the amount of capital gains you have to pay is reduced. A homeowner can exclude up to $500,000 per couple if married and filing jointly, or $250,000 if single or filing separately for homes that have been the taxpayer’s principal residence for the previous two years.
• Capital Gain Treatment Congress allows preferential tax treatment on gains from capital assets held for more than one year. This would be important for a homeowner who has gains in excess of the allowable exclusion.
• Principal Accumulation Mortgages are designed to pay the interest for the time that the money has been used, as well as to retire the principal debt over a period of time. This payment plan means that part of the payment each month is for principal accumulation.
• Personal Enjoyment Pride of ownership is a valid reason for wanting to own a home. You can personalize your home while enjoying the financial benefits.

For the best evaluation of your financial situation, consult your financial advisor. He/she will be the most qualified to discuss the financial consequences of a home purchase decision, as well as help you to establish a plan that will achieve your home ownership goals.

Questions? We are happy to help! For more information please contact The Clarke Team at 650-489-5399 or sold@clarketeam.com

San Carlos Real Estate Statistics for the 1st Half of 2011

Real Estate Statistics for San Carlos
Semi-Annual Activity for 2009 to the 1st half of 2011
Single Family Homes	New Listings	Curr Inventory	Closed Sales	Avg DOM	Avg Sls Price	% Change	% LP Rec'd	TTL Sales Volume
2009 Jan-Jun	211	73	95	52	945,544		97.08	89,826,727
2009 Jul-Dec	147	35	140	53	913,953	-3%	98.24	127,953,485
2010 Jan-Jun	221	81	113	43	972,569	6%	99.83	109,900,349
2010 Jul-Dec	168	43	133	42	952,930	-2%	98.84	126,739,818
2011 Jan-Jun	238	91	132	37	967,704	2%	99.90	127,736,977
San Carlos real estate continues to remain strong despite the economic downturn. The average sales price has been fairly
steady and the percent of price sold compared to list price is high. The average days on market has decreased indicating a
strong demand for homes in San Carlos.
For questions or more information on these statistics or real estate in San Carlos, please contact The Clarke Team at
650-489-5399 or sold@clarketeam.com

First Time Buyers

Approaching the task of buying a home can be overwhelming. It is a complex event during which there is so much to learn and to consider. How much can I afford? Where will the down payment come from? How much will I need and where can I find the best loan? How do I begin the look for a home, what should I expect from my real estate agent and what type of home is right for me? These questions are just the beginning. Buying a home is one of the largest financial transactions in one’s lifetime, yet most people know very little about it. When embarking on the path to home ownership here are two very important points to remember: You can and should understand everything that is happening in the homebuying process. You will need to learn some new terms, apply some new concepts and take the time to learn about purchasing a home. Always remember that you are the most important person throughout the entire real estate process. It is easy to think that many others may have more expertise or clout, but the truth is that you, the buyer, are the one person in this transaction that makes it all happen. If you decide not to buy, the entire process comes to a complete stop. If you plan from the beginning to approach the homebuying process intelligently and with confidence, you are much more likely to buy the home you’ve always wanted, and have the confidence that the best decisions were made.

Steps To Buying A Home

1. Make a decision to rent or buy. 2. Figure out how much you can afford. 3. Find the right real estate agent. 4. Get pre-approved. 5. Decide what kind of home you want. 6. Find the right neighborhood. 7. Begin the home search. 8. Preview the homes. 9. Make an offer. 10. Apply for a mortgage. 11. Have the inspections conducted. 12. Close the transaction. 13. Move into your new home.

San Carlos Approves New City Budget

The city council approved the more than $55 million proposed 2011-2012 budget last night, despite some hesitance from mayor Andy Klein about the council's recent spending decisions and the slow decrease of the city's newfound surplus.

The budget was passed with a 4-1 vote. Klein was the no vote.

Klein said the city has reimplemented several programs it had previously cut which was cutting into its surplus and he feared the future would show only more spending.

The more than $55 million proposed budget includes $11,886,350 for the city’s redevelopment agency, and takes into account the $510,000 the city will spend on one-time costs for dissolving the Belmont-San Carlos fire department.

“It is a one-year budget and as proposed reflects an operating surplus of approximately $394,600,” city documents said.

That money will be split, with half going to the city’s Capital Improvement Fund 25. That is a fund used for city infrastructure including technology, capital improvements, street resurfacing, system upgrades and storm pump, said administrative services director Rebecca Mendenhall.

The other half of the surplus will be placed in a reserve fund known as the Economic Uncertainty Fund.

“It is anticipated that there will be future liabilities related to the dissolution of the Belmont-San Carlos Fire Department,” city records said. “As these costs have not yet been finalized, they have not been included in the budget.”

Mendenhall said she anticipated the unfunded liabilities to be around $800,000 to $1 million.

Staff broke down the various reductions and additions to the city. The budget reflects reductions in park maintenance, human resources recruiting, public notices and Recreation Activity Guide expenses. It also includes the elimination of the youth basketball contract, the IT Systems Analyst and Payroll and Benefits Technician and the dissolution of the Belmont-San Carlos JPA.

Additions to the budget include the funding of part-time staff to maintain the homework lab at the Youth Center, a part-time staff to maintain the Youth and Adult Center wellness programs, the restoration of code enforcement through shared services, more funding for the Night of Holiday Lights, an increase in operating expense for records retention program, additional funding for Sheriff’s contract for part-time traffic enforcement and additional funding for on-call GIS services.

The city also restored the Jobs for Youth program and gave additional funding for television recordings to include taping of the Planning Commission meetings and other broadcasts. The new contract with Half Moon Bay to provide Recreation Services was also named as an additional service.

Free Electronics Recyclying Event in San Carlos

The Old Black Mountain Water Building located at

1390 EL CAMINO REAL, SAN CARLOS, CA 94070

When? JULY 23, 2011 from 9:00AM to 4:00PM

Items that we can recycle:

Computers- Printers- T.V.’s- Any electronic items

to save the environment.

Getting Prepared to Buy a Home

Before you step foot into the first home you look at, it's a good idea to thoughtfully determine your wants and needs, and the difference between the two! By analyzing your needs you will be able to get a clear picture of exactly what you want your new home to look like and how it should function for you. Once you're in the thick of viewing homes, it's all too easy to fall in love with someone’s decorating or a home’s outstanding architecture – and to completely overlook that there aren't enough bedrooms or bathrooms to fit your needs.

First, you should write down why you're looking for a home. For example, are you currently renting and would like to have a home where you can begin building equity? Maybe you have outgrown your existing home or changed jobs which required you to move to a new city. These factors will all have an impact on how you approach your home search.

It is important to identify what you envision your home to look like and what features it should have. Writing this down helps to avoid ambiguity later in the home search process. You should make at least two lists: one should describe everything you would ideally like and the other should list the features of the home that are an absolute must. It is most likely that you will blend the two lists into one as you progress through the homebuying process. This is a natural and evolutionary process that becomes clearer as you determine what you want and what is available.