Marilee Headen | Empire Realty Associates

Empire Realty Associates, Inc.

Office Address: 380 Diablo Road, Danville, CA, 94526

Marilee Headen

Phone: (925) 217-5089 Fax: (925) 964-0860

Mobile: (925) 330-2380

MHeaden@EmpireRA.com

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Your Real Estate Connection | Q2 2010

Rebound! What a difference a year makes.

While there still may be some potholes to watch out for as our market recovers, local sales are rebounding nicely in most areas from last year. An exception would be in some of the most affordable areas where there were many foreclosures last year. As foreclosures have lessened, those markets have slowed down.

The number of properties under contract in 1st quarter 2010 was UP an average of 63% compared to 1st quarter 2009. Areas surveyed were Alamo, Danville, San Ramon, Blackhawk, Walnut Creek, Pleasant Hill, Lafayette, Moraga, Orinda and Pleasanton.

Looking back at April 2009 vs. April 2010, closed sales were up: Alamo 43%, Blackhawk 180%, Danville 67%, San Ramon 22%, Walnut Creek 19%, Lafayette 85%, Orinda 13%, and Pleasanton 52%.

Prices are currently a mixed bag and beginning to stabilize in some communities. The average year-to-date prices compared to last year on May 1 were UP in Danville 2%, San Ramon 13%, and Walnut Creek 4%, but DOWN in Alamo 20%, Blackhawk 19%, and Lafayette 5%.

Please call me at your convenience so I can update you on your local market.

Small Renovations, Big Returns
Upgrading your home is exciting and can also provide a nice return on your investment when you sell. To maximize returns, it is important to know which improvements to focus on and to not overinvest in your upgrades. These guidelines were published in a national real estate marketing publication and should be used as a general guide only. Many factors affect an appraiser’s opinion of improvements including location, value range of home, market trends, age of home and quality of the improvement. As always, consult with your real estate agent to determine if you are making the best decision.

Percentage of your investment that may be recouped at resale:

150%    Remodeled Kitchen
A kitchen update can reward a seller with a sizable payback. Remember that splurging on fancy finishing materials or sophisticated equipment may cut into profits. Keep it simple.

100%    Revitalized Lawn and Garden
A verdant lawn and a modest-but-colorful flower bed will entice buyers. The few hundred dollars invested could yield several thousands in profit.

100%    Fireplace
Especially if it is energy efficient, such as a gas-powered model, a fireplace holds the promise of cozy family gatherings around the warmth of the hearth.

90%   Second Bath
It takes a simple 5 x 9 foot extra bath to make mornings more civilized for most families. Don’t count on a return on extras like a heat lamp or whirlpool tub.

80% Room Addition
For the most attractive return of your investment, an added room should be a family room or fourth bedroom.

60 - 80% Remodeled Bath
A master bath is on many buyer lists, so invest here. If you own only one bath, install two sinks or a double vanity to handle the morning crowd.

70% Expanded Master Suite
To keep costs down, try to find extra space to create this wish-list item by combining existing rooms and spaces. Heavy structural work entailed by adding square feet diminishes returns.

70% Deck
Outdoor living space is a desirable asset no matter where the locale. No maintenance decking material leaves lots more leisure time too.

50%    Exterior Paint
Sprucing up tired siding, trim, etc., can take years off the look of an older home.

40%    Heating Systems
Replace it only if your old system is dysfunctional. Depending upon buyer priorities, a new energy efficient furnace may or may not be a selling advantage.

35%    New Windows and Doors
Buyers appreciate changes that improve the look of a house, so attractive new French doors, for example, may be a plus. Energy efficient units are an ecological boom, but may be a resale bust.

Plan Ahead for Next Year...With These Top 10 Tax Deductions

1. Mortgage Interest. Usually fully deductible; applies to more than one mortgage up to $1 million.

2. Home Buyer Tax Credit. The Federal Tax Credit ended April 30th; the California Tax Credit continues through 2010. Call me for details.

3. Private Mortgage Insurance (PMI). If you bought your home after January 1st, 2007, and have an adjusted gross income under $110,000, you can claim PMI.

4. Home Offices. Tax deductions for qualified home offices include maintenance (painting, upkeep) and even garbage and utilities. Check with a tax advisor about your situation.

5. Points. If you paid points to lower your mortgage rate on your refinance or purchase, you may be able to deduct them.

6. Moving Expenses. Homeowners moving 50+ miles for a new job can write off moving costs, household goods, vehicles, and other related expenses.

7. Vacation Homes. Buy a vacation home and deduct real estate taxes, personal property taxes, mortgage interest, and points.

8. Property, State, and Local Income Taxes. Some cities/towns/municipalities have deductible local income taxes; property/state taxes can be deductible.

9. Health-Related Improvements. Home improvements made for medical purposes (that do not add value to the overall home) can be tax deductible.

10. Capital Gains with No Income Taxes. If you sell your home, the government will let you realize a tax exempt profit of up to $250,000 each (husband & wife) once every two years. Check with your tax advisor first.

Empire Realty Ranked on SF Business Times Book of Lists

Empire Realty is proud to announce that we are ranked #10 on the 2010 San Francisco Business Times list of Largest Residential Firms in the East Bay (by gross sales)!

This is exciting news because we were one of the few real estate companies on the list to increase in gross sales in 2009 compared to 2008!

Of the top ten companies on the list, Empire was one of only two who had fewer than 75 agents. This is quite a feat to accomplish with fewer agents!

We attribute our success to the experience, knowledge and dedication of our agents. Plus, we take pride in our customer-focused approach...and that keeps our clients coming back again and again.

Thank you for your continued support and for helping us achieve such successes!

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Empire Realty Associates | www.empirerealty.com | 380 Diablo Road, Danville, CA 94526| 1261 Locust Street, Walnut Creek, CA 94596

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