Silicon Valley Baby Boomers Considering a Downsize?

Real Estate Agent with StynesGroup Inc a Keller Williams team
It's a new year and you're looking at your goals for 2012 . The kids are gone; you no longer need the big four-bedroom house, the ongoing cost of landscaping fees or possibly a pool service. You say, “Who needs it. I want to enjoy my life”. Is it time to downsize. Well if you or your spouse is 55 and live in the Silicon Valley (Santa Clara County, or San Mateo County) you may not be aware of Propositions 60 and 90. You may ask what is Prop 60 and 90. Prop 60 allows for the replacement of the primary residence with a new home of equal or lesser value within the same county and transfer of the Prop 13(*) assessed valuation from the old home to the new property. This transfer is once in a lifetime benefit and may have tax implications so we encourage you to consult your tax or financial advisor for your specific impact. Prop 90 allows counties to elect to transfer Prop 13 values for moves from other California counties when the primary residence is replaced with a less expensive property. Being over 55 and you move into one of these California counties (Alameda, El Dorado, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, and Ventura) you may take your old, lower Prop 13 value, regardless of which county you moved from. For instance, using Prop 90, you can sell your $700,000 San Francisco home, assessed value $100,000 and move to a new $500,000 condo in Mountain View, Sunnyvale or San Jose; the new home assessed value of $100,000! Is now the right time to make that move? Today might be a better time than your realize. While you may believe your existing home's value is down, chances are the property you want to buy will also cost you less. Likewise, pulling out funds from your existing home may allow you to buy the new home for cash. If you do you need a new loan rates have never been lower. Currently 15 year fixed loans are running 3.5% with no points. So don’t wait, it time to create the life you want! To discuss specifics about selling your present Mountain View, Sunnyvale or San Jose home, give Tom Stynes a call. (*) Prop 13 was passed by the California legislature in 1978. This law limits property taxes to 1% of sales price, plus nominal local fees, per year. Property taxes can go up no more than 2% of assessed value per year.

About the Author: Tom Stynes – Silicon Valley, CA – Real Estate Broker®

I’m a proud to be a member of the Silicon Valley Association of Realtors, the California Association of Realtors, the National Association of Realtors and MLSListings the regional Multiple Listing Service. These relationships guarantee my Silicon Valley buyers immediate access to hundreds of the newest Silicon Valley listings added to the market each day while also providing my Silicon Valley sellers exposure to a vast network of buyers across the state, country and globe. Whether you’re looking to buy or sell real estate in Santa Clara County California, my goal is to provide expert advice and exceptional customer service utilizing the latest, cutting-edge Internet marketing technology available. As my customer’s attest, I am a committed and passionate Silicon Valley REALTOR® who prides myself on putting my customer’s priorities above all else. My determination and attention to detail allows my customers to receive first class service with utmost integrity. I have been listing and selling homes in and around Sunnyvale California for the last 10+ years. Call or send me an email so we can discuss how I can best serve your Silicon Valley Real Estate needs! I service Real Estate sales in the following Silicon Valley, CA cities: Campbell, Cupertino, Los Altos, Los Altos Hills, Los Gatos, Mountain View, Palo Alto, San Jose, Santa Clara, Saratoga, and Sunnyvale CA. Please call or send me an email today so we can discuss how I can best serve your Silicon Valley real estate needs! Tom Stynes, Broker, CRS (Certified Residential Specialist) | CA DRE Lic. #: 01329098 Intero Real Estate Services |12900 Saratoga Avenue Saratoga, CA 95070 Telephone: 408.863.3052 |Fax: 866.222.2140 Email: | Websites: | Linked-in Profile: | Facebook: | Twitter:  
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