Berkshire Hathaway is coming soon to the Bay Area There are some exciting things happening in Bay Area real estate! Have you heard? Prudential California Realty will be converting soon to Berkshire Hathaway Home Services (BHHS). Are you in? We can’t wait to get started! Clients and fellow Agents alike have been asking us WHEN WHEN WHEN ? And it will be soon.

Call me if you want to know more! We have an event coming up to give us more information so stay tuned, but the Bay Area will soon be painted Cabernet and Cream! Coming later in 2014! CONTACT ME FOR MORE INFO Here’s just a snippet from a recent Bloomberg Business Week article: Warren Buffett has invested for decades in strong consumer brands—from Geico to Dairy Queen—counting on the power of a trusted name to move merchandise.

Now, in a rare use of his holding company’s name as a consumer brand, he’s testing the ability of “ Berkshire Hathaway ( BRK/A ) ” to sell houses. Since last year, For Sale signs bearing the Berkshire Hathaway HomeServices name have been popping up on lawns from New Jersey to California as Buffett expands his real estate operations and licenses the name to independent brokerages.

While the Berkshire brand may help sell houses, thousands of people will be doing business under the name that Buffett, 83, has spent decades burnishing. Some brokers joining the network have received a pamphlet with his photo urging workers to act ethically and report anything that might compromise the company’s reputation. “It’s an innocent strategy until proven guilty,” says Jeff Matthews, a Berkshire shareholder and author of books about the company. “A bunch of bad actors could sully the brand.” And some more from Inman News: Warren Buffett’s brand-new real estate franchise brand, Berkshire Hathaway HomeServices, has the strongest brand equity of the real estate brands, according to a Harris Poll consumer survey.

The 2014 Harris Poll EquiTrend ranked brands in dozens of industries by how powerfully consumers connect with them based on a survey of more than 41,000 Americans over the age of 15 conducted between Jan. 3 and Jan. 31. The survey gauged consumers’ emotional connection to brands, their awareness and familiarity of them and the influence they may have on them.

Finally, About Berkshire Hathaway HomeServices Berkshire Hathaway HomeServices, based in Irvine, CA, is a brand-new real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity.

Berkshire Hathaway HomeServices in early 2014 was named “Real Estate Agency Brand of the Year” by consumers in the 26th annual Harris Poll EquiTrend® study of the largest real estate networks. Visit www.berkshirehathawayhs.com. Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks.

The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

Oakland is a HOT real estate market! Oakland is a HOT real estate market! Oakland has been HOT HOT HOT with appreciation and activity. Despite the approach of a seasonal Labor Day “lull” Oakland still rises to the top of the cities in the East Bay with brisk appreciation, and is still seeing multiple offers in many areas. If you’re looking to buy or sell a home in Oakland, these charts may help provide some perspective on the market trends.

Inventory is dropping off while sales remain strong. Good time to sell in Oakland? YES! We still have buyers who have been priced out or simply pushed out of the hot multiple offer summer. They’re still out there looking. And more knowledge of the market is a GOOD thing!

Mortgage Forgiveness Debt Relief Act extended to 2014 Is the Mortgage Forgiveness Debt Relief Act extended? People have been very worried with the expiration of the relief enacted in 2007 entitled “The Mortgage Forgiveness Debt Relief Act of 2007.” In fact, there are some thinking they may be looking to cancel short sales in progress and having to ask (or beg) their banks to reinstate their loans, help them keep their homes, or seek other remedies in order to avoid a foreclosure or short sale in this new year.

If one can not afford their mortgage debt, how can they afford a big tax bill in the form of “cancelled debt” or call the forgiveness of debt, income? Income? Ugh, the final insult for many facing foreclosure, short sale or loan modification in California. Some have called this short sale tax relief, or foreclosure tax relief. Families and individuals could be relieved of the obligation of taxation of this forgiven debt, called income , for their principal residence and up to 2 million dollars.

The mortgage forgiveness debt relief act has been a very important factor in a decision to short sale, foreclose or look into a bankruptcy. Read the IRS rules of The Mortgage Forgiveness Debt Relief Act and Debt Cancellation here. But YES! It appears to be extended through to January 1, 2014. It looks like it IS part of the fiscal cliff bill that was passed through the Senate and House today/tonight and is ready for the President’s signature.

You can read the PDF version of the “package” and see the following language: SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. (a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2014’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2012 Has California extended it’s Mortgage Forgiveness Debt Relief for 2013?

Not yet. Keep in mind the news tonight as it relates to this “fiscal cliff package” is for federal IRS tax purposes and does not apply to individual states , and at this time we do not know if California will extend their similar debt relief act, though they did extend the California provisions once before in 2010. See California’s Mortgage Forgiveness Debt Relief information here .

So stay tuned for that, I’ll keep you updated the best I can here as soon as there is any update on the state provisions of this act. If you are thinking of selling your home, need to do a short sale, or want information about options to avoid foreclosure for your Contra Costa home, call me! I serve the areas of Concord, Clayton, Walnut Creek, Pleasant Hill, Martinez, Antioch, Brentwood, Pittsburg, Bay Point, Lafayette, Orinda, Moraga, Danville, San Ramon and many other areas of Contra Costa and some parts of Alameda county.

I’m well versed in short sales and can offer you referrals to qualified attorneys, CPAs and tax professionals to answer your questions. Catherine Myers, Broker Associate Prudential California Realty Offices in Pleasant Hill, Walnut Creek and San Ramon DRE #01337828 Contact me online 925-683-2125 Keep in mind, that the information provided above is not designed to substitute for professional advice from a competent, experienced tax professional.

The information may be incorrect or your situation may be such that it does not apply to you. Be careful about relying on any internet source for information without also checking in with a professional that knows YOUR individual situation.

? Mortgage Debt Relief Act Extended in California? Mortgage Debt Relief Act Extended in California First, ALWAYS check with your own tax professional as there is still much confusion on the short sale debt relief at both the federal and state level. This blog or others, can NOT be a substitute for qualified advice from your CPA or tax attorney. One of the most commonly asked questions of me on my blog and website is whether or not the Mortgage Debt Relief Act has been extended, and if California has followed suit.

You may all recall, that in 2007 the Mortgage Debt Relief Act came into existence and was meant to offer relief to homeowners in distress, doing a short sale, selling their home for less than their mortgage balance(s). Prior to the act, it was said that the difference between what you sold the home for (what the bank settled for in a short sale) and what WAS owed on your loan was phantom debt, cancelled debt and subject to INCOME TAX!

Income tax on money you never got, never benefited from. You got a 1099 form from the bank you had to address with the IRS in the January following your sale. Bam! Not very nice. Well, the Mortgage Debt Relief Act was meant to relieve homeowners by clarifying that cancellation of debt income on a primary residence may not be applicable. Good news. And shortly after, California Franchise Tax Board followed suit.

The federal debt relief act was set to expire in 2012, but it was extended to December 31, 2013. BUT California DID NOT follow suit in 2013 so it’s been very stressful for California homeowners who conducted a short sale in 2013. We just got some good news. I want to say first, don’t take any blog or real estate professionals word for it . YOU MUST speak to your CPA, tax professional or attorney about your particular situation.

Every situation is different, and real estate professionals are usually not also a CPA or attorney and advice about your taxes must be obtained from a qualified tax professional. But here is the good news for 2014, these recaps are excerpted directly from our California Association of Realtors Alerts ( link ): __________________________________________________________ FEDERAL DEBT RELIEF INCOME TAX FOR SHORT SALES A short sale in California is generally not subject to federal income tax for mortgage debt forgiveness, according to a recent letter from the Internal Revenue Service (IRS) .

C.A.R. worked closely with Senator Barbara Boxer to obtain this IRS guidance. We are also hopeful that we can promptly obtain similar guidance regarding state income tax for mortgage debt relief income from the California Franchise Tax Board (FTB), which has been awaiting this IRS letter. Given that a homeowner in California generally cannot be held personally liable for a short sale deficiency (see below), the IRS stated in its letter that it would consider the mortgage loan as a nonrecourse obligation that is not subject to federal debt relief income tax.

The amount of indebtedness, however, must be reported as the amount realized for capital gains purposes. Of course, a principal residence is generally excluded from capital gains tax up to $250,000 for single taxpayers and $500,000 for married couples filing joint returns (under 26 U.S.C. § 121). State – Franchise Tax Board California homeowners who lost their home in a short sale will not be subject to federal or state income tax liability on debt forgiveness “phantom income” they never received, thanks to recent clarifications by the Internal Revenue Service (IRS) and California Franchise Tax Board (FTB).

In November, in a letter to California Sen. Barbara Boxer , the Internal Revenue Service (IRS) recognized that the debt written off in a short sale does not constitute recourse debt under California law, and thus does not create so-called “cancellation of debt” income to the underwater home seller for federal income tax purposes. Following the IRS’s clarification, C.A.R. sought a similar ruling by the California FTB, with the help of the Board of Equalization (BOE).

Now with the FTB’s clarification, underwater home sellers also are assured that they are not subject to state income tax liability, rescuing tens of thousands of distressed home sellers from California tax liability for debt written off by lenders in short sales. We thank Sen. Boxer and BOE member George Runner for their leadership in obtaining this guidance from the IRS and FTB.

Distressed California homeowners can now avoid foreclosure or bankruptcy and can opt for a short sale instead, without incurring federal and state tax liability, even after the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of this year. Important Note: From CAR: The IRS guidance is limited to California short sales only. The IRS guidance did not specifically address other types of real estate transactions such as non-judicial foreclosures and mortgage loan modifications.

Contact Catherine Myers, Real Estate Broker for help with a short sale in Contra Costa and the San Francisco Bay Area. Short sales are still happening as some of our areas took huge value plunges and in some areas, they may not recover to the levels needed to sell the home without being a short sale. Catherine can guide you through a short sale, get you the help you need, and get you moved on to the next chapter.

Whether your situation is financial, unemployment, relocation or personal, most banks are well equipped to handle a short sale and can take anywhere from 4-12 weeks to complete. Call today 925-683-2125.

Big Changes to the HAFA Short Sale program Big Changes to the HAFA Short Sale program Contra Costa Short Sales Effective today, there are some pretty major changes to the short sale program, HAFA (Home Affordable Foreclosure Alternative). This program has evolved and now it’s gotten even better. Here are some of the ways you’ll find even more reasons to apply for a HAFA short sale.

Many people are starting to think a little harder at a short sale as an option as the end of the year looms near. This is because as of this date, both the state and federal income tax protections for owner occupant short selling borrowers will expire. We hope it will be extended, and we continue to keep watch. Below you’ll find the current directive and then information on the past information: HAFA short sale program is extended through December 31, 2013 Was only through December 31, 2012 Occupancy Requirements have been expanded to include second homes, and rentals/investment homes (but owner can not have purchased a property in the previous 12 months).

HAFA required the property to be occupied as a primary residence during the prior 12 month period. Relocation Allowance is still $3,000 to the owner OR the tenant if the property is tenant occupied. There was no previous help for owners of investment property or help for tenants – this is all new – good news! Junior lienholders may receive up to $8,500. Currently, junior lienholders were capped out at $6,000 (or 6% of balance whichever was less).

Income requirements can now exceed 31% of income. The borrower may stay current on their loan (subject to investor guidelines). HAFA guidelines had stated mortgage payments should not exceed 31% of gross monthly income. Credit reporting may show a “paid or closed account/zero balance,” or “paid in full/foreclosure started” whichever is applicable. (will likely still note “paid less than full balance) This was a very grey area and no guidelines or consistency across the board was seen.

For more information about HAFA Short Sales in Contra Costa or your Walnut Creek, Concord, Clayton or Pleasant Hill short sale, call Catherine Myers. You can also find more information at the government sponsored site Making Home Affordable – Exit Gracefully For those that want it ALL, here is the HAMP Administration Directive 12-03 describing the above: HAMP Admin Directive Walnut Creek short sales | Concord short sales | Pleasant Hill short sales | Clayton short sales | Martinez short sales

Clayton CA homes for sale Clayton CA homes for sale Now I may be biased, because I live in Clayton myself, but Clayton has got to be one of the BEST places to live in the entire Bay Area. Small town atmosphere, built around community, community events, trails, parks, good schools and ambiance. I moved to Clayton from Concord almost 6 years ago and have loved the decision.

For kids, its a place they can feel safe. There are many places to play, explore and grow! Walk to the creek? Yes! Hang out downtown at the park? Yes! Walk to school? Yes! Bike, hike, walk, explore – for miles? Yes! Being a small town, its not uncommon for kids to “meet at the park” after school. Play ball on the grassy field, grab a sandwich at one of the downtown shops, a slushie at the local store or meet their parents for a bite to eat at Ed’s or another local eatery.

Search Clayton CA homes for sale. Now, yes, it’s not close to the freeway, but that’s part of the beauty. We’re off the beaten track a bit. Just perfect to get to know your neighbors, be involved with the schools and other community activities and feel like you’re a million miles away from the hubbub of the Bay Area itself. BART though, is just 4-5 miles up the road and offers easy access to all the major work centers in San Francisco, the Peninsula or Oakland.

Freeway, depending on time of day is about 20-30 mins. Gauge the time right, and you’ll be there in no time! But for folks looking for nature, magnificent trails, community, schools and to be in the shadow of the magnificent Mt. Diablo State Park, Clayton is a great place to live and be. Offering Art and Wine Festival, Oktoberfest, Soapbox Derby, Rib Cook-offs, Chili cook-offs, family fairs, swim teams, sports leagues, community gym for youth AND adult sport leagues – it’s all here.

High scoring schools for K-8 and a high school who has just turned charter. Clayton Valley Charter High School, after just one year as a charter has boosted its API score by leaps and bounds! Over 820 now! One of the best in the area now! Innovation and priority in learning and supporting students has completely changed the tone of this high school. So if you’re looking for Clayton CA homes for sale, look no further.

Use the quick search up on the top right over there —-> or check out homes below. Ranging from 400’s to a million or more, there are townhomes, condos, single family, country club, golf, rural and horse properties available in Clayton. Check it out and welcome to Clayton CA! Search Clayton CA homes for sale Call your Clayton CA Realtor, Catherine Myers . Clayton’s most passionate fan and real estate professional.

Catherine Myers can be reached at 925-683-2125

Contra Costa Housing Affordability Contra Costa Housing Affordability declines Check out the latest release from the California Association of Realtors. Their research shows that from 2nd quarter last year, to 2nd quarter this year, housing affordability in California overall is down 15% – from 51% in 2012 to 36% in 2013. In the Bay Area and Contra Costa Housing Affordability, the numbers look like this: C.A.R.

Region Housing Affordability Index Median Home Price Monthly Payment Including Taxes & Insurance Minimum Qualifying Income Calif. Single-family home 36 $415,770 $2,000 $79,910 Calif. Condo/Townhome 46 $334,160 $1,610 $64,230 Los Angeles Metro Area 39 $380,890 $1,830 $73,210 Inland Empire 56 $239,640 $1,150 $46,060 San Francisco Bay Area 24 $706,340 $3,390 $135,760 United States 60 $203,500 $980 $39,110 San Francisco Bay Area Alameda 25 $640,020 $3,080 $123,020 Contra-Costa (Central Cty) 20 $796,150 $3,830 $153,030 Marin 20 $972,440 $4,670 $186,910 Napa 34 $481,820 $2,320 $92,610 San Francisco 17 $902,420 $4,340 $173,450 San Mateo 17 $960,000 $4,610 $184,520 Santa Clara 24 $808,500 $3,880 $155,400 Solano 63 $265,900 $1,280 $51,110 Sonoma 29 $442,710 $2,130 $85,090 Chart: CAR releases Q2 Affordability Index Read the whole report at this link Contra Costa Housing Affordability What is the Contra Costa median home price?

What’s the Contra Costa monthly payment and income required for the median home price? The link, the chart, tells you all the information you may need. If you want to buy or sell a home in Contra Costa, contact Catherine Myers at 925-683-2125. Buy a home in Walnut Creek area

Contra Costa homes for sale: Selling QUICK! Contra Costa homes for sale: Selling QUICK! Contra Costa homes for sale Homes are selling QUICKLY in this brisk seller’s market. It’s an excellent time to sell to be sure! Inventory is so low, that most homes are getting multiple offers. The market is savvy though, so there is still a danger in over pricing, so it’s critical to carefully review the comparables and market trends.

It’s not enough right now just to look at “history.” History can tell a story, but can’t always predict what the future will hold. Appraisers remain a hurdle to overcome to any buyer with a loan. You’ll need to look at the sold comparables (history), try to verify as much as you can about the pending listings (current market activity) and look to the future in trending price and activity levels.

Make sure you check out the market trends for your city to see how the market looks. I can also provide custom reports for inventory levels, list vs. sale prices and just about any other trend you’d care to see! Let me know! Below are just a couple of charts that can show you the number of active listings, sold listings and pending listings. Where did our inventory go?

This low inventory is driving our market upwards now. Walnut Creek homes for sale Concord CA homes for sale

Rossmoor Homes for sale are HOT! Rossmoor Homes for sale are HOT! Rossmoor Homes for sale The housing “boom” we are experiencing now has definitely hit Rossmoor! Rossmoor is an active senior adult, 55+, planned community on the outskirts of Walnut Creek nestled into the hills between Walnut Creek and Lafayette. Beautiful is an understatement. Every time I enter the gates of Rossmoor I feel much like I did when entering a large resort in Hawaii!

Lush greenery, golf courses, club houses, hills, creeks, wildlife… what a tranquil setting! Usually the Rossmoor housing market is a bit calmer than it is now. Right now, we have less than a month of inventory on the market. Multiple offers is the norm now and cash is king. Especially in the co-ops where it is rare to find favorable financing. Co-ops also have their own requirements as to reserves and income in order to qualify for Mutual acceptance.

Have you been searching for Rossmoor homes for sale? Thinking of selling your home locally and moving to Rossmoor? I’m happy to help! I love helping folks achieve their dream in Rossmoor! Search Rossmoor homes for sale below! Call me if you have questions about buying or selling in Rossmoor! I work both inside and outside of Rossmoor. Call Catherine Myers with any questions (925-683-2125) , or if I can help you purchase a Rossmoor home or to sell your home to be ready for a purchase in Rossmoor.

The key is to be ready! Competition is fierce at the moment. Here are some housing statistics for Rossmoor in Walnut Creek. Inventory DOWN 76% from the same quarter in 2012. Average sold price is UP 19% from the same quarter in 2012. Average active price is UP 33% from the same quarter in 2012. Median price is $200,000 in Rossmoor. Average days on market is DOWN 63% from same quarter in 2012 (now only 20 days!) Search Rossmoor homes for sale in Walnut Creek

Contra Costa home sales gone crazy! Contra Costa home sales gone crazy! Spring home selling market is HOT! Contra Costa Home Sales Contra Costa home sales have gone CRAZY! Yes, they have! And, I’m sure you’ve noticed if you are even thinking of being in the home buying or home selling market now. Multiple offers on most homes are edging prices up, and many buyers, OUT.

It’s almost SPRING selling season too! (Check out some market trends-data charts!) Classic supply and demand is at play now, but have you wondered what is really going on in our local Contra Costa Real Estate market? Here are a few things that have made our Contra Costa home sale market go bananas: Record low inventory of homes on the market in our area . Our local area of Walnut Creek, Concord, Clayton, Pleasant Hill and Martinez (and also East County areas of Antioch, Pittsburg, Bay Point, Brentwood and Oakley) have really what we’d consider HISTORIC low inventory of homes available now.

Down 50 to near 80% since last year. Few foreclosures coming on the market. Foreclosure numbers are way down right now. Several factors are contributing, but include banks working more with people on loan modifications, more outside help for underwater homeowners (i.e. www.KeepYourHomeCalifornia.org) and equity rising in some cases. Investors are holding inventory.

In the last few years the “fix and flip” plan of many investors led to a decent stream of renovated homes on the market. Not now, with equity and prices rising, many investors are buying to hold. We’ve hit a major housing sweet spot for investors in our area, and they know it, and they’re out there. Hard to compete with the cash investors for many buyers in certain price ranges.

Investors, even out of country investors, are looking for a better return than almost any other investment vehicle right now. Home sellers are waiting for equity to rise. Home sellers also see their equity rising, and multiple offers edging prices upwards. They may think that by waiting a little bit longer, they’ll go up even more. Maybe, maybe not. Think supply and demand… when supply rises… what happens to demand?

Well, at the very least it will begin to stabilize when there are no longer 10 or more buyers competing for each property. Record high home affordability meets record low interest rates. Well, really enough said there. It’s a great time to buy. Prices are still down from their record highs a few years ago, and we’ve never seen interest rates as low as they’ve been in the last year or more.

This leads to record number of buyers out in force. I know people probably get a little tired of Realtors saying “ Its’ a great time to sell !” Or, it’s a “ great time to buy !” But it is! Really it is… sellers now are a bit stuck. They may enjoy thinking of multiple offers and higher pricing on their current house should they sell, but what about buying?

The thought of then competing in this market could give anyone palpitations. So they stay put. But then, it’s that vicious cycle. We’re seeing more and more homes with a contingency for “Seller to find home of choice.” Great idea! So, let’s get those homes out there on the market! Buyers want to buy! The more homes that come on, the more that sellers will sell, and the more inventory that will become available.

It’s a great time to negotiate a great deal for you. How about you close escrow, get that cash in the bank, but negotiate a rent back to find that right house? Many buyers are willing to allow you to do just that. If you’re thinking of selling your home, let’s talk. We can review the market, trends in your area, pricing and strategy to get you what you need to move on yourself.

Short sales will continue to be a part of our market, and buyers are no longer shying away from them. Spring is the popular time to sell, and we’re certainly hoping for a robust spring home selling season! Contact me : Catherine Myers Broker Associate DRE 01337828 Prudential California Realty 925-683-2125 Contra Costa Homes for sale