Burlingame REALTOR® Mary Ann Teixeira Says Housing Market on Peninsula Is ...

Burlingame, CA (Vocus/PRWEB) June 24, 2011

Mary Ann Teixeira has been in the Peninsula real estate market for many years. As such, she has been affected by the local, state and national real estate and economic fluctuations of the last few years. Though it's been a rough ride, she is starting to see more activity as low home prices and the threat of upcoming changes in lending standards are motivating people to buy or sell.

Real estate prices are relatively affordable, says Teixeira. According to the San Mateo County Association of Realtors sales statistics from the local MLS, the median home price in the City of San Mateo in April 2011 was down $25,000, or 4%, from the same time last year.

Impending changes to real estate lending policies are also affecting the market. As part of Congress' 2008 stimulus package, jumbo loans were raised to $729,500, but this limit is set to revert back to $625,500 in September. "For those who need to sell a property, this may be the right time to do it," said Teixeira. "There may be fewer potential buyers come fall."

"Buyers are taking advantage of their increased buying power and low interest rates," says Teixeira. "You can't beat current interest rates, which are hovering at around 5%. And buyers who want to take advantage of jumbo loans are moving now to beat the looming changes coming this fall."

For additional information about San Francisco Bay Area real estate and relocation, call Mary Ann Teixeira at (650) 241-0318, or visit her website at www.maryannt.com .

A New 2011 Economic Stimulus Package With Obama-Bush Tax Cuts and ...

[Update - No New Taxes with Tax Extensions Approved] President Obama has now signed into law a bill that covers a temporary extension of all the bush-era tax cuts. The new bill also contains extensions to some of the 2008 stimulus tax breaks, and even has some new tax cuts. With this legislation he has essentially created a new 2011 Economic Stimulus package, estimated at around $858 billion. Here’s how various key components of the “2011 economic stimulus package” legislation will affect you:

No increase in federal income taxes as current rates stay the same. The table below provides the potential 2011 tax rates and brackets, which are slated to be the same as 2010 levels. Tax bracket ranges may move slightly when the official IRS tables are published, but with low inflation the changes should be minimal. A rise in tax rates would have cut the after-tax pay by $3,000 for the average tax payer, so this provision is worth a lot given current economic conditions. However, the tax rates extension is only for 2 years, and unless the economy really tanks, don’t look for these to be extended again.

Lower social security payroll taxes = More money in your paycheck. The employee payroll tax, which funds Social Security and Medicare, would also be cut by 2% during 2011 to help spur business hiring. Unfortunately this social security benefit will be of no help to seniors who will not receive another $250 supplementary social security payment (nixed by Congress, due to low inflation) in 2010. Seniors should benefit from the unchanged tax rates, but are probably the group getting the least benefits from all the deficit adding stimulus spending.

Extension of unemployment benefits for 13 months. This will allow the long term unemployed to keep their unemployment benefits longer. Over 2 million unemployed would have lost their benefits this month if the insurance was not extended. However the maximum is still 99 weeks and the growing number o f ultra-long term employed is a worrying trend for everyone.

Small business owners get capital equipment tax breaks. Under the compromise deal,  business’ will get to take a full deduction for equipment purchases that currently must be deducted over time (accelerated depreciation original proposed in small business jobs bill). The proposal would accelerate $200 billion in tax savings for companies in the first year and benefit 1.5 million companies and several million individuals who run businesses.

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