California Prop 90 Update!

September 1, 2010 · Mark Hasha · Comment here

California’s Prop 90 allows a home owner in California to sell their home, buy a replacement property in a participating county, and move a lower prop 13 based tax value from their old home to the new county for the purpose of home tax assessment. It allows the adjusted base year value of the original (sold) property to be transferred to the newly purchased or constructed home if eligibility requirements are met.There are some restrictions like the claimant or claimant’s spouse must be at least 55 years of age. The replacement property must be your principal residence and must be eligible for the homeowners’ exemption.

Participating counties are Alameda, Orange, San Mateo, Ventura, Los Angeles, San Diego, Santa Clara and now, El Dorado County.

There are also purchase price restrictions on the new replacement property. Read more

Now is the time to pay up to trade up

August 4, 2010 · Dean Rizzi · 2 Comments

There was an interesting article about trading up in the Chronicle today. Check it out.

http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=69044&tsp=1

With the vaules I see and the interest rates… this could be one of the best times to buy a home in years…. whether you are trading up or not.

Dean Rizzi
www.deanrizzi.com

12 Hidden Costs of Homeownership

July 29, 2010 · Rommel Yema · 3 Comments

Hi everybody! I know, it’s been awhile..but here’s an awesome article I found earlier this year that would benefit first-time home buyers especially!

-via Luke Mullins, USNews.com (April 8, 2010)

As the selling season gets underway, many Americans will be looking to take advantage of the lower real estate prices, attractive mortgage rates, and federal tax credit by purchasing a home. But remember: Not all of the costs associated with homeownership are reflected in the listed price. Indeed, many buyers — particularly first-time buyers — may be surprised by the amount of cash they’ll need to set aside for housing-related expenses that they hadn’t previously considered. These often-overlooked expenses can include everything from title insurance to lawn mowing. To give would-be home buyers a better sense of the budget they’ll need to buy and maintain a home, U.S. News spoke with a handful of real estate experts and compiled a list of 12 hidden costs of homeownership:

1. Home inspection. Since a home purchase is likely to be the largest financial investment of your life, it’s a good idea to have it professionally inspected beforehand. A home inspector can point out areas of the property that may need repairs. Buyers can use this information as leverage during home-price negotiations or simply to determine whether or not the property is worth purchasing. “It’s not required, but certainly I recommend it to buyers,” says Judy Moore of Re/Max Landmark Realtors in Lexington, Mass. “It is actually very helpful in that [buyers] learn about the property and how to maintain it and it also alerts them to any potential issues that may be coming up in the near future or need to be taken care of.” The cost of a home inspection, which can run several hundred dollars or more, is typically incurred by the buyers before they go to closing, Moore says. Read more

Loan Modifications – They Can Be Done! Lots of Patience Required!

July 14, 2010 · Kathy Wall · 3 Comments

I haven’t blogged in a long time, partially because I’ve been super busy with work, but also because I’ve been so wrapped up and worried about a loan modification that I had been trying to get on my house since 2008. Yes… I said 2008!

This has been one of the most frustrating and stressful experiences of my life. As mentioned, I started talking with the bank in late 2008. Around July of 2009, they told me that I had qualified for a certain type of loan modification. They gave me my new payment amount and I started paying that amount. I paid them faithfully every month thereafter. I was concerned, however, because I never received any formal paperwork and, because real estate is my job, I knew something had to be wrong. I called them constantly and they kept telling me there was no problem, everything was “in process.”

I believe it was in January this year that I returned home to find a letter from the bank in my mailbox. The letter indicated that I was in default and that if I didn’t pay them $35,000 by a certain (very near) date, they would start foreclosure proceedings. Needless to say, I freaked out. Read more

A Quick Snap Shot Of Daly City

May 11, 2010 · Adam Chinn · 2 Comments

I took a quick look at some of the Real Estate Trends in Daly City and found the statistics to be quite encouraging. These statistics are comparing April of 2010 to April of 2009.

Median Price Of Properties Sold: +6%
Properties Under Contract: +69%
Properties For Sale: -16%
Average Days On Market: -7%
Average Monthly Supply Of Inventory: -63%

The numbers are very encouraging, it appears, while prices are slightly up, so is interest in them. Inventory has decreased and so has the amount of time properties are staying on the market. Simple supply and demand, demand is up while supply is down, means the prices properties are selling for have risen.

It is still a great time to buy or sell in the current market, much of it depends on your own personal needs.

Adam Chinn: Visit my website at http://adamchinn.com

To Rebate or Not to Rebate? That is the question…

April 10, 2010 · Kathy Wall · 9 Comments

Over the last month, I have had 3 different situations with buyers where they have said they will only use me if I give them a ”rebate” at the end of the transaction. Most common, has been the request to credit them a percentage of my commission.

I realize that a lot of this is happening because so many of our clients (even the very loyal ones,) are spending a great deal of time on the websites of our cut rate competitors, but I need to find a solution.

I try to counter their requests with the very valid logic that you get what you pay for in this world, and that my many years of experience, negotiating skills and industry knowledge are well worth paying full price, but this is less and less successful. Nor, do they care that I need to share my commission with the company. Read more

Over 55? California Property Tax Relief

March 16, 2010 · Karin Cunningham · 3 Comments

By Marc Weissmann

Since its passage, Proposition 13 prohibits property tax increases until property ownership is changed.

If either spouse is over age 55 (when the old home is sold), PROP 60 allows replacement of a primary residence with a new home of equal or lesser value (but see below) within the same county and transfer of the Prop 13 assessed valuation from the old home to the new property. This is allowed once in your lifetime, and a spouse who has done it before ‘taints’ both spouses. Read more

San Bruno Real Estate “Shake Up” 2010!

January 15, 2010 · Karin Cunningham · 3 Comments

112 Georgia Ave. San Bruno, Ca. $419,000

So far, in 2010, San Bruno real estate inventory is low making it a great new environment for homeowners who have been thinking of selling! Currently there are only 30 homes for sale ranging from $299,000 for a small one bedroom home to $1,000,000 brand spanking new homes in a new developement! Md range is about $550,000-$600,000.

With interest rates still teetering between 5 and 6%, home buyers are out in full force looking for good deals before the rates hike up!

What we are seeing is pretty quick sales of homes in the lower and mid ranges while the high end homes are taking awhile. They are selling though! It took quite a few months but the new homes in the Skycrest Develoment next to Lunardi’s have all sold! One most recently at $918,000! Read more