California: November Real Estate Situation

The lowdown for California:   Source: CALIFORNIA ASSN. OF REALTORS®

Defying an otherwise struggling economy, California home sales remained red hot in November, breaking the 500,000 sales benchmark for the first time since January 2009 and reaching the highest level in 15 years, the California Association of Realtors® said.

November sales rose 5.0 percent from 484,510 in October to 508,820 units and were up 26.3 percent from a year ago, when 402,880 homes were sold on an annualized basis. The year-over-year, double-digit sales gain was the fourth consecutive and the largest yearly gain since May 2009.      

“Home-buying interest is at levels that we have not seen for years, setting the stage for a stronger-than-expected comeback that fully recovered all the sales that the market lost in the first half of the year due to the pandemic,” said 2021 C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “Housing supply remains an issue, however, as we will likely to see a shortage of homes for sale in the near term, which will put upward pressure on prices and dampen affordability for those who haven’t been able to take advantage of low rates.” 

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Fabulous 1 Bedroom for sale in Mt View - Los Altos Schools - www.49ShowersA238.com 

California Prop 19 At A Glance

This article and update from our own Kelly Vincelette, at Cornerstone Title.

Should you rely on Prop.19 for your own real estate transaction, be sure to double check your own tax situation and talk to a qualified real estate and tax attorney.  

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Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

Probate Versus Living Trust: How You Hold Title Makes a Difference

This article from our own Kelly Vincelette, at Cornerstone Title.

 

The way in which people hold title to a property can have significant legal and tax implications,

including whether the property must go through probate upon death and what taxes the heirs must pay when they sell it.
 
According to some attorneys, one of the best ways to hold title to homes and other real property, is in a revocable living trust, which offers the advantage of avoiding probate costs and delays. All that is involved is the cost of creating such a trust, and deeding the property into it.
 
Until the death or disability of the trust creator, the home and other real estate in the living trust, plus any stocks, bonds, bank accounts, automobiles or other major assets held in the living trust, may be bought, sold and financed at the creator’s discretion.
 
If the trustor becomes incapacitated, the named alternate trustor (such as a spouse or adult child) takes over management of the trust assets. When the trustor dies, the assets are distributed according to the trust's terms.

 Privacy is also an advantage. Unlike a will, which becomes part of the public probate file, the living trust terms remain private. Court challenges of living trusts are virtually impossible, whereas wills are frequently challenged by disappointed relatives.
 

There are other customary ways to hold title, such as:

-          Sole ownership - You hold the title in your name alone.

-          Tenancy in common - This means two people own the property together, but upon the death of one, the interest of the descendent is distributed according to a will – or if there is no will, according to state law.

-          Joint tenancy - This is a commonly used option, which means two people own the property together. If one dies, the other gets it without the property passing through probate.

 People should always evaluate which form of title is right for their situation with a California qualified real estate attorney.

Original article from Barbara Pronin, author at RISMedia.

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Francis

Silicon Valley real estate
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California’s Wildfires Will Push Home Prices Even Higher

 

California’s wildfires will push home prices even higher

Source: Realtor.com
Deadly wildfires have always been a fact of life for Californians. But over the past few years they've caused unprecedented devastation—with this year becoming the worst wildfire season on record. The fires are having a catastrophic impact on lives and businesses across the state.

And they're impacting the state’s housing market by pushing up prices in communities that have been ravaged by the infernos, in some cases dramatically. Areas like Napa and Sonoma Counties were already experiencing housing shortages, exacerbated by fires from previous years. Of course the exact areas devastated by fires lose a lot of their value, and it takes time to regain those values. But all around is a different story.  See the article here.

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Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?