This article and update from our own Kelly Vincelette, at Cornerstone Title.
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Francis
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,
- 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.
Original article from Barbara Pronin,
author at RISMedia.
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Francis
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.
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Here are some extracts of the current California Real Estate Update Report, from the California Association of Realtors, which you can browse here in its entirety.
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Francis
Source: Foundation for Community Association Research
Nearly 74 million Americans reside in a community with a homeowners association
or condominium board, with California leading the nation in the number of HOAs.
California leads the nation with 49,200 associations, followed by Florida, with
48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100;
and New York, with 14,000, the report says. In 2019, there were about 351,000
community associations in the U.S. The Foundation for Community Association
Research estimates that the number in 2020 will increase to 354,000.
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Francis
Gov. Newson signs new eviction protections lasting through January.
From: Source: Los Angeles Times – Full article by Patrick McGreevy.
California state lawmakers passed a plan to protect tenants
from eviction through January as long as they pay 25% of the rent due starting
with the month of September.
This minimum of 25% of the rent can be paid each month, or it can be paid in delayed payments as long as all of it is paid by January 31, 2021. Gov. Newson signed the legislation Aug.31st.
Tenants are still responsible for paying unpaid amounts to
landlords, but other than the 25% of the rent due beginning in September, any
rent unpaid between March 1, 2020, and January 31, 2021, because of a COVID-19
related inability to pay cannot be the basis for an eviction.
Landlords will be able to recover this debt in court, however, beginning March 1,2021, and small claims court jurisdiction will be temporarily expanded to allow landlords to recover these amounts.
Francis
Silicon Valley real estate
Trends: Local prices and graphs.
Price your home with my online valuator.
Source: Move.org, via the California Association of Realtors.
Utility bills can add up, especially in a pandemic that has forced people to spend more time at home. On average, renters are spending between $100 to $150 per month on utilities, whereas homeowners are paying an average of $400 per month, according to Move.org. Home shoppers would be wise to inquire about the average utility costs of homes the're looking at to help avoid sticker shock when they get their first bill.
California ranks 36th in the nation with utility costs totaling an average of $379 a month. Hawaii ranks the most expensive state with utilities totaling an average of $588 a month, and New Mexico ranks the least expensive at $345 a month.
See here the full article and details of the study.
Thanks for reading!
Francis
Nationwide, 45% of surveyed homebuyers said they made a bid on a home without first seeing it in person, up from 28% in 2019. Redfin agents cite health concerns around the pandemic and competition fueled by a worsening housing shortage as reasons more buyers are bidding on homes before visiting them.
See the Redfin-commissioned survey in May and June of more than 1,400 people across 29 major markets. Article by Lily Katz.
