Friday, December 18, 2020

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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Francis

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


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Friday, December 4, 2020

California Prop 19 At A Glance

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

California Prop 19
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.  

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

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

Saturday, November 21, 2020

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
Trends: Local prices and graphs.
How much is your home worth?

Friday, October 30, 2020

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?

Thursday, October 22, 2020

California Real Estate Update

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.   


  • Sales in resort communities remained hot in September as housing demand in those areas continued to surge from last year. South Lake Tahoe home sales continued to increase year-over-year by triple-digits (105.4%) for the second consecutive month …
  • At the regional level, all major regions posted double-digit price increases from last year. … All regions except the San Francisco Bay Area set a new high in median price in September.   
  • All but one of 51 counties tracked by C.A.R. reported a year-over-year price gain, with 39 of them growing 10 percent or more. Lassen had the highest price increase, gaining 51.4 percent year-over-year. Humboldt was the only county where the median price was flat from a year ago, and no counties experienced an annual price decline.
  • C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in September 2020 and 98.5 percent in September 2019.
  • The statewide average price per square foot** for an existing single-family home was $321 in September 2020 and $287 in September 2019.
  • The 30-year, fixed-mortgage interest rate averaged 2.89 percent in September, down from 3.61 percent in September 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.98 percent, compared to 3.38 percent in September 2019.

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

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

Tuesday, October 6, 2020

California Leads The Nation in HOA Communities

 

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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Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Tuesday, September 15, 2020

Gov. Newsom Signs New Eviction Protections Lasting Through January

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.

Saturday, September 5, 2020

Where Utility Costs Are Most, Least Expensive

 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.

Click to see a larger image.

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


Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View