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After two years of unprecedented sales, numbers have returned to pre-pandemic levels, as rising mortgage rates and higher prices have driven some buyers out of the market. If you have been thinking about selling and have questions about where the market is heading in our area, message me!
Market Watch •
August 16, 2022
Current Inventory – July 2022
While inventory remains historically low, it continues to climb. If you are qualified to buy, this additional inventory means you have more inventory to choose from before prices—and mortgage rates!—go any higher. Message me to learn about the buying opportunities in your area.
In the know •
August 11, 2022
PROP 19 PROPERTY TAX BASE TRANSFER FOR ELIGIBLE HOMEOWNERS
Prop 19 allows eligible homeowners to transfer the taxable value of their primary residence to a replacement primary residence anywhere in California, regardless of location or value, as long as the replacement residence is purchased or newly constructed within two years of the sale of the original primary residence. Homeowners can save big on their annual property tax bills, whether they move to a replacement home that is the same price, more expensive, or less expensive than their original home.
WHO QUALIFIES?
Eligible homeowners who qualify for a Prop 19 tax base transfer include:
- Homeowners ages 55 and over
- Severely disabled homeowners
- Victims of wildfires or natural disasters
BIG TAX SAVINGS FOR HOMEOWNERS MOVING WITH A PROP 19 TAX BASE TRANSFER
A 55-year-old couple purchased their home 30 years ago for $110,000. The taxable value of their home is now $200,000 (the $110,000 tax base value increased 2% each year for 30 years). Their annual property tax bill is $2,200 (1.1% multiplied by the taxable base). Under Prop 19, the couple can sell their home for $600,000 and transfer the property tax base of their original home to a replacement home anywhere in California, up to three times.
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Example #1: Buying an Equal or Less Expensive Home:
If the couple sells their home for $600,000 and buys a replacement home for the same amount or less, the couple could transfer the lower tax base of their original home to the replacement home and save $4,400 on their annual property tax bill. By transferring the original home’s tax base ($200,000) to their replacement home, the couple would pay the same amount in property taxes ($2,200) after moving – instead of paying $6,600 on the replacement home’s purchase price of $600,000.
To see how much you can save give me a call. 559.792.8263
Market Watch •
August 10, 2022
Median Sales Price – July 2022
Buyers continue to bid prices up even as sales are slowing down. When more buyers feel the impact of higher mortgage rates, prices may level off. If you are thinking about selling to maximize your net profit, message me for a free local market analysis to see how much your property is worth today!
Uncategorized •
June 10, 2022
Median Sales Price – June 2022
Question: Will buyers continue to bid prices up as they feel the impact of more expensive money (higher mortgage rates)? The answer from this month’s data is a resounding “yes!” But it’s uncertain how long this trend will continue—if you are thinking about selling to maximize your net profit, message me for a free market analysis to see how much your property is worth today!
Market Watch • Uncategorized •
May 25, 2022
Existing Home Sales – May 2022
The unprecedented lack of inventory coupled with rising mortgage rates has stalled growth in home sales as buyers face affordability issues. If you have been thinking about selling and have questions about where the market is heading in our area, message me!
Market Watch •
May 25, 2022
Current Inventory – May 2022
Inventory at has increased slightly, up to 2 months from 1.7 last month, but still at historic lows. However, there are still opportunities to purchase a home before prices—and mortgage rates!—go any higher. Message me to learn about the buying opportunities in our area.
In the know •
May 23, 2022
JULIES ORGANIC BLUEBERRY UPICK – What a treat!
Another amazing morning in Porterville, California. So fortunate to listen to birds and feeling quiet breezes while picking organic blueberries! Although the website may say “no upick” you may be surprised! We filled two buckets full of the delicious morsels. We were then offered a basket of organic cherries from Stockton. We couldn’t pass that up! Tulare County is home to amazing farmers who feed the world with nutritious foods. Julies Organic Blueberry Upick farm is another example of people living their passion! ORGANIC BLUEBERRIES for $5.00 a pound! Commercial pickers will be harvesting soon so stop in early in the morning. Open’s at 7:00 AM. It’s worth the drive. Time for me to get the freezer bags out!
https://juliesupick.com/
In the know •
May 16, 2022
For Sale By Owner
In a for sale by owner, or FSBO, transaction, the owner of the property lists it for him, or herself. The seller will act without an agent. There are certain advantages and disadvantages to this approach. Many FSBO situations occur when the value of the house is so low that the seller does not want to lose any more of his value as when paying a commission. In these transactions, the seller has to be very careful to list the home at the right price. Too often, for sale by owner listings end up overshooting or undercutting the market. This can scare away buyers or lead to a situation where the seller gets a tremendously bad deal. This type of deal can be easier to pull off in some instances, however.
However…I showed a property today and after the showing I drove past a For Sale By Owner sign. I was immediately drawn to this property due to it’s curb side appeal. They say it only takes 8 seconds to to make a first impression on would-be buyers…and REALTORS. This property had me at 3 seconds. I made a U-Turn.
The flyer described a sprawling 2.16 acre parcel with two modular homes, a 4 car detached garage and 3-bay shop complete with pit and conduit for air and power. Security fencing surrounds the property. Landscaping is lush and watered from the private well. The pool was nestled behind the back unit where shade and mature redwood trees created an ambiance found in rustic retreats. All this an within a short drive to downtown Visalia! I called the number. After a short conversation the owners drove over, opened the private entrance and showed me the property. The front unit is a 1,440 Sq. Ft. Modular home with 2 bedrooms and two baths. The second home is 1,990 sq. ft. and boasts 3 bedrooms and 2 bathrooms, new carpet and floors and exterior deck going down.
Recently the owners lowered their price to $699,000. Please reach out to me if you are interested in seeing this beautiful property.
Market Watch •
May 15, 2022
Median Sales Price – May 2022
Prices continue to rise, up 15 % year over year. This represents a decade of continuous growth! Thinking about selling to maximize your net profit? Call me for a free market analysis to see how much your property is worth today!
