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Archive for the ‘ Selling Your Home ’ Category

California home sales post higher in February

Monday, March 26th, 2012

March 26, 2012

Recent improvements in the overall economy, combined with extremely low interest rates lifted California home sales from both the prior month and year in February, according to data from C.A.R. The median price dipped from January but is beginning to show signs of stabilization.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 528,010 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. February’s sales were up 2.1 percent from January’s revised pace of 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded in February 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.

Fast Facts
Calif. median home price: February 2012: $266,660 (Source: C.A.R.)
Calif. highest median home price by region/county February 2012: Marin, $732,140 (Source: C.A.R.)
Calif. lowest median home price by region/county February 2012: Tehama, $85,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: January 2012: 102.4, an increase from the revised 93.1 recorded in January 2011

Calif. Traditional Housing Affordability Index: Fourth quarter 2011: 55 percent (Source: C.A.R.)

Mortgage rates: Week ending 3/15/2012 30-yr. fixed: 3.92% fees/points: 0.8% 15-yr. fixed: 3.16 fees/points: 0.8% 1-yr. adjustable: 2.79% Fees/points: 0.6% (Source: Freddie Mac)

Information provided by California Association of REALTORS®

Copyright © 2012 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

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Capital Gains Taxes

Thursday, January 27th, 2011

Here is some interesting information about Capital Gains Taxes from the IPX 1031 January newsletter courtesy of Ron Ricard, Assistant Vice President, Investment Property Exchanges Services, Inc:

Capital Gain Taxes – The Same for Now

Toward the end of 2010, many people wondered what would happen to capital gain tax rates on January 1, 2011.  Some even scrambled to close the sale of property before the end of the year. As it turned out, Congress extended the capital gain rates in mid December; at least for two years.  The following is a brief summary of portions of the Tax Relief, Unemployment Insurance Re-authorization and Jobs Creation Act of 2010 (not surprisingly referred to as “the extension of the Bush Era Tax Cuts”) which are likely to impact real estate investors.

  • Capital Gain and Dividend Rates – Current rates were extended for two-years for all taxpayers with a maximum rate of 15% for both.
  • Personal Tax Rates – Current rates were extended for two-years for all taxpayers with the top rate remaining at 35%.
  • Social Security Tax – The employee tax rate of 6.2% on the first $106,800 of wages drops to 4.2% in 2011.
  • Alternative Minimum Tax – Current exemptions were extended for all taxpayers for two-years.
  • Estate Tax – An exclusion amount of $5 million and a tax rate of 35% for amounts in excess of the exclusion was established for two-years; the exclusion will become indexed beginning in 2012.
  • Gift Tax – Like the Estate Tax, a Gift Tax exclusion amount of $5 million and a tax rate of 35% for amounts in excess of the exclusion was established for two-years, with the exclusion being indexed beginning in 2012.
  • Other Extensions – The $1000 child credit; an additional standard deduction for real-estate taxes; extension of 15-year cost recovery for certain leasehold improvements, restaurant buildings and qualified retail improvements (through 2011); and the extension of various energy credits (through 2011).

Although the legislation provides some certainty for two years, we may find ourselves questioning our future rates again in 2012.  Since that is also an election year, it may be interesting!

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Lending Sources Available

Monday, February 22nd, 2010

While lending practices nationwide have undergone some changes this year, including the ways in which appraisals are ordered, and how additional required HUD disclosures are made , there are still good loan products available for today’s buyers.

Conventional loan programs are available for purchases here in Eastern Madera County, and interest rates remain low.   Depending upon individual needs there are fixed rate loans, adjustable rates, and FHA and VA programs available. 

I highly recommend utilizing the services of a reputable local lender and escrow/title company who are familiar with this area, for several reasons.   First, a home purchase is one of the largest investments a person will make in their lifetime.  It is important that everyone involved in the transaction knows all of the specifics about the property , where it is located, and any special information, such as the value of  a boat slip, for example.    Local escrow companies are familiar with the process of transferring title of the boat slip from seller to buyer, and are aware of a variety of local issues that may come up which need to be addressed prior to closing.

Second, it is far more likely that a local lender will be able to use an appraiser who knows and has access to details on property values here.  This information protects not only the lender but also the buyer and the seller.   A third reason to utilize companies from our immediate area is far greater ease in facilitating signings, paperwork transfer, and the proper recordation of the deed transferring title.

Many homes purchased at Bass Lake are either second homes or investment properties.  Some require a jumbo loan, which in Madera County is $417,000 or greater.  Even just last year it was difficult finding a jumbo loan program, but in the last quarter our office was able to locate a good source for a loan on a lake front home for our buyer, and we were able to successfully complete the transaction.  

We have recently become aware of another interesting jumbo source called the Home Ownership Accelerator through WJBradley, one of our local lenders.   It is a very specific product and is not for everyone, but it does give our buyers another potential source.

Our Bass Lake Realty agents are happy to assist you in throughout the real estate transaction, beginning with finding a quality lender who can help make the purchase of your home a smooth and enjoyable process.

-Beth Carver, February 22, 2010

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The Role Of Your Realtor®

Tuesday, December 1st, 2009

Here’s some useful information regarding the role of your Realtor® courtesy of the California Association of Realtors.

WORKING WITH YOUR REALTOR Overview

Whether you are buying a home for the first time, or selling to move into a larger one, or downsizing, the complicated and, in some cases daunting issues surrounding today’s market underscore the importance of relying on the skills, knowledge and expertise of a REALTOR®.

Here are the top reasons for working with a REALTOR®:

Did you know that there are more than three dozen different disclosure forms that may be required for the completion of a residential real estate transaction in California? REALTORS® can help you wade through the cumbersome and often complicated paperwork that goes hand-in-hand with any real estate transaction, making sure the proper forms are filled out correctly and on time. This includes the crucial purchase agreement, which serves as the contract between a buyer and seller, and is used to formally identify a purchase price; list terms and conditions pertaining to the sale time frame, and other details, such as a written commitment by the seller to cover the costs of any necessary repairs.

As members of their local, state and national trade associations, REALTORS® can tap into the latest technologies serving the housing industry today. This includes Web sites and multiple listing services, as well as market reports detailing crucial data, such as pricing trends; time on the market; and historical sales activity in your neighborhood. In addition, a REALTOR®‘s broad market knowledge often makes them experts when it comes to providing a detailed snapshot of where to obtain information about your neighborhood’s amenities and services, such as schools, zoning laws, and tax codes.

Buying or selling a home calls for solid negotiating power. A REALTOR® can assist with the critical negotiations included in every real estate transaction, and help both buyers and sellers finalize the many details that comprise a final purchase agreement. If you are a buyer, your REALTOR® can work on your behalf with a seller to negotiate a sale price; set a date for escrow closing; and determine what, if any repairs you’d like the owner to complete as a part of the terms of the agreement, among other things. If you are a seller, your REALTOR®‘s role may include negotiating a sale price, such as so-called “buyer incentives” that help with a buyer’s closing costs or other expenses. Your REALTOR® also can help you determine what, if any repairs you may be responsible for, if requested by the buyer, and negotiate deadlines for their completion.

Your REALTOR® can assist with the coordination of the home-inspection process, and help to ensure that the seller’s responsibilities for addressing a buyer’s requirements are met. They also may help with the identification of qualified contractors to help perform needed repairs.

If you’re selling a home, a REALTOR® can save you time and money by tapping into market data and reports to help you determine a realistic selling price; screening potential buyers; and managing appointments for showings.

Closing the deal takes much more than a handshake. A REALTOR® can provide objective support during the closing process, ensuring both buyer and seller have received the proper documentation for successfully completing a sale transaction and coordinating a final property walk-through.

Whether you are a buyer or a seller, your REALTOR®‘s role as a valuable resource may not end when you sign the closing documents. In fact, many questions arise for buyers and sellers long after a real estate transaction has been completed, and your REALTOR® may be qualified and eager to assist you wherever possible – this includes help with future real estate transactions.

–By City
–By Company
–Multilingual
–With a designation

You’re ready: You’ve decided to seize the unique opportunities presented by the current housing market. The single most important transaction in your lifetime should not be conducted without the expertise and assistance of trained and licensed professionals, and this is where REALTORS® come in. Chances are you may buy or sell a home again. Developing a long-term relationship with a REALTOR® is the best way to ensure you will be well-armed and informed when making your housing decisions.

What’s Different About a REALTOR®

Working with a real estate professional who is a REALTOR® is in your best interest. Not everyone who sells real estate is a REALTOR®. Possessing a real estate license does not afford instant REALTOR® status–a distinction of which you need to be aware. A REALTOR® is a member of local, state and national professional trade associations and, as such, has access to a vast array of educational programs, research and resources. By being a member, a REALTOR® subscribes to a strict Code of Ethics, developed by the National Association of REALTORS®. REALTORS® pledge to provide fair treatment for all parties involved, protect the right of individuals to own property and keep abreast of changes in real estate practice through continuing education and interaction with other professionals.

REALTORS® also are committed to higher levels of education and professional development; many REALTORS® have earned professional designations or specialty certifications requiring intensive study. For example, REALTORS® who have obtained the Certified Buyer Representative and Certified Residential Specialist designations have been trained in all aspects of serving as buyers’ and sellers’ representatives in real estate transactions.

As a member of the CALIFORNIA ASSOCIATION OF REALTORS®, your REALTOR® can tap into numerous resources, like immediate access to full-time, staff real estate attorneys who can provide objective up-to-the-minute counsel. Your REALTOR® also receives up-to-date information on a wide variety of legal, financial and economic issues and has access to an association with more than 80 years of experience in real estate. And, if things don’t work out, your REALTOR® can offer arbitration as a choice instead of lengthy and expensive legal proceedings.

The CALIFORNIA ASSOCIATION OF REALTORS® has served as the unsurpassed proponent of integrity, professional standards and private property rights fortification within the real estate industry in California since 1905.

In addition to subscribing to the REALTOR® Code of Ethics and belonging to their local, state and national REALTOR® associations, some REALTORS® have undergone additional training to serve specific markets and client groups. If, for example, you’d like to work with a REALTOR® who is familiar with international transactions or a REALTOR® who works primarily with elderly clients, you might want to find REALTORS® who are designated as Certified International Property Specialists (CIPS) or Senior Real Estate Specialists (SRES), respectively.

The Right REALTOR® for You

Like finding the right house, selecting a REALTOR® you can trust and comfortably work with is paramount. Just as you wouldn’t be casual in the selection of your doctor or your attorney, you shouldn’t take the selection of your REALTOR® lightly. Indeed, the best way to find such a professional is through recommendations from family and friends. Of course, you should interview several REALTORS® before you choose one. If you’re selling your home, you should ask the candidates how they plan to market your home, what pricing advice they can offer, and what other suggestions they can provide to further enhance the desirability of your home. Whether you’re buying or selling, ask candidates about the transaction to evaluate their knowledge. Ask for–and check–references. And, finally, ask yourself whether you will feel comfortable working closely with this individual in the months ahead.

Courtesy of California Association of Realtors

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C.A.R. releases California Housing Market Forecast for 2010

Thursday, October 22nd, 2009

We thought you might be interested in the C.A.R. Housing Market Forecast for 2010. See below.

Best regards,

Bass Lake Realty

FOR RELEASE: Wednesday, Oct. 7, 2009

C.A.R. releases California Housing Market Forecast for 2010

Multimedia: Click here to view California’s median price from 1970 to 2009. Click here to view the C.A.R. 2010 California Housing Market Forecast PowerPoint Presentation.

LOS ANGELES (Oct. 7) –”California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak. “This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.”

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) “2010 California Housing Market Forecast” will be presented this afternoon during CALIFORNIA REALTOR® EXPO 2009 (www.realtorexpo.org), running from Oct. 6-8 at the San Jose Convention Center in San Jose, Calif. The trade show is expected to attract more than 7,000 attendees and is the largest state real estate trade show in the nation.

“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added. “2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”

The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to the forecast. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.

“Housing in California has become a tale of two markets,” Liptak said. “The low end continues to attract first-time buyers and investors, with a resulting shortage in the number of homes for sale. Sellers at the high end, however, continue to be challenged by the ability of home buyers to secure financing as well as their concerns about where prices are headed. While demand from first-time buyers for low-end properties will continue throughout next year, sales could be impacted if discretionary sellers do not return to the market by the second half of 2010.

“2009 marked a unique opportunity for first-time home buyers,” Liptak said. “Homes were more affordable than they have been in years, interest rates hovered near historic lows, and the federal tax credit helped more than 1 million people become homeowners nationwide. Now is the time for Congress to extend the federal tax credit and to expand it to all buyers, not just first-timers.”

“With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season,” said C.A.R. and Vice President Leslie Appleton-Young. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer. For the year as a whole, home prices are forecast to reach $280,000.”

“Although it appears at this time that lenders are closely monitoring the flow of distressed properties onto the market, there could be an exertion of downward pressure on home prices should a heavier than expected wave of foreclosures come to market next year,” she said.

“The wild cards for 2010 include foreclosures, loan resets, the labor market, and the California budget crisis, as well as the actions of the federal government,” Appleton-Young said.

Don’t miss “The ‘New Normal’: What Recovery Means in 2010″ at the San Jose Convention Center in San Jose, Calif. on Thursday, Oct. 8, from 2:30 p.m. to 4p.m. Panelists include Richard Green, director of the Lusk Center for Real Estate at the University of Southern California; Glenn E. Crellin, director of the Washington Center for Real Estate Research at Washington State University; and Jack Kyser, chief economist for the Los Angeles Economic Development Corporation. C.A.R. Vice President and Chief Economist Leslie Appleton-Young will serve as moderator.

2010 Forecast Fact Sheet

2003 2004 2005 2006 2007 2008 2009F 2010F
SFH Resales(000s) 601.8 624.7 625.0 477.5 346.9 439.8 540.0 527.5
% Change 5.1% 3.8% 0.03% -23.6% -27.3% 26.8% 22.8% -2.3%
Median Price($000s) $371.5 $450.8 $522.7 $556.4 $560.3 $346.4 $271.0 $280.0
% Change 17.5% 21.3% 16.0% 6.5% 0.7% -38.2% -21.8% 3.3%
30-Yr FRM 5.8% 5.8% 5.9% 6.4% 6.3% 6.0% 5.2% 5.6%
1-Yr ARM 3.8% 3.9% 4.5% 5.5% 5.6% 5.2% 4.8% 5.2%

Courtesy of California Association of Realtors

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