You'd Like to Move to Greener Pastures, And Keep Your California Property Tax Base?

 Propositions 60 and 90 are tools for helping sellers keep their property tax base if they are over 55: 

"(they)allow a person who is over age 55 to sell his or her principal place of residence and transfer its base year value to a replacement dwelling of equal or lesser value that is purchased or newly constructed within two years of the sale."  California State Board of Equalization. 

The number of counties participating in Prop. 90 fluctuates, it is currently at 10: 

• Alameda
• Los Angeles
• Orange
• Riverside
• San Bernardino
• San Diego
• San Mateo
• Santa Clara
• Tuolumne
• Ventura
  

 Currently this is a one-time only benefit, and one of the owners must be 55 years or over.  This is for principal residence only, not your investment properties unless you're living in one of them. There are certain guidelines if you buy one or two years after the sale in which the transfer of value may take place.  Depending on the county, a seller may have to relocate some distance to get into a new home purchase that is in a similar or lower price range, so this is not always viable.  If you stay with

in your own county, the transfer works in any county, but if you're moving out of your home county, then it applies only if you go to one of the other 10 counties.  In a rising market, this can be limiting, and some people cannot afford to move without that tax benefit.  

To find out about the Proposition 19 on the November ballot, go to this link for a summary, a yes vote allows more people to move and transfer their tax base anywhere in the State, along with other benefits.

For an estimate of current value on your home, please go to my site below for an instant estimation at the What is Your Home's Value?, or contact me directly.  I have been a licensed Realtor since 1994.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

New Listing, $599,000, Beautiful Single Family Home with Patio

It doesn't get any nicer than this two-story house just waiting for the new owner.  Beautiful custom touches, spacious plan with vaulted ceilings and a lovely patio area for outdoor relaxing.  All three bedrooms are upstairs, with a half-bath off the entry hall, and two full baths on the upper level. The large kitchen has plenty of storage and counterspace. Newer flooring and carpeting, tile floor in kitchen, living room fireplace all complete the ambiance. Over 1700 sq ft inside.  Two car attached garage.  Go through the separate laundry room to access the garage. It's a great price at $599,000, MLS PW20178644.  Near Lakewood shopping and the freeway!

Rear patio, fountain, room for dining

Large kitchen, dishwasher, double sinks

 

 

 

 

 

 

 

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

What About Mortgage Forbearance? What Happens?

 

Here's a nice article from Bankrate, dated last April, about what forbearance means.  First of all, somewhere, depending on the source, between 4,000,000 and 6,000,000 people (mortgages) are in forbearance now.  Forbearance offers the opportunity to avoid foreclosure, a worse evil that the banks do not want to repeat from the last recession. But the consumer should be as informed as possible. The CARES Act covered some plans for forbearance, but just know that even though this Bankrate article says "No, mortgage forbearance does not appear on your credit report as a negative activity," some people are experiencing credit problems.  They have found entries on their credit reports about having a forbearance, and as a result, some credit card companies are shrinking the amount of available credit for these customers.  Others are having a hard time getting loans due to their credit reports.  Nerdwallet advises consumers that unless the lender has agreed not to report forbearance (which can be a possibility) it will be reported to your credit bureaus.  So if you are, or have, participating in a forbearance, you might want to make an inquiry first to find out what your lender's policy is.  Having your credit cards impacted, and the ability to buy using them, is a difficult thing to undergo.  Your FICO score is built on several factors, including your debt percentage to your overall available line of credit.  If that available credit is pushed down, your debt ratio now goes up, and your FICO score could take a big hit as a result. 

 

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Infographics on Los Angeles and Orange County Housing Reports for July 2020

 For Orange County, existing house sales were up in July from last year, but in Los Angeles County sales were down by about the same amount.  In both counties, the number of active listings was down over 40% from last year.  And in both counties the median price increased over 4% and 6% from July, 2019.  

What is driving the upward price trend?  Lower inventory and continuing buyer demand for homes.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996