Everything You Need to Know About Proposition 19
What is Proposition 19? Proposition 19 is The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act that gives exemptions to older homeowners, the disabled and wildfire victims, and also strips breaks from people who inherit homes, but don't live in them. Several changes in the rules on eligible homeowners, specifically for those who inherited the property from their parents or grandparents. Changes in rules were also made for inherited properties. These are some of the most important ones that you need to know: CHANGES IN THE RULES FOR ELIGIBLE HOMEOWNERS We'll be defining "eligible homeowners" as those who are principal owners of the home, as well as the owners who inherited their homes from their parents and/or grandparents. When it comes to moving to anywhere in a state, eligible homeowners are allowed to keep their lower property tax even though the home that they've moved to indicates otherwise. Eligible homeowners are also allowed to purchase a more expensive home and because of the special rules, their property tax will still go up but not as much as it would be for other homeowners. These special rules are also allowed to be used thrice by those homeowners who are over 55 years old, or severely disabled. CHANGES IN THE RULES FOR INHERITED PROPERTIES There are also a few changes in the rules for inherited properties. Inherited properties should now be used only as a home or a farm by the child or grandchild in order for the special rules to apply. If not, an increase in property tax is applicable. Inherited properties' property tax bill would go up if the price the property could be sold for exceeds the property’s taxable value by more than $1 million (adjusted for inflation every two years). In this case, the tax bill would go up but not as much as it would if the property were sold to someone else. Homes affected by wildfire will be given funds, however due to the pandemic, legislative analysts believe that the wildfire funding will only start to flow by 2025. There are definitely a lot more changes and implications in this act. If you're interested in reading the complete bill, here's the complete copy. If you're more of an auditory or visual learner, here's a video on the discussion of Proposition 19. Use this to calculate your property taxes under Proposition 19! And if you're looking for a realtor to explain this to you further, especially if you're directly affected by these changes, we'd be glad to help you out. Call 925-415-0835 today! Other resources: https://www.boe.ca.gov/prop19/#Introduction https://www.acassessor.org/proposition-19/
Ep 8 & 9: Do not believe everything you hear about the market! (Asante Stories)
You must have heard A LOT of things that are happening in the market and it's confusing because most of the time, people are saying the exact opposite of what the other people are saying. Of course, there's the factor that market is ever-changing and trends experts have noticed a week ago could be different from today. That's why you need to have someone who knows what they are doing and someone you know you could trust. Here's Rama sharing with you some of the things you should not instantly believe. PART 1: Transcript: So you've been thinking about selling your home for a bit, or you've been playing and toying around with the idea I just wanna drop some advice for you: Do not believe everything that you hear about the market. Firstly, the media is talking a lot of fear tactics and scaring people. And I understand that that is causing, along with the interest rates hikes and the stock market, you know, getting hit, it is definitely taking a toll on the market but it's something that you don't want to believe all the time because a lot of it is bad news, because bad news sells, good news doesn't. The good news is that there are still buyers out there but the buyers now are looking for homes that are priced well. So the other thing that you should not believe in is when an agent comes to you and says, "Oh, your house is worth $2.4 million," when your house is worth $2.2 million all day long. So if you go ahead with that false narrative and you start believing that, it's only gonna do you harm. Because you're gonna list your home too high, it's gonna sit on the market, that's the agenda, get a price reduction and then get it sold. So once you have that price reduction, it's not really gonna bode well for you at all. The other thing (that you should not believe) is that buyers will take anything. So there's need to renovate or repair. That, I'm sorry, but is incorrect. With the price points that the buyers are paying these days, given the fact that prices have jumped up over 30% year over year in most of the areas, sometimes some areas even more than 30-35%, buyers who are paying that top-dollar are looking for properties that are updated, that don't need a lot of work, you know, because it is extra money coming out of their pocket which they don't want to do and the second thing is that the shortage of materials causes them to bark at the idea that they now have to spend premium dollar to buy a house and then they have to come in and do the repairs. So despite that the market is strong and there's a strong demand of homes still, even with the fact that we are seeing some cooling off, there's still some demand. I know this fact on a day-to-day basis. Many buyers are still putting off buying homes that would need a lot of work. Even though there's no need for a major renovation, do not skip upgrading your home. You cannot handle an original house with carpets that's 20 years old and expect the buyer to come and pay you top dollar for that house cause they are gonna factor in the cost of replacing all those things and upgrading. And there's no need to do major renovation, but making necessary repairs to your home makes your home more attractive to the buyer. So believe us when we say that it's an investment that will definitely pay off and please take this advice into consideration when you're planning to put your house in the market. PART 2: Transcript: This is a continuation of our previous episode. And now I want to talk about what we hear a lot from many sellers, "Hey, my house is gonna sell anyway. All you gotta do is put a sign in the front yard. There's no need to market my home because the house will sell by itself." That couldn't be more untrue than anything else. Even in a hot market where homes are flying off the shelves, all you have to do is put it in the MLS and it would sell, even at that point there were homes that were presented poorly, not staged, not cleaned, with rubbish pictures being marketed online, even those homes had issues at that point selling. So if you think that a home is gonna sell by itself, no it's not. It definitely needs a lot of marketing, positioning, strategizing, cleaning, staging, painting, to present that home like a new bride, or you know, it has to be attractive because you have literally like the first 15 to 20 seconds to capture your buyers eyeballs. So don't skimp on that marketing and don't think that skimping on it is you know gonna generate anything for you. The same way in making an effort in renovating your home, it's also necessary to market your home in the best possible way. Buyers are checking available home online more than they have ever before and you need to invest in the best resources to make your home stand out from the list of inventory and especially now that the inventory is increasing, it's all the more reason that the money needs to be investedin preparation and marketing your home. If you have any questions, please feel free to give me a call at 925-415-0835. ___ Got any questions? If you'd like Rama and our team to help you buy or sell your home, don't hesitate to give us a call at 925-415-0835! Read about our 350+ 5-star review on Zillow here!
Ep 7: The Difference of the Real Estate Market from 2000s to Today (Asante Stories)
After being in the industry for almost two decades, Rama has seen a lot of changes in the real estate market. From the changes in technology to the trends happening in the market and even the changes in our relationships with our clients. Transcript: I’ve been in the business for 18 years and when I joined the business in 2004, things were very different. The real estate industry was very different, and things have changed a lot now. In fact I bought my first home in 2002 and at that time you would literally sit with an agent with an MLS book to look for homes, and Yahoo search came out the first time. So things have changed a lot since then and I have come to a position today where I'm running a very successful team and a few things that I learned along the way not only as a business owner but as a person who is delivering services as to the customer, people do get carried away with nonsense that they hear and things that they want to hear that makes them feel good. This is your biggest wealth building journey and listening to and trusting somebody who is actually giving you valid advice should mean a lot. But unfortunately it doesn't. It's one of the other key things that I learned (as an agent)and then being supportive to the clients (second). Supporting them through their journey of tears and joys, and celebrations, and being a part of that journey adds so much value to my own experiences in life and seeing life. Those are the experiences that I share with my clients: bringing value to them. So it's a mutual kind of an experience share. And even with my team, I share my experiences. Letting them know how to deal with customers how to assist them, bring them to the path of them purchasing or selling their home and telling them what exactly to do and not to do because we've learned and especially now with the markets changing, we knew this was going to happen. But then you know a lot of the people were listening to agents saying, “Oh my God, this thing is going to be on a tear forever. You know you're smart enough and I have a little bit of smartness in me to know that it wasn't going to happen forever and things are changing now. So I'm kind of curious to see how things changing in the real estate market is going to play out but I'm here for my clients for anybody who wants to hire us if you want to have a one-on-one discussion on where your needs are how we can assist you we're here to help you. Take care! If you want to work with someone of integrity, expertise, and great care for her clients, call her at 925-415-0835!
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