Why does the Assessor’s office reassess the property when someone dies?

I receive valuable information from vendors who we work with and the following is from Diana Rafeedie Nofal from North Am Title.  Thanks to Diana.

“Anytime there is a change of ownership of the property, the Assessor’s office reviews the transfer to see if it is a re-appraisable event.  “The Assessor’s Office must be notified upon the death of an owner within 150 days of the date of death, or if the estate is probated at the time the inventory and appraisal is filed. This form is required even if the decedent held the property in a trust.”  I have included the Assessor’s link for the appropriate form and any additional information.  Please note that even if the property is in a Trust, this form must be filed and if the heir(s) are not a spouse or kids, there will be a reassessment.  Also keep in mind that if qualified for exclusion for reassessment, a Claim for Reassessment Exclusion for transfer between Parent and Child must still be filed.”

Posted on January 14, 2019 at 6:28 pm
Ellie Viray | Category: tax assessor | Tagged , ,

Homeowner Equity Is Going Record High

Homeowner Equity Is Hitting a Record High

Homeowners are getting richer, thanks to rising home values. The amount of equity that homeowners can tap into is now at the highest level on record, according to Black Knight Financial Services, a mortgage and finance industry solution provider.

The amount a borrower can take out of a home—while still leaving 20 percent in it—increased by a collective $735 billion during 2017. That is the largest annual increase by dollar value on record, according to Black Knight. The collective amount of equity homeowners can tap in now stands at $5.4 trillion, 10 percent more than the pre-recession peak in 2005.

“There’s no question that a majority of homeowners have amassed considerable equity gains since the downturn,” says Lawrence Yun, chief economist of the National Association of REALTORS®. “Home prices have grown a cumulative 48 percent since 2011 and are up 5.9 percent through the first two months of this year.”

Homeowners are being more conservative, and lenders are much stricter when it comes to tapping into home equity. Homeowners took out $262 billion in cash-out refinances or home equity lines of credit last year, which is less than 1.25 percent of all available equity and is at a four-year low.

“While rising rates tend to dampen utilization of equity in general, the market is poised for a strong shift toward HELOCs, as they allow borrowers to take advantage of growing equity while holding on to historically low first-lien interest rates,” says Ben Graboske, executive vice president of Black Knight Data & Analytics. “Over half of all tap-able equity—approximately $2.8 trillion—is held by borrowers with credit scores of 760 or higher and first-lien interest rates below today’s prevailing rate, which creates a large pocket of low-risk HELOC candidates.”

The amount of homeowner equity varies depending on location. Thirty-nine percent of the nation’s total tap-able equity is in California alone. Seattle and Las Vegas have also seen large increases in home equity, Black Knight notes.

Source: “Homeowners Are Sitting on $5.4 Trillion in Ready Cash, the Most Ever,” CNBC (April 2, 2018), Daily Real Estate News (4/3/2018)

Posted on April 4, 2018 at 12:42 am
Ellie Viray | Category: Real Estate News | Tagged , , , ,

Pasadena Market Report Week 1/26/2018

Posted on February 2, 2018 at 8:18 pm
Ellie Viray | Category: Real Estate News

Altadena Market Report Week 1/26/2018

Posted on February 2, 2018 at 8:18 pm
Ellie Viray | Category: Real Estate News | Tagged , , , ,

Market Snap Shot ~ Expect Growth in 2018

Posted on February 2, 2018 at 7:23 pm
Ellie Viray | Category: Real Estate News | Tagged , , , ,

Mortgage Rates On The Rise

Mortgage Rates have increase this week, a 3rd consecutive week to show a rise.

According to Len Kiefer, Chief Economist (Freddie Mac) stated, “Rates keep climbing.”  10-Year Treasury yield has reached its highest point since 2014 which reflects a potential economic growth. Mortgage has followed the surge in Treasury yield. The 30-year mortgage rate moved 11 basis points to 4.15 percent. This is the highest since March of 2017.  This could create a challenge to home buyers with higher mortgage rates and higher home price.

Freddie Mac national averages with mortgage rates for the week ending Jan. 25:

  • 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.5 point, increasing from last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
  • 15-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.5 point, increasing from last week’s 3.49 percent average. A year ago, 15-year rates averaged 3.40 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.52 percent, with an average 0.4 point, increasing over last week’s 3.46 percent average. A year ago, 5-year ARMs averaged 3.20 percent.

Daily Real Estate News | Friday, January 26, 2018 (Source Realtor Magazine/ NAR, Freddie Mac)

Posted on January 26, 2018 at 9:49 pm
Ellie Viray | Category: Real Estate News | Tagged , , ,

Open Floor Plans ~ Yes or No?

Open floor plans have been extremely popular in new homes, and for homeowners who are remodeling their current homes. Per National Association of Home Builders, 84 percent of new single homes have full or partial layouts and plans.

There are Pros and Cons in renovating your home to an open floor plan. Before knocking your walls done, consider the following to decide what is right for you.

The Pros:

  • Open floor plan will make your home/ space feel bigger because you eliminate unused space.
  • You will get more light through the home with the openness of the plan.
  • Open floor plan makes it easy to gather around and socialize putting all in one space.
  • The plan brings flexibility to home design without having to make a major architectural change.

The Cons:

  • Smell from cooking and heat can travel and be more present. Food smell can linger around.
  • Open floor plan means less private and noisy. You will notice it may be noisier due to lack of walls.
  • Open floor plan mean you can’t hide things. You need to be tidy as less space to hide a mess.
  • The style is popular now. Though the trend does not look like it will fade away any time soon, all styles could change over time.

Source: Realtor Magazine/ NAR

 

Posted on January 25, 2018 at 10:52 pm
Ellie Viray | Category: Real Estate News | Tagged , , , , ,

Learn How To Become A Better Landlord

Rental properties are one of the best ways to earn passive income and build wealth, but “passive” is a little misleading—it can still be a substantial amount of work. However, with a little planning and dedication, you can run your properties efficiently while also keeping your tenants happy.

Treat it like a business
Successful businesses have plans and procedures that keep things running smoothly, and the same should be true for renting and managing your properties. That means committing to customer service, outsourcing work appropriately, and paying close attention to income and expenses. Don’t just assume that you’ll collect a check each month and everything else will be a breeze.

Thoroughly vet your tenants
Collecting applications, interviewing tenants, and checking references means a lot of legwork up front, but it’s worth it in the long run. Choosing the right tenant could mean going years without incident—no late payments, no legal issues, and no property damage. Choosing the wrong tenant could mean monthly calls and visits to collect late rent, expensive property damage and repairs, eviction processes, court dates, and a whole lot of stress.

Make sure your lease is rock solid
Lease agreement laws vary from state to state, so don’t cut corners—find a lawyer who specializes in lease agreements. You’ll be glad you were thorough if you ever have legal issues with a tenant.

*Article courtesy of Breakthroughbroker.com

Posted on January 23, 2018 at 8:21 pm
Ellie Viray | Category: Real Estate News | Tagged , , , ,

Dog-Friendly Dwellings

Even the most happy-go-lucky dogs and cats have some preferences about the spaces they occupy. If you want to keep you pet as happy and comfortable as possible, here are some things to take into consideration.

Dogs don’t like hardwood
Carpet is more comfortable for your dog when it comes to laying down and sleeping, but it’s also preferable when your dog is on its feet. Dogs typically don’t like hardwood floors because they feel less traction under their paws. They may even try to dig in with their claws to improve traction, possibly damaging your floors. As a compromise, you can place soft, thick rugs on the floor to help your pets relax. You can also place booties or rubber rings on your dog’s feet for better grip.

Fireplaces can be scary
You’ve surely seen a dog get spooked by the sound of 4th of July fireworks. A fireplace isn’t nearly as loud, but can still have a similar effect. Plus, those pops and crackles from the flames are a far more regular occurrence. A quieter gas fireplace is more dog friendly. You can also give your dog a chew toy or bone as a distraction before lighting a fire.

Our pets are family members! Make sure they are safe and happy at the house.

Source: Breakthroughbroker.com

Posted on January 23, 2018 at 8:03 pm
Ellie Viray | Category: Real Estate News | Tagged , , , , ,

Why It’s a Better Time for Buyers on a Budget to Purchase a Home

Those thinking about buying a home have probably heard all the tales of woe from other buyers out there: Sticker shock, getting outbid on the home of their dreams, or not being able to find a property with everything they were looking for within their budget. Still, those stresses may be easing somewhat now that we’re past the most competitive season for home buying.

The median price of an existing home dropped for the second month in a row to hit $253,500 in August after reaching an all-time high earlier this summer, according to the most recent National Association of Realtors® report. The median price of a previously lived-in abode had hit $263,300 in June.

“Median sales prices typically decline a bit heading into the fall,” says realtor.com Chief Economist Danielle Hale. “Summer is a big time for home purchases, so that families settle in before school starts in the fall. In the fall, the types of homes that sell are smaller for people without kids. So they tend to be less expensive.”

Existing homes are also cheaper than newly constructed ones that come with all the latest appliances and finishes. The median price of a new home was $313,700 in July—23.7% more than an existing one, according to the most recent data available from the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

Still, there wasn’t much dramatic movement on the number of home sales. Sales of existing homes dipped 1.7% from July to August, due to the dearth of available homes on the market, according to the seasonally adjusted numbers in the report. But they were up 0.2% over August 2016. Meanwhile, monthly sales of single-family homes, those standalone homes that usually come with backyards, dropped 2.1% from July, but rose 0.4% annually. Sales of condos and co-ops rose 1.7% from the previous month, but were down 1.6% from last year.

(realtor.com® only looked at the seasonally adjusted numbers for home sales. They’ve been smoothed out over 12 months to account for seasonal fluctuations.)

“Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Lawrence Yun, NAR’s chief economist, said in a statement. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country.”

The number of monthly sales of the abodes jumped the most in the Northeast. They increased 10.8% in the region from July as buyers dropped a median $289,500 on homes. Sales also edged up 1.4% from August 2016.

In the Midwest, the number of monthly sales jumped 2.4%, while annual sales notched up 0.8%. The median home price in the region was the lowest in the country at $200,500. Meanwhile, sales fell 4.8% in the West from July and were down 0.8% from the previous August. The median home price was $374,700.

The South, which has been growing by leaps and bounds as more companies and workers move to the lower-cost region, saw the biggest drop in buyers signing on the dotted line. Monthly sales fell 5.7% and annual sales were down 0.9%. The median price was $220,400. That’s likely due to Hurricane Harvey which destroyed and damaged an estimated 200,000 homes. The storm delayed and scrapped sales.

“Some of the South region’s decline in closings can be attributed to the devastation Hurricane Harvey caused to the greater Houston area,” Yun said. “Sales will be impacted the rest of the year in Houston, as well as in the most severely affected areas in Florida from Hurricane Irma.”

*Article courtesy of Realtor.com

Posted on October 27, 2017 at 8:37 pm
Ellie Viray | Category: Real Estate News | Tagged , , ,