We are delighted to have back Bill Rousseau,
Sonoma County Clerk-Recorder-Assessor, do discuss the latest in property values and assessments. Propositions 60 and 90 plus Prop 8 will all be discussed. Your property taxes, if rolled back due to the great recession, are on the rise BIG TIME!!
For information on “Disaster Provisions” in the Assessment of your property click HERE.
Link to explanation of Propositions 60 and 90 please click HERE. Proposition 90, inter-county transfers of tax bills as per Prop 60 are as follows. This was as per Nov of 2014. Check with the county you are moving into to determine if they follow Prop 90.
Here in the “Wine Country” of Sonoma County, California, home prices have moderated over the past 5 months but affordability reached a new “post-crash” low of 24%. This means only 24% of our citizens can afford to buy the median home price of $529,000 based on the county wide median income.
Median home price has been flat for 6 months. However, affordability is lacking. Numbers over columns are Sales for the month. Biggest sale month in July which you can expect considering this is when everyone is moving about before the schools start but also while folks are moving INTO the area or are here as tourists.
Here is what we look like as far as the Bay Area affordability index:
And if you think 24% affordability is tough just look at those poor buyers in San Francisco, San Mateo or Santa Clara counties. Affordability leader is Solano County at 44%. Remember though, this “formula” used by the California Assoc. of Realtors is based on buyers making the median income for their county and using 20% down. Granted, not every buyer has 20% down (believe me on this one!) but it is a constant which measures long term affordability. Either way, the trend does not bode well for buyers. Now if the FED increases rates, which by every indication they will, the affordability rate could plummet further. When we encourage you to buy this is NOT a hollow, sales person’s chant–it is based on trends. Also, the FED has stated they may NOT make the increases small. Back in 2000 we were also lamenting the lack of affordable housing but rates then were 8.21%!! Today we have 3.875%. Now REALLY is the time to buy!
BUT they want to know how you feel! Survey below.Santa Rosa seeks public input regarding Courthouse Square reunification in a new online survey. The Courthouse Square reunification project is the highest profile infrastructure project for downtown Santa Rosa in the past 30 years. The City Council voted to reunify Courthouse Square to create a dynamic community gathering space and encourage downtown investment.Outreach and the construction project timeline is truncated to minimize construction impacts to downtown businesses. Survey input will be collected from November through the end of December 2015. Input collected from the survey will help inform the chosen design team for the reunification design.
Once the design team is chosen, two additional public meetings will be conducted; meeting dates and times to be determined. For more information on the City’s Courthouse Square Reunification project, please visit: www.srcity.org/chs
This week’s Guest on the Real Estate Hour. Sunday, 9 to 10am, October 8th.
We welcome noted attorney, Bill Matz to our show this Sunday. We’ve put two of his articles at your disposal. Just click on the highlighted area: Matz Articles on Defaults/Loan Mods to go to his dropbox file box. Bill has worked extensively for the past 7 years dealing with homeowners in Loan Default, Short-Sales and Loan Modifications. He has stopped many a home from going to the auction block. A listener called us recently and stated he had been in a “Loan Modification” and was working with the bank when he got a notice saying he had been denied. He then had his house sold at auction with no notification other than the initial Notice of Trustee’s Sale. We realized so many folks here in the North Bay still see default looming before them and NOT because of being underwater with their loans but because they’ve yet to recover from the great recession. We’ll discuss what you can do about this and other topics around loan defaults and loan modifications. Should be a great provacative hour!
Right in the “sweet spot” of the market, both of these homes represent great VALUE in today’s very competitive real estate market in Sonoma County.
Below is 449 Godfrey Drive, Windsor which is 1836 sqft, single level living, 10,400 sqft lot (just under 1/4 acre) New Carpeting and vinyl and shows wonderfully! Allison will be there today, Sunday, Nov 1st 1 to 4pm. Price: $529,900.
Below is a cute California Bungalow reduced to $329,900! 2 bedrooms and 1 bath in the “Memorial Hospital” neighborhood. Bike to work! Close to downtown also. Open today, 1 to 4pm, Nov 1st.
Some interesting charts from our California Assoc. of Realtor housing report. Note the “net cash” is up and the highest it’s been since 2007. Nice recovery here. The other 2 charts show how many years folks are holding onto their homes before selling. 10 years is the highest in many a year. Why? Pehaps recovering from the great recession or the baby-boomers have quit BOOMING! Lastly housing affordability “peaked” in 2012 as the hangover from the great “Recession” flooded the market with cheap bank owned homes or REO’s and Short-Sales.
On Sundays show we discussed how much home YOUR median income will purchase. Below you see 3 charts. The first one shows how many of you making the median income for your county can afford the “Median” home price. I’ve underlined “Sonoma County”.
Below is the income needed to buy the median income home in Sacramento. Then below that the same chart but in SF. The difference is staggering!
Why Buy a home in Sacramento? How about it takes 4 times as LESS as in SF!
If you’re in any of these areas, you may want to check with your insurance company to make sure you have sufficient coverage. Also, be sure to follow Defensible Space Guidelines by keeping all “fuel” – trees, shrubs, vegetation, 100 feet away from your home.
Did you miss it…or, want to listen again? Here’s the podcast:
Kimberlee has been working in the trenches bringing donated items to the Valley Fire evacuees in Lake County, California. She has some first hand information on what is really needed…and, Some great tips and ideas on preparing for a disaster, preparing for an unexpected evacuation, and getting your most important items into an easy grab and go location.
Kimberlee Foster, founder and owner of Chucket, provides affordable and personalized organizing and move management services in the North Bay area. She offers professional management and gentle guidance for projects like: