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Sunday, July 15th Show–$1,000,000 Real Estate Marketplace Reviewed!

Sunday’s show we’ll be discussing the surging $1Million+ Real Estate marketplace! It dragged the median home price over the $700,000 level for the first time ever–in history!  The only hesitation in the marketplace in this exclusive price range is the total inventory is not increasing in any big numbers. 

New Median Home Price Record set for Sonoma Cty: $707,000!

This Sunday on the Real Estate Hour, I’ll be discussing the surging Median Home price for Sonoma County. Now at a new record of $707,000. Wow. Attached our graphs on the current state of the real estate market compared to last year at this time. Sales are DOWN 20% over last year. No doubt the surging prices taking its toll. Though many are beginning to see a “shift” in the market, homes are still gaining multiple offers but not with the velocity we had experienced, “Post October 9th Fires”.  The graphs below show our “Days on the Market” dropping still further! We will see if this carries forward into July with more listings coming on. And to keep our $707,000 median home price in context look at Marin County, just a 45 minute south, median home price of  $1,435,000 and up 13%. However, the “Under Contracts”, a leading indicator of sales to come, is dragging. -9% over last year. Hmmmm? Sales off -20% and Contracts -9%.

 

Continue reading New Median Home Price Record set for Sonoma Cty: $707,000!

Median Home prices SOARING in Sonoma County!

Fire victims bidding up home prices evident here in the city of Sonoma

We are seeing some pretty dramatic increases in Median home pricing due to the purchases made by not only fire victims but also those seeking to live in our gorgeous “Destination” county. Graph above shows the City of Sonoma and how the median home price has soared over last year at this time. Areas in Sonoma County where the “Active” listings median home price tops $1,000,000: Sea Ranch ($1,174,500), Sonoma ($1,587,500), Petaluma West ($1,087,000), Sebastopol ($1,150,000), Healdsburg ($1,395,000.

However, inventory continues to be weak but is surging. The amount of “Active” or “Showable” listings for the entire county  jumped over 800 this week but this is still a weak number. The only area of Sonoma County with some double digit price segments is in the NorthWest area of Santa Rosa. So still skinny. Ironic that the 2nd hardest area hit by the October fires has the most inventory.

Remember, our inventory reflects the following areas of Sonoma County, a population over 500,000:  Santa Rosa NW,NE,SE,SW, Petaluma E and W, Healdsburg, Cotati, Rohnert Park, Windsor, Sebastopol, Russian River, Sonoma (city of), Coastal Sonoma, Penngrove, Cloverdale, Oakmont,Annapolis, Sea Ranch

Pricing your Home to sell in a post-firestorm world? Appraiser Bruce Ford gives insight this Sunday!

Bruce Ford, Appraiser

I’m pleased to welcome back Bruce J. Ford
Chief Appraiser / Nor Cal Quality Appraisals to the new shiny studios of KSRO THIS Sunday, June 3rd! He’ll be on once again discussing the value world of real estate. Questions I’ll have for Bruce? Appraisals–are they still coming in at contract prices? Effects of the fires 8 months later. Pricing of homes being offered to the marketplace. This and a whole lot more Sunday, 9 to 10am, pst, KSRO, 1350AM or 103.5 and 94.5FM.

Bruce J. Ford,  Chief Appraiser / Nor Cal Quality Appraisals

www.NorCal-Quality.com 

NOW – our 26th year serving Sonoma, Marin and Napa counties (CA.)  “Value Driven by Excellence”

New Tax Law tips and advice from Cromwell Tax and Bookkeeping’s Madelyne Cromwell.

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. How will it impact you?

 

Rates on the move up? Track the 10 year treasury bill as it climbs higher and higher.

I’ve been licensed and a Realtor since 1978. Look at the chart below and you’ll see I spent 12 years wandering the desert of double digit interest rates. Also note that my first year was my last year of single digit interest rates for some time. How did I do? I was a top producer in my office all through the double digit storm. When we dropped under 10% it was cause for mass celebration in the Realtor ranks! I remember my fellow agents stating, “Man if we could get single digit interest rates we’ll tear this market wide open!” And we did.
Then notice it took almost 20 years to get down to the 4% range. If you’ve been in the business 5,10, 15, years you’ve KNOWN no other rates and experienced a historic low. Well, guess what boys and girls, rates DO go up, markets WILL go down, and recessions will come and go. Enjoy this while you can but remember to stack some cash aside, buy some investment properties with your big commissions today and prepare for the inevitable. I remember some of the infamous phrases used before the BIG BANG of 2007, “We’ll always have appreciation”, “We’ll refinance you out of this loan next year and pull cash out.” We all need to guard against, “Irrational Exuberance”. (thanks to Erik Oquist of Wells Fargo Home Mortgage for the graphics!)

You really didn’t think rates would stay down here forever-did you?

Happy St. Patrick’s Day! Lovin’ the “Green”!

Deciding NOW is the time to leave California? Southern States are VERY affordable!

Special guest on tomorrow’s show will be Russel Lee. Russ lost his home in Fountaingrove during the firestorms of October. He decided to make the move back to Tennessee. We’ll be discussing what you can expect when you visit Tennessee and home prices. WARNING! Tennessee home prices can cause major anxiety among California homeowners!

For instance.

Russel  Lee

Tom Havstad, Permit Consultant, winding your way through the county post fire!

Looking forward to long-term guest, Tom Havstad, permit consultant, and his take on the County of Sonoma and how it is coping with the onslaught of building permitting, septic issues and a post-fire working environment. Tom has great insight also on permitting structures which you might think are illegal or non-conforming. He can legalize your non-conforming lots too. Tune in for some frank discussion on the current state of the Permit Resource Management Division or “permit Sonoma county”!

Tom Havstad

Permit Consulting Services

12651 Fiori Lane

Sebastopol, Ca. 95472

Cell Phone: 707-695-0857

Office Phone: 707-874-2078

Fax: 707-827-8073

Website: www.permit-help.com

Email:   havstad@sonic.net

Want to keep your old Proposition 13 tax base when you move? Here’s how!

Adding more teeth to Prop 13–expanding propositions 60 and 90

C.A.R.’s Portability Initiative
Campaign Talking Points

• GOAL: To create homeownership opportunities for young families and
preserve tax savings for seniors. Expand Proposition 60 and 90 voter mandated keeping of old property tax base.
• Proposition 13. California’s property tax system is based on the purchase price of a
home. Proposition 13 caps property taxes at 1 percent of the purchase price (Prop.
13 property tax base).
• Moving Penalty. When a homeowner relocates, their property taxes will be 1
percent of the purchase price of the replacement home. As a result, homeowners’
property taxes generally increase when they move.
• Seniors. In California, homeowners 55 years of age or older can transfer their Prop.
13 property tax base – only once – to a replacement home located in the same
county so long as the purchase price for the replacement is equal to or less than the
sale price of the original residence. These homeowners can also transfer their
Prop.13 property tax base to a home located in a county that has agreed to the
transfer (only 11 counties have agreed to inter-county transfers).
• Data. Data shows that homeowners are very aware of how their property taxes will
increase when they move. As a result, almost three-quarters of homeowners 55
years of age or older have not moved since 2000!
• Research. Because of the housing supply shortage, 65% of starter homes are
selling at or above the asking price which makes it very difficult for first-time
homebuyers to enter the market.
• C.A.R.’s Initiative. C.A.R.’s Portability Initiative would allow homeowners 55 years of
age or older to transfer their Prop. 13 property tax base to a home of any price,
located anywhere in the state, any number of times.
• Buy Up. For example: Homeowner originally bought for $100K ($1K/year for
property taxes), subsequently sells for $300K, and buys a replacement home for
$400K. The $100K difference between $300K and $400K is added to the original
Prop. 13 property tax base of $100K for a new Prop.13 tax base of $200K ($2K/year
for property taxes). Under existing law, this transfer could not be made and the
Prop. 13 tax base would be $400K ($4K/year for property taxes).
• Buy Down. Returning to the example: If a homeowner buys a less expensive home,
for example for $200K, the property taxes will be proportionally the same as for the
original home. In other words, if the tax base was one-third of the sales price, the
new property tax base would be a third of the new sale price (i.e., 1/3 of $200K =
$67K or $670/year for property taxes). Buying down reduces the homeowner’s
annual property tax bill.

• Arguments in Favor:

– No moving penalty. The initiative keeps senior homeowners’ property taxes low
when they move.
– Increased supply. As senior homeowners move, they create housing
opportunities for younger, growing families and first-time homebuyers that don’t
exist today.
– Local finances. When a senior moves out and a young family moves in, the tax
revenue to the locality annually increases.