If you have toyed with the idea of selling NOW is the time and here are the reasons why. We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.
New Listings were up 1.0 percent for Single Family homes and 2.8 percent for Townhouse-Condo properties. Pending Sales increased 20.3 percent for Single Family homes and 10.2 percent for Townhouse-Condo properties.
The Median Sales Price was up 6.3 percent to $643,000 for Single Family homes and 3.1 percent to $400,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 24.2 percent for Single Family units and 21.4 percent for Townhouse-Condo units.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high. PWR_FSS_2016-05 lender mediated
Investors are buying fewer single family and multi-family properties. C.A.R.’s 2016 California Investor Survey found 10 percent of real estate investors purchased more of the other types of properties, such as commercial, land, and mobile homes, in the past year compared to previous years. Millenials are are also staying at home longer, so where is all this extraordinary activity coming from? Guess what people they’rrrrreeee backkkkk! 100% Loans will you believe this. We have a program at our disposal that can get you into a home for the cost of a home inspection, appraisal and $1,000 earnest money deposit.
When you are buying a home we all over look certain aspects of the home buying process on what will significantly impact us when we start to enjoy the home we fought so hard to buy. If you can think of other items that should be on this list please share via comment below. Thank you…..real estate advisor 1
Ocasionally, as Realtors, we come accross information which can prove invaluable to many of our clients. In doing so we may provide information where the services of a Licensed Professional may be better suited, but nonetheless the advice is of greater benefit to the public, so we will bring forth such information with a disclaimer that you should consult with an attorney before implementing any adivice regarding your estate, will and/or sucession plan.
California Assembly Bill 139 provides for the AUTOMATIC TRANSFER OF OWNERSHIP OF RESIDENTIAL REAL PROPERTY UPON THE DEATH OF THE OWNER WITHOUT THE NEED FOR PROBATE.
The new law requires the recording of a statutory form document entitled “Simple Revocable Transfer on Death Deed” (“TOD”).
There are now four different ways by which an owner can direct who shall become the new owner of real property. More commonly, the owner could have a will; a creation of a trust; or vested in joint tenancy with right of survivorship. However, an owner can now simply have a “Recovable Transfer Upon Death Deed” recorded (TOD). This new deed is helpful because it avoids probate, which is a lengthy legal process sometimes lasting up to a year. Also, it provides another option to the creation of a trust which can cost upwards of $2,000.00. The new TOD Deed is cheap to implement and simple to use.
5 basic features of a TOD Deed:
1. Property is one to four residential dwelling units, condo units, or not more than 40 acres of agricultural land.
2. The revocable TOD deed must be signed, dated before a notary.
3. The TOD deed does not need to be delivered to the beneficiary.
4. The TOD deed must be recorded 60 days or less from the time it is signed.
5. The deed may be revoked by the transferor at any time.
3 methods to revoke the TOD deed.
1. A revocation form can be recorded.
2. A new and different TOD deed may be recorded.
3. The property can be transferred to someone else, and that deed recorded, prior to the transferor’s death.
We’ve attached a flyer with more information along with a blank TOD deed and revocation form below.
We hope this helps,
Have a great day!Revocable TOD Deed and Revocation Why Families Lose Wealth
BBQ season is right around the corner and if you are like us we enjoy the great weather in Long Beach, CA. In the BBQ Guide you will find information to help you choose the right cuts of meat and how to mix cocktails like a PRO. As always be safe and most of all have fun. If you or someone you know can use our services, please do not hesitate to pass along our contact information.BBQ DOC Click on the link to down load. If you like the BBQ Guide please drop us a comment.
Thank you and be safe
Jose A Reyes
Cal B.R.E. 01728066
Cal B.R.E. 01874395