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Well, now that Congress appears about to pass some form of tax legislation, it may be a good time to consider what the effects might be for the average homeowner. Exactly what will happen will depend on the final form of the legislation, but the House has approved its version, and the Senate is currently wrestling with its own ideas.  Read on for possible results. Executive Summary: Proposed tax changes that impact individual ownership of real estate include: Eliminating deductions for state and local income taxes Lowering the cap on mortgage interest deductions on newly issued loans totaling no more than $500,000, down from the current $1 million Ending deductions on second homes or...

Well, the recent status of the home sales market is once again affecting both the number of homes sold AND the prices.  As with any supply and demand format, scarcity is cutting sales numbers, but at the same time driving prices higher and higher. Pay attention to the following analysis of the market and its numbers. September’s median single-family home price in the nine-county Bay Area was $852,230, up 11.5 percent year over year Bay Area home sales dropped by 14.2 percent from August and 4.2 percent year over year, and future declines are expected for areas affected by wildfires. The months’ supply of inventory fell both statewide and in the Bay Area from September of last year.  ...

Although the generally accepted range for a down payment to purchase is between 10 and 20%, a fair number of folks here around the Bay are choosing to provide more.  Curious about how much and why? Read on. Fifty-three percent of respondents to a recent survey said that 10 percent is the ideal down payment size. Nationwide, the average down payment was 7.3 percent in the second quarter. Homebuyers in San Jose and San Francisco made down payments of more than 20 percent, the highest in the country.   More than half of American homebuyers would prefer to put down less than 20 percent, although they should understand the implications of doing so when devising a savings plan. American...

Always, the homeowner looking to increase value as well as upgrade their home, asks what improvement will also add the most value for the investment.  The answer appears to be, once again, the kitchen. Read on for details. Nationwide, a complete kitchen renovation nets a return on investment of 62 percent when a home is sold. In the San Francisco and San Jose metropolitan areas, kitchen remodels return more than 100 percent of their costs at the time of sale. Kitchen overhauls and upgrades are the two interior home-renovation projects that appeal most to prospective homebuyers.   Homeowners who are tackling a few interior remodeling jobs before putting their properties on the market...

It's normal for folks to wonder how the economy looks at any particular time.  That's because they can then interpret its effects on their personal financial lives, including real estate.  So, without further ado, here's how we see things. Following incredible job growth in July, which was revised upward to 84,500 positions, the August data release from the California Employment Development Department was a mixed bag, showing a decline of 8,200 jobs. However, the overall state number carries some discrepancies with California’s combined metropolitan area numbers, which showed an increase of about 15,800 jobs in August. Over the last 12 months, California has added about 265,000 jobs, which...

When buying a home, one of the biggest items to cover is having your down payment--the difference between the purchase price and the amount of your mortgage.  Here are a few ideas to make it easier for you to accumulate that cash. AMASSING A DOWN PAYMENT MIGHT BE EASIER THAN YOU THINK Saving for a down payment is possibly the biggest hurdle that renters face when aspiring to homeownership — particularly in expensive parts of the country like the Bay Area — but making some simple sacrifices can end up paying off in the long run. Take that morning trip to the local café, where a latte costs an average of $3.78, according to a blog post from the National Association of Realtors. By grabbing...

Ever wonder what motivates people to sell their home?  Ever wonder where they go when they do take that step?  Well, read on and your questions will be answered!  You'll find some very interesting facts come into play. A lack of homes for sale is the Achilles’ heel of Bay Area housing markets. Industry experts and economists have consistently discussed falling inventory levels since 2012, when most of the region’s distressed inventory was absorbed. Since then, inventory levels, while fluctuating, have been on an almost constant decline. Over the last year, the monthly year-over-year supply decrease averaged 7 percent in the Bay Area. More importantly, affordable homes are disappearing at...

You've heard me say it before.  More jobs means more sales and higher values! This continues to be the case.  Pay attention to the following.  It bodes well for those of you selling, and provides a spur for those of you thinking about buying to give your agent a call--NOW! • July was an incredible month for job creation in California, and especially in the Bay Area. Following a volatile summer, the state saw a monstrous increase of 82,600 jobs in July, with 20,800 additions in the Bay Area. This was the largest monthly increase since April 2016. Year to date, the state has added 146,200 jobs this year compared with 225,800 during the same period last year. • Government, which is usually a...

Once again, we're growing to better serve you and your real estate needs! We've now added a major name in the southern California luxury market.  Read on! Pacific Union is excited to share the news that we’ve further expanded our reach in Los Angeles by announcing our intent to merge with Partners Trust, the next step in our firm’s vision of becoming the ultimate California company. Founded in 2009, Partners Trust posted 2016 sales volume of $2.47 billion, with total sales since inception topping $10 billion. The firm has offices in Beverly Hills, Brentwood, Santa Monica, Ocean Park, Malibu, La Cañada Flintridge, and Pasadena and works with 240 of Southern California’s top real estate...