The "818" on Real Estate

# TuesdayTip A few Los Angeles Tax Assessor forms that can help save you big money!! All information is on the website below but I'd be happy to discuss with you. Call me with any questions: 818-326-0945. -Disabled Veterans' Property Tax Exemption -Homeowners Exemption form: $7000 reduction in assessed value. -Prop 60/90: keep your current property tax basis when purchasing a new primary residence. # everypennycounts   # YourbestshotinRealEstate http://www.assessor.lacounty.gov/

A few small, "FREE", simple fixes that bring big returns when selling your home!! JUST MAKE SURE NOT TO SUGGEST THIS TO YOUR PARENTS.  # couponstoparents   # 5thgrade • Getting rid of unnecessary paper can help a room look tidier almost immediately. Old magazines, newspapers, expired coupons, wrapping paper and unused takeout menus can all be recycled without a second thought. • Go through your kitchen and bathroom cabinets and get rid of anything that’s expired, whether it’s food items, makeup or medicine. • Unused, damaged or duplicate items. Items you haven’t used or have too many of can be donated to new, loving homes or sold in a garage sale. # jessejamesLA   # homegrown   # YourbestshotinRealEstate

Real estate is measured by  ”month’s supply of homes”  to determine what sort of current market we’re in.  It’s a simple equation of homes available divided by the number of monthly sales. EXAMPLE:  We had 851 Single Family Homes for sale in the San Fernando Valley for the month of January - 2017. There were 377 closed sales.   851/377 = 2.26 MONTHS SUPPLY OF HOMES. What does that really mean? It means that it’s a seller’s market (good to be a seller). A balanced market is around a 6 month supply of homes. It is interesting, however, that more and more clients are mentioning the large supply of homes to choose from.  Is this the new norm in Southern California? The 2016 average home price in the San Fernando Valley was $605,843. Up from $558,825 in 2015.   Call me with any questions and allow me to navigate you through an amazing time in Real Estate! 818-326-0945.

I was talking to one of my clients about selling his investment property and the tax implications that come along with that. For his particular situation he'd end up paying about $50,000 after everything was said and done. And since he made around $200,000 in equity while owning it he's still ahead, right? Yes and no. There is a whole boring calculation that I could get into regarding what is taxable but I'll save that for your accountant. What IS important to know when owning a rental property is that you'll be taxed upwards of 37% in capital gains tax when selling. There are strategies to defer this tax burden, but at some point this money must be paid to our government. After a long conversation with my client I realized I was trying to consult/convince him on how to save the most amount of money possible. Although this is technically part of my job, I started to see that he wasn't too concerned with the tax. Turns out that he would would rather pocket what was