The "818" on Real Estate

#TuesdayTip What is Probate Court? When a homeowner dies intestate (without a will) and the court has to oversee the sale. What sort of "additional costs" are there when a home is sold through Probate Court? There can be legal fees upwards of 4% of the value of the estate. Keep in mind this is in addition to the standard broker fees and closing costs. 4% of $605,000 (2016 average sales price in SFV) = $24,000!! How do I avoid this for myself or my parents? Give me a call and I'll direct you to thw appropriate professionals 818-326-0945  #babyboomers #Trusts #YourbestshotinRealEstate

Will solar panels add value to my home? It's an important question a homeowner OR "soon to be" homeowner should be asking themselves. As a homeowner you can purchase OR lease the solar panel system. If the cost of the panels are paid off, then an appraiser can try to find a home that sold substantially higher and give some($5k) added value. This of course is subjective to each appraiser. In most cases there is a monthly payment that a buyer of a home typically assumes. A lease payments is almost always seen as personal property with NO added value. As a qualified buyer shopping for a home, you'll really need to weigh the numbers. There is a monthly energy savings but ALSO an added monthly solar panel payment. Make sure to request the last 6 months of the homeowners energy bills. I hope your real estate agent got an A+ in arithmetic. I recently got a $5,000 credit for a buyer client! Call me anytime for assistance: 818-326-0945.

# 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...

Well, Recently I've run into a few people claiming they have been hunting for a home for over a year without being qualified for a loan! Remember that financing is one of the most important components of purchasing a home. The first step is to determine the strength of your FICO score. If your score is below a 640 (higher for conventional loans) you’ll need to take certain steps to raise it. This could take months in itself, so it is a good idea to have it run immediately by a mortgage broker.    The next step is to determine how much of a down payment you would like to put down, AND finally how much you are comfortable spending monthly. Once all these steps are complete we can HUNT with confidence!! I can help you with this process free of charge!