Wishing you and yours all the best of the holiday season and a happy and healthy 2021. I am looking forward to family time with these favorites of mine which makes me happy and grateful.
I'm highlighting Proposition 19 below... there are some nice advantages for my fellow life travelers over 55 and the links below give you a nice overview for your real estate planning purposes.
Though Covid-19 upended many normal seasonal trends this year, our market did begin its typical “holiday season” slowdown in November - however activity has remained well above levels of last year.
Market activity as measured by the number of listings going into contract, though dropping in November - as is the normal seasonal trend - was 85% higher than in November 2019.
Additionally, buyer demand has remained very strong through the fall, illustrated here by the trend of higher sale prices as compared to list price.
What is Proposition 19
What Does it Mean for You?
What is Proposition 19?
"Allows homeowners who are over 55, disabled, or wildfire/disaster victims to transfer primary residence’s tax base to replacement residence. Changes taxation
of family-property transfers. Establishes
fire protection services fund."
to take a look at the CALIFORNIA ASSOCIATION OF REALTORS® Quick Guide about Prop 19
for a breakdown of the changes on tax breakdown portability, the impact on intergenerational transfers to children or grandchildren, when the law goes into effect, and more!
makes three significant changes to the portability of one's tax basis from the sale of a principal residence to a replacement principal residence.
First, The seller of a principal residence may transfer the tax basis of that principal residence to the purchase of a replacement principal residence anywhere in the State of California. Under prior law, the seller was limited to transfers either within the same county (under Proposition 60) or between a limited number of counties that specifically permitted such taxable value transfers (under Proposition 90).
Second, It allows the transfer of the tax basis of the sold principal residence to the replacement principal residence regardless of value with certain adjustments to the tax basis if the replacement principal property is of "greater value" than the sold principal residence. Under prior law, only transfers of "equal or lesser value" were eligible for the exemption.
And third, Proposition 19 permits such transfers up to three times (but unlimited for those whose homes were destroyed or substantially damaged by fire). Prior law allowed such transfers only one time. Click here to see a comprehensive comparative chart outlining the “old and the new".
Available for Showings
31 Merrill Circle South, Moraga
4 Bed | 3.5 Bath | 4,331 SF | .93 Acre
Offered at $1,900,000
1900 School Street, Moraga
4 Bed | 2.5 Bath | 2,160 SF | .25 Acre
Offered at $1,350,000
838 Augusta Drive, Moraga
2 Bed | 3 Bath | 1,743 SF
Offered at $899,950
Clear guidance, strategy, and market expertise when you're ready to move. Your Moraga real estate advisor and neighbor.
© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity. marketingcenter-sfbayarea-contracosta