Buyer’s purchasing power is increasing across the nation. That’s great for buyers because it means it’s easier to purchase a home and it’s also great for sellers because it means buyers can qualify for more money. Hi I’m Cristobal Jimenez, with Coldwell Banker. Helping buyers and sellers right here in San Diego County buy and sell their perfect home.
Recently, First American did a report showing that home prices are up by +5.7 percent which would have a negative effect on buyers purchasing power, roughly $21,300, however, Mortgage rates are down .85% which actually means a buyer purchasing power would go up by $40,200. Also, wages are up by 1.5%. So if you take all of these numbers into consideration that means that a buyer’s purchasing power is actually up by $24,500.
This is great news, but some people are still feeling a little nervous about buying or selling because of all of the talk of the recession. While we know that a recession is coming, check out the study from Porch.com which shows that Americans choose Real Estate as the safest investment even over a savings account, gold or stocks and bonds. And don’t forget rental prices continue to go up and owning a home has substantial tax benefits, so reach out to me and I’ll help you buy your dream home or sell and get you a new one.
Let’s Buy and Sell Strategically! #CallCristobal now!
Are you or anyone you know, in a position where your property isn’t functional anymore, and you think that you are out of options.
Let me share this information with you.California Proposition 60, allows homeowners over the age of 55 to transfer the assessed value of their existing property to a replacement property if the replacement home is located in the same county.
The replacement has to be of equal or lesser value than the original property and purchased or newly constructed within two years of the sale of the existing property.
What if you want to move to another county in California. Proposition 90 allows you to transfer the assessed value of their existing property to a replacement property if the replacement property is located in another county.
There are ten counties included in Proposition 90:
Los Angeles County
San Bernardino County
San Diego County
Santa Clara County
It is a one-time only benefit. Once you have filed for and received this tax relief, neither you nor your spouse who resides with you, can ever file again, even upon your spouse’s death or if the two of you divorce. However, if you become disabled after receiving this tax relief, you may transfer the base year value of your residence a second time due to the disability. Do you have further questions? Call Cristobal!