Real Estate: How’s the Market?
Reading Time: 2 minutes The most frequently asked question I get asked as a real estate agent is, “How’s the market?”
The answer depends on who is asking the question. The “market” is always beneficial to someone. It is either good for the seller, the buyer, or the investor to buy and rent, or the investor who updates and “flips” by reselling for a profit. The seller wants a fast sale for a high price. The buyer wants a low price with no competition. The investor wants an even lower price with no competition.
My answer is always, “it’s a good time when it’s the right time for you.” The market generally tracks at the same pace nationwide. So if you sell a little lower, you probably buy a little lower; it’s all relative.
A major concern for a homeowner who is considering selling may be that they do not wish to pay higher property taxes based on a new purchase. For example:
$ 300,000.00 – Original purchase price.
$ 3,000.00 – Current property annual tax assessment
$ 1,000,000.00 – New home purchase price
$ 10,000.00 – New property annual tax assessment
Good news! In the State of California, Proposition 19 allows a person 55 years and older to transfer their property tax base to their new home. Even if the new home purchase price is greater than the sale price of their current home, the property is eligible for partial significant tax relief.
Every property is unique, and every household has unique goals. Call me for more information, for “current” market statistics, or to discuss your situation and goals. Sometimes, you just need someone to talk things through to assist you in your real estate decision even if it means just “staying put.” And always know that you can “EXIT” safely with EXIT Realty Keystone and TeamVierra.
