Homeowners can raise the basis or cost in their home by money spent on capital improvements. The benefit is that it will lower their gain and may save them taxes when they sell their home.
Improvements must add value to your home, prolong its useful life or adapt it to new uses. Repairs are routine in nature to maintain the value and keep the property in an ordinary, operating condition. They do not raise its basis.
Continue reading Raise the Basis and Lower the Gain
Fresh holiday trees are beautiful, smell great and really add to the spirit of the season. Following some proven holiday tree safety tips might help you avoid a disaster and keep the Grinch away.
As the weather gets cooler and you get ready to turn on the heat, it’s a good time to check your HVAC (heating, ventilating and air conditioning) system to make sure it’s operating properly. While it’s wise to have your HVAC inspected by a heating professional every fall and spring, you can increase the efficiency of your system by following these simple maintenance tips from American Home Shield.
Use a high-efficiency pleated filter with an electrostatic charge that works like a magnet to grab the tiniest particles. Replace the filter every 90 days and check it monthly. If it looks dark and clogged, change it, and if you have pets, you may need to change it more often.
Continue reading The Heat Is On
After 26 straight months of year-over median price increases, North County single family detached homes finally saw a decrease of 0.88 percent in October. That was not the case countywide where prices of detached homes increased 4.20 percent.
The months of double digit appreciation that peaked in mid-2013, the normal market slowdown that comes as we approach the holidays, and fewer investors in the market are all factors in the slowdown.
To read the full housing statistics reports, click on the links below.
• The median price for all North County home sales attached and detached decreased to $508,250 in October 2014 compared to $513,500 in September 2014.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently published its California housing market forecast for 2015. They are predicting something we are already seeing happen in San Diego County – moderate price increases and a return to a more traditional market.
Fallbrook Dia de los Muertos Celebration of Life Nov 1 – 2
Region: North County Inland
The Fallbrook Dia de los Muertos Celebration of Life will have Altar Exhibits by Families and a Cemetery tour featuring 5 historical personalities buried at the Masonic Cemetery.
Median prices of single family detached homes in San Diego County overall and in North County specifically showed an increase of slightly over five percent compared to the previous year. This puts appreciation very close to historical averages. Investors and foreclosures no longer have a strong influence in our market. It is being driven by more traditional factors such as wages and interest rates.
Inventory is still on the tight side with under four months’ supply, but higher than it was at this time last year as can be seen in the chart below.
To read the full housing statistics reports, click on the links below.
Common real estate terms like CC&Rs, a cloud on title, or PITI are frequently used in the real estate industry but often unknown outside of it. The California Land Title Association has put together a list defining many of these terms.
If you’d like to know the meaning behind those strange terms and acronyms, read on.
This article is intended for general informational purposes only and does not constitute financial, tax, or legal advice. Homeowners considering a reverse mortgage should consult with qualified professionals to determine whether it is appropriate for their individual circumstances.
With encouragement from celebrity spokespersons such as Fred Thompson, Robert Wagner, and Henry Winkler, awareness of reverse mortgages increased significantly over the past decade. As the population continues to age, the topic remains relevant, with more than 25 million homeowners meeting the minimum age requirement.
A reverse mortgage allows homeowners age 62 or older who live in their home as a primary residence to access a portion of their home equity. The amount available is based on the borrower’s age, the home’s current value, and prevailing interest rates. Loan proceeds may be received as a single lump sum, a line of credit, or as periodic payments. Closing costs can be paid in cash or rolled into the loan amount.
