The most frequently asked question I get 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 .
10 WINTER 2023 gmhTODAY Magazine gmhtoday . com