What Every Homebuyer Should Know About Closing Costs

Earth Day is a global reminder of our collective responsibility to care for the planet we call home. Read about impactful actions that can create transformative change for our planet.

Get advanced guidance to plan your family's legacy when it comes to strategic planning, investments, and real estate management for both their residential and investment properties.

Thinking about downsizing or relocating within California? Proposition 19, passed in November 2020 but only recently going into effect, might be a game-changer for your property taxes. But with any major change, understanding the ins and outs is crucial. This blog post will unpack Prop 19, its history, how it impacts you, and where to find more information. Prop 19: Balancing Fairness and Flexibility California's property tax system, fueled by Proposition 13, has been a double-edged sword. While offering tax relief to long-time homeowners, it could make moving or downsizing a financial burden. Prop 19 emerged from the desire for a fairer system, particularly for seniors, families, and those facing disaster. Previously, Proposition 13 allowed homeowners to transfer their lower tax base (think of it as a property tax shield) only to a new primary residence of similar value within the same county. Prop. 19 loosens these restrictions, allowing you to transfer your tax base to a new home anywhere in California, regardless of its value. Who Qualifies for Prop 19 Benefits? To qualify for the Prop 19 property tax benefits, you must be over 55 years old age, disabled, or be a victim of a natural disaster. Parents or grandparents can pass along their primary residence and its property tax basis to their children or grandchildren. Yet, beware that there are restrictions under Prop 19. What Situations Does Prop 19 help? This new law offers more flexibility for several homeowner situations: Thinking of Downsizing? Prop 19 can make that cozy condo you've been eyeing a more realistic option. You can take your lower tax base with you, even if the condo is less expensive than your current home. Moving Across the State? Family ties pulling you south? Prop 19 lets you keep your cherished tax benefit as you relocate to be closer to loved ones, anywhere in California. Disaster Relief: If your primary residence suffers major damage from a disaster, Prop 19 allows you to transfer your tax base to a replacement property. Gift real estate : By gifting your children or grandchildren with property, your loved ones will benefit from lower property taxes if they use the home as a primary residence within one year of the transfer, and there are other benefits, too! Is Prop 19 All Sunshine and Rainbows? While Prop 19 offers advantages, it's important to consider potential drawbacks: Rising Property Values. While Prop 19 provides for some tax relief, it is capped at $1,000,000. So if the home value is assessed at greater than that, yo will pay more in taxes but only on the additional portion. Additionally, if you transfer your tax base to a location with significantly higher property values, you may see a future increase in property taxes. Last, Prop 19 also eliminates all currently available Prop. 13 and Prop. 58 benefits on the transfer of non-primary residences (with some exception for agricultural property) to children. Where to learn more? Prop 19 offers exciting possibilities for many California homeowners. To make informed decisions, consider these resources: Your Local County Assessor's Office : A wealth of information is often available online. California State Board of Equalization : They offer a comprehensive resource on property taxes. Remember, consulting a tax professional is highly recommended for personalized advice regarding your specific situation and Prop. 19. By understanding Prop. 19, you can unlock its potential benefits and navigate California's evolving property tax landscape with confidence. Happy house hunting!

Your Home Is a Powerful Investment

Last Friday, we had the distinct honor of being a sponsor for Samaritan House's 50th Anniversary Gala, "Cheers to Fifty Years!" It was an unforgettable evening filled with heartwarming stories, inspiring speeches, and a genuine sense of community spirit. Samaritan House is a vital organization in our community, and their dedication to empowering individuals and families in need is truly remarkable. For five decades, they've provided critical services that promote self-sufficiency and preserve dignity, including shelter, childcare, education, and job training programs San Mateo Samaritan House . Their impact on countless lives is undeniable. The gala itself was a magnificent affair with excitement as guests donned their finest attire for a night of celebration and philanthropy. The program kicked off with a moving video showcasing Samaritan House's history and the profound impact they've had. We heard from former clients who shared their stories of overcoming hardship and achieving self-sufficiency thanks to Samaritan House's unwavering support. Following the video, there were inspiring speeches from community leaders and Samaritan House representatives. They passionately emphasized the organization's mission and the importance of continued support to empower future generations. The highlight of the evening was undoubtedly the live auction. Guests enthusiastically bid on an array of unique experiences and luxurious items. The proceeds from the auction will directly benefit Samaritan House's vital programs, ensuring they can continue their life-changing work. Of course, no gala is complete without delicious food and toe-tapping music! We were treated to a gourmet dinner and danced the night away to a fantastic live band. Why Samaritan House? Being a sponsor of Samaritan House's 50th Anniversary Gala was more than just attending a fancy event. It was an opportunity to be part of something truly special and contribute to a cause that deeply resonates with us. We are incredibly humbled to support such a remarkable organization, and we look forward to seeing the positive impact they continue to make in the years to come. If you're looking for a way to make a difference in your community, we highly encourage you to learn more about Samaritan House and their mission. Visit San Mateo Samaritan House's website to get involved or make a financial contribution. Every action to support this incredible organization, big or small, has the power to change lives. It was also eye-opening to see how efficient this organization is at stretching resources.

Are you thinking about investing in real estate but do not know how to start or what to ask? Join our Investor Workshop on Wednesday, March 27, 2024, from 5:30 p.m. to 6:30 p.m where we'll equip you with advanced insights and strategies to help you gain a competitive edge. Whether you're a seasoned investor or just starting out, you'll walk away with valuable knowledge and practical skills to unlock your full potential in the real estate market. Two ways to join! In person at the San Mateo Public Library (Laurel Room) or wherever you are by Zoom ! Top 5 reasons you should invest in real estate: Cash flow: Owning rental properties can provide a steady stream of income. This can be a valuable source of passive income, supplementing your salary or funding your retirement. Appreciation: Historically, real estate values have generally increased over time. While there is always the possibility of a downturn in the market, owning real estate can offer the potential for long-term capital gains, especially if you hold the property for an extended period. Tangible asset: Unlike stocks or bonds, real estate is a physical asset that you can see and touch. This tangibility can provide a sense of security and stability for some investors. Hedge against inflation: Real estate can act as a hedge against inflation, as rental income and property values can rise alongside inflation. This can help to protect your investment from the purchasing power erosion caused by inflation. Tax benefits: Real estate ownership comes with certain tax advantages, such as deductions for mortgage interest, property taxes, and depreciation. These deductions can help to reduce your taxable income. Here's a glimpse of what you can expect to learn: Fundamental Real Estate Investment Principles. Understanding the foundational concepts of real estate investment, including key terminology, market dynamics, and the various types of real estate assets. Why invest in Real Estate. Take a deeper dive into the Top 5 Reasons on how investing in real estate is a key part of building wealth and how you can jump in. Investment Vehicles . Investing out-of-state, Single-family residence house hacking and multi-family residence house hacking are our top three choices for beginner investors. Market Analysis and Financial Modeling. Learning how to conduct thorough market research to identify profitable investment opportunities, and analyzing economic indicators, and ensure positive cash-on-cash return. Building Your Core 4 Investment Team. Any investor needs a bench of support, from property management and handymen, to stagers and attorneys. We have vetted resources available to help you no matter where you invest. Financing. Speak with two expert lenders (and real estate investors themselves!) to understand the ins and outs of financing real estate investments. Now What? A simple trust is not enough. Once you have your investments, it's crucial you create a plan to leverage them to build your legacy and create generational wealth. Q&A Session with Real Estate Experts: Engage with our panel of experienced real estate professionals. Get answers to your specific questions and gain personalized advice to address any concerns or uncertainties you may have. Meet your expert presenters:

Turning Point in San Mateo County Market: Buckle Up Buyers!

Are you thinking about buying but do not know how to start or what to ask? Join our Buyer's Workshop on Wednesday, February 21, 2024, from 5:30 p.m. to 6:30 p.m at the Burlingame Community Center (in the Fine Arts Studio ) where we'll equip you with the knowledge and skills to navigate the market confidently, secure the best deals, and make informed choices that align with your needs. Does this sound like you? Are you on the cusp of a home-buying journey in the vibrant San Francisco Bay Area and feeling daunted by the process? Do you find yourself navigating a sea of uncertainties about the steps to take and the strategies to employ in this dynamic real estate market? Would you like to uncover the essential insights that will empower you to make informed decisions and secure your dream home in one of the most sought-after regions? Do you need help navigating the Bay Area's unique market dynamics, ensuring you get the best value for your money? Do you want to understand the intricacies of the local market trends and the optimal timing for making your move? Here's a glimpse of what you can expect to learn: Defining Your Dream Home: Define the key considerations for your ideal home. We'll guide you through the process of defining your priorities, preferences, and non-negotiables to create a clear vision for your dream property. Navigating the Real Estate Market: Understand the dynamics of the current real estate market. Explore market trends, property values, and potential investment opportunities to make informed decisions in a competitive landscape. Financial Readiness: Get a grip on your financial preparedness for homeownership. Learn about mortgage options and the financial responsibilities associated with owning a property. Disclosure Essentials: Arm yourself with the knowledge to assess the condition of a property by reviewing disclosures. Explore the key aspects of home and pest inspections, understanding reports, and identifying red flags to make confident and informed decisions. L egal Aspects of Homebuying: Gain insights into the legalities of homebuying. Understand contracts, contingencies, and legal obligations to protect your interests throughout the buying process. Negotiation Strategies : Learn the art of negotiation in real estate transactions. Discover effective strategies to secure the best deal, navigate counteroffers, and ensure you get the most value for your investment. Timeline of the Deal: Understand how to navigate the stages of the homebuying process. Learn what to expect from offer to closing procedures, paperwork you will go through, and what to expect on the closing day to ensure a smooth transition to homeownership. Q&A Session with Real Estate Experts: Engage with our panel of experienced real estate professionals. Get answers to your specific questions and gain personalized advice to address any concerns or uncertainties you may have. Register below to join!