Category Archives: Real Estate

California – Fire victims can apply for tax relief and FEMA grants

Posted on October 15, 2017 | Leave a comment

Financial help is coming for California fire victims in the form of income- and property-tax relief for individuals and businesses in most affected counties and federal grants and loans for those in Sonoma, Napa, Butte, Lake, Mendocino and Yuba counties.

The Federal Emergency Management Agency made “individual assistance” available to people and businesses in Sonoma County starting Thursday and those in Napa County starting Friday. FEMA added Butte, Lake, Mendocino and Yuba counties to the list Saturday.

Previously, FEMA had only made funds available in seven North Bay counties for “public assistance” such as debris removal and emergency services. On Friday, it added public assistance for Solano County and Orange County in Southern California, which is also fighting wildfires.

In the designated counties, homeowners, renters and businesses can now apply for grants (which don’t have to be repaid) or low-interest loans to cover uninsured fire-related expenses such as temporary housing; funeral and emergency medical costs; replacing personal property, including cars; and repairing and replacing homes and buildings.

FEMA officials encouraged all fire victims to file an insurance claim as soon as possible, but also apply for FEMA assistance where available, because it could cover uninsured expenses or costs that exceed their coverage limits.

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Is house flipping dying out?

Posted on September 23, 2017 | Leave a comment

High home prices cause house flippers to pull back

After two straight years of gains, the rate of home flipping flattened in the second quarter of this year.
The number of homes flipped fell to 5.6 percent, down from 6.9 percent in the previous quarter.
Home flippers saw an average gross return of $67,516 in the second quarter, representing a 48.4 percent return on investment. That is down from 49 percent in the previous quarter.

House flipping has seen a huge run-up in the past few years, as investors take advantage of tight supply in the market and fast-rising home prices. Popular television shows glorifying the process have also turned regular Joes and Joannas into real estate renegades. Those high prices, however, are now taking their toll.

After two straight years of gains, the rate of home flipping, defined as buying and selling a home in the same calendar year, flattened in the second quarter of this year, according to a new report from Attom Data Solutions. Nationwide, 53,638 single-family homes and condos were flipped in the second quarter, which is 5.6 percent of all home sales during the period. That rate was down from 6.9 percent in the previous quarter and unchanged from a year ago.

Why the slowdown? A drop in profits.

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San Diego – Home sale profit isn’t high

Posted on September 7, 2017 | Leave a comment

The typical San Diego County home seller made $125,000 on the sale of their home last year, said a Zillow study released Wednesday.

But the payout, during a time of increasing prices throughout the nation, was a lower percentage than more than a dozen major metros. In general, it paid off to hold on to a home for at least eight years to get a better return.

The real estate website crunched the numbers on 33 metros and found the best return on investments for homes have been in Oakland, where homeowners saw a 78 percent return on what they originally paid, or Portland, with 64 percent earned.

San Diego County ranked No. 17 as the best return for buyers, with a 33 percent jump, behind Nashville, Mesa, Philadelphia, Phoenix and other cities.

The Zillow study said that in eight years and 11 months (typical length of stay for a San Diego owner) that a seller earned $16,000 per year on their investment when they sold in 2016.

In just dollars, not percentage gain, San Jose had the best return on investment with sellers pocketing $271,150 after nine years and 8 months of ownership.