REAL ESTATE FACTS AND FIGURES
- Two thirds of all homes sales in Orange County are $750,000 or less. There are 27% fewer homes on the market below $500,000 compared to 2016. That’s nearly an 800-home difference. Source: Reports on Housing
- If a home is inherited by a child or grandchild and the property was part of a Living Trust, they have 150 days to file a Preliminary Change of Ownership with the Tax Assessors office to keep the same tax base as the deceased. This covers property value up to $1,000,000. In the case of Probate, the Assessor’s Office needs to be notified at the same time as the inventory is filed with the County Court. Source: Proposition 58 & 193
- Foreclosures in Orange County make up less than 1% of all sales. Source: Pacific West Association of Realtors
- A Transfer on Death Deed (TOD) allows you to transfer an identified property to your named beneficiary without probate. The TOD deed has no effect until you die. You can revoke it at any time.
- Proposition 60, 90 and 110 provide for the transfer of a property’s base year value from an existing residence to a replacement residence under certain conditions and within certain counties for qualified persons age 55 and over or persons of any age who are severely or permanently disabled.
- The top home projects with the greatest return on investment are: Garage door replacement, Entry door replacement, Window replacement and Grand Entrance. The lowest: A pool. Source: Remodeling Magazine.
- A Reverse Mortgage can be used to purchase a home for persons 62 and older. The reverse mortgage picks up the difference between the purchase price and the down payment and there are no monthly payments. This enables a senior to sell a home with a lot of equity, and take just part of that equity to use as down payment and then retain the rest of the equity for living expenses.
- Fullerton no longer has a restricted watering schedule. The current status is Standard Conservation which prohibits water loss from leaks and such, water runoff, and some other items. For more information visit www.cityoffullerton.com
- Rents in Orange County rose 4.7% in 2016 which is the fastest pace of rent increase since 2007 which was 6.1%, 2017 rent increases are on track with 2016. Source: Orange County Register.
Article for informational purposes only. For more information please contact me. For legal or tax advice always consult a professional.