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As the housing market improves, many California homeowners will see the downside of the recovery: An INCREASE in their property taxes.

Many homeowners believe their property taxes are limited to increases of no more than 2 percent annually because of Proposition 13, the landmark voter initiative approved in 1978.

However, Proposition 8, a companion ballot measure that passed the same year ( not to be confused with the 2008 ballot measure that banned gay marriage in CA), allows assessors to temporarily reduce property assessments when real estate values go down, and it also allows increases of greater than 2 percent when values go back up.  The 2 percent limit set by Proposition 13 doesn't apply until the property's value reaches the level it would have hit if the real estate market never dropped.

This trend is helping counties financially by allowing them to collect more property taxes, but it is an unpleasant surprise to homeowners, who were happily watching their property values rise!   

This article/info is direct from the California Association of Realtors.

Great article on the Downtown San Diego Market - This should motivate any buyer on the fence about buying in Downtown San Diego. Having just sold a unit in Bayside a few months ago and dealing with the low inventory downtown I strongly agree with this info.

http://www.utsandiego.com/news/2012/aug/30/downtown-market-update/

 

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Local National
alt 30 Yr Fixed Mortgage 3.78% 3.76%
alt 30 Yr Fixed Jumbo 4.37% 4.39%
alt 5/1 ARM 2.83% 2.68%
alt 5/1 Jumbo 2.95% 2.89%
alt 5/1 Int. Only Jumbo 4.67% 4.57%

Median Price Almost Back to Year-Ago Level

April 17, 2012

La Jolla, CA---Southern California home sales shot up last month from February amid the usual surge in late-winter shopping, but the gain over a year earlier was modest. Sales of $500,000-plus homes, though a bit lower than last year, jumped 36 percent from February, helping to lift the region’s overall median sale price to a six-month high – and to about where it was in March 2011, a real estate information service reported.

     A total of 19,953 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 28.1 percent from 15,573 in February, and up 2.8 percent from 19,412 in March 2011, according to San Diego-based DataQuick.

It’s normal for sales to jump between February and March. On average, they've risen 37.0 percent between those two months since 1988, when DataQuick’s statistics begin. On a year-over-year basis, Southland sales have increased for three consecutive months, and for seven out of the last eight months. However, last month’s Southland sales total was still 18.6 percent below the average for all the months of March since 1988.

     As in recent months, March’s year-over-year gain in sales wasn't seen across the price spectrum. Last month the number of transactions below $300,000 rose 2.3 percent from a year earlier, while the number sold between $200,000 and $400,000 rose 4.2 percent. Sales between $300,000 and $800,000 fell 0.6 percent year-over-year, and sales above $800,000 dipped 5.6 percent.

     March sales of newly built homes rose almost 9 percent from a year earlier, marking the second consecutive month with a year-over-year gain. But March’s new-home tally was still the second-lowest for that month in DataQuick’s records back to 1988. Last month’s sales of existing (not new) single-family detached houses were the highest for a March since 2010, while resale condo sales were the lowest for that month since 2009.

The time to buy may be here for any buyers who have been on the fence waiting to buy in San Diego! With an increase in sales of existing homes, a sharp decrease in inventory and multiple offers coming across on properties along with still very low interest rates - all signs point to a market bouncing back and creating a lot of competition to "get in the home buying game." With first time buyers buying at a rapid rate we should continue to see prices increase.

SO WHAT ARE YOU WAITING FOR?

Sales of existing properties once again showed strength in March. Single-family (detached) sales in March rose nearly 28 percent from the previous month, and nearly 9 percent from March of last year. Sales of condos And townhomes (attached properties) also bested last month by 17 percent, but were slightly lower than a year ago (down 3 percent). 

I get asked questions everyday about the San Diego Real Estate market, buying and selling, short sales, etc...

Should we buy? Will rates go up? How do we know what we can afford to buy? We want to buy a 2nd home but not sure if we need to sell to buy again? We are upside down on our home and not sure what are options are? How do we know if a short sale is right for us?

These are just some of the hot questions I get asked - what do you want to know about buying or selling in San Diego's Real Estate Market today?

Let me know - send me an email This email address is being protected from spambots. You need JavaScript enabled to view it. or post on my Blog here. I can answer your questions.