The Williamson Act is a California law that allows the County to comply with an owner’s request to re-zone property as agricultural land, provided the owner is willing to commit to a ten-year term. This limits the property taxes the owner has to pay to be based on agricultural revenues, and prevents the land from … Read more
We’re only a month into 2014 and changes are afoot, so it shouldn’t be long before we can start to see how these changes affect the housing market. Banks are loosening credit criteria because of the economic recovery, which makes it easier to get a loan; however, new Dodd-Franks regulations have tightened the debt to … Read more
I’ve been reviewing trends in the real estate market. At the beginning of each year, the pundits throw out their predictions for the coming year, so I thought I’d do the same. In 2013 we had an inventory shortage; in other words, we had more people looking to buy homes than sell them. I think … Read more
When legislators add “Bill of Rights” to current legislation, they want us to associate the important liberties spelled out in the first ten amendments to our Constitution with whatever they’re working on. However, the California Homeowner “Bill of Rights” falls a little short. The California Homeowner Bill of Rights became law a year ago (in … Read more
The Internal Revenue Service is putting things right by not taxing non-existent income on short sales for single-family homes. If that doesn’t make much sense, it’s because you are a logical person who can’t understand why anyone would get taxed on non-existent income. However, that’s what was happening. A short sale, you will recall, occurs … Read more
Lots of things affect the housing market; one of them is demographics. In the Ukiah Valley, our population is aging and that drives up demand for smaller homes. Once children grow up and leave home, a house with multiple bedrooms is unnecessary and can be a lot to take care of. As people age, the … Read more
Happy New Year! We covered a lot of ground in 2013, so I thought I’d review some highlights from the beginning of the year. First, if you want to buy a house, you can catapult yourself to the top of a seller’s list by getting pre-approved for a loan. I recommend working with your realtor … Read more
When you sell a house, you are legally obligated to disclose anything that would negatively affect the value of the property or a buyer’s interest in owning it. So, if you’re selling your home, you probably have quite a list to compile. In Mendocino County, real estate agents typically use an 11-page document that covers … Read more
If you’re interested in investing, 1031 Exchanges are a wonderful, legal way to defer tax liability almost indefinitely. Sound good? Read on. As always, when I write about investing or tax implications of owning real estate, I am simply sharing my opinion. If you are thinking of investing or have questions about taxes with regard … Read more