I help home buyers find their perfect home in Orange, Riverside and San Bernardino Counties. I have been with Century 21 Now Realty since 2006 and now our office is becoming Century 21 Masters.  Which is great, since I am a Master of listing and selling homes and helping buyers.

I am a Home Selling/ Listing specialists.  I am a Certified International Property Specialist and a Senior Real Estate Specialist, SRES, in California.

Hot housing areas right now are Corona, Riverside, Beaumont, Banning, Cherry Valley, Menifee, Winchester, Temecula, Ontario, Hemet, Perris, Fontana and Upland.

What is happening with the market right now? This is the most common question we get right now.

Interest rates have increased to the highest they have been in over 20 years.  This makes homebuyers have less buying power as they cannot afford as much of a house as they could a year ago.  The California Association of Realtors does research and gives summaries of the market and I would like to share this info with you.

If you need help and are an international investor, We are available by ZOOM to help you invest in California.

If you need help selling your home, we can meet with you and explain my marketing plan that will sell your home.

Email me at AnnDowningRealEstate@gmail.com or call/text me at (951) 733-2486

How does Proposition 19 change the rules on tax basis portability?
Starting April 1, 2021-

Prop 19 allows a homeowner who is 55 years of age or older, severely disabled or whose home has been
substantially damaged by wildfire or natural disaster to transfer the taxable value of their primary residence
to: a) a replacement primary residence anywhere in the state, b) regardless of the value of the replacement
primary residence (but with adjustments if replacement has a greater value), c) within two years of the sale
and d) up to three times (or as often as needed for those whose houses were destroyed by fire).
The prior rule limited this exemption to a one-time transfer within the same county (Prop 60) or between
certain counties (Prop 90) and only if the replacement property was of "equal or lesser value."

If the replacement property is of equal or lesser value, does the tax basis of the replacement property
change?  No. The taxable value of the original property may be transferred and become the taxable value of the new
one.
If the replacement property is of greater value, how is the new taxable value calculated?
The new taxable value is calculated by adding the difference between the full cash value of the replacement
property and the original property to the original taxable value. For example, if a seller of an original property
has a $300,000 taxable value and a full cash value of $1M and then buys a replacement property for $1.5M,
the taxable value of the replacement property would be $800,000.
Can a replacement property be purchased prior to the original primary residence being sold?
Yes. This is how the current rule under Prop 60 works, and Prop19 uses nearly identical language.
How does Prop 19 affect the rules on intergenerational transfers to children or grandchildren?
It limits the exemption to those properties where the primary residence continues to be used as a family
home by the child or grandchild transferee. If so, the taxable value will remain the same, subject to some
upward adjustments if the property value, at the time of transfer, is more than $1M over the original tax basis.

If the property is more than $1M over the original tax basis, what is the new taxable basis?
The new taxable basis will be the assessed value of the property at time of transfer minus $1M.
When do these new rules on intergenerational transfers apply?
February 16, 2021.
Where may a claim to transfer a tax basis be made?
Claims may be made with forms provided by the local county assessor’s office.

MORE INFORMATION CAN BE FOUND AT THESE LINKS:

BOE Government Website        

LIST OF COUNTY ASSESSORS AUDITORS PARTICPATING IN PROP 19

Riverside County Prop 19 Info

San Bernardino County Prop 19 info

Los Angeles County Prop 19 info

Invest in California- Buy a Beach House.

Consider Santa Monica, Newport Beach, Laguna Beach, Carlsbad, and San Diego

WATCH MY VIDEO- CLICK ON PHOTO BELOW:

https://youtu.be/30nosOmKO8Q

WANT TO CASH IN ON THE MARKET ?? I can help you SELL and get into escrow QUICKLY and  find a replacement home!

I can also help you find your new home and coordinate the closing escrow dates to help your move go smoothly.

See how much your home is worth, text me and I will call you and email you a Comparative Market Analysis FREE

(951) 733-2486

Welcome to this page where you can look up single family homes sales stats in Riverside 92503 zip code, and sales in the Riverview Vista Community.

You can also link to my YouTube videos on the community and market updates.

Please call me if you have any questions, (951) 733-2486.

Your Neighbors House is getting an offer in 3 days! Do you want to cash in on the market now???
I can help you list your house for sale and get it in escrow quickly!