Monday, July 30, 2018 / by Abio Properties, Blogger
Prop. 5: Boon for baby boomers and cure for the housing shortage?
Proposition 5, a measure developed by the California Association of Realtors, is headed to the ballot Nov. 6, and advocates say it could ease not only the property tax burden on seniors, but also relieve the state’s housing crunch.
Here’s what you need to know before you vote on Prop. 5, also known as the Property Tax Transfer Initiative:
What is Prop. 5?
Prop. 5 would expand Prop. 13 to allow homebuyers who are 55 or older or severely disabled to transfer their property tax base to a replacement residence in California for any price and as many times as they want. Prop. 5 also would apply to disaster victims like those affected by the recent wildfires.
How would it work?
Let’s say you bought a home in 1988 for $300,000, sold it in 2020 for $700,000, and bought another home for $500,000 that same year. You’d keep the tax rate you had on the 1988 home.
What does ...
Wednesday, May 16, 2018 / by Abio Properties, Blogger
The generation mocked for spending too much cash on avocado toast and $4 lattes is now the largest prospective home buying generation of our time. And these millennials are hungry for some East Bay real estate.
If you want to sell your house in Oakland, Walnut Creek, or elsewhere, you should know what your prospective buyer wants.
Let’s start by defining the generation. Millennials are 20 to 36 years old, with peak births in 1990. That means a surge of millennials will turn 30 soon – and 30(ish) is the national average age of first-time homebuyers.
You’ve probably heard about how poorly millennials are faring in today’s housing market. The number of hopeful buyers far outnumbers the meager number of homes for sale, and the winners are bidding way over the list prices.
Realtor.com recently identified San Jose – where the median list price is $1.24 million, gu ...
Monday, March 19, 2018 / by Abio Properties, Blogger
The Bay Area real estate industry has been buzzing with news about how the market for homes above $3 million is exploding, including in the East Bay. But why stop being wowed there, when you can really induce shock and awe by looking at the market for homes in the $10+ million range?
Way back in 2017, the most expensive East Bay home sold for $3.83 million. It was a five-bed, six-bath estate at 1201 Upper Happy Valley Road in Lafayette. But that is nothing compared to what's on the mansion market in 2018.
Check out the recent listings below. Health advisory: These price tags might make you feel a bit dizzy, especially when you consider that the median home value in the U.S. is $207,600 ...
7 Country Oak Lane, Alamo
7 Country Oak Lane, Alamo | Listed by Pacific Union International
This English manor-style compound is reportedly the most expens ...
Monday, March 5, 2018 / by Abio Properties, Blogger
It’s easier now more than ever to see home listings online, watch 3D virtual home tours, and view drone videos of a property. But would you bid on a home without seeing it in person?
A new survey found that 44 percent of buyers polled in the San Francisco Bay Area metro region did just that in 2017.
The Redfin-sponsored survey interviewed people from 14 major metro areas and found that nationwide 35 percent said they bid on a home without first seeing it in person -- up from 33 percent in May 2017 and 19 percent in June 2016.
Who are these risk-takers?
Foreign buyers. Busy out-of-town professionals. Millennials who are comfortable shopping online. Anxious buyers determined to get their bids in ASAP or risk losing out because of the frenetic, competitive nature of the Bay Area market.
Because the current housing inventory is low, “people see a house go on the market and they think they have to hurry and bid on it,&rdquo ...
Thursday, December 21, 2017 / by Abio Properties, Blogger
You know how you’re supposed to wait until spring to list your home for sale?
Well, forget everything you think you know.
According to conventional real estate wisdom, homebuyers hibernate in the winter and spring back to life in March, April and May. But here in the Bay Area market, nothing is conventional.
This is a region where housing inventory hit stubborn lows in 2017. Fewer homes went on the market, and they were snatched up in record time. That means a plethora of potential buyers are still looking, regardless of the cool weather outside.
“There is still a frenzy of buyers out there,” said Abio Properties co-founding partner Linnette Edwards. “Normally I tell people to wait and prep their home for a February or March listing date. But for those sellers who want to go on the market sooner, I’m telling them to go for it.”
As of November, active listings sank 17 percent year-over-year across ...