Property Tax Impact in Today's Market-Something You Should Know!

I recently talked with another agents clients who exclaimed that they did not realize they would owe $6000 in taxes on a home they just purchased for $320,000! In todays market many buyers are purchasing homes for less than what the Ventura County Assessor shows as current market value on the tax roll. When a property is purchased and goes into escrow, the escrow company will be prorating property taxes based on the market value shown on the current tax roll. This is very important to understand because if the house that your client just purchased for $320,000 is a bank owned home and is now selling for $320,000 but previously sold for $550,000 several years ago, the assessor may very well have a tax base on the assessment roll of 1% of $550,000 (or approx. $5500 per year.). If so, then the buyer will be prorated on the $5500. HOWEVER, due to the subsequent supplemental tax roll one time billing for new purchases, this property will be reassessed at the lower market value (as of the date of purchase) and a prorated refund will be issued through the supplemental tax billing process.

It is extremely important to realize that your buyer will be out of pocket the extra amount until the new assessment is processed and the refund issued. This process can take up to a year. A phone call to the local assessor could help speed the process by bringing attention to your individual property. Also, remember all requests for reassessments are FREE!! Many people are receiving deceptive solicitations by mail requiring a fee for reassessment. Tell your clients not to be mislead by these official looking offers for tax relief.

Helping with all your Ventura Real Estate needs and Homes for Sale in Ventura!
Ventura Real Estate is HOT right now...multiple offers. Get into action BEFORE rates go up!!

Hope this information helps! For current real estate listings in Ventura County check out:

www.Venturahomesforsale.org

Gorgeous Ocean View Home For Sale!

This 1920's Spanish Home with an awesome view has 4 bedrooms and 1 3/4 baths.
Gorgeous deck for evening viewings of the magnificent sunset. Private and updated.
This is a homeowners dream.
This home will be Open House this Sunday, January 25th from 1-4 p.m in Ventura. Take the Seaward offramp and follow the signs.Stop by and enjoy.

Check out this and other Ventura Homes For Sale at:

http://www.JanisCalkins.com

30 Year Interest Rates Drop

Interest rates continue to drop. They have fallen to the lowest level since Freddie Mac started tracking the data in April 1971! Buyers TAKE ADVANTAGE of this moment...If you have solid credit and equity in your home this is a great opportunity.
Freddie Mac reported Wednesday that average rates on a 30 year fixed mortgage dropped to 5.1 percent. Now is the time to think about buying Ventura County Real Estate. If you have thought about purchasing a second home or condo for investment purposes in Ventura County now just could be the right time! Mortgage rates have plunged by about 1.3 percentage points since late October Freddie Mac reports.
The average rate on a 15 year fixed rate mortgage dropped to 4.83 percent. It is reported that these rates do not include add-on fees.
Ventura Real Estate is unique in its location due to Ocean proximity and mild temperatures. It is still one of the most sought after locations along the coast.
Don't miss this opportunity. Give me a call or check out one of my websites for further information.

www.JanisCalkins.com
www.Venturahomesforsale.org

DECLINE IN VALUE!! TAX SAVINGS POSSIBLE!

When home prices drop, there is a potential for you to receive a property tax reduction. If you purchased your home in the last 3-4 years, the current market value of your home is most likely less than what you paid for it. Often times the local Assessor will already be reviewing the value of your property for the current year taxes. However, it is wise to call your local Assessor and ask for a Proposition 8 decline in value review. If you own a custom built home, I would definitely recommend requesting a review.
You may also file a formal appeal application with the Assessor. This will guarantee that your property will get a review. Appeals may be filed with the local Ventura County Assessor up until November 30.
Having worked as an appraiser for the Ventura County Assessor for over 25 years, I would be happy to answer any questions or help with a Comparative Market Analysis for your property.
I am willing to help with any of your Ventura Real Estate needs!
Please contact me at (805) 218-7016 if I can help.

Ventura County Real Estate Specialist

Please visit my website at www.JanisCalkins.com for more information.

Newspaper Article From July 26, 2008

Just in case you missed the article, the Ventura County Star ran an article on July 26th, with the headline, "Local Market Shows Signs of Life". The subcaption was, "Realtors seeing multiple offers--but say we're not home free".
I myself have experienced that subtle change in the market recently.
I took a client of mine to look at a home in midtown Ventura recently. She really liked it and it was priced well. She was not yet prequalified for a loan and she also wanted to have her husband go see it. Two days later her husband came by to look at it. He also liked it. I put in a call to the listing agent. Well...you guessed it! There were already numerous offers submitted. My client did not act fast enough. I know it is difficult, especially in this market, to feel confident you are jumping in at the right time. However, my advice is that it sure would surprise me if the market drops too much more. If you are financially sound and want to invest, and have the good credit you need, then I say you should be buying now. But get prequalified, search the market with a good agent for a bit and then jump on one of these great priced homes. Think about it.....when is the last time you saw prices this low?

Please visit my website at www.JanisCalkins.comVentura County Real Estate at Your Fingertips!

Ventura Beach Properties

I was just looking though a blog a used to contribute to and saw a posting stating that there were only 3 beach properties available in Ventura. Of course, this was a few years ago, but I thought it might be interesting to see what's available now. While on broker tour last week, an agent that specializes in the beach area mentioned that there wasn't much available. As of this morning there are approximately 26 single family homes available in Ventura ranging in price from $765,000 to $3,600,000.

Search for Ventura Beach Homes and Real Estate at:

www.VenturaRealEstate.org

Fed Cuts Rate by Quarter Point

The Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday. In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since 2004. This may or may not have much impact on mortgage rates. At any rate, spring is upon us and this is the time of the year when real estate sales pick up.
Mortgage rates are low and it is definitely a buyers market. If you are looking to invest for a fairly long term, 5 years or more, now could be the time to seriously consider purchasing.

www.VenturaHomesForSale.org


Ventura County Real Estate