Eastern Plumas & Sierra Counties Newsletter - April 2018

NEWS YOU CAN USE

APRIL 2018 MARKET NEWSLETTER

EASTERN PLUMAS & SIERRA COUNTIES

Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

Kindness, like snow, beautifies everything it covers

TABLE OF CONTENTS

PAGE

Residential Sales & Charts Feb. 2017 thru Feb. 2018

2-5

California Association of Realtors® Current Housing Reports

6-8

Guild Mortgage Corner

9

Tips – Opening/Closing a Vacation Home

10

The Transaction from End to End

11-12

April Calendar of Events

13-14

Ski Resorts Closings & Conditions

15

Golf Course Opening Dates

16

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320

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EASTERN PLUMAS & SIERRA COUNTIES

Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

The Dickson Realty Portola Team is always available to provide excellent and dedicated client service whether you are considering buying or selling a home. Our team of seasoned professionals, all RealtorsÂŽ, possess the most current and comprehensive market information and, combined with their knowledge and experience, they are uniquely qualified to be expert guides in your real estate venture. Contact us and become another satisfied client. Call, e-mail, visit our office, or access us on the web. We are here for you 24/7.

Office Phone: 530-832-1700 or (800) 541-4440 Email: portolainfo@dicksonrealty.com Web: www.DicksonRealty.com The following pages provide Residential Sales Statistics for the areas of: Graeagle, Portola, Loyalton, Chilcoot and the Golf Course Communities of Whitehawk, Grizzly Ranch, and Gold Mountain

The sales statistics presented are a 12-month overview and comparison of sales activities for the months of February 2017 through February 2018, covering Median Prices, the Lowest and Highest Sales, Number of transactions and Average Days on Market. The sales shown are for Single Family Residential, Condominiums and Townhouses in each of the market areas.

(Time share and/or shared ownership are not included in the statics presented.)

The data source is the Plumas Multiple Listing Service for the 12 month period February 1, 2017 through February 28, 2018, with the data pulled on March 10, 2018.

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320

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Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

MEDIAN SALES PRICE

90,000 150,000 185,750 144,900 128,500 27,000 165,000 190,000 165,000 165,000 174,000

$ $ $ $ $ $ $ $ $ $ $

45,000 27,000 26,000 110,000 115,000 25,000 142,500 135,500 25,000 50,000 84,000

$ $ $ $ $ $ $ $ $ $ $

135,000 157,000 239,000 145,000 247,000 29,000 380,000 283,000 320,000 360,000 40,000

2 3 4 3 5 2 5 3 10 5 8

398 288 294 107 99 83 133 203 151 133 103

$ $ $ $185,000.00 $ 91,000.00 $330,000.00

0 4

N/A 211

2018 JAN FEB

FEB

DEC

JAN

$400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $-

MEDIAN SALES PRICE

LOWEST SALE

FEB

$ $ $ $ $ $ $ $ $ $ $

Portola 12 Month Sales Chart Feb. 2017 - Feb. 2018

AVG. DAYS ON MARKET

2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

HIGHEST SALE

JAN

RESIDENTIAL SOLD

MAY

HIGHEST SALE

APR

LOWEST SALE

MAR

MEDIAN SALES PRICE

FEB

PORTOLA

LOWEST SALE

NOV

N/A 207

DEC

0 3

NOV

$ $ $ $ 365,000 $ 175,000 $ 367,000

2018 JAN FEB

$1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $-

SEP

372 346 337 267 187 157 181 151 162 264 134

OCT

4 2 5 9 5 7 14 7 8 7 9

OCT

950,000 258,000 417,000 429,000 825,000 738,000 823,000 789,000 580,000 675,000 648,000

AUG

$ $ $ $ $ $ $ $ $ $ $

SEP

128,500 189,000 35,000 42,000 204,000 155,000 25,000 80,000 112,000 40,000 130,000

JUL

$ $ $ $ $ $ $ $ $ $ $

AUG

460,000 223,500 240,000 265,500 218,000 339,000 359,750 250,000 357,250 408,000 320,000

JUN

$ $ $ $ $ $ $ $ $ $ $

JUL

2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Graeagle 12 Month Sales Chart Feb. 2017 - Feb. 2018

AVG. DAYS ON MARKET

JUN

RESIDENTIAL SOLD

APR

HIGHEST SALE

MAY

LOWEST SALE

FEB

MEDIAN SALES PRICE

MAR

GRAEAGLE

HIGHEST SALE

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MEDIAN SALES PRICE

$

$ $ $ $ $ $ $

165,000 180,000 197,000 230,000 -

$

$ $ $ $ $ $ $

165,000 363,000 230,000 230,000 -

1 2 2 1 0

N/A 188 N/A N/A 43 71 45 N/A N/A N/A N/A

2018 JAN FEB

$150,000.00 $150,000.00 $150,000.00 $ $ $ -

1 -

158 N/A

FEB

JAN

DEC

$400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $-

MEDIAN SALES PRICE

LOWEST SALE

FEB

$ $ $ $ $ $ $

165,000 271,500 213,500 230,000 -

JAN

$

HIGHEST SALE

Chilcoot 12 Month Sales Chart Feb. 2017 - Feb. 2018

AVG. DAYS ON MARKET

2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

LOWEST SALE

DEC

RESIDENTIAL SOLD

MAY

HIGHEST SALE

APR

LOWEST SALE

MAR

MEDIAN SALES PRICE

FEB

CHILCOOT

OCT

161 N/A

NOV

1 0

OCT

JAN FEB

NOV

$305,000.00 $305,000.00 $305,000.00 $ $ $ -

$

2018

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $-

SEP

100 203 69 159 55 256 53 76 35 N/A 154

AUG

$ $ $ $ $ $ $ $ $

SEP

1 1 1 1 1 3 1 6 1 0 1

$

92,500 189,500 139,000 228,000 409,000 62,000 160,000 135,000 295,000 265,000

AUG

92,500 189,500 139,000 228,000 409,000 330,000 160,000 347,000 295,000 265,000

$

$ $ $ $ $ $ $ $ $

JUL

92,500 189,500 139,000 228,000 409,000 90,000 160,000 265,000 295,000 265,000

JUN

$ $ $ $ $ $ $ $ $

JUL

2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Loyalton 12 Month Sales Chart Feb. 2017 - Feb. 2018

AVG. DAYS ON MARKET

MAY

RESIDENTIAL SOLD

JUN

HIGHEST SALE

APR

LOWEST SALE

MAR

MEDIAN SALES PRICE

FEB

LOYALTON

HIGHEST SALE

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Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

GOLF COURSE COMMUNITIES

MEDIAN SALES PRICE

LOWEST SALE

RESIDENTIAL SOLD

HIGHEST SALE

AVG. DAYS ON MARKET

2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

$

460,000 677,500 347,250 962,500 349,000 641,500 697,000 570,000 445,000 359,500

480,000 1,050,000 429,000 1,100,000 623,000 823,000 697,000 580,000 450,000 399,000

2 0 2 2 2 5 2 1 2 2 2

381 N/A 485 452 61 142 268 125 708 98 198

$ $ $ $ 367,000 $ 365,000 $ 1,133,000

0 3

N/A 246

$ $ $ $ $ $ $ $ $

$

440,000 305,000 265,000 825,000 290,000 460,000 697,000 560,000 440,000 320,000

$ $ $ $ $ $ $ $ $

$ $ $ $ $ $ $ $ $ $

2018 JAN FEB

Golf Course Communities Whitehawk, Grizzly Ranch, Gold Mountain

12 Month Sales Chart Feb. 2017 - Feb. 2018 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $FEB

MAR

APR

MAY

JUN

MEDIAN SALES PRICE

JUL

AUG

SEP

LOWEST SALE

OCT NOV

DEC

JAN

FEB

HIGHEST SALE

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California Housing Market Update Monthly Sales and Price Statistics January 2018

CA Median Price Continued to Grow at a Fast Pace

Sales Started the Year with Down

California, January 2018: $527,800, -4.0% MTM, +7.3%YTY $700,000

P:May-07 $594,530

Jan-17: $491,840

$600,000 $500,000

California, Jan. 2018 Sales: 388,800 Units, -2.9% YTD, -2.9% YTY Jan-18: $527,800

600,000 Jan-17: 400,580

500,000

T:Feb-09 $245,230 -59%from peak

$400,000

700,000 Jan-18: 388,800

400,000 300,000

$300,000

200,000

$200,000

100,000 $100,000

-

Ja n05 Se p05 M ay -0 6 Ja n07 Se p07 M ay -0 8 Ja n09 Se p09 M ay -1 0 Ja n11 Se p11 M ay -1 2 Ja n13 Se p13 M ay -1 4 Ja n15 Se p15 M ay -1 6 Ja n17 Se p17

$-

SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES:Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OFREALTORS®

*Sales are seasonally adjusted and annualized

Share of Homes Sold In Line with2017

Inventory at the Lowest Level since June 2004 January 2017: 3.7 Months; January 2018: 3.6Months

Jan-18

Jan-17

30%

18.0

23%

16.0

21%

14.0

20%

12.0

16%

18%

10.0 8.0

10%

6.0

10% 8%

4.0

16% 17%

14% 14% 10% 9%

9%

8% 3% 3%

2.0

0%

0.0

Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.

SERIES:Unsold Inventory Index of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OFREALTORS®

SERIES:Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OFREALTORS®

The charts above are selections from the most recent C.A.R. update.

Their February 16th news release is also presented for your interest.

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Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities January 2017 of a revised 400,580. The monthto-month decline was the largest in more than two years.

“A persistent shortage of housing inventory and continued affordability crunch is beginning to eat away at the market as buyers struggle to find available homes for sale,” said C.A.R. President Steve White. “As such, we’re seeing a shift in sales toward inland areas such as San Bernardino County in Southern California, and Placer, San Joaquin, Sacramento, and Stanislaus counties, which are all adjacent to the inventory- and price-challenged San Francisco Bay Area.”

For release: February 16, 2018 Lack of housing inventory and deleterious effects of affordability take toll on January home sales - Existing, single-family home sales totaled 388,800 in January on a seasonally adjusted annualized rate, down 7.6 percent from December and down 2.9 percent from January 2017.

The statewide median price continued to grow at a strong pace over last year and remained above the $500,000 mark for the eleventh straight month. The $527,800 January median price was down 4.0 percent from December’s $549,560 and was 7.3 percent higher than the revised $491,840 recorded in January 2017. The year-over-year price gain has been growing at or above 7 percent for seven of the past eight months.

- January’s statewide median home price was $527,800, down 4.0 percent from December and up 7.3 percent from January 2017.

- The most affordable 20 percent of the market now has a median price of $220,000 in California, up more than 10 percent from a year ago, when an entrylevel home averaged $200,000.

“A tale of two markets continues to be the theme of California’s housing market with the lower end of the market bearing the brunt of the housing shortage as sales of homes priced under $300,000 declined by 17.2 percent from a year ago,” said C.A.R. Senior Vice President and Chief Economist Leslie-AppletonYoung. “At the other end of the spectrum where inventory is less constrained, homes priced $1 million and higher posted solid annual sales gains, especially in the $1.5 million-$2 million range, which jumped 24 percent.”

LOS ANGELES (Feb. 16) – Following months of defying severe housing inventory shortages and eroding affordability, California’s housing market dropped below the 400,000-level sales benchmark for the first time in nearly two years as sales declined on both a monthly and annual basis, the CALIFORNIA ASSOCIATION OF REALTORS ® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 388,800 units in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. It marked the first time since March 2016 that the statewide sales figure dropped below 400,000.

The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

January’s sales figure was down 7.6 percent from the 420,960 level in December and down 2.9 percent compared with home sales in

Other key points from C.A.R.’s January 2018 resale housing report include: •

The Los Angeles metro region experience a 3.6 percent annual sales drop, while sales in the San Francisco Bay Area fell 4.6 percent from last year. The Inland Empire housing market remained flat.

•

Home prices across the state continued to grow in general in January. Nineteen counties posted double-digit yearly price increases, and nine counties posted price declines from last year, though prices in Napa and Monterey were mostly flat.

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Prices grew most in markets that had the tightest inventory. For example, nearly half of all the counties with double-digit increases were in the two major employment centers—Southern California and the Bay Area. San Mateo and Santa Clara, already two of the state’s least affordable housing markets, saw home prices surge by at least 25 percent on a year-over-year basis. These parts of the state have both the highest prices and the lowest levels of unsold inventory. In the Central Valley and Central Coast, where inventory is relatively less constrained, price growth averaged in the midsingle-digits.

•

Statewide active listings declined in January, dropping 6.6 percent from a year ago. While the number of available listings for sale has trended downward for more than two years, January marked the first time in a year that the listings decline was in the single digits.

•

After hitting a 14-year low in December, the available supply of homes bounced back in January, primarily due to seasonal factors, with the statewide unsold inventory index climbing to 3.6 months in January from 2.5 months in December. The index measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index stood at 3.7 months in January 2017.

•

The median number of days it took to sell a single-family home remained low at 27 days in January, compared with 36 days in January 2017.

•

C.A.R.’s sales price-to-list price ratio* was 98.7 percent statewide in January, 98.7 percent in December, and 98.1 percent in January 2017.

•

The average statewide price per square foot** for an existing, single-family home statewide was $257 in January, up from $242 in January 2017.

•

Mortgage rates broke the 4.0 percent barrier in January as 30-year, fixed-mortgage interest rates averaged 4.03 percent in January, up from 3.95 percent in December but down from 4.15 percent in January 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also edged higher in January to an average of 3.47 percent from 3.39 percent in

December and from 3.24 percent in January 2017.

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only.

County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes. *Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price. **Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate.

C.A.R. is headquartered in Los Angeles.

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Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

Benefits of a 1031 Tax Exchange What is a 1031 exchange?

A 1031 exchange allows an investor to sell their old investment property and use all of the equity (not just the “after-tax” equity) to purchase their new investment property. Section 1031 is the greatest wealth building tool in the entire tax code! Unfortunately, also one of the most under used parts of the tax code.

Why might you do a 1031? ● Diversification-turn 1 large property into 2 smaller ones ● Consolidation-turn multiple properties into one larger property that is easier to manage ● Move Markets- example: sell in California, buy in Nevada ● Estate Planning Now, how do you make your second home an investment property?

EASY! In most cases a taxpayer can rent their vacation-second home for 14 days * per year for two years and then Exchange out of it, thereby meeting the IRS standard for investment property.

The bonus when working with a lender: a 1031 exchange can help expedite the closing because the Exchanger has exchange funds held by the QI (Qualified Intermediary, the company that facilitates 1031’s) and available for immediate acquisition. From a lending standpoint 1031 tax exchanges are handled using investment property financing. No new restrictions on 1031 exchanges of real property were made in the new tax law.

* Please contact your CPA for any additional questions and for your specific situation. For 1031 exchanges, please contact James Callejas, 415.640.0794 or James.callejas@ipx1031.com.

For all of your financing needs, please do not hesitate to reach out to us. 530.582.9991 or teamrice@guildmortgage.net If you have any questions regarding loan limits, refinancing or purchasing a home, please feel free to reach out to The Rice Team.

11050 Pioneer Trail Suite 201 Truckee, CA 96161 Phone: (530) 582-9991 Fax: (530) 582-9995. Web:wwwTheRiceTeam.com

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Opening and Closing a Vacation Home

Don’t neglect to budget time and money for opening and closing a vacation home before the season starts and after it ends.

When opening up a vacation home for the season, set up the outdoor furniture. Bring it back inside when the season's over.

A big reason for owning a vacation home is rest and relaxation, but it’s not all fun and games. Opening and closing a vacation home takes time and money. Plan to spend a day before the season starts to open your vacation home, and another day at season’s end to close it down.

Specific tasks, such as draining off pipes or turning on utilities, will depend on climate, as well as when and how the vacation home is used. A beach cottage has different requirements than a mountain cabin. If you don’t live nearby or don’t want to do the work yourself, be sure to budget for a property manager or local caretaker.

When it’s time to visit your vacation home for the first time, or to start renting it out for the season, you’ll need to get it ready.

A ski chalet might require you to shovel snow and chop firewood, while a summer retreat by the shore might call for cleaning patio furniture and staining the deck.

Much depends on how well the house is maintained throughout the year. Opening your vacation home could be as easy as stocking the pantry, or if the house was neglected in the offseason, you could have multiple repairs on your hands.

If the house is only going to be vacant for a couple of months, call your utility providers to see if discounted “vacation rates” are available. It might be cheaper than turning off services and paying a reconnection fee a few weeks later.

A well-maintained vacation home shouldn’t take more than a day to get in shape for the season, assuming no major repairs are needed.

Property manager vs. caretaker It’s costly to hire a property management company to maintain your vacation home, including opening it and closing it. If you plan to rent out your vacation home, a property manager typically gets 20% to 60% of the rental income, according to Christine Karpinski of HomeAway, a vacation rental website.

Opening Check List: Turn on utilities Clean and stock kitchen and bathrooms Look for evidence of plumbing and roof leaks Cut lawn and trim shrubs/trees Clear walkways and driveway Set up outdoor furniture Change light bulbs and smoke detector batteries Replace furnace filters Check for signs of pest infestation Closing a vacation home also takes about a day to complete.

The emphasis should be on safeguarding your home against the elements as well as fire risks.

Closing Check List: Turn off nonessential utilities Secure all windows and doors Turn on alarm system Close storm shutters Dispose of trash and perishable foods Adjust furnace settings for climate Bring in outdoor furniture Unplug appliances and electronics Drain water lines to prevent freezing (in cold climates) Request mail-forwarding service To deter vandalism and theft, consider installing a home security system. You can also put in automatic indoor lights that turn on at dusk or outside flood lights that are motionactivated.

A less expensive alternative is hiring a local housecleaner or handyman to open and close your vacation home, and to keep an eye on the property during the offseason. A good rule of thumb for calculating cleaning fees is to budget $20 for each bedroom and bathroom, so a 3-bed/2-bath home would cost $100 to clean.

If you live far from your vacation home, you may have little choice but to hire local help. Ask owners of nearby vacation homes for referrals. Look for a property manager or caretaker with good references who has been in business locally for an extended period of time. And no matter who you end up hiring, be sure that anyone coming onto your property to do work is bonded and insured.

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The Transaction from End to End Now that you've found the perfect home, it's time to get the deal rolling. You'll need to sign a residential purchase agreement, make an offer, possibly put down a deposit, conduct inspections and close the sale. If this all sounds overwhelming to you, don't worry; your REALTOR® will guide you through each step.

Making An Offer: Residential Purchase Agreements and Buyer Representation Agreements If you're ready to purchase the home, you must get all the details in writing. The offer begins with a written proposal spelling out your price and any stipulations regarding the purchase. If the seller has agreed to pay part of the closing costs, for example, that needs to be specified in the accepted offer. In addition, sometimes offers to purchase are contingent upon factors like the buyers' ability to obtain financing or the sellers finding housing within a certain time frame.

The residential purchase agreement contains the comprehensive terms of the deal, including sales price, deposit, closing date, disclosure requirements, inspections, and fees agreed upon by both parties. Other provisions also are included, such as the buyer's final inspection and the method by which all real estate taxes and other bills will be pro-rated between buyer and seller.

The CALIFORNIA ASSOCIATION OF REALTORS® offers its own official agreement, the C.A.R. Residential Purchase Agreement and Joint Escrow Instructions (RPA-11). This multi-functional document serves as an offer to purchase real property, a completed contract when its signed by the buyer and seller and communication of acceptance is received, a receipt for good faith earnest money deposit, and more.

Summaries of the Residential Purchase Agreement are available in Spanish, Chinese, Korean, Tagalog and Vietnamese.

Another standard form produced by C.A.R. and typically used by California REALTORS®, BR-11 (Buyer Broker Representation Agreement) is an agreement between a potential buyer of real property and a real estate broker. The agreement defines the scope of the tasks and duties to be performed by the buyer and broker leading up to the completion of a real estate sale. The form also provides a written consent to a dual agency, if one develops, and informs the buyer that the broker or agents for the broker may be working with other buyers looking for similar properties. The agreement does not, however, obligate a buyer to pay the broker for services rendered. Even if an agreement is signed, a broker must still look to a seller or a listing broker for compensation. This form is nonexclusive and may be revoked at any time by either the buyer or broker. In addition, the agreement places a limit on the time within which a legal action can be brought against

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Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities agreements. REALTORS® can either answer any questions you might have or refer you to the appropriate authority.

Buyers' Up-Front Fees In conjunction with the residential purchase agreement, buyers are usually expected to put down a deposit at the beginning of the transaction. If the buyer completes the sale, this money will be credited toward the buyer's down-pay ment. If the buyer doesn't complete the sale for legal or contractual reasons, the money is typically returned. However, if the buyer doesn't complete the sale for other reasons, the seller may be entitled to keep the deposit. The U.S. Dep art men t of Ho u si n g an d Urb an Dev el o p men t (HUD) advises that deposits should be "substantial enough to demonstrate good faith," usually 1 to 5 percent of the purchase price.

Often, buyers may put up to 20 percent down.

Because buyers frequently pay for most inspections, it may be a good idea to investigate the costs of the inspections you plan to obtain before an offer is made.

Inspections and Appraisals Home inspections vary greatly. Some check the home's structure, construction and mechanical systems, and appliances, which may be transferred with the property. Although different inspectors look for and test different things and may not discover everything that is wrong with a property, obtaining inspections is the best way to become informed of necessary repairs or problems with the home. Be advised that inspectors do not assess the value of your home.

According to HUD, an inspector typically checks the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, the HVAC system, water source and quality, ceilings, walls, floors, and roof.

In addition to being inspected, the home will undergo an appraisal by a trained professional. An appraisal is an opinion of the property's value used primarily to protect the lender's interest. In contrast to home inspections, appraisals are based on past sales data, the location of the home, the size of the lot and the condition of the home. For mortgages insured through the FHA, appraisers must disclose potential problems relating to the physical condition of the home; there are no similar stipulations for non-FHA mortgages.

Closing The closing is the day you've been waiting for: when ownership of the home officially transfers from the seller to you! Prior to the closing, the escrow agent will present you with scores of legal documents to review and sign, and you'll be expected to pay your down-payment and closing costs. In addition, a number of other legal procedures must be completed before the sale can close, including approving the mortgage application, clearing the title, appraising the property and recording the deed.

The Real Estate Settlement Procedures Act (RESPA) provides specific protection to buyers before, during and after closing. If a settlement service has referred you to a REALTOR® with whom the service has abusiness connection, an Affiliated Business Arrangement Disclosure is required prior to closing. You're entitled to receive a preliminary copy of a HUD-1 Settlement Statement, which lists estimates of all settlement fees to be paid by buyer and seller, if you request it 24 hours before closing; the final HUD-1 Statement is a requisite part of closing.

In addition, an Initial Escrow Settlement Statement is required at closing or within 45 days of closing. This details the estimated taxes, insurance premiums and other charges that must be paid from the escrow account during the first year of the loan.

Within three days after your loan application is received, your lender must deliver or mail you a "good faith estimate" of the total amount due at closing, as well as a copy of the HUD publication Settlement Costs: A HUD Guide. Closing costs typically are comprised of attorneys' or escrow fees, property taxes, interest, loan origination fees, recording fees, survey fees, first premium of mortgage insurance, title insurance, loan discount points, first payment to escrow account, paid receipt for homeowner's insurance policy and any document ation preparation fees. F an n i e Mae estimates that most buyers' closing costs amount to 3 to 6 percent of the sales

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320

NEWS YOU CAN USE

APRIL 2018 MARKET NEWSLETTER

EASTERN PLUMAS & SIERRA COUNTIES

Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

APRIL 2018 SUN

MON

TUES

WED

THUR

FRI

SAT

01

02

03

04

05

06

08

09

10

11

12

13

15 Benefit Pancake Breakfast Cromberg

16

17

18

19

20 Plumas Earth Days Celebration

22

23

Opening Day Whitehawk Golf 24

25

26

27

Opening Day Dragon Golf Course

Portola Railroad Museum Opening

Taste of Plumas event Quincy

07

14

21 Soroptimist Annual Wine and Cheese Party Quincy

28 Plumas Audubon Spanish Creek Bird Walk

29

30

01 Opening Day Grizzly Ranch Golf

02

03

04

05

06

07

08

09

10

11

12

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320

NEWS YOU CAN USE

APRIL 2018 MARKET NEWSLETTER

EASTERN PLUMAS & SIERRA COUNTIES

Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

Date and Event

Location

APRIL 5 Season Opening

PORTOLA

APRIL 14 PlumasFood Faire

QUINCY Plumas-Sierra County Fairgrounds CROMBERG

APRIL 15 Benefit for Long Valley Volunteer Fire Department

700 Western Pacific Way

Neighbors Bar-BQue 58421 Hwy 70

Time

Cost Contact Info.

Details

SUNDAYS 10:00 am 4:00 pm

(530) 832-4532 Web site: www. wplives.org Adults $8.00 Youth $4.00 Under 3 yrs. free Family Pass $20.00

Portola Railroad Museum Opens The Western Pacific Railroad Museum in Portola, California, formerly known as the Portola Railroad Museum before January 1, 2006, is a heritage railroad that preserves and operates historic American railroad equipment

5:30 pm 8:00 pm

(530) 283-3402

Sample food from dozens of local restaurants

9:00 am 11:00 am Easter Egg hunt starts 11:00 am 12:00 pm 4:30 pm

(530) 836-1365

3rd Annual Pancake Breakfast and Easter Egg Hunt This is a much anticipated community event and benefit. Fun for the whole family.

$25.00; all materials included Michelle Haselton (530) 927-7036

Celebrate Earth Day in this very special way, as we begin this workshop with a Meditation connecting ourselves deeply with the abundant well of Earth energy to inspire our creativity, led by special Guest Michelle Turley.

With our Energy of love for the Earth, we will then begin weaving together in community to create special gifts from nature, for the Earth, led by Michelle Haselton.

Weaving on a branch of your choice, we will create a unique weaving, from our roots with gratitude and Love.

Annual Wine, Cheese and Chocolate Party and Fund Raising Event; many vendors and silent auction

APRIL 21 Earth. Day Event

GRAEAGLE Calpine Building 131 County Road Graeagel

APRIL 21 Benefit Annual Wine Tasting Event

QUINCY Elks Lodge

5:00 pm 7:00 pm

Tracy (530) 283-3402

APRIL 28 Spanish Creek Bird Walk

QUINCY Gansner Park

7:30 am 11:00 am

Web site: PlumasAudubon.org

Led by Brad Graevs and Kelly Cruce. Bird watching along Spanish Creek from Gansner Park to the Community Service District ponds. Meet in the parking area next to the tennis courts in Gansner Park

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320

NEWS YOU CAN USE

APRIL 2018 MARKET NEWSLETTER

EASTERN PLUMAS & SIERRA COUNTIES

Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities See the resort estimated closing dates shown below. These dates are subject to weather and snow conditions. With the most recent snow falls, we anticipate some closing dates to be extended.

This fresh snow makes Spring Skiing ideal. We hope you have the opportunity to enjoy the slopes in your favorite way. Both Mount Rose and Squaw/Alpine intend to stay open into May. Current terrain conditions, as of March 8th, are also shown below. Data courtesy of www.snowpack.com a site where you get the latest information.

Resort

Acres

Skiable Terrain

Runs

Runs

Bear Valley Est. closing date 4/15

1680

25%

40%

35%

Boreal Est, closing date 4/17

380

30%

55%

15%

Heavenly Valley Est. closing date 4/15

4800

20%

45%

35%

Homewood Est. closing date 4/8

1260

15%

50%

35%

Kirkwood Est. closing date 4/8

2300

12%

30%

58%

Mt. Rose Est. closing date 5/9

1200

20%

30%

50%

Northstar California Est. closing date 4/15

3120

16%

47%

37%

Soda Springs Est. closing date 4/15

200

23%

31%

46%

Sugar Bowl Est. closing date 4/15

1650

17%

45%

38%

Squaw/Alpine Est. closing date 5/31

6000

25%

42%

33%

Tahoe Donner Est. closing date 3/20

120

40%

60%

N/A

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320

NEWS YOU CAN USE

APRIL 2018 MARKET NEWSLETTER

EASTERN PLUMAS & SIERRA COUNTIES

Graeagle, Portola, Loyalton, Chilcoot and Golf Course Communities

Golf Course Opening Dates

Grizzly Ranch 5/1/2081 Whitehawk 4/20/18 Contact Us: Whitehawk Ranch Golf Club 768 Whitehawk Drive CLIO, CA 96106 Phone: 530-836-0394 Fax: 530-836-4504 Tee Times: teetimes@golfwhitehawk.com

Answer any questions, please contact me, Caleb Olsen, Head Golf Professional at Caleb@GrizzlyRanchGolfClub.com or (530) 832-4200.

OPENING DAY! Get ready to tee it high and let it FLY! Dragon season has arrived.

Stay & Play package information coming soon!

GOLF THE DRAGON 348 BEAR RUN, CLIO, CA 96106 | 877.462.5662 | FRONTDESK@NAKOMARESORT.COM

Nakoma Dragon Golf 4/27/18

Dickson Portola Team 289 Commercial Street | Portola, CA 96122 | 530.832.1700 Dickson Nakoma Team 348 Bear Run | Clio, CA 96106 | 530.322.3320