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Megan’s Message What the heck is happening in San Diego real estate?! Effective April 2021get a loan right now?o Are homes even selling? Can1,I even These arePROP some of19 the I get on a daily basis in inquestions Full Swing the midst ofbig our COVID19 shelter in place period. There are some changes in California with relation to I am heretax to tell you that indeed, homes property portability! are selling and people getting loans. Previously approved byare voters It’s still a bit early to see any price and now in full effect, Proposition adjustment trends as we tendup to measure 19 could be literally opening that trend over a 3–6 month time frame doors to homeowners like never before. and we just don’t have that hindsight
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April 2021 | VOLUME 6 | ISSUE 4
Megan’s Message Continued… Save substantially in annual property taxes Meet your neighbor when moving to a replacement home, even if Reynolds the replacementWendy home is more expensive than the original primary residence (with an Our to spotlight thisbasis month is on adjustment upward their tax if the Wendy Reynolds of Talmadge. replacement property is of greater value).
and benefit thanks to their service!), and if A San Diego native, Reynolds Transfer property base of went their to you are borrowing $701,500 or oless, which the lowgrew up intax Clairemont, original home to a new home up to three times. puts you in the conventional financing Mission Bay High School and category, many lenders willare still55 allow you attended San Diegomoving State for If you years or older and have hesitated due the property this could beAZTECS!” the moment you to put as little as 5%to down. All loans tax and increase, college, “GO Along have been awaiting. rulesReynolds apply tomoved home to sales all lenders are not created equal, nor are These new the way and purchases that on or after April 1, 2021. For their financing programs. Contact me forclose escrow San Francisco and after 20 as of yet. But I can tell you that I am still The concept of property tax more on the basics, go to www.caprop19.org. a referral years in the Bay Area, she consistentlyinseeing multiple offers on portability California, although a benefit to many, was to a trustworthy lender that can provide you the information youneither need to decided sheso needed change properties in San Diego, particularly in the pleasea consult Now, I am a tax or legal advisor, long overdue for an update with increasing property values. get started in your research. and made the move back to her $1.2 million range and below with both with your own attorney or tax advisor to learn more about Not only do we now have solutions to the ever-increasing ofbenefits, San Diego. After my buyer and seller Of course, this proposition, if you qualifyhometown for Prop 19 how you values of homes, butclients. also the migration of homeowners facilitate plan to usegoing this great new tool. I am, If have you would like to may explore buyingand and/ to area open houses, this dependsCalifornia, on the location overall throughout not toand mention those who however, a market, real estate expertshe andcame would welcome the or sellingsuch in this ever changing across Talmadge. suffered the loss their home due to natural disasters presentation, but of with an already very opportunityortoemail help you put the pieces together when it as the wildfires that has plagued ourme a call at 619.944.2798 According to Reynolds, “I loved limited set of housing inventory formany buyersareas ofgive comes to buying and selling property in San Diego and beautiful state over the last several decades. me at Megan@MeganB.com. I’d be happy the friendly neighborhood vibe out there to choose from, it’s even tighter beyond. Just give me a call atand 619-944-2798 or email me at to discuss with you what sets my service all the planned activities. now. Those that can still qualify for a With the previous Props 60 & 90, homeowners aged 55 and Megan@MeganB.com. apart tax from the rest! I haven’t seen a neighborhood loan are to take advantage of the the property older hadable a one-time ability to transfer quite like Talmadge.” still low rates and achieve their dream of basis of their primary residence. The replacement property homeownership, moving up, or value downsizing. had to be of greater or lesser and located in the same In May of 2019, Reynolds made or one of few reciprocal counties. The new and improved Prop 19 removes location and price restrictions on property Talmadge her home. A graphic Loans can be a little tricky these days April 11 - 18th tax transfers homeowners who are designer for 25 years, she has for a primary for residence and trickier still 55+, severely With over 180 local restaurants offeringher 3 course prix-fixe dinner disabled, or victims of wildfire or natural disaster and allows owned own design business, for an investment property. For a primary them to transfer the property tax base of their existing menus and/or two-course prix-fixe Olive Design for 20 years and is residence loan, with many (but not all) home to a new home anywhere in California, regardless of lunch menus, this is an event you currently freelancing. Ultimately, lenders, you should count on having at price (with an adjustment upward to their tax basis if the don't want to miss! Grab a fewshe is looking for a permanent least 20% down if you are needing to replacement property is of greater value). friends, make a reservation, andemployee position (hint, hint). borrow $701,501 or higher as this puts you support your local restauranteurs With and price restrictions removed, homeowners You can find her online portfolio in thelocation “jumbo loan” category. Most lenders here in America's finest city. meeting the requirements will now be allowed to: at wendyreynolds.myportfolio. are still processing VA loans up to $1 million Participants and reservation options com. In her free time, Reynolds $0 down (always an incredible opportunity o Purchase a replacement home anywhere in can be found at loves hiking, mountain biking, California and transfer the taxable value of their sandiegorestaurantweek.com. print making, art shows and current home, allowing them to realize significant happy hour. Her passions annual property tax savings. CORRECTION regarding profile of local artist Jody Abssy: include travel, photography "My Bridget painting was inspired by an original piece of art o Move closer to family or medical care, purchase a and she loves her adorable dog, home that better meets their needs, replace a firedone by Jo Jayson. My intention was to bring these Diego. If you see them out in damaged home, or retire or relocate anywhere in contemporary goddesses to life for the neighborhood, be sure to Have questions about real estate? Contact Megan! the state without a tax increase. the San Diego audience" - Jody Abssy. say hello! Happy to have you here, Wendy! Megan Beauvais
Out & About
REALTOR® 619.944.2798
Have Questions About Real Estate? Megan Beauvais Contact Megan! REALTOR®, GRI
megan@meganb.com DRE 01426805
DRE 01426805 megan@meganb.com www.meganb.com
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate.
619.944.2798
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, financial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Home must qualify under Compass Concierge guidelines. Subject to additional terms and conditions.