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Harold Powell

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Displaying blog entries 11-20 of 40

Zillow vs. the Realtor

by Harold Powell

One of the common questions I receive is how accurate or reliable is Zillow, Trulia or Redfin in estimating the value of my home?

Typically, the online estimates of value are usually between 5-15% plus or minus the actual market value for most tract homes. That is a pretty significant swing when you consider that the properties we sell have a list price within 2-3% of their sold properties.

This deviation becomes more pronounced as we evaluate more unique properties, custom home, homes ocean views or homes near the beach. We can see a swing of 30-40% from actual market value! Watch today's video to hear about the type of limitations of Zillow.

The Andrew Project

by Harold Powell

A few years ago my partners and I agreed to open a transitional living center at a motel that we own in downtown Ventura.  With the help of local churches, pastors, community leaders and city officials a non-profit entity was formed called The City Center.   The goal was to create hope and a hand-up, rather than a handout, out of homelessness. One of the latest success stories is from Emma. Emma lived in a tent for 94 days in the hillsides of Ventura before eventually living at the City Center.  With the help and support of The City Center staff and volunteers, she is get back on her feet and has an apartment of her own.  Emma’s testimony sums up what is possible for those that come to The City Center.  Listen to her testimony and journey.

 

Currently, there are 14 families living onsite with the ability to expand to 30.

In order to house and support the homeless families that live at The City Center – Transitional Living Community,  The Andrew Project was created.   Simply put, the goal of the Andrew Project is to have 1000+ people giving $19/month.  The former Mayor of the City of Ventura, Mike Tracy, has already pledged his personal financial support to give and is committed to enlisting others that will donate $19/month.

If you are interested in supporting this cause to help others like Emma for $19/month go to http://www.thecitycenter.org/donate-2/

 

Our summer Real Estate Market

by Harold Powell

Now that we are midway through 2014 you can see some subtle changes that have taken place in the real estate market. The median appreciation in Ventura County over the past 2 years has reach 29%.  This past year we have experienced a slow down in the pace of appreciation from the previous year.   It also means that sellers have to be more attentive in their pricing and in some cases require a price improvement to get their home sold.  Watch this month’s video for more information on today’s real estate market.

 

 

 

Changes in the supply and demand

by Harold Powell

Supply and demand changes are always a great indicator of how the real estate market is performing.  The number of homes for sale in the county is similar, but the demand has begun to change  from what it was a year ago.  Where we see significant differences is in the supply of homes.  When we looking back 2 years ago the supply of inventory was 33% higher than it is today. While the overall inventory of homes has dropped, the number of million dollar plus homes on the market has increased from 2 years ago. Today’s video update takes a look at some of the changes in today’s real estate market.

Transferring your property tax to your next property

by Harold Powell

One of the main reasons that California voters passed Proposition 13 in June 1978 was to protect themselves against escalating property taxes as the value of their property increased. By establishing base year values that could not go up by more than 2% per year, Proposition 13 kept the owner's property tax increase at a manageable level.

One of the unintended effects of Proposition 13 was that it discouraged empty nesters from downsizing into a smaller residence.

To solve this problem California voters passed Proposition 60 in 1986 that permits people over 55 years of age to sell one home and buy another of equal or lesser value in the same county within two years and take their original Proposition 13 base year value with them

There are of course some eligibility requirements in place in order to  take advantage the property tax transfer which I discuss in today's update.

Current Market Trends

by Harold Powell

Today's market video answers 2 questions. What's happening with the real estate market today? Is now a good time to sell?

How to permanently save money on your property tax bill

by Harold Powell

California homeowners can take advantage of one of the property tax exemptions known as the homeowner’s exemption.
The homeowner’s exemption is just a property tax exemption in the state of California that provides for a property tax exemption.  The exemption is up to $7,000 in assessed value from property tax assessment of any property owned and occupied as the owner’s principal place of residence.  This means that the exemption removes up to $70 from your annual property tax bill.  This may not seem like much, but it’s easy to obtain, and it adds up!  There’s no reason to forgo the benefit.


Watch the short clip of how you qualify for the exemption for property.

To receive the exemption form you can email me and request a copy or go to assessor.countyofventura.org and click on the box called Tax Savings Programs.  Mail it to Ventura County assessor Dan Goodwin, Assessor of Ventura County, 800 S. Victoria Ave (it’s on the upper right corner of the form) .

What can we expect in 2014?

by Harold Powell

Everyone is aware by now that we’ve experienced rapid appreciation over the past 2 years.  The question remains as to what 2014 will bring?  The other variable is just how much interest rate changes could impact 2014. Watch the video and find out just how much interest rates and the appreciation has already effected market conditions.

The Holiday Sale Secret

by Harold Powell

This time of year a lot of sellers ask me whether the fall is a good time to sell? Many sellers are not aware of the holiday secret. Most sellers make the mistake of waiting until the beginning of the year to sell, when in fact the last quarter of each year has more sales than the 1st quarter of each year. To actually see what i mean, watch this short video.

Fall truly is a great time to sell because inventory drops which means there is less competition of homes on the market. On the other hand you have serious buyers who may be relocating or they just sold their homes and need a replacement. There is also a sense of urgency with the possibility of higher interest rates.
 
Naturally, we expect inventory to increase during the spring. So if you don't want to wait for more competition of homes coming on the market then give me a call at 805-339-3516 and I can help you with your buying and selling needs.

1 million+ homes see 91% demand increase

by Harold Powell

One of the areas of the real estate market that typically takes longer to rebound is the luxury home market.  With the real estate market in it’s second full year of appreciation we can now say with certainty that the over 1 million price tag properties are selling with regularity.

In fact if you look at the quarterly chart below,  over the past 3 years we have seen a 91% increase in the number of homes selling from 3 years ago!  

One of the reasons that we have experienced a resurgence in demand for this type of housing is 25% or more increase values for the under 700,000 market. This new found equity allows has created a perfect move up sellers market. Additionally,  low interest rates continue to allow move up sellers a reasonable payment.  With rates continuing to hover around 4.5%, it appears that we can expect the 1 million plus home market to continue to see solid demand.

Displaying blog entries 11-20 of 40

Contact Information

Photo of Harold Powell Real Estate
Harold Powell
RE/MAX Gold Coast Realtors
5720 Ralston St. Ste. 100
Ventura CA 93003
(805) 339-3516