You should have heard my jaw hit the floor when I first saw the latest numbers from the December 2020 Sacramento housing market update. Maybe I should grow a beard to pad the jaw a little or start wearing a football helmet with a buckled-in chin strap because I sense that the fireworks will continue for the foreseeable future in the Sacramento-Roseville-Elk Grove area. Let’s be real; everyone sees that for the foreseeable future. Please pick up a magazine or click on Google and check it out.
What you should know about down payment gifts with a mortgage is a fabulous blog written by our preferred lender, Dan Tharp. Enjoy — JaCi Wallace. With an extreme lack of inventory facing so many of my buyers right now, they need all the help they can get. The biggest obstacle for many is the lack of money for a down payment. Thankfully, one solution is to get some help in the form of a gift from a family member, close friend, or a charitable organization.
As a mortgage professional, I have become very familiar with the IRS code on this topic. There is so much confusion regarding the tax implications of giving a cash gift to help a loved one buy a home. Before I delve deeper into this, a disclosure: I am not a licensed tax preparer and don’t ever want to be one – I have mad respect for tax professionals. This article is not to advise specific tax guidelines but instead give some useful, general information to help lead you in the right direction. Please seek a tax professional for more detail.
The Sacramento Trendgraphix Report for November 2019 includes Sacramento County single-family homes. No other criteria are included so that we can get a broad understanding of what is happening. If you want to get updates for a specific area, even down to a ZIP code or multiple ZIP codes, or multi-family properties or land, sign up for Sacramento Home Sale Reports by ZIP Code.
The following blog was written entirely by our team member, Josh Amolsch. It is an excellent overview of the November market. This data is published a month behind to ensure all the information is available. We are so proud to have Josh as a member of our team. He works very hard to provide information to his buyers so they are educated about the hyper-local target market when they make offers. — JaCi Wallace
Often, buyers ask home sellers for personal property such as washers and dryers, refrigerators, lawn equipment, you name it. I have had several issues with personal property in 2019. So much so that I now suggest the buyers just do a bill of sale for $1. When things go wrong take a wild guess who has to fix it much of the time?
I had a seller who had said from the start to leave the fridge as it was an odd size. We put it in the listing agreement. His daughter had packed up the house and the movers took the refrigerator. We always write in the contract that any personal property is left in as-is condition with no warranty, expressed or implied. Of course, the buyers forget all this. The seller could not get to the stored refrigerator and it was packed away in storage for a month. The sellers agreed to pay a sum of money to the buyers to make them stop calling. The sellers decided they needed the refrigerator after all.
“This is the reason to be a top listing agent in Sacramento,” was written by Elizabeth over a decade ago. An excerpt from the original publication was copied below, in italics. It had me thinking about what I could add to this interesting conversation.
A fellow real estate agent in Sacramento once told me that she prefers to work with first-time home buyers because they are more grateful than sellers. She said they were totally thrilled to be handed the keys at closing, more so than those who are handing over the keys. They didn’t complain. They didn’t nag her about why isn’t their home selling. I guess she moved up a notch or two in their eyes. And that approach works for her.