Mid-Year Property Reviews

This month I am working on providing MID-YEAR REVIEWS.  An opportunity for me to show you what’s happening in your neighborhood during the first six months of 2023. Even if you’re not one thinking of selling your home, you are still undoubtedly curious about the current value of your home. While this isn’t an actual appraisal, it does give you some idea of what property values are doing in your area.  One should appear on your porch soon.

While doing this research, I’m often surprised at how many homeowners don’t have their home held in a trust, but instead it’s only in their name. A revocable living trust is something that everyone should consider.  Why?  If your home and frankly all of your assets, are not in a trust, the beneficiary will have to go through probate upon your passing. Probate court is time consuming, costly and will make all of your wealth and assets public record. It can also cause family feuds while trying to determine who you would have wanted to receive your assets. This would make dealing with your disbursement much more complicated than if you would take the time to establish a trust now.

Here’s the definition:  A California revocable living trust is a legal document that allows you to transfer ownership of your assets (such as property, investments, and bank accounts) into a trust (a legal document) during your lifetime, and you can change or revoke it at any time as long as you are mentally competent.

Any assets should be held in a trust. It should be set up by a qualified trust attorney who can guide you through the process and provide you with peace of mind.  A well-written revocable trust leaves no questions about how your wealth and assets are to be distributed upon your passing.  It articulates exactly how things are to be distributed according to your wishes.  You can still benefit from your trust, i.e. you are in control of everything held in the trust.  It’s simply the specific instructions as to who gets what and when. If you need a referral for a trust attorney, please let me know.  It’s an important step that many think they’ll do “some day”.  Let’s work on moving that to the top of your to do list.

Speaking of “to do lists”... if you’re working on projects around the house and find yourself needing a referral for a painter, handyman, electrician or some other service provider, don’t forget that I work with these types of business professionals every day.  I’m always happy to share a recommendation with you.  Just ask!

And finally… a word about the real estate market.  I’m starting to sound like a broken record that just keeps playing the same song over and over, but that’s what we’re seeing.  Not enough inventory for would-be buyers and interest rates that are shockingly high compared to a few years ago.  Will this ever change?  Yes, we think so.  It’ll take a downward shift in interest rates, getting closer to 5% to make homeowners want to give up their three and four percent current mortgage rates to make that move; unless of course you’re one who is moving out of California – taking your equity and running for the border – you can call me anytime you’re ready.  It’s a seller’s market 🙂