December 2020 sales were not like the prior year's. One of the strongest Decembers in East Bay history, with inventory, unit sales, and prices all increasing over LY driven by low interest rates and demand. Single-family homes continue to be the hottest part of the market, while the condo market continues to slow with the increase of inventory and less buyers currently looking for this type of housing.
Traditional years (which this is not) would not see the beginning of the Spring home-selling season until after the Super Bowl (typically mid-February). This year we can expect a steady flow of new inventory, and we can expect a strong Q1 2021, both for Sellers and Buyers.
In 2021 (February 16th), we will see significant changes with California's Proposition 19.
Prop. 19 increases the number of times that certain people may transfer their tax assessments. For those property owners age 55 and older, they will be able to blend the taxable value of their old home with the value of a new, more expensive home, which will result in positive property tax savings.
Because each person or family's situation is different, I would recommend discussing Proposition 19 with your accountant and/or attorney to understand how this could impact your parents or your decision about your properties conveyance in the future. Proposition 19 new laws go into effect mid-February, so there is still time to make adjustments prior to the new laws going into place.
See the CA site for more info.
And in these times of significant uncertainty, I am here should you have questions or needs. Please don't hesitate to reach out.
- Simon
