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Resources: Newsletter Articles: Watching The Market

Watching the Market

The real estate market has softened over the last few months. We are seeing homes sit on the market, sellers reducing prices, and buyers taking a wait-and-see attitude. Inventory is starting to build and though there is still buyer demand, we are not seeing multiple offers and listing prices being dramatically pushed up. Negotiations are more complicated, and buyer's are not overlooking the condition of the property or accepting repairs at their expense. The cycle is moving away from the strong seller-driven market to one where the buyer has more leverage. This is a transitional time, moving from one cycle to anotherÉ and with it comes a changing in buyer and seller expectations. With more inventory on the market, sellers are competing with other properties. Attractive pricing and property condition are very important in this market.

Winterizing Your Home

As cold weather approaches, it is important to take a few preventative measures to protect your home through the chilly months. Here is a checklist to help you prepare:

  • Clean gutters and downspouts. Make sure that downspouts are connected and that water is directed away from the foundation.
  • Replace the filter in your furnace. Have a heating/cooling expert look at your furnace if you are unsure of its efficiency or safety.
  • Look around doors and windows for gaps where warm air can escape. Check electrical outlets and switch-plates for drafts. Caulk or apply weather-stripping.
  • Have chimneys and woodstoves cleaned early in the season. Test the flue in each fireplace for a tight seal when closed.

Estate Planning: Living Trust Q&A

Do I need a living trust?

The big advantage to making a living trust is that property left through the trust doesn't have to detour through probate court before it reaches the people you want to inherit it. The successor trustee -- the person you appoint to handle the trust after your death -- simply transfers ownership to the beneficiaries you named in the trust. In many cases, the whole process takes only a few weeks, and there are no lawyer or court fees to pay. Conversely, the average probate drags on for months before the inheritors get anything; in many cases, about 5% of the property goes toward lawyer and court fees.

If I make a living trust, do I still need a will?

Yes. A will is an essential back-up device for property that you don't transfer to yourself as trustee. For example, if you acquire property shortly before you die, you may not think to transfer ownership of it to your trust -- which means that it won't pass under the terms of the trust document. But in your will you can include a clause that names someone to get any property that you haven't left to a particular person or entity. If you don't have a will, property that isn't transferred by your living trust or other probate-avoidance device (such as joint tenancy) will go to your closest relatives in an order determined by state law.

Do all states observe Community Property?

Only nine states treat the property of married couples differently from the other 41 states. These states are called "Community Property" states. The Community Property states are:

  • Arizona
  • California
  • Indiana
  • Louisiana
  • Nebraska
  • New Mexico
  • Texas
  • Washington
  • Wisconsin

What ownership rules apply in Community Property states?

  • If you acquired property before you were married, this property belongs to you alone even after you are married.
  • Any property you accumulate during your marriage is considered to be community property. You and your spouse own an equal, one-half interest in this property.
  • If you receive personal gifts or inheritance after you are married, that property continues to be owned separately by you.

Winterize Your Home

As cold weather approaches, it is important to take a few preventative measures to protect your home through the chilly months. Here is a checklist to help you prepare:

  • Feel around electrical outlets and switch-plates for cold air. Add insulation where necessary.
  • Look around doors and windows for gaps and potential places where warm air can escape. Close any vents in your home that may have been opened for the warm weather.
  • Caulk or apply weather-stripping around problem draft areas.
  • Consider replacing windows with energy efficient double-paned windows.
  • Have a contractor look for damaged roof shingles and loose gutters.
  • Replace the filter in your furnace. Have a heating/cooling expert look at your furnace if you are unsure of its efficiency.
  • Have chimneys and woodstoves cleaned early in the season. Test the flue in each fireplace for a tight seal when closed.
  • Make sure that downspouts are connected and that the water is directed away from the foundation. Clean gutters and downspouts in mid-fall and double-check them before winter.



Sherry Benninger

sherrybenninger@grubbco.com

The GRUBB Co., 1960 Mountain Blvd., Oakland, CA 94611

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