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Address

6th Avenue 2SW of, San Carlos St.
Carmel-By-The-Sea, CA 93921

Phone

831-747-0310

Email

[email protected]

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What’s the Latest?

Week of January 8th - 14th

Property Tips and Tricks

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Banking gains

Owning a home in California has been an incredible wealth generator over the years...just look at the graph above. California has had quite the run, and despite its current challenges, its hard to bet against the Golden State long-term.

Considering selling your primary residence? Just wanted to give you a heads up about something important - long-term capital gains taxes. They come into play when you sell your primary home, as long as you’ve lived there for at least two out of the last five years.

Here’s how it works: Assuming you meet the criteria above, if you’re single and your profit is over $250,000, you’ll have to pay capital gains taxes on the sale. For married couples filing together, it’s any profit over $500,000 that you'll get taxed on. But don’t forget, you can add any money you’ve spent on qualifying improvements to your original purchase costs before you calculate your profit. So, your total cost isn’t just what you paid for the house, but also includes those improvements you made while you owned it....hopefully, you've saved your receipts.

But remember, tax stuff can get tricky and everyone’s situation is unique. So, for the most accurate info and advice, it’s always a good idea to chat with an accountant or tax advisor.


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Real Estate News

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Where are we?

Just wanted to share some insights on the current real estate market. This past week, we saw mortgage rates continue to drop, with payments on a 30-year fixed mortgage down around 12% from their peak in October. That’s certainly a silver lining for anyone looking to jump into the market and finance their purchase with a mortgage.

However, it’s not all smooth sailing. Those who’ve been house hunting for the past 2-3 years are starting to feel the burn. Although rates have relaxed a bit, home prices have not and the supply of available homes for sale remains a challenge.

Interestingly, Google Trends shows that online searches for “homes for sale” have dipped significantly. The last couple of times we saw this trend was during the early Covid/stock market crash in 2020 and in December 2022, when the Fed raised the rate to a 15-year high (only to be outdone by future hikes).

It is easy to think - “But it was so much cheaper to buy a house five years ago.” Well, yes, but remember, people were saying the same thing five years before that too. The market is always fluctuating, and timing is just one piece of the puzzle.

One more thing worth mentioning is home sales in California have been on a downward trend for 29 straight months, according to the California Association of Realtors. We have started to see more supply come online over the past couple of weeks, so I wouldn't be surprised if this trend ceases to continue as we move towards the Spring.

Every market has its challenges, but with patience, perseverance, and good knowledge, you can navigate through them.

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Jonathan Balog Luxury Realtor Carmel Pebble Beach

Jonathan Balog

DRE# 01980970
Broker
M: 831.747.0310
[email protected]

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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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Carmel and Pebble Beach Real Estate

JONATHAN BALOG

Broker Associate

831.747.0310

[email protected]

DRE 01980970

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This website is not the official website of Compass, Inc. Compass, Inc. does not make any representation, warranty, or endorse any information, including without limitation its accuracy or completeness, contained on this website. Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527235. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation

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