Hello from the Idyllwild Association of Realtors! Thank you tor reading. Our aim is to relay important real estate-related information, and keep everyone current of what’s happening on national, state and local levels. Here’s the latest:
National level
The National Association of Realtors is calling all to urge Congress to reauthorize the National Flood Insurance Program before its current authority expires on Sept. 30. The NFIP is important to homeowners For two key reasons: First, the NFIP is the only flood insurance available in many communities, and homes in the 100-year flood plain are required to have flood insurance to get a mortgage. And in other areas, it helps homeowners recover from a catastrophic loss due to flooding.
State level
AB 2458 (Weber) Parcel Tax Exemption Transparency for Senior and Severely Disabled Homeowners: Existing law allows for the imposition of parcel taxes to fund, among other things, education. Under current law, school districts may exempt seniors and severely disabled individuals, who are typically on fixed incomes, from paying parcel taxes. Unfortunately, many senior and severely disabled homeowners are unable to find information on how to apply for an available parcel tax exemption. This bill will create a simple process for such homeowners to find information on how to apply tor available parcel tax exemptions. AB 2458 is pending the governor’s signature.
The California Association of Realtors urges all to vote yes on Proposition 5. The Property Tax Transfer Initiative would remove the unfair moving penalty tor seniors, the severely disabled and disaster victims across the entire state while still ensuring these people pay their fair share of property taxes. More information may be found at https:/1 yoteyesonprop5.com/.
Local association news
The IAOR board recommended to the membership to make a $1,500 donation to the Idyllwild Help Center to aid victims of the Cranston Fire (see photo on page B2). The majority of members voted in favor, and a check was delivered last week. Another $500 is coming from the Southwest Riverside County Association of Realtors to stock the food pantry.
Local market stats (third quarter 2018)
The “average $ per square foot,” and “median sales price” for single-family residences in the 92549 zip code (Idyllwild) continue to rise as the 2018 year reaches the fourth quarter. The current average $ per square foot for 2018 is $263 compared to $221 for 2016. The median sales price for the year is currently $335,000 compared to $272,000 for 2016 (see charts, next page).
See you next month on “Realtor Talk.”
Johnny Wilson
IAOR President-Elect
