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GREGG FRANKLIN PROPERTIES BLOG

1/27/2017

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BABY BOOMERS AND AGING PARENTS

Many Baby Boomers are finding with Mom and Dad getting on in age, regretfully we find our parents cannot safely live on their own anymore. In cases, where Mom and/or Dad are alone, the kids face the task of finding an alternative living situation acceptable to them and more importantly, their parents.
In my family, my father had passed away 3 years ago and my Mom was now living alone. I was having groceries delivered to her until I was leaving on an extended vacation which took a couple of years to plan.  I told my Mom I could not and would not leave her alone and would not burden the neighbors if anything should happen. Because she didn’t want a stranger living with her, that left me with one option; Assisted Living. Luckily, Mom understood. I found space close to our home and moved her in. Quite a relief. My in-laws had the same situation, and were moved into the same Assisted Living facility shortly thereafter. 
As you may or may not know, Assisted Living is EXPENSIVE.  You can count on an average of $5,000 per month and up depending on care required. For example, if prescriptions need to be dispensed the cost can be an additional $23 per day.
This leads me to a benefit not many are aware of. It’s called the Aid and Attendance benefit.  Both my in-laws are Veterans and my mom is a spouse of a Veteran.  Although being a Veteran is one qualification, Veteran parents have just a few other qualifications to qualify.  Don't worry though, Mom/Dad can qualify.  Benefits can get up to 40% of the cost of caring for Homebound parents.  I have met many friends in the same situation and was more than happy to share this information with them. They had no idea this program even existed.
In many cases, the parent’s home is sold to help in the transition but does not have to be.   If the decision is to sell their home, I take the utmost care in handling your real estate needs and the emotions you will undoubtedly experience.  I continue to live and understand it.  I welcome your feedback. You can call me directly with any questions you may have:
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​YOUR NEIGHBORHOOD AT A GLANCE
12 Month % Change in Price
                 
Simi Valley (93063)                  5.5%
Simi Valley (93065)                  4.9%
Thousand Oaks (91362)         -0.4%
Westlake Village                      4.4%
Granada Hills (91344)                1.8%
Porter Ranch (91326)               2.2% 
Woodland Hills (91367)           7.0% 
Santa Monica                             1.0%

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Your Quarterly Real Estate Market Update

3/4/2016

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​California’s housing market is expected to improve in 2016, but a shortage of available inventory and continuing high costs are expected to limit the improvement, according to a report released by the California Association of Realtors (CAR).  

According to CAR's 2016 California Housing Market Forecast, existing home sales are expected to rise in 2016 by 6.3% over 2015’s expected total.  home sales were approximately 407,500 in 2015, which would also represent a 6.3% increase over 2014, when there were 383,300 existing home sales.  

CAR’s forecast calls for existing home sales to rise to 433,000 in 2016.

The state’s rising prices are predicted to hold back home sales slightly. The California median home price is projected to increase 3.2% to $491,300 in 2016, following a projected 6.5% increase in 2015 to $476,300.
Despite those increasing prices, 2016 is still estimated to have the slowest rate of price appreciation in five years.  CAR’s forecast projects growth in the U.S. gross domestic product of 2.7% in 2016, after a projected gain of 2.4% in 2015.

With projected nonfarm job growth of 2.3% in California in 2016, the state’s unemployment rate should decrease to 5.5% in 2016 from 6.3% in 2015 and 7.5% in 2014, the CAR forecast said.
Additionally, the CAR forecast projects the average interest rate for the 30-year, fixed mortgage will climb only slightly to 4.5%, but should still remain at historically low levels.

With a statewide market as diverse as California, some areas will see the effects of those changes more than others, according to CAR President Chris Kutzkey.

“Solid job growth and favorable interest rates will drive a strong demand for housing next year,” Kutzkey said.  “However, in regions where inventory is tight, such as the San Francisco Bay Area, sales growth could be limited by stiff market competition and diminishing housing affordability,” Kutzkey continued. “On the other hand, demand in less expensive areas such as Solano County, the Central Valley, and Riverside/San Bernardino areas will remain strong thanks to solid job growth in warehousing, transportation, logistics, and manufacturing in these areas.”

CAR Vice President and Chief Economist Leslie Appleton-Young said that there may be a shift in sales to more inland areas of the state in 2016.

“The foundation for California’s housing market remains strong, with moderating home prices, signs of credit easing, and the state continuing to lead the nation in economic and job growth,” Appleton-Young said.
“However, the global economic slowdown, financial market volatility, and the anticipation of higher interest rates are some of the challenges that may have an adverse impact on the market’s momentum next year,” Appleton-Young added. “Additionally, as we see more sales shift to inland regions of the state, the change in mix of sales will keep increases in the statewide median price tempered.”

         CITY/ZIP CODE                      Median Home Value        Median 12 Month Change %
        Simi Valley - 93063                          $514,480                    6.89%
        Simi Valley - 93065                          $514,880                    7.4%
        Thousand Oaks - 91362                   $773,160                    5.5%
        Moorpark - 93021                            $583,090                    2.4%
        Newbury Park                                  $637,590                    2.0%
        Westlake Village                             $878,800                    4.4%
        West Los Angeles - 90066          $1,102,000                    7.9%
        Santa Monica                                 $1,438,680                    13.6%

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It's Tax Time Again - 5 Ways to Fight an IRS Tax Bill..

2/16/2016

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When facing a big tax bill, you have many resources to use in fighting it. Five ways to get the IRS to reduce the tax it says you owe:

1.Ask for a collection due process (CDP). After the IRS decides you owe tax, it may initiate a collection action, such as a lien or levy. But before doing so, it is required to advise you of your right to request a CDP hearing. Benefit: If you think the agent who sent the tax benefits made mistakes, didn’t understand your position, or was simply unreasonable you can make the case to the Appeals Officer (AO). The IRS wants to close cases at the CDP hearings. It doesn’t want them to go on to court where it will incur more costs and the risk of losing.

2. You can use Fast Track Mediation (FTM). FTM is a new method that is potentially very valuable to taxpayers but seldom used. FTM is available for audit and collection disputes. A specially trained IRS AO acts as an impartial mediator between the taxpayer and the branch of the IRS seeking to reach a voluntary agreement. The IRS objective is to settle these cases in 40 days. Depending on the amount, you may want to retain a lawyer, CPA or enrolled agent to represent you.

3. File a Freedom of Information Act request (FOIA). If you are having problems over a tax issue and just don’t understand what the IRS is thinking, file a FOIA request for the IRS file on your case. What you find may just be enlightening and useful. To make a FOIA request, visit www.irs.gov/foia.

4. Get help from the Taxpayer Advocate Service (TAS). TAS is an independent organization within the IRS that helps taxpayers resolve problems. Go IRS homepage and click on “Taxpayer Advocate” or call 877-777-4778.

5. Seek penalty abatement.  The IRS routinely adds penalties to tax bills. If this happens, you can ask the IRS Agent to abate (remove) it. If your request is denied. Appeal to IRS Office of Appeals. Explain how your underpayment of tax or late filing of a tax return was due to “reasonable cause” not “willful neglect.” Ex. Divorce or death in the family.

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