Prop 19 here in California has brought some interesting new changes for many homeowners, especially those who hold Napa real estate. Prop 19 allows property owners aged fifty-five and over, those with severe disabilities, and those who lost property in a wildfire or natural disaster to transfer their property tax rate to a new home. Real estate agents in our area are very familiar with the issues surrounding wildfires in our valley and this new amendment can help local folks who have lost their property find a home they can afford. Even if one’s Napa real estate burned, that person could transfer that tax rate even to another county.
As the Baby Boomers start to reach retirement age and need to be closer to family and medical care this new adjustment will benefit many who need a home that better suits their needs. A local real estate agent will be indispensable as there are parameters one must meet for this transfer to be allowed. But if North Bay living is something that would fit your lifestyle, now may be a great time to explore what our valley has to offer.
Napa real estate owners who look to change locales may in turn free up more inventory for first-time home buyers in this state and increase overall housing supply. Our local economy could greatly benefit from this as well considering the outflow of people from the major cities and urban centers. Our real estate agents are incredibly well-versed in the local market and can help find homes for buyers at all stages.
With this ability to change locales, there may be an ongoing shift in homeowners changing to newer homes. There are many factors to consider if you are looking to leave your current property for Napa real estate, but one of the deciding issues is whether your new home is worth less or more than your old one. A good local real estate agent can help you understand your options and get you into a new home in Napa Valley, or help you move to another part of the golden state!