SoCal, CA Real Estate Video Blog with Shawn Luong

What is a homestead exemption?

There are many great San Gabriel Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (626) 643-7090 for a FREE home buying or selling consultation to answer any of your real estate questions.

With the rise in home value and the increase in equity we have been seeing, a few of our clients have asked about homestead exemptions. Some of you have have heard this phrase before, but a lot of you aren't quite sure what it means, let us explain:

A homestead exemption, if declared, allows the equity on the principle residence dwelling to be exempt from any forced sales, like if you declared bankruptcy. For a single individual living by themselves, the exemption is $75,000. With an additional family member or spouse, it's $100,000. For the elderly and disabled, the homestead exemption is $175,000 with some income restrictions.

The homestead exemption does not prevent foreclosures. Homeowners are still liable for the Mechanic's Liens. So if you would like to know more about this, we would be more than happy to share the forms you need to fill out and help walk you through them. E-mail us or give us a call and we will help you out right away.

We helped Dr. Jack get 4 offers in a few days with our excellent service

"It was an excellent experience. He’s very good and we had 4 offers within a couple days. I would recommend him to any of my friends."

6-Month Market Update for Covina

There is no better time than the midpoint of the year for an update on market conditions in Covina. With 6 months of real estate data under our belt, it's time to take a look at how we are doing in comparison to last year. The numbers look pretty good:

January - June of 2013:

8,777 homes sold
Average sale price: $381,875
Average days on market: 54
Active listings: 22,746

January - June of 2014

7,704 homes sold
Average sale price: $435,833
Average days on market: 56
Active listings: 25,584

As you can see, fewer homes have sold than at this time last year. Other than that, these numbers look pretty strong. Home prices are up, which is a good sign - the average listing price is up $45,000 from last year. Additionally, the average that these homes are actually sold for is up 14%.

Another sign the market is more normal than it's been in past years is that the number of active listings has increased 12.5%, up 25,548 from 22,746 at this time last year. These stats are good for both buyers and sellers, as there is a good selection of homes for those looking to buy, and sellers are getting higher prices than they were last year.

If you have any questions about what the market looks like in your particular area, or have further questions about what these numbers mean for you, please give me a call. I would love to help you make sense of these conditions.

About

With more than twenty years of real estate and mortgage experience, Shawn has helped numerous clients realize their dreams and secure their futures with a strategy that allows clients to build wealth from their properties. With past clients, Shawn has devised a plan so that his clients can retire without relying on Social Security or company pension.

Shawn has created a life-cycle relationship with clients by providing a clear road-map in savings, managing assets, refinancing mortgages, acquiring investment properties with cash flow, increasing the value of income stream and much more. He also helps clients settle estates without the help of attorneys and can help you to avoid probate court, which can be very costly.

Once you're a homeowner, Shawn will show you the road-map to financial independence through his life-cycle relationship to ensure a lifetime of satisfaction.

Shawn Luong
DRE# 00857818
Century 21 Masters
Covina, CA
Phone: 626-643-7090
reoagent@shawnluong.com

Subscribe to our Podcast

Shawn Luong Testimonials

Click to hear recent
testimonials from happy clients

Ken - "When Shawn helped me buy a property, he went around and looked for a good price for me. He really helped me from the beginning until the end and everything went very smoothly."

Dr. Jack - "It was an excellent experience. He’s very good and we had 4 offers within a couple days. I would recommend him to any of my friends."

Cesar - "He told us what we would be doing, about how long it would take, and what he was going to do. Everything came out right and we ended up getting more than we expected, it was fantastic! When I had to replace the furnace, he even gave me names and numbers of people who had furnaces and a contractor that did the work for me very cheaply which helped out a lot."

Linda - "We had a great experience. When I asked questions he’d answer and give me good advice. If I called him with a question, he’d get an answer for me right away and every week he let me know what was going on with the transaction, which I really appreciated!"

Tim - "We have very good results! He did everything that he promised. Even after the deal was closed, I am still comfortable in calling him to ask for advice. I’m a rookie when it comes to property management so I’m very appreciated of his help!"

What our happy SoCal clients have to say

"Shawn knew what I wanted at every step of acquiring this property. When there were issues or questions, I needed only mention them once and they were taken care of. Other than looking at the potential properties, everything was handled without me stepping out of my home. We closed several days ahead of schedule and we didn't even rush the process. I highly recommend Shawn as your next agent."

-----

"Shawn Luong is speedy, smooth and acts with integrity. His stellar client care and knowledge of the Pasadena/Altadena area allowed him to sell our family home within days of listing it. In addition to his impressive real estate expertise, Shawn also offers the latest in technology for easy signing and execution of documents. Because of Shawn's warm personality, even a baby boomer like me felt at ease with the process. If I ever had questions, Shawn was only a phone call or email away.

It is with pleasure and confidence that I full heartedly recommend Shawn Luong! He is a truly extraordinary Realtor! I should add that he did such an excellent job, my family decided to list a second property with him. He performed masterfully on that transaction as well. If you are looking for an experienced real estate agent in Southern California, Shawn Luong is a great choice!"

Click here to read even more reviews