The American Dream appears to be in the news more and more these days…and often not in the most favorable light. Though the American Dream always included the idea of making something of oneself and improving their conditions in life, a major part of that was home ownership. Recently as home prices have continued to rise and interest rates are no longer at the artificially low 3% range, story after story crosses the news media saying the American Dream is out of reach for many and many more are giving up on it
In addition to the rising costs and interest rates, many are concerned about the costs of home ownership. While this typically refers to upkeep and maintenance, often the other “hidden” costs are not talked about. The hidden costs referred to here are the never ending attempts to put greater burden on home owners to fund the policies of our well-meaning politicians.
Currently our State legislature is considering a Bond to put on the November ballot. This would be in addition to the Bond already qualified from the Bay Area Housing Finance Authority. This “Authority” is a regional governing board created in 2019 by our legislature and covers the nine Bay Area Counties. This is a group of appointed people who are advocating for Affordable Housing and have qualified the “Bay Area Housing Bond.”
This is a proposal for $20 Billion dollar bond to be set up to help build affordable housing. So, what is a Bond? A Bond, simply, is borrowed money. It is borrowed for a set period of time and the interest paid on the borrowed money is paid by property owners via their property taxes. It’s one of the many items one sees on the property tax bill that are listed separately after the base property tax which is controlled by Proposition 13.
In this case, the plan is to add $19 per one thousand dollars of assessed value. More recently purchased homes would, of course, see a greater addition to their property tax bill than those who’ve owned for a longer period of time. This, of course, would be added to the other already approved Bonds that people are paying with their current property tax. This affects the American Dream and contributes to the idea this portion of that dream is out of reach for many.
There are a lot of issues to consider when buying or selling a home. As a believer in the American Dream of home ownership, I make certain all those issues are understood when buying or selling a home. With over 28 years in the local market, I’ve seen a lot and bring quite a bit of experience to your goal. Let’s talk about your plans in Real Estate and make your dream come true. Call me at (408) 887-4731 or email to geneshomes@earthlink.net
I Look Forward to Hearing From You
W. Gene Hunt
"There is no one more Dedicated to your Goals" A motto earned not just a jingle made of hope. Angela D. says; "I feel you really got to know me as a person and by doing so you understood my needs and preferences."
Lisa D. had this to say; "I attempted to renegotiate my loan with my bank. Much to my dismay, the bank low-balled the value of my home…even in light of the improvements I’d made. I am glad to report that my experience with you was a much happier experience. I found my business dealings with you to be professional, efficient and courteous."
Linda R. sent this in; "Thank you for the help you provided in refinancing our house. I thought you would like to know that the "cost" of refinancing turned out better than we expected it would."
