October 2021 Market Report

Discover the latest in San Francisco Bay Area real estate with our October 2021 Market Report, out now.

Q3 2021 Market Report

Our Q3 Market Report has arrived, discover how strong buyer demand, encouraging numbers of employment, and an increase in inventory has continued to accelerate the SF Bay Area’s robust housing market.

August 2021 Market Report

Learn about the latest trends in San Francisco Bay Area real estate with our August 2021 Market Report. 

July 2021 Market Report

Our July 2021 Market Report has arrived, discover the latest in SF Bay Area real estate below.

2021 Q2 Market Report

Our Q2 Market Report is here. Learn how robust demand, record sales volume, and median price increases maintained the SF Bay Area's position as the most expensive housing market in the country.

May 2021 Market Report

Discover the latest in San Francisco Bay Area real estate with our May Market Report, out now.

2021 Q1 Market Report

Our Q1 Market Report is here. Take an in-depth look at the SF Bay Area real estate market’s roaring start to 2021, fueled by strong homebuyer demand, a slight increase in supply, and growing optimism for economic recovery.

The Real Trends 500 Brokerage Rankings are in

The Real Trends 500 Brokerage Rankings are in. Golden Gate Sotheby's International Realty ranked among the nation's best in a variety of metrics including, #1 in Average Sales Price in the U.S. and the #4 Largest Sotheby's International Realty Affiliate by Sales Volume. Congratulations to our exceptional agents and incredible staff. Discover the full list of rankings here.

Real Trends Rankings

January 2021 Market Report

The Golden Gate Sotheby’s International Realty January Market Report is here. Discover everything that happened in San Francisco Bay Area real estate the first month of 2021.

Proposition 19 FAQ

Proposition 19: New Property Tax and Inheritance Rules for California

Golden Gate Bridge

On November 3rd, California voters approved Proposition 19, a measure designed to give homeowners more freedom to change residences while closing tax loopholes on inherited properties.

The measure, set to go into effect early next year, has two distinct parts, the first of which allows homeowners who are 55 or older, disabled, or lost their home in a natural disaster to transfer their tax base to a new home up to three times anywhere in California.

Previously, homeowners could only take advantage of a tax base transfer once in their lifetime, and only if they bought a replacement home in certain California counties.

The second part outlines the requirements for retaining tax basis in family transfers, which is now limited to transferring a primary residence to a child or grandchild for continued use as a primary residence.

Frequently Asked Questions

Whom does this affect?
The new law has long-lasting implications for homeowners, inheritors, firefighters, and local governments. Homeowners benefit from the ability to transfer their tax base and move into a new home, while inheritors are subject to more limitations on properties they receive from parents and grandparents. The California State Controller is required to deposit 75 percent of the calculated revenue to the Fire Response Fund and 15 percent to the County Revenue Protection Fund.

What does this mean for homeowners?
Homeowners can transfer the tax basis of a sold primary residence to a replacement primary residence up to three times. These transfers are unlimited for those whose homes were destroyed or substantially damaged by fire. If the replacement home is of equal or lesser value, the tax base remains the same. The sale of the original home must happen within two years of buying the replacement residence, and homeowners can purchase their new residence before their current residence sells.

What if the replacement home is more expensive than the sold home?
If the replacement home is of greater value, the new tax base follows this formula:

[value of new home - value of old home] + [old tax base] = [new tax base]

If a homeowner with a tax assessment of $300,000 on their house sells for $900,000, then moves to a home worth $1.3 million, their new tax base is $400,000 (the difference in value) plus the original home's $300,000 tax assessment. The new home retains a tax basis of $700,000.

What does this mean for inheritors?
Inheritors who receive a primary residence from a parent or grandparent will be able to retain the same tax base so long as the property continues to be used as a primary residence. Even in this case, the residence is subject to some upward adjustments if the new property value is more than $1M over the original tax basis. Family farms are exempt from these restrictions.

When do these changes take place?
Beginning April 1, 2021, Proposition 19 applies to the transfer of one's tax basis anywhere in the State of California regardless of value.

Beginning February 16, 2021, the family transfer rules take effect.

How does this affect purchases and sales made before April 1, 2021?
A message from the California Association of Realtors on the matter reads:

“Although we believe that the tax benefits under Proposition 19 apply to transactions where either the sale or purchase of a primary residence takes place before April 1, 2021, as long as the subsequent sale or purchase takes place within two years and on or after April 1, 2021, others have taken the position that both the sale and purchase must occur on or after April 1st, 2021. C.A.R. will seek official clarification of this issue."

Whether it is buying or selling a property, we encourage seeking the advice of a qualified California real estate attorney or tax advisor for personalized guidance.

November 2020 Market Report

The Golden Gate Sotheby’s International Realty November market report has arrived. Discover the latest in San Francisco Bay Area Real Estate.

August 2020 Market Report

We are pleased to share the Golden Gate Sotheby's International Realty August 2020 Market Report for the San Francisco Bay Area.