What to expect during probate and how to manage the wait.
Feb 17, 2024Marketwise column for the Bay Area News Group and its flagships The Mercury News and East Bay Times websites | Published: February 17, 2024
By Pat Kapowich
Question: Regarding your October 28, 2023, column titled “Son wants to know if parents should sell now or wait for ‘top dollar’ ” on The Mercury News and East Bay Times websites:
In that column, the person awaited an inheritance from the trust sale of the grandparents’ home. I am in a similar position. My grandfather’s house is in probate. My uncle is the probate administrator. My father is deceased. So I will receive one-third of the sale proceeds — my father’s share. But when?
A pending sale symbol is attached to my grandfather’s house listing online. It is an expensive Bay Area house. The home sold in two days. That was two weeks ago.
In the meantime, the annual lease on my apartment is fast approaching. My uncle needs to be more specific in communications. For instance, I want to buy a home. That was my grandfather’s wish. But when will I receive my inheritance? Should I sign an apartment lease renewal or rent month to month for an extra $200 a month? I want to stay in California. But will I have to leave the state to buy a home outright? I will not qualify for a mortgage.
Answer: Real estate attorneys remind us of “The hundreds of moving parts of a real estate transaction.” Probate complicates matters. The resolution is out of your hands. Consider a six-month lease over a one-year lease.
Thirty percent of a Bay Area home sale can keep you in California. Prices vary. Remember, we have 58 counties.
The California Association of Realtors’ recent housing costs will provide an overview:
The median sold price of California’s existing single-family homes
December 2023 $819,740
December 2022 $770,490
Price change year-to-year +6.4%
The California median sold price of condominiums/townhomes
December 2023 $635,000
December 2022 $587,000
Price change year-to-year +8.2%
The California Association of Realtors also breaks down the states into regions. The statistics are telling. Note the strength of the median sold home price in these areas:
San Francisco Bay Area single-family homes
December 2023 $1,182,000
December 2022 $1,050,000
Price change year-to-year +12.6%
Central Valley single-family homes
December 2023 $462,000
December 2022 $438,000
Price change year-to-year +5.5%
Central Coast single-family homes
December 2023 $979,500
December 2022 $869,860
Price change year-to-year +12.6%
Far North single-family homes
December 2023 $364,500
December 2022 $350,000
Price change year-to-year +4.1%
Inland Empire single-family homes
December 2023 $570,000
December 2022 $535,000
Price change year-to-year +6.5%
Los Angeles Metro Area single-family homes
December 2023 $760,000
December 2022 $716,500
Price change year-to-year +6.1%
Southern California single-family homes
December 2023 $790,000
December 2022 $743,180
Price change year-to-year +6.3%
Your uncle or his attorney will be in communication with you. Always be respectful and patient. Feel free to write to your uncle and his attorney. Address them both. If you do, they will respond.
For Housing Market Data in your area, visit my webpage for trends here. Do you have questions about home buying or selling? Full-service Realtor Pat Kapowich is a Certified Trust and Probate Specialist, Certified Real Estate Brokerage Manager and career-long consumer protection advocate.
He is based in his hometown of Sunnyvale, California.
Call Pat, today! Office: 408-245-7700; Broker# 00979413 [email protected]
