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FIRTA Withholding Changes: Effective 2/16/16

by The Barringer Team


Under the provisions of the Foreign Investment in Real Property Tax Act (FIRPTA ), the escrow company is required to withhold a minimum of 15% of the sales price and forward the funds to the IRS with the required documentation on the Seller’s behalf. This is to insure that the Foreign Seller files the appropriate tax return documentation when receiving monetary benefit for disposing of real property in the United States. To be clear, the withheld amount is not an additional tax on the foreign seller, it is an estimated payment against the tax ultimately imposed on gain from the sale.


Changes will affect all real estate transactions governed by FIRPTA that close on or after February 16, 2016. At that time, the following withholding amounts will be adhered to:


Withholding rate is 0%… If the amount realized (typically, the purchase price) does not exceed $300,000 and the buyer acquires the property to use as a primary residence.


Withholding rate is 10%.... If the amount realized is greater than $300,000 and does not exceed $1,000,000. The buyers must also acquire the property to use as a primary residence.
Withholding rate is 15%.... If the amount realized exceeds $1,000,000 regardless of the buyer’s use of the property.


Withholding rate is 15%.... If the property will NOT be used as the buyer’s primary residence.
If the buyer is purchasing a U.S. real estate interest from a foreign seller, this information MUST be relayed to them so that they can adequately withhold. If not, buyers could find themselves liable for extra withholdings.


There are many factors involved in this process that can have significant effects to both buyers and sellers. Contact your Cypress Title Account Executive with any questions regarding the FIRPTA changes.


Effective February 16, 2016, the withholding rate for the sale of real property by foreign nationals will increase from 10% to 15% under certain circumstances.

This material is not intended to be relied upon as a statement of the law, and is not to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice. The material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. Intended for distribution to only one per individual for marketing purposes only on behalf of our company. Not for reproduction.

Market Stats For Tracy California

by The Barringer Team

The following information is from the local MLS database, as of February 11, 2016 and is compared to (Jan. 11, 2016). The amount of listings are slowly increasing in the new year but demand is still strong and good homes do not last long on the market. Prices are increasing as well.  Buyers are still eager to buy and they are watching the new listings as they hit the market. And with fewer choices buyers are compeating to get their offers accepted.   Interest rates are staying down with 30 yr fixed at 4.35% and FHA/VA at 3.75%. 15 yr is 3.375. Still the lowest rates! New home construction projects are popping up more in the area and even though the prices are a little higher, there are still good deals out there in the new communities.  Don't forget...We can represent you with the new home builders too!  Don't go with out being represented!

   If you have been on the Fence about selling your home then NOW is still the time to sell. There will be more homes coming on the market in the spring and the buyers that are looking now are SERIOUS buyers!   If you are curious to see how much equity you have in your house, give us a call for a market analysis! Or go to our new service for instantvaluation of your home on the internet at www.tracyhomevalue.com.  or  Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com.

Tracy, CA

ACTIVE STATUS

Total # of residential properties for sale in the city of Tracy: 91 (88)

# of REO (foreclosures): 2 (0)

# of Short Sales: 3 (5)

Average # of days on market: 17 (53)

#New Construction:  9

The median price of all homes for sale in Tracy: $459,950 ($439,500)

PENDING STATUS

Number of properties currently under agreement: 129 (121)

# of REO: 5 (2)

# of Pending Short Lender Approval: 11 (12)

Median pending price: $389,888 ($389,000)

 

SOLD STATUS

Residential property sold over previous 30 days: 62 homes (79)

REO's sold in the last month: 2 (3)

Short sales sold in the last month: 6 (3)

Median sale price: $389,500 ($385,000)

Median # of days on the market:  25 (22)

 

 

Mountain House, CA

 

ACTIVE STATUS

 

Total # of residential properties for sale in the city of Mountain House: 39 (38)

# of REO (foreclosures): 0 (0)

# of Short Sales: 1 (0)

# of New Construction: 6 (6)

Average # of days on market: 66 (51)

The median price of all homes for sale in Mountain House: $565,000 ($555,458)

 

PENDING STATUS

 

Number of properties currently under agreement: 48 (35)

# of REO: 1 (1)

# of Pending Short Lender Approval: 3 (4)

# New Construction: 10

Median pending price: $512,970 ($509,000)

 

SOLD STATUS

 

Residential property sold over previous 30 days: 19 homes (22 homes)

REO's sold in the last month: 1 (0)

Short sales sold in the last month: 1 (0)

New Construction sold: 2

Median sale price: $510,000 ($477,475)

Median # of days on the Market: 27  (20)

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HOMES SOLD IN TRACY IN JANUARY

Take a look at this chart to see the SOLDS in Tracy for January.  Call us for a free Market Analysis on your home!  209-833-7777.

    Address    Beds Bath     Sq Ft        List         Sell DOM  
911   Taft Ave 2 1 (1 0) 1049 249000 242000 188  
1590   Eastlake Cir 4 4 (3 1) 3054 515000 500000 215  
580   Hotchkiss St 4 3 (3 0) 1950 369950 340000 51  
1773 N Lloyd C Gary Dr 5 3 (3 0) 2864 410000 410000 110  
1010   Eastlake Cir 5 3 (3 0) 3779 595000 575000 142  
350   Portico Court   4 (5) 3 (2 1) 2355 429999 405000 104  
11505 W Valpico Rd 3 1 (1 0) 1424 354000 354000 28  
1770   Mello Ct 4 2 (2 0) 1527 323000 317500 80  
151   Club House Way 3 (4) 3 (2 1) 1709 359000 355000 76  
8105 W Depot Master Ct 4 3 (2 1) 3412 565000 575000 6  
2285   Redington Dr 4 3 (3 0) 2490 444950 432000 110  
1961 W Kavanagh Ave 4 3 (3 0) 2077 370000 375000 32  
290   adobe   4 3 (3 0) 2135 388000 388000 62  
134 E 21st St 3 1 (1 0) 936 288900 288900 68  
1130   Providence Ct 4 3 (2 1) 1831 375000 380000 9  
591   Wagtail   3 2 (2 0) 1154 295000 266175 55  
332   Golden Leaf Ct 5 3 (3 0) 2652 444950 440000 41  
1340   Haley Ct 4 (5) 3 (3 0) 2443 421000 419000 32  
1529   CINDY Way 5 3 (3 0) 2487 440000 435000 16  
3431   London Dr 2 2 (2 0) 1007 259000 260000 7  
1253   Cardinal St 4 3 (3 0) 2917 437000 438500 51  
523   Quail Run Cir 5 3 (3 0) 2944 515000 510000 59  
308   Derecho Way 3 2 (2 0) 1343 329900 330000 41  
4163   Lindsey Ln 4 3 (3 0) 2447 429000 436000 17  
1678   Springhill Ct 4 3 (3 0) 2204 430000 430000 9  
310   Baldwin Ln 3 (4) 3 (2 1) 1973 385000 385000 12  
1155   Yorkshire Loop 4 3 (2 1) 2272 420000 417000 27  
2134   Devin Ct 4 3 (3 0) 1954 429000 430000 49  
2070   Tracey Jean Dr 4 (6) 3 (3 0) 2590 445000 440000 60  
1670   Brandon Dewey Ln 4 3 (3 0) 2240 495000 495000 27  
2691   Mocking Bird Ln 4 4 (3 1) 3485 625000 615000 35  
27849   Sharon Ct 4 3 (3 0) 3020 895000 842500 49  
493   Charlemagne Ln 3 2 (2 0) 1154 315000 296500 9  
1975   Foxwood Ct 3 3 (2 1) 1835 399000 399000 29  
1890   Spring Valley Way 4 3 (3 0) 2328 459000 460000 69  
1751   Hudson Way 5 3 (3 0) 2360 410000 400000 66  
2380   Lotus Way   5 4 (3 1) 4013 679900 670000 34  
196   James W Smith Dr 3 2 (2 0) 1599 374900 375000 32  
1406   Lincoln Blvd 4 (5) 2 (2 0) 1677 339999 325000 34  
1595   Meadow Lark Ln 4 3 (3 0) 2261 418888 415000 41  
1680   Horse Shoe Loop 4 (5) 3 (3 0) 2598 439000 420000 45  
1960   tahoe Cir 3 3 (2 1) 1577 369950 370000 13  
2843   Herford Ln 4 (5) 3 (2 1) 2390 419990 410000 18  
701 W Mount Diablo Ave 3 2 (2 0) 1372 340000 335000 27  
565   Peerless Way 2 2 (2 0) 1059 225000 208000 48  
224   Berverdor Ave 4 2 (2 0) 1750 339000 335000 6  
2148   Wellington Dr 3 4 (3 1) 1703 359000 350000 40  
2077   De Bord Dr 3 2 (2 0) 1660 385000 382500 20  
2800   Rhett Ct 3 2 (2 0) 1566 340000 340000 11  
28332 S Macarthur Dr 3 2 (2 0) 1402 349950 355000 26  
872   Chestnut Ave 3 2 (2 0) 1168 299888 310000 11  
1900   East St 3 1 (1 0) 956 259500 250000 24  
140   Adobe Ln 4 3 (3 0) 2135 395900 397500 12  
2469   Almanor Dr 4 3 (2 1) 1902 399990 407000 4  
2518   Gaines Ln 4 (5) 3 (3 0) 2264 419000 420000 9  
1231   Schleiger Dr 4 3 (2 1) 1945 389000 389000 3  
731   Rockport Ct 2 (3) 2 (2 0) 1335 335000 335000 8  
484   Fisher Ct 4 (5) 4 (3 1) 2919 519950 517500 6  
974   christy Ct 3 3 (2 1) 1664 369950 369950 2  
2862   Campbell Ln 5 3 (2 1) 2130 409000 410000 6  
2660   Shofield Ct 4 3 (3 0) 2331 430000 430000 3  
1249   Marlin Pl 3 2 (2 0) 1182 310000 315000 7  
221 E Lowell Ave 3 2 (2 0) 1557 325000 320000 11  
1801   Riverview Ave 5 3 (3 0) 2827 469000 464340 16  
1155   Nicholas Ct 4 3 (3 0) 2443 460000 456000 19  
1180   Dominique Dr 3 3 (2 1) 1918 399950 410000 11  
1408   Greenwood Ct 3 2 (2 0) 1127 299950 315000 5  
164 W Highland Ave 1 1 (1 0) 952 185000 185000 2  
446   Marie Ave 3 2 (2 0) 1104 280000 285000 17  
2449   Carol Ann Dr 3 2 (2 0) 1506 368000 375000 7  

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The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
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