A Quick Overview of Assembly Bill #1551?
Learn more about Assembly Bill 1551
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Worried About Selling In The Time of COVID?
We have lots of buyers looking for homes and we've had a fantastic June and July in terms of sales. We have homes coming to market and sales are brisk but......we have a huge inventory shortage on the Monterey Peninsula. So, what is going on? With the advent of the pandemic, many buyers from metro areas are looking to find more living space in less populated areas. Demand is up but supply is not keeping pace. From what we hear, sellers are hesitant to sell but perhaps their
Vetting Possible Buyers Before A House Showing
The world has changed and we are all doing things a little differently these days. Buyers used to call their agents and ask to see a home. An appointment would be set and off they go. Things are a little more complicated now and before you can go look at a house, you'll need to do a couple of things. 1. In Monterey County and elsewhere in California, every person who wants to see a home must first sign a COVID entry form. You are stating that you don't have the virus, aren't
What's Happening in the Real Estate Market This Week?
Despite the pandemic, according to a newly released report from the National Association of REALTORS®. 35% of REALTORS® reported no delays to closings in a snapshot survey conducted on April 26 & 27. Interest rates continue to encourage buyers and despite a huge increase in unemployment claims, many potential buyers are still working and see opportunities in the market Inventory is still low compared to previous years so we need more sellers to jump in. In the area I monitor
Mortgage Relief to California Families During the COVID-19 Crisis
Good News! Governor Gavin Newsom announced that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak. If you call, I assume you are going to have big wait times but persevere! Here's the summary: Governor Newsom secured support from many banks including Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect
Monterey County Market Update for February 2020
Here is a Monterey County update for February 2020: The median Single Family home cost $699,000 and sold in 28 days for 98% of the list price based on 145 sales. Inventory rose 2% from January, but down -15% from February 2019 with 645 homes available, compared to 760 homes last year. Average days on market (DOM) rose 8 days from 66 to 74 or 12%; median DOM dropped by -15 days from the month before. Number of new listings for the month of February decreased -4% over January a
The Coronavirus & Mortgage Rates
As we have seen over the last couple of weeks, the Coronavirus is shaking financial markets and it’s hard to know when things will start settling down. So far, fears have prompted mortgage rates to drop. Investors are pulling their money out of stocks and putting it into steadier U.S. Treasury bonds—and when bonds perform strongly, mortgage rates tend to dip, realtor.com® reports. Although the coronavirus may slow home sales in some segments of the market, low mortgage rates
Wild Fires & Insurance in California
With an increase in wildfires around the world and in California, home insurance has become a hot topic as insurance companies are forced to deny renewals or charge exorbitant premiums to cover risk. One of our Monterey County Association of Realtors representatives recently met with the Insurance Commissioner and other officials to discuss fire insurance concerns. A lot was discussed but I thought I'd share a few of the takeaways: Current Challenges: There has been a 600%
An Agriculture Update for the Salinas Valley!
I just attended a meeting last week to hear some updates from the Monterey County Farm Bureau. I thought I'd share a brief summary of some of the discussion points but please refer to the Farm Bureau for questions or details. . The recent Romaine lettuce alert had a financial impact on local growers but luckily the ban has been lifted. Sounds like growers implemented a sticker system that will better identify where produce is coming to prevent future confusion. Yuma, Salinas
What is the Department of Real Estate's Role?
In the Real Estate world, we use a lot of acronyms. You may have seen this one....DRE. It stands for the Department of Real Estate. They oversee California real estate transactions and are tasked with protecting the consumer from fraud, misconduct and financial abuse. This year marks their 100th anniversary and they continue to service and protect the public. Here are some of their duties: Audits to ensure that trust funds are handled correctly during a real estate transactio
Top Three Reasons Why Your Mortgage Gets Denied
The leading reasons for mortgage denials, researchers found: Debt and credit history: 33% of potential borrower’s debt-to-income ratios and 23% of credit history (which includes credit score) was the chief reason for denied mortgage loans. Don't buy large ticket items just before you apply for a loan and don't let anyone run credit reports unless you are serious about moving forward with a loan application. Inspections and appraisals: 17% centered on collateral.If a seller do
How Do You Use Your Kitchen?
The kitchen continues to develop as a multifunctional and social space according to Cosentino Group’s newly released “2019 Global Kitchen Study,” The study compiles findings from a survey of kitchen studios around the world and insights from design experts. What do we use the kitchen for? The main activities in a kitchen have become meals, reunions with guests, doing work, and performing other tasks. How is technoloy affecting kitchen and design?: The report highlights the r
Oops......It Cost A Little More Than You Thought!
Has this happened to you? You think you've thought of all the costs, you create a budget and get started on your remodel. Half way through, added costs blow your budget. Ouch! Unfortunately, it looks like many of us under estimate our remodels. The costs below seem very low especially for the Monterey Peninsula but it gives you some idea of the variances. Take a look at the statistics below. #realestate #remodel #budget #renovations #kichenremodel #bathroomremodel #interiorde
Monterey County Real Estate Market August 2019
Here are the latest statistics for Monterey County. Just like our micro-climates, our area has many different communities and prices and market trends can vary significantly. Keep in mind, these figures represent the WHOLE county. The average price of a home in Pebble Beach and Carmel is over $2 million whereas an average home in Seaside is $660,000. In the rural areas of Salinas and South County prices can be in the low $300,000's. As you can see, we have a huge range but th
Guess How Many Baby Boomers Reach the Age of 65 Each Day?
Do you know how many baby boomers reach 65 every day? About 10,000 a day! WOW! They are the largest generation ever to retire and their housing decisions will have a huge impact on our housing markets over the next decade. New research shows that baby boomers are interested in big city living for their retirement years. They’re being drawn to urban areas that tout walkability, nearby restaurants, culture, and public transportation. Cost of living and warmer weather may also p
Have You Heard About AB 1482?
If you are a landlord in California, you may be interested......The California Association of Realtors has asked agents to urge our government officials to vote "NO" on AB 1482. Here are some reasons why...... The bill does not allow for “pass throughs” for repairs, such as a broken HVAC system or leaky roof. A small property owner has no way to offset these repair costs and is unable to absorb such costs under such restrictive rent caps. As a result, small property owners ma
Interest Rates at a 3 Year Low!
Does anyone remember when interest rates were over 10%? I dug into the distant past and found these rates on Value Penguin Inc. I guess we have a lot to be thankful for right now. Take a look.... Year Lowest Rate Highest Rate Average Rate 1990 9.56% 10.67% 10.13% 1989 9.68% 11.22% 10.32% 1988 9.84% 10.77% 10.34% 1987 9.03% 11.58% 10.21% 1986 9.29
Are You Wildfire Ready?
Thousands of wildfires strike California every year so it's important to prepare your property and your family. Here are some tips from the California Department of Forestry & Fire Protection: Create a defensible Space: It's the buffer that homeowners are required to create on their property between a structure and the plants, brush and trees. This space is needed to slow the spread of wildfire and improves firefighter safety. Zone 1 - Extends 30 feet from buildings, decks an
Survey Says....Some Facts About Family Home Buying
No surprises here and the Monterey Peninsula and Bay Area are no exception..... According to the National Association of REALTORS®’ 2019 Moving With Kids survey, based on responses from more than 7,000 consumers, the two characteristics that buyers say they weigh the most when deciding on a neighborhood are the quality of the school districts and the proximity to schools In addition, parents are willing to make sacrifices for the sake of their children and will spend a littl
How Motivated are Millenials for Home Ownership?
Chase Home Lending just released a study called Readying to Buy. It reveals the attitudes, preferences, tendencies and behaviors that this demographic has toward the home buying journey. The study looked to better understand Millennials’ urgency to buy a home, lifestyle adjustments they’re willing to make to prepare for that big purchase, and their general perception of home buying. The statistic that was most surprising to me was the one about limiting eating out. 71% of men
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