Chic vs. Geek: New Laws for 2022

A number of new regulations took effect in California as of January 1 that will impact the real estate industry.

CHIC (PEARL)

AB 1466 ensures that any discriminatory and/or racist language will be removed from all real estate covenants, as our industry continues to lead the way in building a more inclusive and respectful world.

Speaking of inclusion, SB 263 will require all real estate agents to complete implicit bias training as part of the license renewal process to help us recognize and take actions to address our unconscious prejudices. 

AB 44 allows real estate agents to use former legal surnames for their business. This is especially important for agents who get married after building their own brand.

GEEK (KEVIN)

You may have heard about SB 9, which streamlines the approval process for property owners to subdivide and create up to four housing units on a single family lot. What you’re not hearing is that the costs are fairly prohibitive for the average owner.

AB 948 requires every real estate contract to include a notice to buyers that the appraisal of their new home was unbiased and directs buyers to file complaints with the state Dept. of Real Estate (aka, DRE).

And AB 633 will prevent the abuse of partition actions in cases of related parties inheriting a property that one of them wants to sell.

Thanks to California Real Estate magazine for the assist with this breakdown. Read the original article here.

Property taxes are on the rise, so what can you do?

High housing turnover and sluggish government revenue during the pandemic is leading to spikes in property tax bills. California property owners who stay put are protected by Prop 13. But what about first-time homebuyers trying to make a purchase pencil out? Realtor.com has some suggestions.

Geek's Number Talk: Census shows growing diversity

In case you missed it: Last week, the U.S. Census Bureau released detailed results from its 2020 survey, and there were some interesting insights from the numbers. The total U.S. population stands at 331 million, with cities getting denser and rural areas becoming less and less populated.

More Americans identify as multiracial; the Black population grew over 5%; Asian and Hispanic communities grew by 35% and 23%, respectively; and the total white population shrank for the first time in the history of the Census.

But concerns persist that racial and ethnic populations were undercounted, primarily due to immigrants fearful of filling out the form despite the removal of the citizenship question. Nevertheless, America is more diverse than ever before, and that’s a reason to celebrate! Learn more from the AP.

A good home is hard to find

You don’t have to take our word for it. Housing demand and short supply is making this a sellers’ market, and bidding wars are becoming more common. Think you’ve had a rough time? NPR has the story of a couple who bid on 40 homes — with nothing to show for it.

Planning a renovation? You’re not alone.

A quick walk around the neighborhood will tell you what industry studies are starting to show: home renovations are on the rise as the Bay Area emerges from pandemic restrictions. Get the full scoop from Palo Alto Weekly.