Chic vs. Geek: Taking Advantage of SB9

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More and more, we have many clients with an interest in splitting their lot to take advantage of new state law to build a second home they can rent out. How can you use SB9 to your benefit?

CHIC (PEARL)

Senate Bill 9 was signed by the governor last year to streamline the creation of new housing units in traditionally single family neighborhoods to combat our housing crisis. But while some cities and communities have resisted the change, others like San José have embraced the new law and updated their local rules to reflect it. That means an opportunity for a savvy homeowner with a little money to invest. Here’s some info from the California Association of Realtors (CAR) to get you started.

GEEK (KEVIN)

At the end of the day, all SB9 does is allow for change to happen. That doesn’t mean your neighborhood is about to flip from single family homes to fourplexes. The conversion still has to pencil out, and that’s no guarantee with the cost of construction and labor these days — not to mention high interest rates if you don’t have all the cash up front..There’s also the question of lot size and eligibility. Need more insights? Have a look at this CAR slide deck and quick guide to lot splitting, or just send us an email.

Happy International Beer Day!

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It’s the first Friday in August, which means it’s International Beer Day! Time to pour a pint of your favorite craft brew and celebrate the end of another week of the Dog Days of Summer.

The Bay Area is home to one of the most vibrant and creative craft brew scenes in the world, and there’s no shortage of taprooms and breweries within a quick road trip of wherever you live.

Here’s a list of local favorites from the SF Chronicle. It’s a little light on the South Bay, so if you need some tips, just ask the Geek!

Geek's Number Talk: Market Analysis for You

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As we discussed in this week’s Chic vs. Geek, our job as real estate agents is to provide buyers and sellers with nuanced perspectives on their properties. One key element in setting home values is a Comparable Market Analysis that looks at sales activity for similar homes. Send us an email to request a report today!

Chic vs. Geek: To Zillow or not to Zillow?

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That is the question, and we hear it a lot from new clients. Should buyers and sellers rely on home values posted on websites like Zillow or Redfin? Let’s talk about it…

CHIC (PEARL)

If you’re looking to determine a home’s true value, Zillow and Redfin are a good starting point, but you shouldn’t rely on them to reflect the nuances of the home, neighborhood, market conditions, and seller’s expectations. It’s important to talk to an experienced agent or appraiser in order to figure out what’s realistic for your situation. A good agent can also give you an idea of how long it will take to sell based on recent activity in your area. It can be hard to know what you’re getting into, especially when you’re just getting started. Many people think they can handle the process on their own, and that may be true. But more often than not, they find themselves contacting an agent!

GEEK (KEVIN)

Zillow’s estimates are based on a combination of publicly-available data and proprietary algorithms. The public data includes information from local governments, tax assessors, county records, and other sources. The algorithm that determines these home values isn’t designed to take into account the many ground level factors at play on a property. As a result, you may find that it overestimates or underestimates the value of homes in your neighborhood. If you want to get a good deal, an algorithm won’t help. You have to talk to a human to get an idea of a target price and what to expect from the market. And a good agent can help you translate all the technical jargon!