Geek's Number Talk: Low property taxes = Low inventory
/According to a California Association of Realtors market report, people are staying in their homes longer than they used to. Why? Well, among the benefits of longtime homeownership in the Golden State are Proposition 13 protections against property tax hikes. Not to mention you’d have to move out of state to afford a new home!
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.
Valentine's Gratitude
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Geek's Number Talk: Climate Market Impacts
/Last year, the Union of Concerned Scientists issued a report called Underwater: Rising Seas, Chronic Floods, and the Implications for U.S. Coastal Real Estate. Under their worst-case scenario, rising global temperatures and loss of polar ice sheets will result in 1.8 feet of average sea level rise by the year 2045. That puts around 300,000 homes in the United States at risk. At this point, it’s no longer about prevention. It’s about stemming the tide. Read the report here.
