One of the most exciting, diverse, and popular music festivals in the country kicks off today in Downtown San José. If you’re craving a heavy dose of live music in a variety of styles, delicious food from around the world, and a fun time outdoors, San José Jazz SummerFest is the place for you to be this weekend!
Learn more and get tickets here.
It should come as no surprise that rising mortgage interest rates have a direct impact on home buyers and sellers. These two charts help make those impacts crystal clear, especially when it comes to purchasing power, inventory, and selling price. As you can see, an interest rate increase of just 0.5% triggers a 4.4% increase in home price but also a 4% decrease in active listings.
Meanwhile, the median house price is down 4.7% month-over-month but still up 4.5% over last year. This means home affordability is tracking down, so the time to act is now, or you risk waiting out the current economic fluctuations.
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?
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.
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.
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!
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!
