Last year was a perfect storm for the housing market: interest rates and homeowner’s insurance premiums skyrocketed, wages were stagnant, and fewer houses were on the market. So, it’s no wonder that last year was the least affordable year on record for single-family homes. “Affordable” indicates that people with the median income for an area … Read more
Traditionally, spring is the time when people put their houses up for sale. Flowers are blooming, birds are singing, and the hope is that the beauty of the season will render the homes on the market irresistible to prospective buyers. This spring, we’re likely to see quite a bit more inventory. People have mostly recovered … Read more
On Your Mark, Get Ready, Close! You’re almost there. You’ve found the home you want to buy. You’ve made an offer. The seller has accepted. Now you’re on the home stretch. Be sure to do the following tasks for a smooth close of escrow. Clear contingencies When you and the seller signed the sales agreement, … Read more
With interest rates higher than they’ve been in years, those who want to buy a home are looking for ways to make it more affordable. According to Zillow, younger generations are willing to get creative when it comes to home ownership. One of the most common housing hacks among Millennials (ages 29-43) and Gen Z … Read more
As a rule, homeowners want low utility bills and high home values. So, it stands to reason that if you are selling your house, your property will be more valuable if it contains new, energy-efficient upgrades such as added insulation, new windows, and electric appliances that keep it comfortable year-round without high utility costs. If … Read more
In 2017, the State of California passed a law preventing local governments from unreasonably restricting homeowners from adding a second unit to their property, commonly referred to as mother-in-law units. Officially, they are called Accessory Dwelling Units or ADUs. An ADU must be big enough to include a kitchen, a bathroom, and living space—and it … Read more
The Department of Justice is suing the National Association of Realtors for price fixing and restraint of trade. Several major real estate franchises have settled out of court, but I think the DOJ may end up losing this case. Here’s the situation. As the law stands today, when a Realtor lists a property for sale, … Read more
You’ll have to excuse me while I step onto my soapbox for a moment. Government regulation is not only getting in the way of efficiency, which is bad for business, but it is also harming the very people it purports to help. When it comes to rent control, casualty insurance, and financial regulations, the government … Read more
Recently, I received an inquiry from a retired couple living in Ukiah’s El Dorado subdivision. They asked whether they could take their tax basis with them if they downsized to a smaller home in town. Thanks to Proposition 19, the Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020), the answer … Read more