If you’ve been thinking of buying a home, now is the time, especially if Congress passes the First-Time Homebuyer Act, which would allow low- and middle-income earners who haven’t owned a home for at least three years to get a $15,000 tax credit when they purchase a primary residence and live there for at least … Read more
Last week, I shared some information about why title insurance is so valuable. This week, I’ll share a few more compelling reasons to get the best title insurance you can afford. As a reminder, title insurance isn’t like other insurance. Instead of paying ongoing premiums for protection against some problem in the future, for a … Read more
When Realtors explain the importance of title insurance to prospective homebuyers, many homebuyers understandably assume that title insurance is like other insurance—a policy for which they pay ongoing premiums that will protect them in some way against problems that could occur in the future. However, title insurance does the opposite. For a one-time fee, title … Read more
Recently, several people have asked me whether I think housing prices are inflated and likely to lead to a market correction. It’s an understandable question, especially for those who owned property in 2005-‘06 when the last housing bubble burst. For now, at least, I see no warning signals. Housing Prices First of all, in the … Read more
Recently, a fellow called me looking for a small, private-money loan of $14,000 to fund some home renovations. He had a credit score of 840, which is about as close to perfect as you’re likely to find. He had no outstanding debt to speak of, having just paid off his car loan a year after … Read more
If you’ve been house hunting, you know the local market is tight. Supply is down which forces prices up. Although Mendocino County is more affordable than some parts of California, it’s getting harder to find property in a price range that’s comfortable for most people. In the real estate business, we use the Housing Affordability … Read more
On April 28, the Ukiah Daily Journal reprinted a CalMatters.org story about how housing prices have hit a record high in California. The story opens with, “The median price for a single-family home shot up to a staggering $758,990 in March — a nearly 6% increase from the previous record of $717,930 set in December … Read more
In case you haven’t noticed, the whole state of California—including Mendocino County—has been short on rainfall this year. Between October and March (the rainy season), Ukiah received less than half the normal amount for this time. People are comparing this year to 1977 when we had a major drought. If you lived in Ukiah in … Read more
I was talking with recently elected District 1 Mendocino County Supervisor Glenn McGourty about the challenges we face with housing in the Ukiah area—both a lack of supply and a lack of affordability. As a supervisor, Mr. McGourty will have many opportunities to address regulations, existing and proposed. While the most onerous regulations usually originate … Read more