Recent analysis has revealed that even in the midst of the pandemic, the housing market is thriving. According to the National Association of Realtors, total existing-home sales, including single-family homes, townhomes, condominiums and co-ops, rose by 24.7 percent from June to July, and sales as a whole rose 8.7 percent year-over year. In fact, their analysis concluded that it was the sharpest monthly sales gain recorded since 1968 (the year NAR began collecting housing data). Lawrence
Earlier this year we started to witness an increase in transaction velocity for homes across the county. This was a direct result of the Fed cutting rates, which ultimately provided Americans a chance to purchase a home at a historically low interest rate. When the pandemic swept the globe a short time later, analysis predicted that velocity would slow down as a result of two factors: 1) People fearing the impact of the virus, and
COVID-19 has taken the United States by storm, impacting every aspect of the American people’s lives: Businesses have been forced to close their doors; millions of individuals have lost their jobs; and over 100,000 Americans have lost their lives to the virus. Government aid, in the form of federal unemployment and moratoriums on eviction, has been a much-needed lifeline to many who have been hit the hardest. However, it is now August 2020, and as
The last six months has been a whirlwind of events, all impacting the real estate market in different ways. Earlier this year, the Fed cut rates to nearly zero, driving millions of Americans to pursue new home acquisitions or refinance opportunities. However, shortly after, as the pandemic spread across the globe and stay at home orders were established, the transaction velocity of properties came to a halt. Fast forward two months and the trends are
Over the last few decades, the concept of green living has been on the rise. It first gained popularity in the subcultures of environmentalists and hippies, who were dedicated to changing the systems by which they live in order to better reflect their beliefs and values. Early adopters of green homes, for example, focused on developing their own energy sources, composting their waste, and reducing the pollution created by their environments. However, as knowledge of
The real estate market is one of many industries that have been impacted by the coronavirus. In some local markets, especially the densely-populated ones, transactions have all but halted as people learn to cope with the fear and economic uncertainty resulting from the pandemic. However, in other communities, such as in Santa Cruz County, real estate transactions have remained constant as people began seeking new homes in more remote areas to prepare for the changes
As COVID-19 swept across the world, the industry of real estate took a major hit. Stay-at-home restrictions prevented realtors from showing homes, and the disruption in the economy created uncertainty for both home buyers and home sellers. Although the data is not yet in for the United States, it is apparent that COVID-19 caused a major decline in transaction velocity. More is known about the effects in the eastern hemisphere, where the virus first hit
As spring — the most popular time for homes to be sold on the market — approaches, shelter-in-place restrictions remain in place on both federal and state levels, creating numerous challenges for those looking to transact. Unfortunately, the unanticipated outbreak of COVID-19 has had an unprecedented impact on the real estate market. Although the numbers and data are still being collected, there are a few trends that have been prevalent since the pandemic hit the
Analysists predict that the COVID-19 pandemic is anticipated to alter the future of real estate. One of the early indicators we are experiencing today has been the sudden increase in demand for remote luxury living in markets across the states. This is an interesting shift, given that it contradicts trends the U.S. has been following for more than a century. On average, the U.S. witnesses about a 5% increase in urbanization each decade, and in 2010,
Real Estate Loans in a Pandemic: Even if there are houses for sale, Can I get a loan? Can I refinance with these low rates?
The Fannie Mae and Freddie Mac market is alive and well. That is loans up to $510k and in some high cost counties across the US, up to $765,000. Rates are the lowest in a long time. No changes have been made yet to underwriting guidelines. Jumbo loans, which are loans above the Fannie and Freddie loan amounts, is starting to tighten. Bank of America has announced That Santa Clara County and Santa Cruz County
Since the outbreak of COVID-19, businesses have been shut down, thousands have been laid off from their jobs, millions have applied for unemployment, and people have been asked to stay at home until the pandemic is under control. With all of this being said, homeowners and renters are now faced with the challenge of paying rent, even if they do not have the income to pay. In this article we will outline government initiatives that
It is very tempting to click every article or headline about the Coronavirus but we wanted to share with you some credible sources that will allow you to accurately educate yourself about the current conditions surrounding COVID-19 and avoid the spread of misinformation. The best practice is to trust, but verify. For information on COVID-19, I recommend these sources: CDC Coronavirus InformationJohns Hopkins UniversityNational Science FoundationNational Institutes of HealthWorld Health
For California homeowners, wildfires can be the single greatest threat to the safety of your home and family. In 2019 alone, an estimated 7,860 of these fires devastated the Californian landscape. 259,823 acres of land were set ablaze, resulting in the destruction or damage of 732 structures. Worst of all, three lives were confirmed lost as a result of these fires. Given the terrifying suddenness with which these natural phenomena can break out and travel
The housing market has been in a precarious state of recovery since the crash of 2008 and subsequent foreclosure crisis in 2010. Economists and homeowners alike are constantly speculating on when the next crash might come; but for now, things seem to be healthy. Unfortunately, for many American families, a growth in home values doesn’t mean the same thing it might have ten years ago. Historically, homeownership has been a staple component of the American
Where Will the Market Trend in 2020? Bull or Bear? 2 Part Series, Part 2: Evidence of a Declining Market (Bear Market) In part one of this series, we reviewed the 2019 market and the stances of economists who anticipate that 2020 will see a continuation of a bull market. However, some dispute these ideas and believe that we are entering into a housing bust. If you take a look at the historical trends in
2 Part Series, Part 1: Evidence of an Improved Market (Bull Market) At the beginning of each year, analysists across the country release reports on what they predict the upcoming year will bring in the real estate market. They don’t have a magic 8-ball, but they do assess the trends of the past and present relevant variables to identify where they think the market will go. In this two-part series, we are going to take
According to the California Department of Forestry & Fire Protection (CAL FIRE), there have been 6,872 reported number of fires, 253,321 acres of land burned, 732 structures damaged or destroyed, and 3 confirmed fatalities, all within California this last year. They reported that California has witnessed one of the “deadliest and most destructive wildfires in its history in 2017 and 2018.” CAL FIRE identified that although “wildfires are a natural part of California’s landscape, the
In California it is not uncommon for homeowners to own more than one property. Mountain cabins, beach houses, and vacation homes are part of the lifestyle. However, when it comes to getting a legal or financial edge, it can sometimes be hard to know how to classify the property. Here is a basic overview of some common property types and how to tell them apart. Primary Residence A primary residence is the main home that
Governor Newsom of California has recently signed a string of new laws aimed directly at the growing problem of housing costs. As Newsome recently said, “the high cost of housing and rent is putting the squeeze on family budgets, and our housing shortage threatens our economic growth and long-term prosperity.” Since his election in January, Newsom’s administration has indeed taken several steps toward solving California’s housing affordability crisis. According to Newsom, “in 2019, California has
If you are thinking of buying a condo or townhouse with an FHA loan product, we’ve got some good news for you: the Department of Housing and Urban Development (HUD) just made it easier to buy a condo using their Federal Housing Agency (FHA) low down-payment loans. The first thing to note is that, in order to buy a condo or townhouse using an FHA loan product, your unit will need to get “approval” from
The National Association of Realtors (NAR) recently released a report summarizing foriegn buyer activity from April 2018 - March 2019, titled Profile of International Activity in U.S. Residential Real Estate.The top three countries that foreign buyers came from were China ($13.4 B), Canada ($8.0 B), and India ($6.9 B). This is the lowest level of international sales since 2013. Source NAR found there has been a 31 percent drop in the number of foreign buyers
When you sell a piece of residential real estate in California, you will most likely need to fill out the Real Estate Transfer Disclosure Statement (TDS) and the Seller Property Questionnaire (SPQ). These documents serve as disclosures, giving you the opportunity to share what you know about your property with the buyer. Below we will explain the importance of, and how to fill out both of these disclosures. The Real Estate Transfer Disclosure Statement Section
Have you considered buying or selling property in Seascape, California? If so, you'll likely come across property in Seascape Resort. In total, there are 278 residential units in this Resort, consisting of two and one bedroom units. If you choose to buy a piece of property in Seascape Resort, there are two things that you should be aware of: 1) the rental program 2) the 90 day stay limitation. Below we describe both in more
It is no doubt that Climate Change will require large-scale solutions. However, to tackle this gigantic problem, we will all need to make changes to the way we live, and the sooner we do so, the better. To help bring more environmental conscientiousness to homeownership, we've provided some tips below on how to reduce water and electricity use as well as waste in our homes. Save Water According to the EPA, the average American family
Are you one of the growing numbers of people interested in alternative (and often less expensive) housing options like yurts? If so, it’s important to understand your local government’s rules and regulations related to living in these structures year round, as a primary residence. Read on to explore the option of living in a yurt in Santa Cruz County. What is A Yurt? Traditionally, yurts consisted of an expanding wooden circular frame overlaid with a
Rent control and just cause for eviction laws have been proposed on both a statewide and local level over the past year. One bill is inching towards implementing state-wide rent control and just cause for eviction - AB 1482. However, unlike past bills, this one has numerous provisions in place to temper the negative impacts that rent control and just cause for eviction often have on property-owners. For example, the changes made by the bill
If you plan to buy or sell a residential home in California, you will likely use the California Residential Purchase Agreement and Joint Escrow Instructions (RPA-CA) contract to specify the terms of the deal and how they will be executed.
A new, proposed California Senate bill will prohibit landlords from discriminating against those with Section 8 vouchers. In this article we’ll explain what the bill proposes and explore different perspectives of those who will be impacted by it. What Is the Section 8 Voucher Program? The Section 8 voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford housing in the private market. In Santa
Imagine purchasing the lot of your dreams, with beautiful views, in the location you’ve always wanted, and then finding out that you are not allowed to build on it because it’s not a legal lot!
Smart homes are homes that have been equipped with lighting, heating, safety features and/or other devices that can be controlled remotely by phone or computer. According to a 2016 survey, 60 percent of Americans think that a home needs to have at least three categories of smart products for it to be considered “smart”.