Property Tax Disaster Relief: Important Information for California Property Owners
If your property has been impacted by a major calamity such as an earthquake, fire, or flood, you may qualify for property tax relief under California Revenue and Taxation Code Section 170. This program is designed to help property owners whose homes or buildings have been significantly damaged or destroyed by natural disasters. How Property […]
Southern California Housing Market Update: September 2024 Highlights
As we close in on the end of 2024, Southern California’s housing market has shown resilience, with steady price increases despite a slight dip in home sales volume. According to CoreLogic’s latest data for September 2024, the median sales price for all residential properties across the six counties in Southern California reached $765,000, marking a […]
New Legislation: Medical Collections No Longer Impact Credit Reports
Effective January 1, 2025, a significant change in California’s credit reporting landscape will take effect, as Governor Gavin Newsom signed a bill prohibiting medical collections from being factored into credit reports. This legislation aims to alleviate the burden of medical debt on consumers and facilitate greater access to credit, particularly for those whose purchasing opportunities […]
New Legislation Aims to Streamline Homebuyer Contracts
In a significant move aimed at protecting homebuyers in California, Governor Gavin Newsom has signed a bill limiting residential purchase agreements to three months. This new legislation seeks to enhance transparency and reduce the pressure on buyers in a competitive real estate market. Previously, homebuyer contracts often extended for longer periods, leading to uncertainties and […]
Mortgage Rate Drop Sparks a Wave of Refinancing Activity
In a significant turn of events, the recent drop in mortgage rates has triggered a surge in refinancing applications across the United States. Homeowners are seizing the opportunity to lock in lower interest rates, leading to a refinancing boom that could have lasting impacts on the housing market and broader economy. The Catalyst: A Dip […]
Significant Changes Ahead for Realtors: Insights from the Recent NAR Settlement
In a landmark settlement that could reshape the real estate landscape, the National Association of Realtors (NAR) has agreed to make substantial changes in response to a class-action lawsuit. This decision marks a pivotal moment for real estate professionals and industry practices nationwide. Overview of the Settlement The settlement, announced on August 17, 2024, resolves […]
The Cost to Own a Home Is Rising Again in 2024
Achieving home ownership is a goal for millions of Americans, but it’s become increasingly expensive to purchase a home in the United States due to a lingering combination of low inventory, inflation, and serious competition. Prices have skyrocketed in the past few years in real estate hotspots like California, with the California Association of Realtors […]
Median Home Prices Continue to Climb Out of Reach of the Average American
Housing prices are just one of the many increasing costs in the modern economy, but recent statistics indicate that the median sales prices of houses sold in the United States has reached a level far out of the reach of the median household income. Costs vary across the country, of course, and incomes do, too, […]
How Much Does it Cost to Buy a Bigger Home?
While housing trends have changed over the years, one has remained stable for decades, and that is the popularity of homes with ample space. The average size of a single-family home has more than doubled from just over 900 square feet in 1949 to an eye-popping 2,480 square feet in 2021. What’s more, a recent […]
Mortgage Cost Increases Significantly and Outpaces Income Gains from 2020 to 2024
The affordability crisis in the real estate market has reached a milestone in the first months of 2024, with experts suggesting that the average homebuyer needs an 80 percent higher income to afford the average house today versus 2020. Numbers published by home listing aggregate site Zillow indicate that a family needed $47,000 in household […]