February 2022 Real Estate News

{original post 2/17/2022}

Hello! Thanks for tuning in to this month’s newsletter. It’s our goal to bring valuable real estate content and local updates to you, so we hope you enjoy! In this e-newsletter, we will provide you with the latest news of what's been happening in the business, our latest raffle, and new housing legislation that will change the real estate landscape!

February 2022 Real Estate News

https://www.youtube.com/watch?v=1dxcNhV5XKM

Latest news in the business, raffle prize opportunities, and new legislation.

New Team Updates
This month has been incredible! We have been working extremely hard for all of our buyer clients to find deals in this extremely tight and competitive market. We have been very fortunate to have found a few off market deals over the past two months that we’ve been able to put together for some of our clients. We had a new listing hit the market and sell right away to a great family.Some other highlights have been working on improving our new website. This is a powerful tool to help us serve you better with your real estate needs. One of the projects we have been working on is creating custom Monthly Neighborhood Updates. This way you can keep an eye on the neighborhood, see pictures of your neighbors’ homes, compare features and benefits, and see what the price trends are for the area. It’s been taking time, but we are making great progress. If you would like to have a custom neighborhood update for your property, just let us know!We are also working on improving our business database. We have been going through and updating all of the old contact information. If you want us to keep you posted with our monthly mail, please share your best mailing address with us.Finally, our team is growing! Baby Schwaegerle is joining the world this summer! We are so thankful and so very excited for this new chapter. You better believe we’re bringing our little love on appointments with us!
Want to win $50 to a restaurant of your choice?
To enter this raffle, all you have to do is leave us a review on Google! It only takes a couple of seconds to click the link, hit the stars, and leave us a quick review. https://g.page/r/CVqoI8NAcYcuEAg/review


All reviews submitted in the month of February will be entered to win! 

Important New Housing Legislation
We all know California has a housing shortage. This dynamic has made many look to other states for a more reasonable cost of living, helping cause California’s first ever population decline in 2019. The cost of living has gone up so much and people are hoping for some relief. In 2021 the average home price went up 20%. Zillow re-adjusted their 2022 housing price projections up to the levels that many other real estate industry experts are now projecting. Zillow now projects that US Home Prices will increase another 16.4% in 2022. Now is definitely not a good time to be waiting for a market correction before buying!To add to our state’s limited housing inventory, California’s legislature passed several new laws in 2021 to take effect in 2022. These include:
-SB 10, which authorizes local governments to zone any parcel for up to 10 units of residential density when the parcel is located in a transit-rich area, a jobs-rich area, or an urban infill site
-AB 345, which requires each local agency to allow an accessory dwelling unit (ADU) to be sold or conveyed separately from the primary residence to a qualified buyer
-AB 571, which prohibits a local government from imposing affordable housing impact fees from being imposed on a housing development’s affordable units;
-SB 591, which permits the covenants, conditions, and restrictions (CC&Rs) of a senior citizen housing development to establish intergenerational housing that includes seniors aged 55+ along with caregivers who do not meet the minimum age requirements and transitional age youths, as long as at least 80% of the occupied dwelling units in the development are occupied by seniors;
-AB 1584, which makes any CC&Rs that affect the transfer or sale of an interest in real estate that prohibits or unreasonably restricts the construction or use of an ADU on a lot zoned for SFR use void and unenforceable. It also requires a common interest development (CID) to amend any governing document that includes a covenant restricting ADUs in this manner by July 1, 2022;
-SB 9, which sets forth what a local agency can and cannot require in approving the construction of two residential units on a single lot, or a single family residence and an ADU. This new law also requires a proposed housing development containing two residential units within a single-family residential zone to be considered without discretionary review or hearing when the proposed housing development meets certain requirements, including that the proposed housing development does not require demolition or alteration of low- or moderate-income housing;
-SB 60, which raises the maximum fines for violating an ordinance relating to a residential short-term rental which poses a threat to health or safety from $100 to $1,500 for a first violation, from $200 to $3,000 for a second violation of the same ordinance within one year, and from $500 to $5,000 for each additional violation of the same ordinance within one year of the first violation.
Source: FirstTuesday Journal 

Statewide Safety Inspections
Starting July 1, 2022 all properties in California will be subject to Assembly Bill 838, the State Housing Law: enforcement response to complaints. Essentially, any building in California that does not comply with state health and safety standards can be reported to the local government. Once reported, the state will send out a special inspector to assess the property. Types of conditions that make a building “substandard” include:
-the presence of pests
-lack of heat
-lack of access to safe drinking water
-structural problems
-fire hazards
-and insufficient exits.
[Calif. Health & Safety Code 17920.3]

For any violation of the building code, the local government will require the building owner to take the necessary steps to fix the problems. The government will require a follow up inspection to confirm that the issues have been addressed. The new law will help protect tenants from negligent landlords who do not take care of their property. It will also cause some absentee owners to reevaluate their property and consider whether or not it is worth holding onto. This may lead to some more housing stock coming back on the market after being held for years as investment property.
Source: FirstTuesday Journal

Access to the Multiple Listing Service

With the launch of our new website in December, we are happy to announce that we are able to provide you with free access to all of the listings available in the Multiple Listing Service. You will be able to view all of the homes, land, investment, and commercial properties available immediately on our website free of charge. You can browse for homes casually from the comfort of your own home. You can request showings, calculate mortgages, and even run a quick valuation for your property. If you haven’t been to our website yet, check it out now!

Please Give Us Feedback and Follow Us on Social

Thanks so much for reading our newsletter this month! We want to hear from you!  We are always looking for feedback. Please let us know how we can support you on your real estate journey. Whether you just purchased a new home, want to explore home buying options, are curious about what your property might be worth, or just want to know more about the market, please reach out! 

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