Green Real Estate Appraiser

New laws for property owners and renters – California

Posted on February 2, 2018 | Leave a comment

ew laws went into effect last month that will probably come as a surprise to many landlords, homeowners and renters.

Gov Hutchinson, assistant general counsel for the California Association of Realtors, walked roughly 350 people through new legislation Thursday at a Greater San Diego Association of Realtors event in Mission Valley.

He said there are fewer new laws in 2018 than previous years, but were still important for real estate professionals to know about.

Undocumented immigrants (AB 291 and 299)

Hutchinson gave an example of what not to do: “If a landlord says to a tenant, ‘I’m going to double your rent. Don’t complain or I’ll turn you in.’”

If the landlord does reveal the status, and the renter isn’t deported, the renter is entitled to $2,000 if they prevail in court. Also, the landlord could face additional statutory penalties.

Marijuana (Prop 64)

Proposition 64 said homeowners 21 years old and older could grow six plants indoors — not on their lawn.

Renters don’t have much luck under the new law if they like marijuana. Landlords are allowed to prevent them from growing or smoking on the property.

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San Diego home price increases among highest in U.S. for 2017

Posted on January 31, 2018 | Leave a comment

San Diego had the fourth highest price gains in the nation in November, said a key real estate index released Tuesday.

The region’s home prices rose 7.4 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Only Seattle, Las Vegas and San Francisco had bigger increases in the 20-city index.

San Diego had been in the top three cities for increases since August, representing a substantial rise in prices in 2017.

Price increases are rising throughout the nation, overall rising three times faster than the rate of inflation, as experts point to a lack of supply as the main factor.

“Since we have such historically low inventory, that has really caused prices to go up,” said Cheryl Young, senior economist at Trulia. “(At the same time) wages are growing, job growth is pretty strong and mortgage interest rates are very low.”

She said prices would likely continue to increase because the number of new homes built in 2018 is not likely enough to meet demand.

San Francisco had the biggest yearly price increase in California, 9.1 percent, but San Diego outpaced Los Angeles, which had a 7 percent yearly increase.

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Demand Pushes San Diego Home Prices Up in December

Posted on January 25, 2018 | Leave a comment

The San Diego County median home price finished the year at one of its highest points.

The county median home price increased 9.1 percent in a year.
December’s median price of $540,000 was the second-highest of the year, tied with November
Nearly 500 new homes sold in December, the most in one month all year.

San Diego County home price. Here’s the full story

The San Diego County median home price was $540,000 in December, tied for second-highest of the year, capping off a year of record price gains, said real estate tracker CoreLogic on Wednesday.

In 12 months, the median price increased 9.1 percent, outpacing the 4.2 percent yearly increase in 2016.

San Diego County’s median home price hit an all-time high in June of $545,000. Its lowest point of the year was $492,500 in February.

December is typically a slower month for the housing market, but real estate agents and market watchers said high demand, and a limited number of homes for sale based on historic averages, pushed prices up.

Also, a strong economy with high consumer confidence is also a factor, said Alan Gin, economist at University of San Diego’s Burnham-Moores Center for Real Estate.

“The economy is solid. Unemployment is low,” he said. “People hear that housing prices are going up and they want to jump in before it gets out of hand even more.”