Latest Event Updates

Housing Affordability California

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3rd Quarter Housing Affordability

• 28% of California households could afford to purchase the $555,680
median-priced home in the third quarter of 2017, down from 29% in
second-quarter 2017 and down from 31% in the third-quarter 2016.

• A minimum annual income of $112,100 was needed to make the
monthly payments of $2,800, including principal interest, and taxes on a
30-year fixed-rate mortgage at a 4.16% interest rate.

• 38% of Riverside County households could afford to purchase the
$387,000 median-priced home in the third quarter. An annual income of
$78,070 was needed to make the monthly payments of $1,950.

• 51% of San Bernardino County households could afford to purchase the
$270,000 median-priced home in the third quarter. An annual income of
$54,470 was needed to make the monthly payments of $1,360.

• 26% of San Diego County households could afford to purchase the
$607,000 median-priced home in the third quarter. An annual income of
$122,460 was needed to make the monthly payments of $3,060.

• During the third quarter of 2017, the most affordable counties in
California were Tehama (56%), Kern (53%), and Kings, (52%).

• During the third quarter of 2017, the least affordable counties in
California were San Francisco (13%), San Mateo (15%), Santa Clara and
Santa Cruz, (both at 17%), and Marin (18%).

from CAR.ORG December 2017

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Gary & April Greer, Realtors since 1998

New Recording Fees California

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CALIFORNIA

Affordable Housing

 Fund Document Recording Fee

With keen awareness of California’s shortage of affordable housing, the legislature passed more than 20 bills related to housing in this year’s session.

Chief among these laws is Senate Bill 2. 

This law provides a permanent source of funding for affordable housing by imposing a flat $75 per document recording fee on every real estate instrument that is NOT part of a sales transaction. In this way, SB 2 is written to ensure that the fee will not burden home purchase transactions.

The fee will be capped at $225 per transaction and coordinated with other revenue sources.

C.A.R. supported SB 2 which dedicates 20% of the funds generated to affordable workforce housing and 70% of revenues to local governments for housing.

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Gary and April Greer Connecting Buyers and Sellers since 1998 (951) 522-0518 or april@teamgreer.com

California Housing Market Forecast 2018

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California Housing Market Forecast 2018

With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, though a shortage of available homes for sale and affordability constraints will be a challenge, according to the 2018 California Housing Market Forecast, released by California Association of Realtors (C.A.R.).

“Solid job growth and favorable interest rates will drive a strong demand for housing next year,” said C.A.R. President Geoff McIntosh. “However, a persistent shortage of homes for sale and increasing home prices will dictate the market as housing affordability diminishes for buyers struggling to get into the market.”

  • The forecast sees a modest gain in existing single-family home sales of 1.0% next year, up slightly from the projected sales figure of 421,900 units for 2017. The 2017 figure is 1.3% higher compared to 2016.
  • The average for 30-year, fixed mortgage interest rates will increase slightly to 4.3% in 2018, up from 4.0% in 2017 and 3.6% in 2016, but still will remain low by historical standards.
  • The California median home price is forecast to increase 4.2% to $561,000 in 2018, following a projected 7.2% increase in 2017 to $538,500.

All information deemed reliable but not guaranteed.  Taken from CAR.org 10/17/17

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Gary and April Greer, Realtors CalBre# 01235358/01240571

 

Showing Homes with a Lock Box

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WHY ARE THERE STILL COMBO LOCK BOXES ON OCCUPIED HOMES OR ANY HOME FOR THAT MATTER?? If you only realized how easily access to your home can be gained with this method…

Below is an illustration of the differences between the electronic key box and the combination lock box.  When you are selling your home- the public is being invited inside.  The best protection we can give that situation is to control and monitor the access by restricting it to persons that are LICENSED to provide that access.  And that is why we ALWAYS provide an electronic key box for our clients.

lockbox

 

Electronic Combo
Expensive Cheap
Purchase or Lease from the Board of Realtors Buy one anywhere
Can only be opened by a licensed agent or vendor that is a member of the Board of Realtors and is in “good standing” Anyone can open
Logs Showings with date/time and Broker/Agent information Not capable
Alerts Listing Agent when accessed Not capable
Can be programmed to restrict showings by time Can be opened whenever by whomever

Our advice is to allow the lock box to determine who gets inside (NOT YOU) because the most unsafe thing you can do is open the door yourself.  Insist that your agent provide an electronic lock box and then be gone for showings.

If you are considering a move we would love the opportunity to meet with you and go over our marketing and showing strategy for optimum results!

Call, text or email  (951) 522-0518 or april@teamgreer.com

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GARY AND APRIL GREER