2024 Housing Forecast

Economists for the California Association of Realtors recently released a 2024 housing forecast with their expectations and predictions for next year. While most of 2023 will be marked by low inventory, steadily increasing interest rates and declining affordability, should we assume anything will change? How did we get here? From the early 1960s through the…

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Insurance Challenges and Changes

Obtaining homeowners insurance has become an increasingly difficult proposition in California and other high risk states, as many insurers have stopped writing new policies and are sending non-renewal notices to existing homeowners. The escrow process during a purchase allows 17 days as a standard timeframe for buyer due diligence, which is often focused on property…

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Local Market Trends

With limited inventory and strong buyer demand despite increasing interest rates, many home buyers are getting creative making their offer as attractive as possible. While some warning signs of a slowdown are emerging, most sales in SLO County seem to be humming right along. Below are some of the terms I am often witnessing buyers…

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Understanding Escalation Clauses

Given historically low inventory throughout California, many sellers are experiencing multiple offers situations as buyers have few options to choose from. As some buyers lose out time and time again, they often become more aggressive with their offer price and terms. This sometimes leads to a buyer including an escalation clause in their offer. Note…

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Fire Insurance Tips

In California, what seems to be a permanent wildfire season has caused millions of homeowners in fire-prone areas to pay soaring premiums for insurance coverage. Alternatively, many homeowners are simply being dropped by their existing carrier. As the severity of wildfires increase, insurance companies are becoming more and more reluctant to renew insurance policies and…

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Coronavirus Market Impacts-6/24/20

As California entered its second month of reopening under phase 2, the recovery is proceeding at a cautious pace. While the rebound in the economy is uneven, the housing market continues to exhibit strength and remains one of the most promising sectors, poised to lead the economy forward.  Despite home sales declining more than 30…

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Legal: Deposits and Liquidated Damages

When buying or selling a home, you will want a basic understanding of the Earnest Money Deposit and Liquidated Damages sections of a purchase agreement, prior to negotiating an offer. Once an offer has been accepted by both parties, the Buyer’s deposit is to be paid into escrow (a neutral 3rd party who holds the…

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