Steve Spiro’s Blog
-
Southern California Home Prices Defy Sales Slump
The Southern California real estate market is seeing rising home prices despite a sales slump, with the median price reaching around $800,000. The average age of homebuyers is now 56, as younger generations face economic barriers. Luxury properties are in demand, but affordable housing is scarce, causing frustration. Experts foresee ongoing challenges due to economic…
-
What’s the Security Deposit Limit in California?
California’s rental security deposit law limits the amount landlords can charge and specifies its allowed uses. Landlords can charge one month’s rent, but smaller landlords can charge up to two months’ rent.
-
Most Expensive Housing Markets Of 2030 Revealed — One Tops $1 Million
The cost of living in the U.S. is rising, with home prices increasing by 48.55% over the past decade, now averaging $257,000. Experts predict that by 2030, the average home value could reach around $382,000. States like California, Hawaii, and Washington are expected to see significant appreciation, with California's average home value potentially exceeding $1…
-
California Cities: 2025 Projected Growth by MSA
Bakersfield MSA is projected to grow by 1.8% due to affordability and a strong job market. Riverside-San Bernardino MSA also expects 1.8% growth, attracting buyers with lower urban costs.
-
California Expands Residential Tenant Protections to Certain Small Commercial Tenants
California Senate Bill No. 1103, approved on September 30, 2024, extends rights to "qualified commercial tenants" like microenterprises, small restaurants, and nonprofits. Effective January 1, 2025, landlords must meet conditions before charging fees for building operating costs and provide documentation. They must give 30 or 90 days' notice for rent increases and 30 or 60…
-
California Housing Prices: Will They Fall in 2025?
California housing prices in 2025 may see declines in some MSAs, with others experiencing growth. High living costs and remote work trends are driving declines in cities like San Francisco and Sacramento.
-
California Housing Market Stalls: What’s Next for Homebuyers?
The California housing market is currently experiencing a slowdown, with September 2024 home sales hitting a nine-month low at 253,010, a 3.4% drop from August. The median home price is $868,150, reflecting a slight decrease from August but a 2.9% increase year-over-year. Economic uncertainty, fluctuating interest rates, and increased inventory contribute to buyer hesitation. While…
-
Will California Be a Buyer’s or Seller’s Market by End-2024?
California home sales dropped to an annualized rate of 262,050, a 6.3% decrease from July. Median home prices reached $888,740, showing a 0.2% increase from the previous month.
-
Half a million California homeowners to see second insurance rate hike in a year
More than half a million Californians will face home insurance rate increases for the second time this year. The Auto Club of Southern California has been approved to raise rates by an average of 6.2% for homeowners and 11.6% for condo owners, effective at their first renewal in 2025. Earlier in March, rates increased by…
-
Why lower interest rates likely won’t make housing more affordable in Silicon Valley
A recent study indicates that the San Francisco and San Jose metro areas will see minimal benefits from lower mortgage rates, with less than a 4% increase in affordability. Despite a recent Federal Reserve rate cut, high demand and low inventory in Silicon Valley may prevent significant price reductions. Lower rates could ease mortgage qualifications…
Ask Me Anything