Author: admin
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California Housing Market Predictions 2025
California's housing market predictions for 2025 indicate a mix of opportunities and challenges. The average home value is currently $773,363, reflecting a 5.1% increase over the past year. While some regions like Los Angeles and Central Valley cities are expected to see modest growth, areas such as San Francisco and Sacramento may experience declines. Economic…
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California Housing Market Cools Down: Is it a Buyer’s Market Yet?
California's housing market is experiencing a slowdown, with home sales in August 2024 dropping to a seven-month low of 262,050, a 6.3% decrease from July. Despite this, median home prices remain stable at $888,740, reflecting a slight increase. Factors contributing to the slowdown include fluctuating interest rates, affordability concerns, and the end of the traditional…
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California’s New Homes: A Solution or Problem?
New home construction in California and beyond fails to solve housing affordability issues. New homes are 40% larger and 80% pricier than existing homes in major cities.
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California Aims for 2.5M New Units by 2031
Critical shortage exacerbates economic, social issues: Particularly severe for lower-income families in urban areas.Rising costs hinder construction: Inflation, interest rates, and red tape drive up prices, especially for low-income housing.
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Real Estate Forecast Next 5 Years California: Crash or Boom?
California's housing market is expected to face ongoing challenges as it transitions into 2024. A persistent inventory shortage and rising mortgage rates have dampened existing home sales, but a strong job market has prevented significant price drops. The California Association of Realtors predicts a 6.2% increase in median home prices to $860,300 in 2024. Mortgage…
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California Rent Crisis: Can Prop 33 Help?
California’s avg monthly rent is $2,867, straining renters’ budgets and increasing homelessness. Proposition 33 aims to repeal the Costa-Hawkins Act, allowing local rent control expansion.
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How soon could home insurance rates drop? 2025
The California Department of Insurance has approved rate increases for insurers, urging them to write new policies, especially in high-risk areas. Deputy Insurance Commissioner Michael Soller emphasizes the need for insurers to take on higher-risk homes and highlights issues like delays in forest management affecting rates. California uniquely requires insurers to use historical data for…
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California Housing Market Crash: Is a Correction Coming Up?
The supply of houses for sale in California has been consistently lagging behind buyer demand, which is expected to continue in 2024.A dramatic crash seems unlikely due to persistent housing shortages; a market correction and stabilization of prices are possible.
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Score Savings on California Property Taxes With 2024 Appeals
California’s property tax values are set at purchase or construction and can only increase by 2% annually.For 2024, properties from 2018 will see a 12% higher assessed value, while 2022 properties will face a 4% increase.
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You just bought a home? Here’s what you should do before moving in
Before moving into your new home, change all exterior locks and garage codes. Consider a thorough cleaning, set up utility accounts, and update your address with the post office. Ensure all detectors are working and locate important controls. Once settled, establish routines and explore the neighborhood. The FHA's 203(k) program now allows borrowers to include…