Steve Spiro’s Blog
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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…
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California Seeks Public Input on Insurance Reforms
California's Department of Insurance seeks public input on reforms to improve statewide insurance availability.A virtual public hearing on wildfire modeling regulations is scheduled in September.
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Broadband and Housing Bills Impact California Growth
California’s housing market is impacted by broadband expansion, new laws, and emerging affordable housing trends. Over $1.8B for broadband could transform underserved communities, increasing Real Estate viability across California.
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California’s Wildfire Crisis: $760 Billion Rebuild Bill
Over 1.2 million California homes face high wildfire risk, with reconstruction costs exceeding $760 billion. California FAIR Plan offers limited insurance, with major insurers retreating from high-risk zones.
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California’s New Home Construction Rises
Single-family Permits Increase: Up 13% from 2023, highest in two years. Multifamily Permits Decrease: Hit a 12-year low, down 27%.
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Southern California Investor Bets on Mid-Market
A property at 989 Market St. was acquired for $13.5M, marking a major post-pandemic investment. The six-story building will be marketed as a multitenant space due to lower demand for full offices.
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Mortgage rates are dropping: what it means for California homeowners and homebuyers
Homeownership is vital for building generational wealth, especially in the Black community, where 90% of wealth gains come from it. The Federal Reserve may cut interest rates, impacting affordability for buyers and current homeowners. Prospective buyers should focus on financial readiness rather than timing the market. Low down payment options and grants are available. Existing…
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How Much Does It Cost to Sell a House in California?
Selling a home in California typically costs 9.81% of the sale price, including REALTOR® fees, closing costs, and staging.The avg REALTOR® commission in California is 5.11% of the home’s sale price, with a potential seller concession to help cover buyer’s agent costs.
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California launches $80 million rebate program to electrify multifamily buildings, homes
California has initiated an $80 million rebate program to support the electrification of multifamily buildings and homes across the state. Continue to full article
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These 4 States Have the Most Mortgage Balances Over $1 Million – What Does That Mean for Their Housing Markets?
Mortgage balances exceeding $1 million are prevalent in California, New York, Florida, and Washington, indicating rising home prices and affordability challenges. California leads with cities like Atherton averaging $2,447,013, while New York's Sagaponack follows at $1,888,234. Florida's Bal Harbour tops the list at $2,589,207. Washington's Clyde Hill averages $1,783,075. The trend suggests a growing luxury…
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