Blog Posts By Date: January 2020
One of the all the more captivating patterns from the ongoing 2019 Profile of Home Buyers and Sellers is the rising age demographics of home purchasers. In general, purchasers' ages have hopped from the middle of 31 in 1981 to 47 in 2019. While numerous aspects contribute to the rising age of first-time purchasers, a housing desert with the lack of affordable entry-level properties seems to play a major role.
From 1981 to 2018, the age gap of first-time purchasers was pretty close, a level line that staggered somewhere in the range of 28 and 32. The main expansion outside of this was in 2019 when it marginally expanded to the middle age of 33. Not a colossal change, yet enough to know there are different components influencing everything. First-time purchasers are confronting various obstacles to enter homeownership. Many experience issues putting something aside for a downpayment with rising home costs, rising rental expenses, and getting their debt-to-income ratio under control with student loan debt. First-time purchasers additionally face a housing desert with the absence of reasonably priced properties. First-time purchasers who do enter the market regularly defeat these obstacles with family help, for example, downpayment help, or the capacity to move straightforwardly from living with parents into homeownership. more...
As of the beginning of 2020, all newly developed homes and low-rise apartments in California are required to have rooftop solar panels. The state is the first in the country to convey such a change in the law. This law also requires better insulation and air filtration for new homes. In addition to a few zones in the Bay Area seeing regulations on the utilization of natural gas. For instance, new homes in Berkeley, San Mateo, Menlo Park, San Jose, or Marin County will not have the option to introduce gas appliances or will have to be more energy-efficient to do so.
The guidelines for energy use are expected to help reduce the state's greenhouse gas emissions. The new laws apply just to recently built homes and apartments so existing buildings are not required to make the change, but it is widely welcomed among many Bay Area residents. more...
Nobody likes paying taxes on real estate, especially if you live in an area with high tax rates. However, you can potentially get a nice tax deduction from the real estate property taxes you paid. As most of the U.S. tax code, the real estate tax deduction is complicated especially since the Tax Cuts and Jobs Act
. The following information is what you should know about the present condition of the real estate tax deduction and how to determine if you can utilize it or not.
Real estate taxes are still deductible more...
The most noteworthy changes in the latest real estate laws and regulations originate from the passage of Assembly Bill 1482, a statewide rent-gouging prohibition and "just cause for eviction law that will give California the country's most powerful statewide resident protection.
Other resident securities that have begun this year include a ban for "No Section 8" procedures, an increase in the amount of time rent increase notices can be served, and a lower security deposit requirement for active U.S. military personnel. In this post, we’ll summarize these newly required laws and other statewide policy changes that will shape the way rental housing providers operate in 2020. more...
Decorating the Perfect Guest Room
One of the many pleasures of home decorating is welcoming your friends, family, and loved ones into your home to experience it. If you're someone who loves to host (or even if you're not!), creating the ideal guest sanctuary is key to ensuring an unforgettable stay for your family and friends.
The best guest rooms are uncluttered, comfortable and feel a little like home. But it is also a place to explore decor options, put your own personal touch, and make your guests feel like they're staying somewhere that is intentional, welcoming, and well-planned. Whether you add a bold wallpaper or you're seeking ways to create the ideal guest room oasis, we've formed our favorite guest room decor tips. more...
In 2019, half of the most competitive neighborhoods for buying a home were in the Bay Area. In a recent report from Redfin, home purchasers seeking an area for the calmest, most floral, and convenient distance to restaurants and markets, was the country's most sought after neighborhood in 2019. About 72% of homes in White Oaks, C.A. sold above asking value this year, and most were available for less than fourteen days. Redfin found the median sale price of a home in White Oaks was valued at around $1,835,000. White Oaks took the top spot in Redfin's positioning of the 20 most competitive neighborhoods, yet it has a great deal of nearby competition. Ten of the top neighborhoods are in the Bay Area and near half of those are in Oakland.
The second most competitive Bay Area housing market is the Glenview neighborhood of Oakland. Fourth overall, with more than 84% of homes selling for above the asking price. Likewise a few popular neighborhoods in Oakland like Upper Rockridge, Bushrod, and Piedmont. “I’ve heard a lot of people say the Bay Area housing market is cooling this year, but I’m seeing the opposite in Oakland,” Oakland Redfin agent Katy Polvorosa said in a statement. more...
Good news for those who want to get a head start on their home decor remodeling plans: Home remodeling site Houzz, a database where millions of home decor enthusiasts and interior designing experts share decorating concepts, recently created a summary of home design patterns ready to find their way into your home this year.
Formal Dining Rooms
Regardless of whether it's an easygoing weeknight dinner or a Saturday evening gathering, meals nowadays will be shared over casual arrangements, often within or near the kitchen. Houzz anticipates that residents should treat their dining areas like the stunning spaces they should be, with eye-catching hues, designs, bold light fixtures and fine art that probably won't fit somewhere else inside the style of the home.
Colorful Kitchens
In the kitchen, an all-white color palette has ruled since the beginning of time. They're timeless, typical, modern, clean, and compliments almost any decor style. In any case, residents just might be seeking a change in 2020. As indicated by Houzz, while white cabinets remain a preference to remodelers (with 40% of redesigning property owners installing them), there's a greater uptick in those seeking more choices. Houzz recognizes delicate shades of light grays and blues, as a substitute on-the-rise for the all-white kitchen. Another choice for the individuals who can't leave behind their white cupboards? Try small touches of wood, which can be presented through open racking, ledges, drawers, and pull-outs. more...
Your home-purchasing plan could be a long one. When you have an approved offer, you'll likely be eagerly tallying the days until you can move in and start your life as a new homeowner. You may be pre-approved for a home loan, however, you may not meet all requirements for the advance if you commit avoidable mistakes during the approval process.
The following tips below are pointers that potential homeowners should follow to secure their home purchase during the process: more...
If you’re planning to buy a home this year, you should expect to have a lot of company. More millennials are expected to enter the housing market to become homeowners in 2020 as mortgage rates remain at a relatively low level. This new decade brings forth strong possibilities of their home-buying issues in 2019 being alleviated. Here are some key trends experts anticipate you may face this year, and how they could affect your homeownership plans.
More competition
The quantity of new home loans going to first-time homebuyers is estimated to rise to 8.3 million throughout the following three years, beginning in 2020. That is a 700,000 leap from the past three-year time frame, as reported in a recent analysis by TransUnion. Experts believe there will be growth in spite of limited starter-home supply. In fact, TransUnion’s Senior Vice President, Joe Mellman states “We’re actually anticipating interest rates will stay low, unemployment at an all-time low, and real wage growth over inflation will be positive.” In any case, with more buyers interested comes with more competition for the home you want. There's no assurance each homebuyer will discover a new home, and when you do, you might be competing against other offers. more...
2020 loan limits increase to $510,400! Conforming (Fannie Mae and Freddie Mac) advance limits are increasing! So far up it could profit home buyers and refinancing households in 2020. As indicated by the country's housing organizations, conventional/conforming loan limits were not keeping pace with the pattern to "purchase larger," as this decade approaches its end. more...