California Leads The Nation in HOA Communities

 

Source: Foundation for Community Association Research
Nearly 74 million Americans reside in a community with a homeowners association or condominium board, with California leading the nation in the number of HOAs.

California leads the nation with 49,200 associations, followed by Florida, with 48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100; and New York, with 14,000, the report says. In 2019, there were about 351,000 community associations in the U.S. The Foundation for Community Association Research estimates that the number in 2020 will increase to 354,000.

Just Listed!

Currently available in North Los Altos, CA:

4388 El Camino Real #18

Rare End Unit

3 B. 2.5 Ba

$1,798,000

Extra large private 

backyard.

www.4388ElCaminoReal18.com 

Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Gov. Newsom Signs New Eviction Protections Lasting Through January

Gov. Newson signs new eviction protections lasting through January.

From: Source: Los Angeles Times – Full article by Patrick McGreevy.

California state lawmakers passed a plan to protect tenants from eviction through January as long as they pay 25% of the rent due starting with the month of September.

This minimum of 25% of the rent can be paid each month, or it can be paid in delayed payments as long as all of it is paid by January 31, 2021.  Gov. Newson signed the legislation Aug.31^st. 

Tenants are still responsible for paying unpaid amounts to landlords, but other than the 25% of the rent due beginning in September, any rent unpaid between March 1, 2020, and January 31, 2021, because of a COVID-19 related inability to pay cannot be the basis for an eviction.

Landlords will be able to recover this debt in court, however, beginning March 1,2021, and small claims court jurisdiction will be temporarily expanded to allow landlords to recover these amounts.

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
Price your home with my online valuator.

Where Utility Costs Are Most, Least Expensive

 Source: Move.org, via the California Association of Realtors.

Utility bills can add up, especially in a pandemic that has forced people to spend more time at home.  On average, renters are spending between $100 to $150 per month on utilities, whereas homeowners are paying an average of $400 per month, according to Move.org.  Home shoppers would be wise to inquire about the average utility costs of homes the're looking at to help avoid sticker shock when they get their first bill.

Click to see a larger image.

California ranks 36th in the nation with utility costs totaling an average of $379 a month.  Hawaii ranks the most expensive state with utilities totaling an average of $588 a month, and New Mexico ranks the least expensive at $345 a month.

See here the full article and details of the study.

Thanks for reading!

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Many Home Purchase Offers Are "Sight Unseen"

Nationwide, 45% of surveyed homebuyers said they made a bid on a home without first seeing it in person, up from 28% in 2019. Redfin agents cite health concerns around the pandemic and competition fueled by a worsening housing shortage as reasons more buyers are bidding on homes before visiting them.

See the  Redfin-commissioned survey in May and June of more than 1,400 people across 29 major markets.  Article by Lily Katz.

I have had one experience myself of an offer "sight unseen" on one of my listings, 3 months ago, and several agents have also experienced one of such offers within our Coldwell Banker Los Altos office.

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Most Common Home Improvements During the Pandemic

More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey fromPorch.com, a home remodeling website. 

According to the survey, homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with an average of five improvement projects per household. To fund these household projects, 38% dipped into savings, 23% used credit cards, and 13% used their government stimulus checks.

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Francis
Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

National Real Estate Market Not Slowing Down

Nationwide, it seems that the market is not slowing down with the Pandemic.

A shortage of homes for sale and record low interest rates are creating a competitive home shopping summer, with a housing market getting closer to pre-pandemic levels, according to Realtor.com.

Today's market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season.  home buyers, trying to take advantage of record low mortgage rates and make up for lost time, are finding limited and more expensive option according to Realtor.com.

Housing shortages continue.  Over the last three weeks combined, new listings are down an average of 14% from a year ago.  Also median listing prices continue to increase at 7.9% over last year, which is faster than the pre-pandemic pace.
Source: Realtor.com

Main take-aways:

- new listings were down 19%
- total inventory was down 32%
- time on market just a tad slower.
- The West and NorthEast are leading the recovery
- interest rates are low, very low.
See the full article here along with the situation per main City area in the US.

Thank you for reading, - subscribe to my blog!

Francis
Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Pandemic Spurs Interest in Backyard Coops

Pandemic Spurs Interest in Backyard Coops.  (Article just sent to me my Connie Chronis, local mortgage broker - Los Altos, Silicon Valley).

Google searches for backyard coops to raise chickens reportedly have been on the rise since the beginning of the COVID-19 pandemic. 

Homeowners are exploring ways to have access to fresh eggs in a time when visiting the grocery store has become more stressful and food shortages grow. “Interest in some of my chicken articles has gone up over 500% since the end of February,” livestock expert Shelby DeVore, founder of Farminence, told realtor.com®. “I’ve also had a huge response from people reaching out and looking for advice.” Chickens are affordable and relatively low-maintenance, and don’t require a lot of space, DeVoer says. “It’s a great way to become a little more self-sufficient without committing to an all-out homestead or completely self-sufficient lifestyle.”

'want to try it?

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Service

s Agency - in Mountain View

What's Motivating Moves During the Pandemic

Americans have been on the move for more reasons than just to snag record low mortgage rates, shows a new survey of 2,000 real estate agents from HomeLight.  The survey, conducted in a series of 7 separate polls from april to the end of June found the top moving motivators cited include the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).

Click to see larger

Meanwhile, in the Bay Area, the sales price is still higher than the ask price, on average, and buyers outnumber sellers.  Here are the latest figures for June, for the County of Santa Clara:

Click to see larger

...where one can see that prices did not go down with the pandemic.  In the trenches, what we see is sustained demand for housing.

Thank you for reading,

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Services Agency - in Mountain View