New Real Estate California Laws for 2024

San Francisco and Kansas City home market prices!This graphic is at the end of 2023, showing median sales prices as of the 4th quarter in the Bay Area vs Kansas City.If anyone is thinking of relocating to Kansas City or any other area, just get in touch!  Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

"The Treasury Department’s Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies." Cash transactions in real estate have been a suspected source of money laundering, both in the United States and Canada, where values have increased over 3-7%. Not everyone is happy about being registered, but a new database has been set up where over 100,000 business have registered, in order to gain transparency for who is buying with all cash in real estate purchases. Anonymous shell companies and trusts will have to disclose names of actual persons involved.  See more at the Wall Street  Journal.Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Seal Beach Market Update Dec. 2023Seal Beach visitors notice the shops, restaurants and local neighborhood ambience.  Old Town is the center of summertime activity for beach going fun and walks on the pier. It's hometown scale is what visitors find accessible and friendly. Listings for single family homes in Seal Beach were down in December 2023, as were the number of closed sales, compared to one year ago, 96 sales down to 77 sales, while days on market increased from 20 days to 30 days.  The median price however, over the previous 12 months, increased by 3.7%, while average prices were down 1.2%.To see map and or list views of current properties on the market, go to the link below, fill out the form and click on Apply. Here is map view of current properties on the market in Seal Beach as of date of this post: Graphic of current listings in Seal Beach     To find properties in Seal Beach, go to https://www.abodes.realestate/mls-property-search  For more information on any properties, please call, text or email me. The more information you give me, the more I can assist you. Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

What’s included in a home inspection may not be as important as what isn’t.

Sales price of a property is not all there is to consider in a home purchase -- there are maintenance, insurance, property taxes, and utility bills. Utility bills may include water, central air and heat, phone and internet services, and keeping up the heat for the swimming pool if there is one. If your property is a condo or single family home in an HOA, monthly assessments may include some services, or not -- so a buyer should be sure to check on those items.With the topic of climate change, heating and cooling costs have particularly come to owners' attention. But according to a survey by Payless Power, only about 47% of homeowners said they considered cost of electricity when purchasing their home. While this can vary widely according to living in a cold winter blast area, or the hot summer deserts of Arizona and California, agencies have increased their utility charges. To conserve costs, consider using off-peak hours (check with your utility company, usually later in the evening), using energy efficient appliances and unplug them while you're on vacation, and sealing the house as cracks and gaps can account for a 40% loss of heat--dual paned windows are not inexpensive but can be worth the cost.The graphic by Payless Power illustrates some of their findings on costs related to age of home, size and type. Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Also, as of last November 18, 2023, FNMA is accepting 5% down payment on 2, 3 and 4 unit properties. They must be owner occupied in at least one unit. This lower down payment allows the purchaser to put more money towards standard purchase costs, property maintenance or reserve funds for the future. To obtain qualification information, the buyer needs to contact an experienced loan officer for more information on all loan limits and financing. A buyer should also learn about owner/tenant laws, and more, assuming other units will be rented out, which of course brings in income on the property. This lower down payment is a huge benefit to buyers interested in residential multi-unit purchases. For representation to purchase a property and assistance with all contract and disclosure aspects of buying, please contact me, a REALTOR since 1994.

Boat in Marine StadiumIt’s probably not a shock that the real estate market is softening. After a period of low-interest record rates, we’ve seen a significant increase in the average mortgage after multiple subsequent rate point hikes from the Fed as it tackles inflation. This has hampered both buyers and sellers.This creates a lock-in effect. Homeowners like you probably hold a low-interest rate mortgage and are reluctant to sell in an environment with rising rates. Buyers also don’t want a high-interest rate, but buyers are still in the market. Mortgage companies offer alternatives to a 30-year fixed loan along with many ways the buyer and seller can work to buy down the loan to make the payments more palatable.There are fewer listings on the market, and active buyers are still looking for the perfect home at the right price. Some homes are still selling within weeks, about 30% nationally. What’s the secret? Being ready for occupancy and pricing properties based on condition and comparable sales.An excellent REALTOR can work with you to do the right things to make your home attractive to potential buyers. If you’re not interested in selling right now, you can sit tight because you’ve built equity in your home, and even in this unsteady market, that equity will likely not erode.I’m always here to answer questions about the property value of your home and specific neighborhood comparables. Please use your favorite form of communication to reach out! Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #0118899