Northern California clients face property insurance challenges, especially in wildfire-prone areas, leading to non-renewals and limited options..The Department of Insurance proposed regulatory changes to retain insurers, including criteria adjustments for rate increases.
California is known for its high cost of living, but there are more affordable pockets within the state. The Central Valley, including cities like Fresno, Bakersfield, and Modesto, offers significantly lower housing costs compared to coastal cities.
The California housing market is expected to rebound in 2024, according to the California Association of Realtors. The forecast predicts an increase in home sales and prices, driven by lower mortgage rates and an increase in housing supply. However, housing affordability remains a concern, with only 17% of households able to afford a median-priced home. While uncertainties and risks exist, the overall trend suggests a positive outlook for the market.… Read More »Will the Housing Market Crash in California in 2024?
If you are facing homeowners insurance cancellation or non-renewal, there are steps you can take to find affordable coverage. If you find yourself with no option other than the FAIR Plan, apply as early as possible. If your premium is becoming unaffordable, consider increasing your deductible.
California's rental market differs from other major states, with fewer large landlords. Texas and Florida have more corporate-owned rental properties, while New York has a similar situation to California but with slightly more large landlord ownership. Midwestern states have a higher proportion of small landlords. California's high cost of living leads to higher rental incomes, which contribute to the state's economy but also create an affordability crisis. The unique rental… Read More »Diving Deeper: California’s Unique Rental Market in the National Context | The LA Insider
The California housing market is experiencing shifts, with a decline in existing home sales and fluctuations in median home prices. Elevated mortgage interest rates have suppressed sales, while a tight supply of homes has kept prices from falling. Regional variations show declines in sales across major regions and counties, with some areas experiencing significant drops. However, home prices have generally increased across regions. Housing inventory remains a challenge, with a… Read More »California Housing Market: Home Prices & Forecast 2023-2024
Mortgage rates have been increasing, leading to higher mortgage payments. The average monthly mortgage payment ranges from $3,696 in Hawaii to $1,700 in West Virginia. The states with the highest mortgage payments are Hawaii, California, Massachusetts, Utah, and Colorado, while the states with the lowest payments are West Virginia, Kentucky, Michigan, Mississippi, and Ohio. Continue to full article
Median price of single-family homes: $660K Price change: ↑ 1.5% MoM, and ↑ 6.5% yearly Sales change: ↓ 0.9% MoM, and ↓ 7.8% yearly Median DOM: 20-day, ↑ MoM from 18-day
Planada: – Median home value: $251,868 – Price change: ↑ 7.8% yearly, ↑ 0.3% year-to-date . Hume: – Median home value: $313,356 – Price change: ↑ 7.9% yearly, ↑ 5.4% year-to-date