One house becomes four?Will house prices fall for every inch of land?The California housing market is going to change?
Last week, California Governor Newsom signed three bills related to housing, which caused a very big controversy.
Senate Bill 8 is an extension of the existing housing crisis law to 2030, To speed up the housing approval process, limit the ability of local governments to reduce the zoning, and limit the increase in the cost of housing applications.
The most controversial Senate Bill 9 stipulates that the land of a single-family house can be split into two pieces, and each piece can be built into a double-family house., In other words, it was originally only possible to build a single house on the land,After that, there can be up to four houses.If the owner applies and the plan meets the criteria, then the California local government must approve the split of the single-family residential plot.
(Source Town of Los Gatos Hills)
Senate Bill 10It will help areas located in the transportation center area to more easily divide multi-family housing units, each plot can accommodate up to 10 housing units.
Can’t understand the impact of these bills on buying a house?Seeing it all?
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⏰ Lecture time (Western United States)
09/28/2021 7:00-8:30pm
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The core of the bill is,By increasing density, alleviating housing shortages, and solving the housing and homelessness crisis in California.
As the supply of houses increases, will the housing prices in the Bay Area, which has a huge amount of land, fall?People have different opinions.
Supporters applaud this initiative and believe that it canIncrease housing supply,It may even stabilize housing prices,Make housing more affordable.
But critics say that the bill is an attack on the zoning planning of a single house, increasing the development potential of each piece of land in a single house.The price of housing will not fall.It will only rise.In this way, the American dream of young Californians of owning a house evaporates.
If you want to buy and sell a house in Southern California recently, or want to know how this new law will affect your future house purchase choices and plans?
Scan the QR code below to join our September housing seminar!
⏰ Lecture time (Western United States)
09/28/2021 7:00-8:30pm
Scan the code to sign up!
August market data
I believe that many friends who want to buy a house in Southern California are also considering and asking, will the housing market in Southern California rise or fall next?Is it still a good time to enter the market?
The impact of the bill has yet to be reacted and tested by the market, andData can intuitively and truly reflect the current market situation.
West LA
In August, the number of single-family/townhouse listings in West LA decreased by 8% from the previous month, a significant drop. Now the number of people selling houses on the market has indeed decreased.Although there are fewer houses, the price of houses is still strong.visibleThe demand for buying a house is still there.And the speed of house transactions.On the side, buyers’ demand continues to rise,Buying a house still needs to fight for speed and price.
Irvine
The number of single-family/townhouse listings decreased by 11 units compared to last month.Insufficient housing supply,Volume fell.In August, Irvine’s supply fell from the previous month. New listings fell by 5.7%, and transaction volume also shrank by 7.03%.The house stays in the market for 7-8 days.Compared with the same period last year, it has been shortened by 11 days.Good listings are still selling quickly.
San Diego
The number of single-family/townhouse listings decreased by 40 units compared to last month, which meansThere is still a shortage of good houses on the market.With the decrease in housing listings, the transaction volume has not been greatly affected, and the market continues to be hot.In August,The number of newly listed listings fell by 6.56%, but the transaction volume only dropped by 0.18%.MeaningBuying a house still has to work hard.The house has been on the market for 7 days,The housing market is hot.
With so much analysis data on the real estate market, which core indicators must you not miss?For more detailed analysis, please scan the QR code to attend the Flyhomes seminar on September 9!
to sum up
In August, the various markets in Southern CaliforniaAvailability is generally insufficient,As a result, the transaction volume seems to have dropped, but the number of days the house stays is basically the same as before, which means that in factThe housing market is still very enthusiastic,The main manifestation is that people are still buying houses very fast.
Especially for popular areas.under these circumstances,Some factors may still add fire to the housing market temperature in autumn and winter.
Low interest rates are one of the factors.NWMLS analysis believes that the current bank interest rate is still low,Very suitable for loan to buy a house,Many buyers may be affected by low interest rates and prepare to enter the market.
If you are also concerned about the housing market in California and the trend of the housing market, want to know the impact of the new law on buying a house, or are planning to buy the first house in your life, please scan the QR code to attend the Flyhomes seminar on September 9!
Lecture time (Western United States)
09/28/2021 7:00-8:30pm
Lecture hardcore dry goods:
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Before buying a house, what preparations must be made in advance?
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With so much analysis data on the real estate market, which core indicators must you not miss?
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How Flyhomes Cash Offer turns you into an all-cash buyer for buying a house with a loan.
ways of registration
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【About Flyhomes】
Flyhomes, a technology real estate company founded in Seattle in 2016, is committed to revolutionizing the US real estate industry with the power of technology and finance, and providing buyers and sellers with professional and efficient housing transaction intermediary services.
In 2020, on the basis of Seattle, California Bay Area and Portland, Flyhomes will further expand its territory to Boston and Southern California, with a total of 5 markets operating simultaneously.
In the past year, among the houses sold by Flyhomes, >60% of the houses were sold at a price higher than the listing price, and a lot of experience has been accumulated.
Within 5 years of establishment👇
● Flyhomes helped customers buy and sell houses with a transaction volume of more than 20 billion U.S. dollars and more than 2200 customers.
● The team has grown to more than 300 full-time employees, and more than 10 new members have been added to the office dog family.
● Completed a Series B financing of 2100 million US dollars. Venture capital firm Canvas Ventures led the investment, and Andreessen Horowitz (a16z) participated in the investment.
● Complete the capital cooperation project, build a US$1.2 million capital pool, and further expand the scale of the FlyHomes All Cash Offer and Trade Up product projects.
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Article: Jenny
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