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Proposition 10 vs Housing Shortage

On the November Ballot, is the Proposition for Local Rent Control Initiative - Prop 10.        

Opposition to Proposition 10: 

Should it pass, it would allow local governments to adopt rent control ordinances that would in essence repeal the Costa-Hawkins Rental Housing Act enacted in 1995; the law that currently restricts the scope of rent-control policies that city and local jurisdictions can impose. The Proposition would allow for policies that would limit rental rates owners could charge for tenancy and make the determination of what is a fair financial return for landlords.

Sponsors of Propositions 10 - argue that the measure addresses the housing shortage situation in California, while those in opposition feel it would make the state's housing crisis worse and discourage investments in real estate, further suppressing the housing supply and deepening the crisis.

Many feel the initiative is the wrong approach: 

Republican gubernatorial candidate John Cox states, "Building more housing will bring rents down. This measure treats the symptom, not the disease - it’s a bad deal for renters." In another statement Cox said development regulations need to be eliminated to incentivize construction and decrease costs. (http://ballotpedia.org)

Sacramento Mayor Darrell Steinberg was recorded as saying "The SEIU initiative, while well-intentioned, I think is overwritten and if it passes would harm our ability to build more affordable housing.”

Please do your research and vote your opinion on Prop 10. Feel free to comment on this blog, to let us know how you feel.

San Luis Obispo Realty is a full service real estate company and dedicated to assisting you in your search for real estate as a commercial investment, rental, or home for you and or your family. We are also happy to list your home as a possible business investment rental, in this thriving area that provides housing for many students, families, and businesses. 

Homeowners get help with FIRES

Within the last 9 months, California has twice recorded its’ largest wildfire in the state’s history. In December of 2017, the Thomas fire rated the largest burn at 281,893 acres spanning Santa Barbara and Ventura counties only to be surpassed just 8 months later by the current largest circumference of 283,800 acres in Northern California in Mendocino County. This information reported days ago by Cal Fire Representative. 

In response to the devastation of the California wildfires, state agencies and Fannie Mae and Freddie Mac have issued several notices and alerts:

The Department of Insurance has made a declaration of emergency to expedite swift action in concern for those insured. A notice was also sent to insurers that all claims adjusters must be properly trained on the California Unfair Practices Act.

Attorney General Consumer Alerts remind us of the potential threat and also consequences regarding potential price gouging by opportunistic vendors and servicers. California law generally prohibits charging a price that exceeds the price of an item before a state or local declaration of emergency by more than 10%.

Department of Real Estate:
The Department of Real Estate is committed to investigating all complaints against real estate licensees who may be participating in rent gouging in connection with the wildfires.

Fannie Mae and Freddie Mac- Homeowners impacted by the fires are eligible to have mortgage payments deferred for up to 12 months or reduced. During this time, affected home owners will not incur late fees or be subject to delinquency reporting to the credit bureaus.

Great Schools in SLO for Home Buyers


Items on the “must-have” list are being "bumped" by buyers for better schools when shopping for their dream home. 

Here are the Top 5 Factors home buyers are willing to sacrifice for higher education standard:

#1    Garages

#2    Large Backyards

#3    Updated Kitchens

#4  Number of Bedrooms

#5  Outdoor Living Area

84-86% of buyer searches, where buyer’s age range is 18-54, are now including school district boundaries in their search criteria.  Test scores, advanced academic programs and art and music programs, diversity, and before and after school care programs are qualifications of a desirable school district.

Follow this link for the California School Ratings for San Luis Obispo County Schools- http://school-ratings.com/counties/San_Luis_Obispo.html and before you start your search, meet with one of our local real estate agents who can help you find the perfect home with those items on your checklist!

Top Jobs in SLO

Top 10 Up and Coming Professions in San Luis Obispo County

See below - Predicted to be either the fastest growing, based on new jobs in industry growth, or largest growing, based on new jobs and replacement needs from the California Employment Development Department:

10. Cost Estimators- 80 new jobs

9. Roofers- 100 new jobs

8. Veterinarian Assistants- 100 new jobs

7. Computer System Analysts- 100 new jobs

6. Separating and Filter Machine Workers- 110 new jobs

5. Cement Masons- 140 new jobs

4. Demonstrators and Product Promoters- 170 new jobs

3. Market Research Analyst and Specialists- 240 new jobs

2. Medical Assistants- 300 new jobs

1. Personal Care Aides- 1240 new jobs

Contact Us to relocate to San Luis Obispo ~

Selling Your Home

Selling Your Home…. Twice!

Finding the perfect buyer is only half the battle. When listing your house, you market to prospective buyers, but also bear the burden of selling the bank on your home’s value. An appraiser may be called upon to appraise a property before it is sold, mortgaged, taxed, insured, or developed. The bank will want to know that the financing they provide can be supported by the collateral.  The appraisal is a key component of the home buying process and sometimes the most challenging.  It can make or break the entire deal! 

 A “home appraisal” is a comprehensive report that determines the value of your property based on numbers of factors that the appraiser is obligated to in making his/her assessment. 

These factors may include:

  • Location/ Neighborhood
  • Property and Dwelling Square Footage
  • Number of Bedrooms
  • Number of Bathrooms 
  • Number of Spaces in Garage for Cars
  • Amount of Useable Storage Space in Basement, Attic….
  • Updates and Renovations
  • Structural Materials Used in Construction
  • Comparable Sales of Like Properties

With escalating prices, selling the bank on your home may be even more difficult than selling to a speculative buyer. The appraiser analyzes the property compared to comparable homes that have sold, typically within the previous six months, and may be confined to a radius search when finding like properties. In a surging market, it can become a difficult task for appraisers to find adequate, comparable sales that will help defend the selling price. In many markets in California, supply and demand is dictating the list price and values are increasing rapidly. Some sellers are rolling the dice and hoping the market will catch up and justify the selling price. 

If the appraiser fails to find value, buyer and seller may enter back into negotiations or possibly cancel their contract. As minimalistic as a .33% difference in appraisal value might seem, it could be equal to thousands of dollars that a buyer or seller has to come up with at closing to make up for the difference in value (KCM.com).

If you are planning on entering the housing market this year, contact one of our offices and meet with a REALTOR® who can guide you through obstacles as these that may arise. Our team of experienced professionals happily welcomes all challenges!

and our Morro Bay Affiliate & second location

Morro Bay Real Estate Partner

San Luis Obispo Realty
441 Marsh Street
San Luis Obispo, CA 93401

CA BRE# 00577121


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