PSAR Members Made Their Voices Heard

Posted by Communications on May 20, 2022 3:36:05 PM

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Members of the Pacific Southwest Association of REALTORS® (PSAR) made a powerful statement for property rights on behalf of housing providers while attending a recent Chula Vista City Council meeting where the subject of a new rent control ordinance was on the docket.

The City Council was considering an aggressive and overreaching ordinance that imposes additional regulations on housing providers. The controversial proposal, if passed, would negatively impact new housing creation by tightening restrictions on remodeling, owner move-ins and rental unit withdrawals, as well as expanding noticing and relocation assistance requirements.

Following over five hours of public comments, including testimony from many PSAR members, the City Council tabled a vote on the proposed ordinance, titled the “Residential Landlord and Tenant Provisions.” The Council stated that more data on the topic and potential language revisions are needed.

The actions taken by PSAR members were considered invaluable in the successful effort to prevent the Council from implementing an ordinance that would exacerbate the housing crisis. A revised version of the ordinance is expected to be considered by the City Council at a July 12 session.

Among the PSAR members who spoke at the May 17 city council meeting: Pat Russiano, Mike Campbell, Mark Scott, Nikki Coppa, Rich D'Ascoli, Yvonne Cromer, Robert Cromer, Mitch Thompson, George Ching, Eric Sutton, Peter Carlseen, Sam Calvano, Lupe Soto, Earl Jentz, Myllissa McCann and Josh Morales.

Richard D’Ascoli, PSAR CEO, stated in his testimony, “Most housing providers and owners are good people and most renters are good people. This extreme ordinance will punish every homeowner who may want to rent out a home and every renter who can’t find a place to rent.”

D’Ascoli cited a city staff report that included information from the Legal Aid Society of San Diego. According to the data, “no-fault” eviction disputes involve fewer than .27 percent of the 33,000 rental homes in Chula Vista annually, pointing to a much smaller issue.

The number of evictions totaled 13 in March, three in February, and seven in January. “Shouldn’t we help those 13 households rather than impact 33,000 rental units?” D’Ascoli asked. “Most housing providers are good actors, it’s the few we need to address. Let’s focus on them and not punish the entire city.”

D’Ascoli identified the long-term ramifications of the proposed ordinance: “Rent control and similar market restrictions will discourage the creation, maintenance, and upgrade of rental housing stock. This ordinance will discourage additional rehab and negatively impact the low-income renters the provisions were intended to serve. This ordinance also will reduce the value of properties in Chula Vista, compared to similar properties in other cities. Prudent property owners will choose to buy or build in areas with less cost and regulatory risk.

“Chula Vista will stagnate as the incentive to replacing aging, smaller complexes with upgraded, more dense buildings will no longer exist. Owners of single-family rental homes will either sell to national real estate investment trusts or they will sell to new owner-occupants. Available rental stock will decrease. Prices for renters will increase because supply will continue to be highly restricted. Also worrisome is the provision that anyone who violates any part of this law could be charged with a crime and sent to jail for up to six months.”

Other speakers from PSAR made the following points:

-- Burdensome regulations will result in less available housing, not more. This ordinance adds to the regulatory burden.
-- Provisions in the ordinance meant to prevent harassment of tenants would deter property owners from dealing with nuisance tenants.
-- Added renovation regulations would deter owners from upgrading rental properties, thus hurting tenants and surrounding neighborhoods.
-- The ordinance would create new, vague “anti-harassment” rules regulating landlord-tenant interaction, expanded notification requirements of up to 365 days, and higher relocation payments.
-- Landlords would be required to offer evicted renters, even if those renters caused property damage, the first right of refusal to move back in after a renovation.
-- The state of California recently enacted protections for tenants with AB 1482. That law provides sufficient regulation of landlord-tenant relationships.

Coalition partners with PSAR on the proposed Chula Vista ordinance included the Southern California Rental Housing Association (SCRHA) and the San Diego Association of REALTORS® (SDAR).

More Articles and News Coverage

Renters, Landlords at Odds Over Proposed No-Fault Eviction Proposal - Mitch Thompson shows new appliances as part of remodeling efforts. KPBS-TV, 05/17/2022.

Chula Vista City Council Postpones Eviction Moratorium Protection Vote - No decision after more than five hours of public comments and postponement until July 12. KPBS-TV, 05/18/2022.

Chula Vista City Council Considers Controversial Tenant Protection Ordinance - PSAR board member Jason Lopez explains the proposal is a solution looking for a problem. KUSI-TV, 05/18/2022.

Chula Vista Considers Ordinance Strengthening Protections for Tenants - PSAR 2022 President Max Zaker and PSAR member Mitch Thompson tell NBC 7 how the proposal would actually hurt tenants. KNSD-TV NBC 7 San Diego, 05/16/2022.

Chula Vista Council Hears from Over 50 Speakers - The meeting lasted for hours as landlords say the proposed ordinance would force them to sell their propertiesKGTV-TV 10News, 05/17/2022.

Decision Postponed on Controversial Renters' Protections - Quote from PSAR CEO Rich D'Ascoli: "...An ordinance that is overreaching..." KFMB-TV, CBS8, 05/18/2022.

 

Topics: Brokers/Managers, Government Affairs, Market Information, Industry

Please Vote on (or before) June 7th

Posted by PSAR Government Affairs on May 19, 2022 3:30:00 PM

Please remember to vote on (or before) June 7th.  All California active registered voters received a vote-by-mail ballot.  For more information on your voting options, Click Here.  

Candidate Guide

PSAR is a non-partisan organization.  PSAR Members, and the clients they serve, run the gamut of the political spectrum.  However, they are united in their mission to protect private property rights and promote homeownership.  That mission is core to PSAR's Government Affairs Committee.    

The Government Affairs Committee received requests to provide recommendations on the candidates running in the races listed below.  After vetting the positions of the candidates on issues that impact private property rights and homeownership, the committee determined that, among likely candidates, the following candidates are most inclined to promote private property rights and homeownership if elected to the offices they seek:

 
 

County Assessor/Recorder/Clerk,(For General Election in November) 

Jordan Marks-1
   Jordan Marks 

80th Assembly District:

David Alvarez

David Alvarez
38th Senate District:

Brian Jones-1

Brian Jones

Chula Vista Mayor:

John McCann-1

 John McCann 

Chula Vista Mayor:

Jill Galvez
Jill Galvez 

Chula Vista Mayor:

Rudy Ramirez

Rudy Ramirez


Chula Vista City Attorney:

John Moot

John Moot


Chula Vista City Council District 1:

Robert Cromer

Robert Cromer

 

Once again, please remember to vote!

Topics: Announcements, Government Affairs

CRMLS Connect App will retire on May 31st - Act Now

Posted by PSAR Communication on May 18, 2022 1:00:00 PM

CRMLS Connect will no longer be available. CRMLS offers access to several product solutions that duplicate its primary features, which include MLS search in a universal (agent/client) interface, client collaboration features, and client activity tracking. Only 2% of CRMLS users currently use this app.crmls connect

On 5/31, CRMLS Connect will retire completely and anything users don't back up outside of the product will be gone.  CRMLS Connect does not have an export option. Anyone who wants to save anything about their CRMLS Connect accounts must retrieve their data before 5/31. So ACT NOW to move your clients to one of the other free CRMLS core products.

The products below are available at no extra cost and replicate some or all of the features on offer in CRMLS Connect, plus additional benefits but you will need to enter your current clients. 

Cloud Streams (Best Option For Most)
Is a listing alert and client collaboration tool that lets you share listings with your clients and get instant feedback. Build your relationship with your clients as they like, dislike, and share the agent-branded listing alerts you tailor to their preferences. This product can also text listings to clients and works great with data share partner listings.

Creating your first Stream
First Cloud Stream

Client Onboarding
Onboarding Cloud Streams Clients

Creating Custom Map Area
Creating custom Stream Map Area
Setting up text Alerts
Setting Up Text Alerts

More information on Cloud Streams

 

Cloud MLX
Search the way you think. With autocompleted results, a wide variety of parameters, and easy search saving, you can access your CRMLS data at the drop of a hat. Share listing data through the launcher, use the built-in agent chat feature, and find other agents through the search bar. Cloud MLX works the same way on any modern device – desktop, tablet, or mobile.

More Cloud MLX  Videos                  More Information on Cloud MLX

 

MLS - Touch
MLS-Touch allows you to quickly access all your MLS listings directly on your phone or tablet. As long as you have mobile internet service, you have the power of the MLS in your hand. Search by map or by additional advanced MLS filters. Generate hot sheets, sales comparisons, or market statistics instantly, then share with your clients, find other agents, and manage your contacts

More Information on MLS-Touch

 

Topics: Education

No Surprise: Rising Interest Rates, Climbing Home Prices

Posted by Rick Griffin on May 18, 2022 10:30:00 AM

MARCH MEDIAN HOME PRICE HITS $950K, A 1-YEAR JUMP OF $150K

California home sales retreated slightly in April 2022 even as interest rates rose and the statewide median home price set another record, according to the latest home sales and price report from the California Association of REALTORS® (C.A.R.).

The statewide median home price in April 2022 was $884,890, up 4.2 percent from the March 2022 price of $849,080 and up 8.7 percent from the April 2021 price of $814,010. The April 2022 statewide median home price set another record, surpassing the previous record set in March 2022.

The year-over-year increase was the smallest since June 2020, but it was strong enough to establish a new peak price for the state. The month-to-month percent change was higher than the long-run average of 2.3 percent recorded between the months of March and April over the last 43 years. 

In San Diego in April 2022, the median home price approached the $1 million mark. The April 2022 median home price was $975,000, a 2.6 percent increase from the $950,000 price in March 2022 and 8.2 percent higher from the year-ago price of $825,120 in April 2021, marking an increase of about $150,000 in one year. The median represents a price where half the homes sell above and half below.

April 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

April 2022 County Sales and Price Activity

Home sales in April 2022 on a statewide basis were down 1.9 percent compared to March 2022, when 426,970 homes were sold, and down 8.5 percent from a year ago in April 2021, when 458,170 homes were sold on an annual basis.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally-adjusted annualized rate of 419,040 in April 2022, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The month-to-month April sales decline is in line with the long-run change of minus 1.6 percent recorded between March and April. However, the annual statewide sales drop between April 2022 and April 2021 was the biggest decline in the past four months. On a year-to-date basis, home sales were down 7.4 percent in April 2022.

In San Diego, home sales in April 2022 were lower in month-over-month and year-over-year comparisons. San Diego home sales in April 2022 were down 1.3 percent, compared to March 2022, and down 12.6 percent compared to a year ago in April 2021.

“As rates remain on the rise, the sense of urgency to buy is keeping the market highly competitive, especially since housing inventory continues to stay well below pre-pandemic levels,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “While we will likely see more listings come on to the market as we move further into the home-buying season, the housing shortage issue will likely persist throughout the rest of the year in major metropolitan areas, such as the Bay Area and the Southern California region.” 

“California’s housing market is moderating from the 12-year-high levels experienced in 2021, as higher mortgage interest rates and soaring home prices are starting to have an adverse impact on housing demand,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With April pending home sales recording the worst drop in two years, the affordability challenges that buyers have been encountering are materializing in recent sales trends, and further declines in housing demand could continue in the second half of the year.”

A change in the mix of sales continues to play a role in statewide record-setting home prices as sales in high-priced markets remain stronger than their more affordable counterparts. The share of million-dollar home sales increased for the third consecutive month, reaching the highest level on record at 34.7 percent.

Meanwhile, home sales priced below $500,000 dipped again in April and hit the lowest level ever. Sales dropped by double-digits for price segments $750,000 and below, while sales above $2 million remained on the rise on a year-over-year basis. The shift in the mix of sales toward high-end homes is expected to persist in the upcoming months. 

Other key points from C.A.R.’s April 2022 resale housing report included:

-- At the regional level, home sales in all major California regions declined from a year ago, with three of the five regions falling by double-digits on a year-over-year basis. The San Francisco Bay Area (-18.1 percent) and Southern California (-16.0 percent) were two major regions with sales declines exceeding 10 percent from a year ago.

-- Home prices in all major regions in the state surged from last year by double digits. The San Francisco Bay Area recorded the highest year-over-year price growth with an increase of 15.9 percent, followed by the Central Valley (14.9 percent), the Central Coast (13.4 percent) and Southern California (11.7 percent).

-- At the county level, home prices continued to rise across the state, with 26 counties in California setting new record median highs in April 2022.

-- California’s unsold inventory of homes improved slightly in April 2022 at 1.8 months, compared to 1.7 months in March 2022 and 1.6 months in April 2021. The number of active listings surged more than 20 percent on a year-over-year basis and recorded the highest yearly growth in properties for sale since January 2019. Active listings in April climbed to the highest level in seven months.

-- In San Diego, the inventory of available homes for sales in April 2022 was 1.6 months, compared to 1.4 months in March 2022, 1.5 months in February 2022 and January 2022 and 1.5 months in April 2021. Inventory levels from previous months in 2021 included: December, 1.0; November, 1.3; October, 1.5; September, 1.6; August, 1.7; July, 1.7. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

April 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

April 2022 County Unsold Inventory and Days on Market

-- The median number of days it took to sell an existing, single-family home in San Diego County in April 2022 was 7 days, compared to 7 days in March and February 2022, 9 days in January 2022 and 6 days in April 2021. Numbers from previous months in 2021 included: December, 8; November, 9; October, 9; September, 9; August, 8; July, 7; June, 6; May, 7; April, 6. The median represents a time when half the homes sell above it and half below it.

-- Statewide, the median number of days it took to sell a California single-family home in April 2022 was 8 days, compared to 8 days in March 2022, 9 days in February 2022, 12 days in January 2022 and 7 days in April 2021. Numbers from previous months in 2021 included: December, 12; November, 11; October, 11; September, 10.

-- The statewide median sales-price-to-list-price ratio remained above 100 percent at 104.2 percent in April 2022, compared to 103.3 percent in March 2022, 102.6 percent in February 2022 and 103.3 percent in April 2021. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 4.98 percent in April, up from 3.06 percent in April 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 3.70 percent, compared to 2.81 percent in April 2021.

Topics: Brokers/Managers, Market Information

CHULA VISTA ORDINANCE WOULD MAKE THE HOUSING CRISIS WORSE

Posted by Communications on May 16, 2022 1:00:00 PM

There is a critical shortage of housing inventory. An excessive amount of red tape helped cause that shortage. Now, the City of Chula Vista is considering additional regulations on Housing Providers.

The proposed "Residential Landlord and Tenant Provisions" will impose the following:

  • Regulations that make substantial remodels, owner move-ins, and withdrawal from the rental market more difficult by adding stricter noticing requirements and relocation assistance requirements.
  • The creation of laws that allows for civil action and damages of $1,000-5,000 per violation per day.
  • The criminalization of any violation of the ordinance and the creation of fines in the thousands of dollars.

Mayor Mary Salas requested the creation of this ordinance in response to calls from tenant and rent control advocates. Unfortunately, the unintended consequences of this ordinance would end up harming tenants as well.

The unintended consequences of this ordinance will include the following:

  • The added difficulties of being a housing provider in Chula Vista will discourage the creation of much needed additional housing. This will hurt all of us, including those who would have a much harder time finding a place to rent. 
  • The added difficulties of undertaking substantial renovations would deter owners from upgrading unsightly buildings. This hurts the tenants who would live there and the livability of the surrounding communities. 
  • Provisions in the ordinance meant to prevent harassment of tenants would actually deter property owners from dealing with tenants who cause nuisances. This would hurt the tenants and all neighbors who live nearby and would have to deal with the nuisances.


It is well established that when you add regulation to something, you get less of it. We need more housing, not less. The State of California has recently enacted protections for tenants by enacting AB 1482. If there are problems for tenants, the City could focus on finding better ways to enforce existing laws, rather than adding more regulations that will negatively impact our already scarce housing supply.

Please send an eComment to the City stating your opposition to this misguided ordinance by clicking on the button below, and then clicking on the "Leave Comment" button:

TAKE ACTION

 

 

_______________________________________________________________________________

 

Not sure which Councilmember represents your neighborhood?  See below.

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Topics: Brokers/Managers, Government Affairs, Market Information, Industry

CRMLS: Public Remarks fields may no longer contain external links

Posted by Kevin McElroy on May 4, 2022 3:04:04 PM

Links to virtual showings, tours, and open houses are no longer exempt blog_220126_CRMLS_rules

Due to recent lifts to COVID restrictions in our service area, we have lifted the exceptions to CRMLS Rule 12.5 that we implemented in March 2020. These exceptions allowed listing agents and brokers to place links to virtual showings, virtual tours, and virtual open houses into public remarks fields.

CRMLS has returned to enforcing the original definition of the rule, which reads in part:

12.5 Misuse of Public Remarks.

Information in the public remarks shall only relate to the description, features, and condition of the property and related amenities. The following types of information may not be included in the public remarks:

  • Contact information of any kind;
  • Branded content;
  • Links to external websites of any kind, including but not limited to, agent or broker sites, video tours, virtual showing or open house tools, vendor sites, or offer submission/application/auction platforms;
  • Showing instructions or open house information;
  • Information regarding lockboxes, alarms, gate or other security codes, or occupancy status of the property (a statement that the property shall be delivered vacant is not a violation of this section);
  • Information deemed to create an unsafe or unsecure circumstance related to the listed property, property occupants, real estate practitioners, or the public;
  • Information directed toward agents or brokers, including but not limited to, references to compensation or bonuses;
  • Solicitations or invitations for the public to contact the listing agent or broker or any third parties affiliated with the listing agent or broker, and;
  • Content that violates Fair Housing law or that is deemed discriminatory, illegal, defamatory, offensive, or otherwise inappropriate. CRMLS reserves the right to remove and issue citations for any inappropriate content.

Violations to this rule may result in a citation and associated fine. Visit https://go.crmls.org/crmls-rules-and-regulations/ to read the full text of Rule 12.5. For further information or to chat with a Compliance Analyst, please contact us via the Compliance page on CRMLS.org.

 

Education

CRMLS offers a variety of resources to educate you on our products and services. Click above to visit the CRMLS training center.

Support

If you need MLS support, please click above or call (800) 925-1525 to be assisted.

Compliance

Your listing data is safe, clean, and accurate. Click above to chat live with a CRMLS Compliance representative.

 

Topics: Announcements, CRMLS, Paragon

City of San Diego’s ‘No-Fault Eviction' Moratorium.

Posted by Communications on Apr 13, 2022 4:44:00 PM

Questions remain about the City of San Diego’s pending ‘No-Fault Eviction' Moratorium.

On April 4th, after almost six hours of public testimony which included comments from PSAR volunteers and members, the city council passed the ‘No-Fault Eviction' Moratorium ordinance. The ordinance must come back for a second reading a month after the first reading and will go into effect 30 days after final approval.


Thanks to the efforts of PSAR and our colleagues, the original ordinance was amended to include an end date or sunset on September 30, 2022 (or 60 days after the end of the local emergency) whichever is sooner.  Realtors are wondering about how this ordinance will impact property owners who want to sell.

  • No termination of tenancy is allowed for a substantial remodel unless mandated by the government or court order.
  • Owners who wish to move into their homes or move in family members will have to serve a 90-day notice to terminate the tenancy. An immediate family member is limited to a parent, child, grandparent, and grandchild.

Property owners who wish to terminate a tenancy in order to withdraw units from the rental market, this includes selling a home, must provide a 6-month notice.

The ordinance is likely to receive final approval next month and it will cause unintended consequences. Additionally, some of the language is vague and confusing. Once the ordinance is finalized, PSAR will schedule legal counsel to brief our members on its impact. PSAR will continue to review the ordinance and is prepared to challenge it again at the second reading.

Before working with a client to terminate a tenancy, it is important to speak with your broker and legal counsel. This ordinance will put many owners in difficult positions.

A copy of the proposed ordinance may be found here.

This web page item #200 has links to the PowerPoint and backup information for a deeper dive.

San Diego-1

 

Topics: Brokers/Managers, Government Affairs, Market Information, Industry

MARCH MEDIAN HOME PRICE HITS $950K, A 1-YEAR JUMP OF $150K

Posted by Rick Griffin on Apr 12, 2022 10:00:00 AM

MARCH MEDIAN HOME PRICE HITS $950K, A 1-YEAR JUMP OF $150K

Housing demand in California remained strong in March 2022 as home sales ticked higher and the statewide median price set another all-time high, primarily due to a surge in sales of higher-priced homes. However, the effects of rising interest rates have yet to be borne out, according to the latest home sales and price report released on April 19 by the California Association of REALTORS® (C.A.R.).

The number of closed escrow sales of existing, single-family detached homes statewide on a seasonally adjusted annualized rate totaled 426,970 in March 2022, which was up 0.5 percent from the February 2022 total of 424,460, and down 4.4 percent from March 2021, when 446,410 homes were sold on an annualized basis.

March 2022’s statewide year-over-year sales decrease was the ninth straight decline and the smallest in eight months. Year-to-date statewide home sales were down 7.0 percent in March.

The statewide annualized sales figures, collected from more than 90 local REALTOR® associations and MLSs statewide, represent what would be the total number of homes sold during 2022 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

In San Diego, home sales in March 2022 were higher in a month-over-month comparison and lower in a year-over-year comparison. San Diego home sales in March 2022 were up 34 percent, compared to February 2022, but were down 2.2 percent compared to March 2021.

March 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
March 2022 County Sales and Price Activity

Meanwhile, the California median home price rose above the $800,000 benchmark for the first time in six months. California’s median home price reached a new record high in March 2022 at $849,080, surpassing the previous record of $827,940 set in August 2021.

The March 2022 price was 11.9 percent higher than the $758,990 posted in March 2021. The month-to-month percent change in median price was the highest pace since March 2013. The 10.1 percent month-to-month increase in March 2022 from the February 2022 price of $771,270 was the first time in nine years that the monthly price increase reached double-digits.

A surge in sales at the top end of the market was the primary factor for the jump in the statewide median price at the end of the 2022 first quarter. The share of million-dollar home sales increased for the second consecutive month, surging to 32.9 percent in March 2022, the highest level on record.

Additionally, strong month-to-month sales growth in the San Francisco Bay area contributed to the jump in sales of million-dollar homes statewide, as 70 percent of the region’s sales were priced above $1 million, and sales in the region increased 70.5 percent from February 2022. 

Home prices are expected to edge higher as the market continues in the spring homebuying season over the next few months.

In San Diego in March 2022, the median sales price for an existing, single-family detached home was $950,000, a 7.0 percent increase from the $888,000 price in February 2022. The March 2022 median price also was 18.8 percent higher than a year ago at $800,000 in March 2021, marking an increase of $150,000 in one year.

“With homes still selling at a rapid clip and more homes selling above asking price than last summer when prices were at record highs, California’s housing market continues to perform remarkably well as buyers enter the market to get ahead of rising mortgage interest rates,” said C.A.R. President Otto Catrina, a Bay Area real estate broker, and REALTOR®. “An increase in active listings for the first time since prior to the pandemic should give consumers more options and alleviate some of the upward pressure on home prices, which bodes well for prospective buyers.”

“March sales data continues to suggest strong buying interest and a solid housing market, as the effects of higher mortgage interest rates won’t be realized for a few more months,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With the Federal Reserve expected to announce two back-to-back half-point interest rate hikes in May and June to combat inflation, interest rates will be elevated for the foreseeable future, adversely affecting housing demand and lowering housing affordability in the coming months, but the effects may not be visible until the second half of the year as many of the homes that are, or will be, the closing was negotiated before the sharp increase in rates.”

Other key points from C.A.R.’s March 2022 resale housing report include:

-- At the regional level, all major regions except the Central Valley recorded a decrease in sales on a year-over-year basis. The Central Coast region recorded the sharpest sales decline of all regions again, dropping 20.1 percent from a year ago. The Far North had the second-largest sales decline at 7.7 percent, followed by Southern California (-7.5 percent) and the San Francisco Bay Area (-2.7 percent). Sales in the Central Valley increased for the second straight month with a year-over-year increase of 2.8 percent.

-- Home prices in all major regions in the state continued to surge from last year by double-digits, with four of them reaching a new record high in March. The Central Coast region recorded the highest year-over-year price growth with a 20.4 percent increase, followed by the Central Valley (19.3 percent), the San Francisco Bay Area (17.9 percent), and Southern California (13.8 percent), and the Far North (12.9 percent).

-- At the county level, home prices continued to increase across the state, with 25 counties setting new record highs in March. Forty-six out of fifty-one counties tracked by C.A.R. experienced increases in their median prices in March, with 38 of them rising more than 10 percent from a year ago.

-- California’s unsold inventory of homes in March 2022 remained unchanged from a year ago at 1.7 months, marking the first time in nearly two years the index did not decline on a year-over-year basis.  Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.

March 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
March 2022 County Unsold Inventory and Days on Market

-- In San Diego, the inventory of available homes for sales in March 2022 was 1.4 months, compared to 1.5 months in February 2022, January 2022, and March 2021. Inventory levels from previous months in 2021 included: December, 1.0; November, 1.3; October, 1.5; September, 1.6; August, 1.7; July, 1.7.

-- The median number of days it took to sell an existing, single-family home in San Diego County in March 2022 was 7 days, compared to 7 days in February 2022, 9 days in January 2022, and 6 days in March 2021. Numbers from previous months in 2021 included: December, 8; November, 9; October, 9; September, 9; August, 8; July, 7; June, 6; May, 7; April, 6. The median represents a time when half the homes sell above it and half below it.

-- Statewide, the median number of days it took to sell a California single-family home in March 2022 was 8 days, compared to 9 days in February 2022, 12 days in January 2022, and 8 days in March 2021. Numbers from previous months in 2021 included: December, 12; November, 11; October, 11; September, 10.

-- The statewide median sales-price-to-list-price ratio remained above 100 percent at 103.9 percent in March 2022, 102.6 percent in February 2022, and 102.2 percent in March 2021. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and sellers under current market conditions. The ratio, expressed as a percentage, is calculated by dividing the final sales price of a property by its last list price. A sales-to-list ratio of 100 percent or above suggests that the property sold for more than the list price, while a ratio below 100 percent indicates that the price sold below the asking price.

-- The 30-year, fixed-mortgage interest rate averaged 4.17 percent in March, up from 3.08 percent in March 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 3.19 percent, compared to 2.78 percent in March 2021.

Topics: Brokers/Managers, Market Information

REGISTER TO VOTE: It’s the best thing you can do for your business.

Posted by Rick Griffin on Mar 18, 2022 3:30:43 PM

REGISTER TO VOTE

Real estate professionals need to exercise their right to vote in the upcoming election. Every vote counts!

80% of REALTORS® are registered to vote, but we can do better! Join the effort and become an active participant in the political process … REGISTER TO VOTE. 

Politicians are making decisions that affect your business. Make sure that your voice is heard before decisions are made in Washington, California, and in San Diego County.

When REALTORS® vote, elected officials notice. Registering to vote is easy, but you must act quickly! If you are not already registered to vote, you can download a registration form here - www.realtorsvote.org

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PSAR Government Affairs (GA) Committee members were recently asked about the importance of voting. Below are their comments (names appear in alphabetical order, some quotes were edited for clarity).

“Our committee is made up of Republicans, Democrats, Independents, and others. We research, conduct interviews, review questionnaires, and our decisions are primarily based upon the notion of property rights, expanding homeownership, rights of tenants, and the rights of owners of commercial and rental properties. We will endorse candidates whom we feel the best support these values over their opponents. It’s important to elect leaders who will work with REALTORS®. We all have our own choices of candidates, but we hope by supporting pro-real estate candidates and propositions, it might help influence voters who agree with us that property rights and the expansion of homeownership are essential to all Americans.” -- Mike Anderson (Lakeside)

“Democracy is vital to real estate. If people don't vote, then it’s the corporations and banks that set policy that affects your ability to buy a home. When you vote, you make your voice heard. Be a voice for our communities where we can work towards a country where everyone has the opportunity to be a homeowner.” -- Deirdre Bramberg (La Mesa)

“It is a civic duty to vote and every single vote makes a difference. As a citizen of the country, the right to vote is one of the freedoms the county gives its people. It is a chance for our voice to be heard and an opportunity to select the leaders we believe have the ability to represent us in our government.” -- Merrie Espina. (Chula Vista)

“Each PSAR member should exercise their right and obligation to vote. In this election, as in most elections, your future earnings, your tax obligations, and the laws that enable or hobble our industry are all in play. PSAR, C.A.R., and NAR can all be influential as supporting organizations, focusing on critical policy issues. But, in the final analysis, it is your individual vote and the power of our collective votes that will select our elected officials and establish the policies that impact our lives and our business environment for years to come.” -- William Hall (Chula Vista)

“Voting is how we convey our desires for change. Please exercise your right to vote with the goal of making a better today and tomorrow for us all.” -- Paul Moses (Chula Vista)

“I am involved in Government Affairs and I try to be as active as I can be in politics is because it does have an impact on our industry. One can be part of the problem or the solution. I can stand by and complain or I can do what I can do to act.  Rome was not built in a day, and as we all know California has its issues that have a direct impact on our business. Be impactful and relevant. It’s common sense, do nothing and one can only expect nothing. So, why not be relevant and do something.” -- Rebecca Pollack-Rude (El Cajon)

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PSAR's Mission is to empower Real Estate Professionals

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County.

Topics: Announcements, Government Affairs

A big change to Sentrilock Key Cards is coming soon!

Posted by Kevin McElroy on Mar 16, 2022 10:00:00 AM

SentriLock Deprecates SentriCard

By March 30, 2022, SentriCard key cards will no longer open lockbox key compartments (unless you own the lockbox)!

The SentriKey phone application must be used by non-lockbox owners to open key compartments!

How do I open the key compartment?

If you own a lockbox, you will still be able to use your SentriCard to open the key compartment and/or release the shackle of your lockbox.  The SentriKey® phone app performs the same functions.

All others accessing a lockbox-- Showing agents, agents that use their broker’s lockboxes, team members, and assistants-- must use the SentriKey® app to open the key compartment using a Mobile Access Code sent by the app.

 

Showing in a remote area not using a Bluetooth® lockbox,

The SentriKey® Real Estate app can detect low or no cell coverage and a Mobile Access Code will be presented in the app. No card needed, no Bluetooth® needed!.

  1. From SKRE Home Screen > Select View Nearby Properties
  2. A message will pop up indicating that this feature is not available
    when offline. (If the lockbox uses Bluetooth, go to the home screen
    then press ENT on the lockbox.) If non-BLE, continue to step 3.
  3. Select Get Code
  4. Enter the Lockbox Serial Number
  5. Select Get Code
  6. Use Biometrics or PIN
  7. Your Access Code will display

 

How do I remove customization and borrowed lockboxes?

Lockboxes that are borrowed or customized require the lockbox owner’s SentriCard® to be inserted into the lockbox to release the shackle. This will set the lockbox back to its default settings and remove any customization.

 

Lockbox Sharing

Brokers sharing their Lockboxes will need to enable the ability for agents to view all lockboxes and access logs to generate one-day codes, release the shackle and assign lockboxes to listings. If this feature is disabled, an Office Staff or Broker office individual will need to assign the lockbox to an agent’s listing first in order to perform these functions.

 

How do I set the lockbox clock?

All lockboxes below an NXT Wireless (Blue Box) 24.34 version must use the lockbox owner’s SentriCard® to set the clock on a lockbox for the time to update.

 

How do I release the shackle?

Lockbox owners can use the SentriKey® app to generate a shackle release code, or owners can use their SentriCard® to release the shackle. If you are using a lockbox that is owned by another user, you will use the SentriKey® app to release the shackle by using a shackle code.

 

How do I recalibrate the lockbox?

With assistance from our Support department, the lockbox owner’s SentriCard® will be able to recalibrate the motor.

 

How do I customize a lockbox to another region?

By using the lockbox owner’s SentriCard®, the lockbox owner can customize a lockbox to a different region, enable/disable CBS, and enable/disable contractor mode for a non-BLE lockbox.

 


Questions?

Frequently Asked Questions May Be Found Here.

 

Or Email SentriLock at support@sentrilock.com

Call SentriLock: 513-618-5800

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Topics: Education, YPN