CRMLS Paragon has a new set of Client/Agent Reports called Agent Preferred 1 and Client Preferred 1. These are not the default reports that, for many agents, cut off the text in the remarks section.

The recent Paragon upgrade added more space to type in the public and private remark fields. The added text gets cut off on the standard old Paragon reports. CRMLS developed a new set of reports that address this issue and some other recent issues that have been around for many years. See if you can find what has been addressed?  PSAR will be working with CRMLS to create new reports for agents to choose from in the future.

Here is a look at the old report which is now called the Agent Preferred 2. In this report, you can see the text in the public remarks is cut off.  The text in the private remarks are also cut off.

The Agent Preferred 1, it looks like this.

To make this new report your preferred detail report, meaning to see this view each time you search for property go to the Preferences Wizard and scroll through to page 7.

Then in the 'Default Double Click Report' box, select the Agent Preferred 1 as your default report.

In the 'Default Manual Email Report' box, select the Client Preferred 1 as your default report.

The NAR-mandated Clear Cooperation Policy was implemented in May.  CRMLS provided a period of limited enforcement and generous warnings to give subscribers the opportunity to learn the new rules.

Per a vote from the CRMLS Board of Directors which is made up of volunteer brokers, effective November 1st, 2020, CRMLS will eliminate the warning notice that is given to users who show a listing in the Coming Soon status.

Starting 11/1/20, if a CRMLS user shows a Coming Soon listing, that user will be subject to a fine of 1% of the list price, not less than $500 and not to exceed $2,500. This is the current fine structure for any Clear Cooperation Policy violation.

As a reminder, showing a listing in Coming Soon status is a violation of Rule 9.3 of the CRMLS Rules and Regulations. Rule 9.3 states:

9.3: Availability to Show or Inspect. Listing Brokers shall not misrepresent the availability of access to show or inspect a listed property. For any property in which Listing Broker selected a status of Coming Soon or Hold, Listing Broker represents that the property shall have no showings or tours, whether conducted by Listing Broker or otherwise, until such time as the Property is placed in the Active or Active Under Contract status.

Here are some additional resources that may be helpful:

• CRMLS Coming Soon Form
• Report Off-MLS Marketing (click on Report Off-MLS Marketing button)
• Differences Between the Registered and Coming Soon Statuses
• CRMLS Citation Policy
• CRMLS Matrix Compliance FAQ
• CRMLS Paragon Compliance FAQ
• CRMLS Flex Compliance FAQ

List of Candidates

PSAR has announced its November 3, 2020 General Election Voter Guide, featuring endorsements of San Diego County candidates and local initiatives.

The endorsed candidates have demonstrated their understanding of the real estate industry and have indicated their commitment to home ownership and housing. PSAR's Government Affairs Committee, following a review of ballot measures and propositions, are recommending votes based on potential industry impacts. Particularly important in the midst of the current housing crisis is for PSAR members to support leaders and policies that protect and promote home ownership.

A team of PSAR members researched candidates’ voting records, public comments relating to preserving and protecting property rights and support for public policies and initiatives promoting participation in the American dream of homeownership and property investment. The endorsements that resulted from this research were approved by members of the PSAR Government Affairs Committee and PSAR Board of Directors.

PSAR’s list of endorsed candidates covers a broad spectrum of positions, including an open and incumbent seat in Congress, two open seats for San Diego County Board of Supervisors, mayors in two San Diego County cities,11 other candidates for seats on local city councils in five other cities, city attorney, school district and special district seats.

Sara Jacobs, PSAR’s endorsed candidate for the 53rd Congressional District, is hoping to succeed Susan Davis, who retired after 20 years of service in the House. This is the second run for Congress by Jacobs, the granddaughter of Qualcomm co-founder Irwin Jacobs. She ran in the 49th District in 2018 but came in third in the primary.

No longer coastal, the 53rd stretches from Interstate 5 on the west, through Mission Valley to the East County and south to Chula Vista. PSAR also has endorsed the reelection of Rep. Juan Vargas, who has represented the 51st Congressional District since 2012. The 51st includes all of Imperial County, National City, Chula Vista, Imperial Beach and El Centro.

Two San Diego County Supervisor seats are open due to term limits for the incumbents. The endorsed supervisorial candidates include Joel Anderson, former State Assemblyman and State Senator for District 2, and Ben Hueso, former member of the San Diego City Council, State Assembly and State Senate, for the District 1 seat. 

Anderson, who lives in Alpine, is hoping to succeed Dianne Jacob, who has served for the past 28 years. Jacob, first elected as Supervisor in 1992, is termed out. Anderson, a Republican, previously served for 12 years on a statewide level in the California State Assembly (2006-2010) and the California State Senate (2010-2018).

The Second Supervisorial District, the largest of the county’s five districts, features more than 2,000 square miles and more than 50 communities and cities in the East County, including the unincorporated communities of Lakeside, Alpine, Ramona and Julian, the cities of El Cajon, La Mesa, Lemon Grove, Santee and Poway and the city of San Diego communities of Allied Gardens, College Area, Del Cerro, Grantville, Navajo, Rolando and San Carlos.

Hueso, a San Diego native and resident of Logan Heights, is hoping to succeed Greg Cox, who is termed out after 25 years of representing District 1’s South Bay communities. Hueso, a Democrat, first held elected office in 2005, winning a special election for the San Diego City Council. He served on the council for five years, including one year as council president, before running for a seat in the State Assembly in 2010. His tenure in the Assembly was brief, as he won a seat in the State Senate during a special election in 2013.

District 1 includes the cities of Coronado, Imperial Beach, Chula Vista, National City, communities within Southeast San Diego, Point Loma, Sunset Cliffs and parts of downtown San Diego. The district also includes the unincorporated communities of Bonita, Sunnyside, Lincoln Acres and East Otay Mesa.

Other noteworthy PSAR endorsements for the November general election:

• Juan Vargas, congressman, 51st Congressional District
• John Minto, reelection as mayor, City of Santee
• Jerry Jones, mayor, City of Lemon Grove
• Joe Leventhal (District 5), Stephen Whitburn (District 3), Will Moore (District 1), San Diego City Council
• Mike Diaz (District 4), Steve Padilla (District 3), Chula Vista City Council
• Phil Ortiz (District 4), Humbert Cabrera (District 2), El Cajon City Council
• Kristine Alessio, Laura Lothian, Colin Parent, La Mesa City Council
• Ditas Yamane, National City City Council
• Mara Elliott, reelection as San Diego City Attorney
• Armando Farias, Laurie Humphrey, Chula Vista Elementary School District
• Adrian Arancibia, Sweetwater Union High School District
• Mitch Thompson, Mark Roback, Otay Water District
• David Johnston, Valle de Oro Planning Group

In addition to candidates, PSAR is recommending “No” votes on two California propositions: Proposition 15, a ballot measure calling for higher property taxes on commercial and industrial real estate, and Proposition 21, a rent control ballot measure.

PSAR has recommendations on two local measures, the City of San Diego’s Measure “E,” which addresses the city’s Midway-Pacific Highway Community Plan, and the City of Santee’s Measure “N,” called the General Plan Protection Initiative.

PSAR is recommending a “Yes” vote on Measure E. If approved, Measure E would exempt the Midway-Pacific Highway Community Plan from its current 30-foot coastal height limit. Measure E is the only local ballot measure to earn bipartisan endorsement from the Democratic and Republican parties of San Diego counties

PSAR is recommending a “No” vote on Measure N, which would limit new housing. Voters will decide whether to allow residents to determine the fate of high-density housing projects that don’t comply with the city’s General Plan-- its blueprint for growth. If approved, Measure N could imperil the recently approved 3,000-home Fanita Ranch development.

To review the PSAR November 2020 General Election Voter Guide, visit https://blog.psar.org/2020voterguide.

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

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. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

PSAR is encouraging all of our members, and all San Diego-area real estate industry professionals, to exercise their right to vote in the upcoming election. Your vote counts!

PSAR has an active and vital group of REALTOR® members who serve on the PSAR Government Affairs (GA) Committee. The GA Committee has three subcommittees that focus on specific geographical areas of the county.

GA Committee members offer political endorsements, and act as political advocates and review public policy and its impact on the PSAR membership in particular and the real estate industry as a whole. In addition, GA Committee members address a variety of complex and multi-dimensional issues impacting the protection of private property rights.

GA Committee members are acutely aware of the importance of voting, even more so in this upcoming general election. The stakes are high. If issues and candidates affecting your realtor business and the industry itself matter to you, then it matters that you vote on them.

With early voting underway, 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 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

“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

--“ I sat with my family and we reviewed each proposition and discussed ones we were not clear on. Let’s use the voting season to engage and unite families.” -- Jeff Campbell

-- “Elected officials are political beings. They listen to the people in the communities who vote and they also listen to the people and organizations who contribute resources that allow them to reach out to those voters. Making sure your voice is heard as a voter is every bit as important as for whom you vote.  Communities and neighborhoods with high voting percentages attract more attention and resources.  Citizens who vote have a voice with politicians and those who do not vote have no voice." -- Richard D’Ascoli, Chief Executive Officer, PSAR

-- “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.

-- “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

-- “Our votes this election are more important than ever as our region, state and country stand at a pivotal time.  PSAR’s Governmental Affairs Committee, as well as C.A.R. and NAR, spend a lot of time each election interviewing and weighing which candidates and propositions uphold basic property rights. REALTOR® endorsements have been made available to all of our members and we hope that you will read and consider the recommendations when you cast your votes as you believe best represents your views.” Kay LeMenager

-- “In all areas of life having your opportunity to vote is of utmost importance. I feel it is our duty as Americans to make voting a serious commitment in support of the sacrifice of those before us to fight for our right to do so. My children were educated to study the propositions and follow the federal, state and local elections and vote from the age they became eligible. It starts with us as parents to lead by example.”  -- Colleen McDade

-- “It’s very important to get out there and vote. Many people complain about the results, but if you don't vote, don’t complain. Every vote counts, so do your part and get out there and vote.” -- Patricia McFadden

-- “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

-- “Every vote really does matter. Just last cycle, San Diego District 8 primary was decided by 3 votes, my college board race was decided by 23 votes. Vote and get your friends and family to vote, too.” -- Rafael A. Perez

-- “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 which have a direct impact on our business. Be impactful and relevant. Part of doing that is reading the voters guide and voting. It’s common sense, do nothing and one can only expect nothing. So, why not be relevant and do something.” -- Rebecca Pollack-Rude

-- “I’ve been a member of the Government Affairs Committee for many years because I believe the grass roots portion of our local governments are truly the roots of our way of life as it pertains to the freedoms that are rightfully ours. Voting is the most important right and freedom that, as a U.S. citizen, we enjoy, or should enjoy. The committee is a way to hear from our peers, our local government officials and the candidates at various levels of government who have an impact at every level of our community life, and most especially as it pertains to housing and private property rights. In this unprecedented time of pandemic, the value of the roof over our head has never been more in the spotlight. Personally, I’ve grown to appreciate greatly our rights as individuals, as members of our local communities, our country and lately as a member of humankind. Register to vote, inform yourself. Make choices because you understand the issues and the candidates, not because someone else told you that it’s the best way or the only way or just because. Exercise your most valuable right. Vote and understand and appreciate that right.” -- Pat Russiano

-- “I have always felt that it is one’s responsibility to be knowledgeable regarding the election process, issues and then vote. I taught my children and now grandchildren that they have a responsibility as a citizen of the United States of America to vote.” -- Norma J. Scantlin

-- “Our GA Committee spends a lot of time vetting our recommendations with input from REALTORS® from various backgrounds and party affiliations. Please let your voice be heard and vote. If nothing else, vote NO on the real estate related propositions 15, 19 and 21.” -- Mark Scott

-- “I have never once missed the honor and the obligation to vote. It is the glue that binds us as Americans, giving us the confidence that we are a nation guided by the rule of law.  It is fundamental to the American success story and to our sense of pride in being an American.” -- Mitch Thompson

-- “As a REALTOR® Party member, 2021 PSAR President-Elect, and as an individual, I care deeply about the future of our country. I know first-hand that our vote is needed in this election more than ever before. Your GA committee and the PSAR Board of Directors have spent a great deal of time to vet all PSAR endorsed candidates. I hope that you would consider these candidates as you cast your vote. The future of our country is in our hands. Please vote.” -- Max Zaker

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

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. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

PSAR is recommending a “No” vote on California Proposition 21, a rent control ballot proposition known as the “Rental Affordability Act.” The Governor and Legislature have already passed rent control into law. This Proposition goes too far and has too many unintended negative consequences.

If approved, Prop. 21 would change state law to allow cities to apply new rent control ordinances and/or expand existing ones. New laws could be enacted affecting homes at least 15 years old. Prop. 21 exempts single-family homes owned by landlords with more than two properties.

Proponents claim cities should be allowed to approve additional limits on rent increases to protect California families who are one rent hike away from being driven out of their neighborhoods by landlords. They further claim this proposition will stop homelessness and gentrification.

The fact is that Prop. 21 would make it less desirable for builders to construct more housing, affordable or otherwise, at a time when California has a massive housing shortage. It would also decrease revenue for city and state governments, already cash-strapped by the fallout from the Covid pandemic. It would reduce the number of housing units in the state and allow bureaucrats to add fees on top of base rent, thereby increasing the cost of living at a time when Californians can least afford it. In fact, only two years ago, in 2018, Californians made their decision about rent control at the polls.

In 2018, voters in 56 of 58 California counties overwhelmingly rejected a statewide rent control measure by a 20-point margin. Why is this subject being revisited so soon? Los Angeles-based AIDS Healthcare Foundation and its President, Michael Weinstein, funded a signature collection drive that once again put the measure on the ballot. This appears to make this issue a special interest one.

Last year, state legislators passed a new law that set a 7 percent ceiling on yearly rent increases. CalMatters, a public interest journalism venture, concluded that the action by Sacramento lawmakers in 2019 was an effort to ward off another statewide rent control ballot measure by Weinstein and company that clearly was unsuccessful.

According to CalMatters, Prop. 21 opponents include Governor Gavin Newsom, California Apartment Association, California Seniors Advocate League, Essex Property Trust and Prometheus Real Estate Group. Prop. 21 supporters include the AIDS Healthcare Foundation, Eviction Defense Network and Vermont Sen. Bernie Sanders.

California Association of REALTORS® (C.A.R.), Apartment Association of Orange County and Californians to Protect Affordable Housing, a coalition of housing advocates, renters, businesses, taxpayers and veterans encourage a “NO” vote on Proposition 21.

Other organizations opposing Prop. 21 include the California Council for Affordable Housing, California Community Builders, the California State Conference of the NAACP, Si Se Puede, Congress of California Seniors, Howard Jarvis Taxpayers Association and the San Diego Building and Construction Trades Council.

A CalMatters headline stated “Proposition 21 rent control will discourage construction of affordable housing.” A CalMatters opinion writer asserted: We must protect small property owners who, in contrast to corporate landlords, often are natural affordable housing providers, operate on small margins, give applicants a chance if they don’t meet all of the rental qualifications, and help maintain the integrity of a community. The state of California is facing a new economic challenge, and families across our state are struggling. What we need most is new investment in our housing market, not an extreme measure like Proposition 21 that will further destabilize it.”

The San Diego Union-Tribune newspaper editorial board wrote: “Expanding rent control will make the California housing crisis worse. Rent control is the wrong way to help Californians struggling with housing. Lawmakers who are juggling a lot during this pandemic need to not lose sight of that. The long-term solution is listening to experts and building new houses.”

The San Francisco Chronicle newspaper editorial board described Prop. 21 as “a rent control retread unimproved by age.”

The Press Democrat newspaper in Santa Rosa, Calif. said Prop. 21 is a proposed “rent control law that won’t end the housing crisis.” Its editorial resource stated: “California voters soundly rejected rent control in the November 2018 election for a good reason: It won’t alleviate the state’s housing problems. In fact, economists almost universally agree that imposing rent control would be counterproductive. State lawmakers voted in 2019 to cap rent increases anyway, while requiring landlords to show `just cause’ for evictions. Yet, here we are again, barely a year later, asked to decide another rent control initiative. Voters should once again say no.”

The headline in the Orange County Register read, “Rent control is the horrible idea that won’t go away.” Its editorial stated: “California’s housing affordability isn’t that complicated. There is high demand and inadequate supply. If the goal is to expand the accessibility of housing, it is necessary to increase supply. Rent control is incredibly effective at backfiring on that front. Research has shown that San Francisco’s rent control policies resulted in many landlords removing housing units from the market. Renters in non-rent-controlled units, meanwhile, faced even higher rents than would otherwise be the case.”

For more information about the campaign against Prop 21, visit www.noonprop21.org.

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

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. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

DRE ANNOUNCES PUBLICATION OF REVISED LANDLORD/TENANT GUIDEBOOK

SACRAMENTO – The California Department of Real Estate (DRE) announced today that it has completed a major revision to the widely used resource guidebook titled, California Tenants – A Guide To Residential Tenants' and landlords' Rights and Responsibilities.

The Department of Consumer Affairs last published the guidebook in 2012. Since then, the Legislature passed, and the Governor signed, many new laws addressing landlords and tenants. Recognizing the need to update this guidebook, DRE revised it to reflect the addition of new laws, including the Tenant Protection Act of 2019 (AB 1482) and the
Tenant, Homeowner and Small Landlord Relief and Stabilization Act (AB 3088), which includes the COVID-19 Tenant Relief Act of 2020. These updates are critically important to landlords and tenants, especially during this time of economic uncertainty.  “Equipping tenants and landlords with detailed and timely information to help them make
informed decisions was DRE’s main focus with this project,” Real Estate Commissioner Doug McCauley said. “Keeping Californians housed is crucial in the public health climate and this resource will provide much-needed clarity on key rental issues.”

Relevant and detailed revised chapters in the guidebook include but are not limited to: Before You Agree to Rent, Dealing with Problems, Terminations and Evictions, Tenant Protection Act of 2019, Resolving Problems, Getting Help from a Third Party, and a Glossary.

This guidebook and other useful information for landlords and tenants can be found at the DRE-created website HousingisKey.com. The online version of the guidebook can be easily translated into other languages using the google translate function on the website.

Printed copies will be available later this year.  Here is a link to the downloadable PDF version of the document.

• Commissioner’s Message
• Licensing: Speed and Simplicity
• Loan Modifications and Advance Fees
• Lesser-Known Mortgage Loan Related Violations
• Helpful or Illegal? When helping clients crosses the line
• Compensating Balances and Other Considerations Received in Trust Accounts

PSAR is recommending a “no” vote on California Proposition 15, a ballot measure that calls for higher property taxes on commercial and industrial real estate.

Prop. 15 is referred to as the “Split Roll Ballot Initiative, Schools and Communities First.” If approved, Prop. 15 would require calculating property taxes for commercial and industrial real estate based on current market value. It would raise property taxes on supermarkets, shopping malls, office buildings, factories, movie theaters, hotels, restaurants, sports stadiums, warehouses, self-storage facilities, major retailers and other businesses.

Proponents claim $6.5 billion to $11.5 billion generated from the increased property taxes would be allocated to schools (40 percent) and local government (60 percent).Opponents say Prop. 15 is a direct attack on Proposition 13, which limits annual increases in assessed property value to 2 percent. Prop. 13, passed by California voters in 1978, remains a godsend to fixed-income retirees and middle-income workers who would be incapable of paying the increased property tax assessments over the last 40 years as California home prices have quintupled. If enacted, this massive tax increase will prompt companies to flee California at a time when businesses are already struggling.

The San Diego County Office of Assessor-Recorder-County Clerk, which opposes Prop. 15, recently delivered a presentation to PSAR members. The presentation included the contention that supporters for Prop. 15 are laboring under five false premises:

1. Businesses don’t pay their fair share of property taxes (in fact, taxes paid by commercial property owners have increased 1,930 percent since 1978);
   
   
2. Prop. 15 won’t impact small businesses because properties worth less than $3 million are exempt (in fact, the average commercial or industrial parcel in San Diego County is valued at $3.1 million, which is above the exemption level);
   
   
3. Prop. 15 will impact only property owners, not tenants (in fact, if tenants are required to pay higher rents by property owners who need to recoup the property tax increase, then costs will impact tenants/customers);
   
   
4. Prop. 15 won’t impact residential housing (in fact, raw land zoned for residential and commercial-industrial uses will be reassessed and mixed-use properties with more than 25 percent commercial also will be reassessed);
   
   
5. Prop. 15 won’t impact female-, immigrant- and minority-owned businesses (in fact, the groups opposing Prop. 15 include social justice leaders, such as the NAACP, California Black Chamber of Commerce, California Hispanic Chamber of Commerce, CalAsian Chamber of Commerce and National Action Network).

A Berkeley Research Group study found increasing property taxes on small businesses will hurt female- and minority-owned businesses the most, and up to 120,000 private-sector jobs will be lost. Prop. 15 would incentivize local governments to approve business projects to replace existing housing in order to generate greater property tax revenue.

Ernie Dronenburg, Jr., San Diego County Assessor-recorder-County Clerk, said, “Proposition 15 won’t close the door on an imaginary corporate tax loophole, but it will close the doors of real San Diego small businesses. Prop. 15 is the wrong idea at the wrong time.”

The San Diego Union-Tribune editorial board wrote: “No on Proposition 15, vast tax hike during a deep recession is a crazy idea. Approving Proposition 15 is not about preserving essential government services, as advocates assert. It is about preserving generous government pensions that threaten to bankrupt government agencies across the state. Send a message that pension reform should precede a massive tax hike and vote no on Proposition 15.”

Dan Walters, columnist with CalMatters, a public interest journalism venture, wrote: “Both proponents and opponents know that Proposition 15 is a proxy battle over whether Proposition 13 is still an untouchable icon. The measure’s backers had no way of knowing that the COVID-19 pandemic and the severe recession it spawned would visit themselves on California, changing the tenor of their battle with business groups over the issue. While proponents argue that the new revenue is needed to keep vital public services, including schools, from being slashed, opponents argue that with businesses already suffering, this is the wrong time to saddle them with more taxes.”

Antonio Villaraigosa, former Mayor of Los Angeles and Speaker of the California State Assembly, wrote in a CalMatters column: “This poorly drafted tax measure will disproportionately hurt everyday Californians during the worst economic crisis since the 1930s. It will put significant pressure on jobs in general, but private sector union jobs in particular. Because Prop. 15 raises property taxes, those higher taxes will get passed on to small business tenants, who rent. These businesses, in turn, will pass higher costs on to consumers in the form of increased prices on everything we buy, groceries, fuel, utilities, clothing and health care. California’s cost of living is already among the nation’s highest. Prop. 15 will drive the cost of living even higher.”

For more information about voting “no” on Prop. 15, visit https://noonprop15.org. The following statement is on the website: “Amid an unprecedented economic crisis, special interests are pushing Prop 15 on the November 2020 statewide ballot that will destroy Prop 13’s property tax protections and will be the largest property tax increase in California history. If businesses lose their Prop 13 protections, homeowners will be next.

“Prop 15 will raise taxes on business property, leading to higher rents for small businesses. Ultimately, Prop 15 will make income inequality worse by driving up the cost of living for just about everything we need and use, like food, utilities, daycare and healthcare.

“We must reject Prop 15 and maintain Prop 13 protections that have kept property taxes affordable and provided every taxpayer who buys a home, farm or business property with certainty that they can afford their property tax bills in the future. Now is not the time to raise taxes and bring more uncertainty to businesses and all Californians.”

County Assessor Comments on Prop 15 - "Unfortunately, Prop 15 hides that it is the largest property tax increase in California history that will"... Read More

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

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. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

PSAR has endorsed the following candidates for the 2020 General Election

Measures and Propositions

Santee
Vote No on Measure N which would limit new housing and add to traffic.

City of San Diego
Vote Yes on Measure E which removes an overly burdensome height limit
in the Midway District.

California
Vote NO on the Prop 15 Property Tax Increase 
Vote NO on the Prop 21 More Rent Control 

_______________________________________________

PSAR's Mission is to empower Realtors to flourish while being accountable to
each other, our clients, and our community.

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

The Covid-19 pandemic that depressed California’s housing market earlier this year seems like a distant memory after the release of the most recent monthly home sales and price report from the California Association of REALTORS®.

In August 2020, California’s housing market continued to improve as statewide home sales climbed to their highest level in more than a decade and median home prices set another high, breaking July’s record.

The August numbers are the latest evidence that buyers and sellers have brushed off economic uncertainty in the reality of a post-Covid-19, housing market rebound.

Existing, single-family home sales in California totaled 465,400 in August 2020 on a seasonally adjusted annualized rate, up 6.3 percent from July 2020’s sales of 437,890, and 14.6 percent higher from August 2019, when 406,100 homes were sold on an annualized basis.

It was noteworthy that August’s sales total climbed above the 400,000 level for the second straight month since the Covid-19 crisis depressed the housing market earlier this year. It was the first time since the summer of 2016 that sales increased from the previous month three months in a row.

In San Diego County, August 2020 homes sales were down 2.2 percent from July 2020, but 10.2 percent higher than August 2019.

In addition to home sales records, home prices also set a record in August 2020. The statewide median price hit another new high after setting records in June and July.

California’s median home price broke the $700,000 mark, reaching $706,900 in August 2020, a 6.1 percent jump from July 2020’s $666,320 and reflecting a year-over-year rise of 14.5 percent compared to the $617,410 price set in August 2019.

August 2020 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Sales of higher-priced properties are recovering faster than the rest of the market, pushing upward the statewide median home price. The median price represents the point at which half of the homes sell above a price and the other half below it.

The yearly price increase was the highest recorded since March 2014 and larger than the six-month average of 4.3 percent observed between February 2020 to July 2020.

In San Diego County, the median price for a single-family home in August 2020 was $732,560, a figure which was 1.9 percent higher than the $719,000 price tag in July 2020 and 12.7 percent higher than the $650,000 amount for August 2019.

“California’s strong housing recovery in terms of sales and price over the past few months is encouraging as motivated buyers are eager to purchase homes amid the lowest interest rates ever, which led to the fastest sales growth in a decade,” said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. “However, persistently low housing inventory will continue to push up home prices due to heavy buyer competition, which is starting to outweigh the benefits of record low interest rates and hamper housing affordability.”

“Low rates and tight housing inventory are contributing factors to the statewide median price setting a new record high three months in a row from June to August, said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “A change in the mix of sales is another variable that keeps pushing median prices higher, as sales growth of higher-priced properties continued to outpace their more affordable counterparts.”

Reflecting the rise in home prices, consumers continue to say it is a good time to sell, according to C.A.R.’s monthly Consumer Housing Sentiment Index. Conducted in early September, the poll found that 58 percent of consumers said it is a good time to sell, up from 54 percent a month ago, and up from 46 percent a year ago. Meanwhile, low interest rates continue to fuel the optimism for homebuying; 34 percent of the consumers who responded to the poll believed that now is a good time to buy a home, sharply higher than last year, when 22 percent said it was a good time to buy a home.

Other key points from the August 2020 resale housing report included:

-- Home sales at the regional level increased in all major regions from last year. The Central Coast and the San Francisco Bay Area had the strongest sales growth in August with both regions surging more than 10 percent in sales from last year. The Far North and Southern California regions increased more modestly in sales with a gain of 8.6 percent and 5.5 percent, respectively.

-- Home prices at the regional level posted double-digit price increases from last year in nearly all major regions. San Francisco Bay Area had the highest median price increase, rising 18.7 percent from last year, followed by the Central Coast (16.4%), Southern California (12.9%), and Central Valley (12.2%).

-- All but two counties reported a year-over-year gain in price, with 33 of the counties growing more than 10 percent. Santa Barbara had the highest price increase, gaining 41.7 percent year-over-year.

-- With fewer for-sale properties being added to the market, housing supply remained significantly below last year’s level. The 50.3 percent drop from a year ago was the biggest decline in active listings since at least January 2008. It was also the ninth consecutive month with active listings falling more than 25 percent from the prior year. 

-- With higher-than-normal housing demand and supply not being replenished as fast as prior to the pandemic, the Unsold Inventory index (UII) remained at the lowest level in the last 15 years. The UII fell sharply from 3.2 months in August 2019 to 2.1 months this August.

-- Housing supply tightened up in all price segments, but the housing shortage is especially pronounced in more affordable markets. While active listings in every price range declined by double-digits on a year-over-year basis, for-sale properties priced below $1 million fell 58 percent from last year. Compared to a year ago, the supply of homes priced between $1 million to $3 million declined 33.1 percent, and homes priced at or above the $3 million benchmark declined 17.2 percent.

-- The median number of days it took to sell a California single-family home was 13 days in August 2020, down from 23 days in August 2019. The August 2020 timeframe compares to 17 days in July 2020, 19 days in June 2020, 17 days in May 2020, 13 days in April 2020, 15 days in March 2020 and 23 days in February 2020.

August 2020 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was eight days in August 2020, compared to 17 days in August 2019. The August 2020 timeframe compares to 10 days in July 2020, 12 days in June 2020, 11 days in May 2020, eight days in April 2020, 10 days in March 2020, 12 days in February 2020 and 23 days in January 2020.

-- The 30-year, fixed-mortgage interest rate averaged 2.94 percent in August 2020, down from 3.62 percent in August 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.91 percent, compared to 3.36 percent in August 2019.

In other recent real estate and economic news, according to news reports:

-- Realtor.com said the number of listings in San Diego County is 43 percent lower than a year ago, according to its report for the week ending Sept. 12. Also, the median listing price is 8.8 percent higher in a year-over-year comparison.

-- CoreLogic said San Diego County’s median home price in August 2020 hit another all-time high of $640,000, up from the previous peak of $634,000 in July 2020. The real estate data reporting firm also said home prices in the county have risen more than 8 percent since March, when the Covid-19 pandemic began, and 9.4 percent since this same time last year.

-- More than 20 percent of Californians say they are bored of where they live and want to move somewhere else, according to a recent survey by Unclutterer.com, a website for home and office organization. The survey also revealed that 36 percent of city dwellers in California now want to move out to the suburbs or the country.

-- Home sales nationwide exceeded 1 million in August 2020, according to the U.S. Census Bureau and Department of Housing and Urban Development. Sales totaled 1,011,000, a 43.2 percent increase since August 2019, 4.8 percent compared to July 2020 and a record high not seen since 2006.

-- The Covid-19 pandemic has aggravated the housing’s market longstanding lack of supply, creating a historic shortage of homes for sale, reports The Wall Street Journal. Many potential home sellers are keeping their homes off the market for pandemic-related reasons. Meanwhile, buyers are accelerating purchase plans or considering homeownership for the first time to get more living space as many Americans anticipate working from home for the long term. The National Association of REALTORS® said there were 1.3 million existing single-family homes for sale at the end of July, the lowest count for any July going back to 1982. For the week ending Sept. 12, Zillow Group Inc. reports the nationwide inventory was down 29.4 percent from a year ago and the lowest level since late 2017.