The Fed has chosen to maintain current interest rates, signaling stability for mortgages in California.
Prospects for lower lending rates in California remain dim, with the Fed indicating minimal rate cuts this year.
Santa Clara County's total assessed property value has risen to $696.8 billion, a 5.4% increase from the previous year. However, this growth is insufficient to meet the escalating costs of services due to fewer property transfers and a decrease in new construction, especially in commercial properties. This results in less property tax revenue, affecting services such as education. The slow growth is attributed to changes in property ownership and a drop in new commercial construction, causing high office vacancy rates. Lowering interest rates could potentially mitigate the expected decline in property value growth.
Property tax assessments are rising quickly in Santa Clara County cities, driven by major tech companies. Mountain View leads with the highest property value growth, followed by Santa Clara. Despite the increase, there are fewer residential transactions and challenges in the commercial real estate market. Google's cancellation of a large office project in Mountain View reflects the slowdown. The report predicts more commercial property assessment appeals, impacting tax revenue. The region's strong tech industry and trillion-dollar companies offer hope for the future.
Set a goal: Determine what you want to achieve with the renovation and look for ideas online or in magazines.
Build a budget: Consider the return on investment and build a realistic budget.
Property tax assessments are rising quickly in Santa Clara County cities, driven by major tech companies. Mountain View leads with the highest property value growth, followed by Santa Clara. Despite the increase, there are fewer residential transactions and challenges in the commercial real estate market. Google canceled a large office project in Mountain View, reflecting a trend of stalled commercial construction. The report predicts a short-term slowdown in tax assessment growth but remains optimistic due to the region's strong tech industry and global appeal.
Good news for renters in California: Rents are decreasing in 7 out of 11 major cities yearly, even as national rents rise.Big drops in key markets: Oakland and Sacramento saw the most significant declines, with rents falling over 8%.