All about Life & Real Estate in Silicon Valley – Broker Michael Koo's Blog.

California is an affordable state for home insurance at $1,380/ yr.
Experts anticipate home insurance rates to be 10%-15% higher in 2024.

CalHFA allows financing up to 96.5% of the home's purchase price with low down payment and lenient credit requirements.
CalHFA assistance programs:
– MyHome: Provides up to 3.5% deferred-payment junior loan
– School Program: Aids K-12 teachers
– ECTP: Assists teachers with down payment

The settlement aims to shift commission responsibility to buyers, potentially reducing costs for sellers in the process.
Legal experts anticipate negotiations over commissions, which may pose challenges for both agents and first-time buyers.

Late-Fall 2023 Median Home Prices: Median price rises across Southern California by 5.1%.
County-wise Median Prices (2024): Orange County leads with $1.1 million, followed by Los Angeles, San Diego, Ventura, Riverside, and San Bernardino.

While rents are still 29.9% higher than before the pandemic, the yearly increase in February was only 3.5%.
This slowdown is likely due to a combination of more rental housing being built and a general economic slowdown.

Coverage:

– Most multi-unit buildings in California (exceptions apply).
– Single-family homes owned by corporations, REITs, or LLCs with corporate members (unless exempt).
Exemptions include:

– New buildings (built within the last 15-yr).
– Owner-occupied duplexes.
– Units with stricter local rent control.
– Single-family homes as separate units.