A new bill in California aims to increase housing accessibility in coastal neighborhoods.
It seeks to eliminate their exemption from a state law allowing developers to increase density.
Applications are open for California's down payment assistance program, Dream For All, offering $250 million to first-time homebuyers. Eligibility criteria include being a first-time homebuyer, California resident, and meeting income and credit score requirements. The program provides a shared appreciation loan of up to 20% of the home's purchase price. Applicants must complete homebuyer education counseling and can apply online until April 29. Winners will be chosen by lottery.
Cupertino is close to securing approval for its housing plan after state clearance, despite being late. The plan includes building 4,588 homes by 2031, with 1,880 being affordable. The city faced legal battles due to noncompliance but is now working towards meeting housing requirements.
In California, a 3-bedroom house averages $600K, but prices vary, with cities like SF and LA surpassing $1M.
In 2024, California's housing market remains competitive; low mortgage rates and high demand favor some buyers.
Timing is crucial in California's volatile Real Estate market, impacted by factors like interest rates and economic conditions.Interest rates significantly influence home affordability, requiring monitoring for optimal decision-making.
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.