The neighborhood we’re in this weekend was built in the late-1970s, during the Rampart General days. The company used to pour concrete panels at the factory, and then assemble the fireplace/chimney on a wooden frame and then truck them to the homesites.
They got a bad rap because the chimneys were made of wood, which makes people think they are defective and one fire will cause the house to burn down. Here’s a local expert talking about them a few years ago:
The Big Three have all left. Hat tip to Richard for sending this in:
Farmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers.
Farmers, the second-largest provider of homeowners insurance in the state, said it placed the cap on the number of policies in California effective July 3. The company cited high costs and wildfire risks.
“With record-breaking inflation, severe weather events, and reconstruction costs continuing to climb, we are focused on serving our customers while effectively managing our business,” Farmers Insurance said in a statement, adding it will limit the new policies “to a level consistent with the volume we projected to write each month before recent market changes.”
It’s getting harder and harder to find homeowners insurance in the states that are the most vulnerable to the effects of climate change.
Farmers’ shift follows decisions by State Farm and Allstate, two of America’s largest insurers. The companies said they will no longer write new homeowners policies in the state. Both cited wildfire risk as a reason for the move and blamed limits placed on insurance premiums in states like California. Insurance companies also say rising costs for labor and building costs make replacing homes costly.
“The cost to insure new home customers in California is far higher than the price they would pay for policies due to wildfires, higher costs for repairing homes, and higher reinsurance premiums,” said a statement from Allstate explaining its decision to stop writing new policies last fall.
Like with the 3% mortgages, those who are already in the club are the fortunate ones. Hopefully they can count on the Big Three insurers continuing to cover them at a reasonable cost. There will always be insurance available, thanks to the California Fair Plan, which was established in 1968. If/when it becomes insolvent, the taxpayers will probably provide support.
From now on, home buyers will be paying double or triple what previous buyers paid for insurance, but they are paying double or triple for the homes too, so it shouldn’t be a big deal. Living here is worth it!
Plus, the 40% of buyers who pay cash for their new home can always self-insure.
It looks like we are going to have an exciting end to the open-house extravaganza today – full report coming later! Meanwhile, we should be more sensitive with those who have trouble going through their stuff – it’s a complex mental health condition!
Hoarding disorder is a complex mental health condition that can have significant implications for both the individual and the surrounding community. By understanding the unique challenges faced by hoarders and implementing appropriate strategies, property managers can create safe and habitable living environments while upholding the principles of fair housing.
According to the International OCD Foundation, it is estimated that 2-6% of the U.S. population, or approximately 6 to 18 million people, struggle with hoarding disorder. Hoarding disorder is characterized by persistent difficulty discarding or parting with possessions, regardless of their value, resulting in the accumulation of excessive clutter.
It affects people from all walks of life, irrespective of age, gender, or socioeconomic status. Hoarders often experience intense emotional attachments to their belongings, leading to extreme anxiety or distress when faced with the prospect of disposal. This psychological condition can pose serious health and safety risks, such as fire hazards, structural damage, pest infestations, and unsanitary living conditions.
My guys have done three of these – but I think you should move instead!
A home should be a visual expression of the person who lives there, right? While this may be true most of the time, the advice could change when it comes to selling your house. According to a new study by Zillow, certain paint colors can make your house sell for more—and some hues can even have the opposite effect. “People don’t buy homes every day, so they’re trying to quickly process a lot of complex information in an area where they don’t have a lot of experience,” Amanda Pendleton, Zillow’s home-trend expert, explained in a statement. “That uncertainty is likely why buyers rely on color as a powerful visual signal that a home is modern and up-to-date, or tired and needs maintenance.”
“Buyers have been exposed to dark gray spaces through home improvement TV shows and their social media feeds,” Mehnaz Khan a color psychology specialist and interior designer in Albany, New York, said in a statement. However, the reason gray paint colors can make your home sell for more might also have to do with more subconscious reasons. “Gray is the color of retreat,” Khan added. “As we come out of the pandemic and return to our hectic lives, buyers want home to be a refuge. They want to withdraw and escape from the uncertainty of the outside world, and rooms enveloped in dark gray can create that feeling of security.”
Read full article here:
https://finance.yahoo.com/news/d-surprised-paint-colors-could-120000789.html
Home flipping is all the rage, and it complicates the demand for old houses and fixers because there are more flippers than buyers pursuing them.
Agents get calls, texts, and emails every day from flippers begging to buy their listings. They offer to have the listing agent represent them on the purchase, and then be the listing agent when they sell it – boom, three commissions!
Long-time homeowners get inundated with mailers to sell their home for cash, with no commissions, no fees, no repairs, no banks, no nothing – and close any time.
Those who are the most susceptible are the out-of-town heirs who roll in with zestimate in hand and an urge to grab quick cash.
But how much do the flippers pay?
Our listing in downtown Carlsbad – a house built in 1958 and had not sold in nearly 50 years – was a perfect candidate. I started getting solicitations the day it hit the open market and they came by the open houses too. “Jim, Jim, come on you can represent me and we’ll buy it right now!”
We received six offers, and FOUR were from flippers.
The list price was $995,000, and their offers were $800,000, $800,000, $825,000, and $866,500.
Someone called the Carlsbad Police and reported a possible murder, and later a flipper called me and said they have access to the title records and an easement runs right through the middle of the house so nobody is going to buy it – except him.
Thankfully we had two offers over $1,000,000 from owner-occupiers that were more attractive, and we made the deal with one of them.
The worst part of selling to a flipper is that once they tie you up and get into escrow, then they really go to work on you. Even if you thought their price already reflected a proper discount for condition, they will want more concessions later.
But for those antsy homeowners who just want to rid themselves of a headache and get their hands on some fast cash, it is a viable alternative!
Get Good Help!
Sofia at Porch had several realtors tackle different topics of the home-selling business:
Are you thinking about a landscape tune-up or re-design? There’s an app!
Mark is one of the best appraisers in the county:
The median sales price for a detached home in the county continues on a seasonal climb. According to our MLS (depicted on the chart below) the median detached home price in March was $934,500. While the median price is down 4.2% from last March when the median price was $975,000, it is up 3.9% from February’s median price of $899,000.
Limited inventory is helping push prices higher, however it is still critical for sellers to price their home right. Multiple sources and personal experience have shown that pricing a home realistically based on local market data will help it sell quickly in today’s market. The danger of overpricing a home is having extended days on market, buyers questioning what may be wrong with a home that has not sold. This likely will result in price cuts and a steeper discount than if the home was initially priced at market.
Data from our MLS on the chart below shows the trending increased number of detached housing pending sales over the past 30 days compared with the months supply of housing. It reflects a market with high liquidity, meaning sellers who priced their homes right can expect an offer within a few weeks, at or near their list price.
I would be grateful to help take care of your contacts who are seeking a real estate appraisal to establish a date of death value for estate tax purposes. The IRS has specific guidelines on establishing a fair market value for tax reporting purposes, so it is important to get it right the first time! Appraisals tailored to specific IRS guidelines are my specialty and I am ready to provide your referrals with the best service available, just pass along my contact information and I will do the rest.
Best Regards,
Mark Melikian
858-945-8996
RealEstateValuations@outlook.com
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
