Oh Goodness, THE Powder Room

Most homes have a mixture of full baths, 3/4 baths, 1/2 baths, and maybe a powder room. The powder room is generally used for guests, or a quick 'visit' while cooking or lounging in the living room. The larger bathrooms are generally near the bedrooms. So, having a powder room is nice for company to use while staying away from sleeping areas.

But, when was the last time you re-decorated your powder room? Maybe a vanity? Probably changed out a toilet, of course you've painted in the last decade.

Check out some of these that Houzz intrigued me into searching out for you, to peruse through, and maybe get ideas for a do-over of yours. The rooms are so small, heck, you could re-do it every couple of years for a small budget.

This one caught my eye right off the bat! Would I pick it for me? Nope. But, I did think the simplicity of it, along with the colors, was pretty tastefully striking.

I did like this one a lot. Those are my kind of colors. Same as one before with that thick vanity. Not so sure how I feel about that. But, colors and simple win me over.

Love the wallpaper! Wouldn't use wallpaper in a bathroom that had a shower due to the steam. But, this would work well in a powder room. I like the faucet too, wall sconce? Meh. Pass on the mirror as well. It is a small room, but I want to see more than just my face when I take a girls break.

This is totally NOT me at all, but oh, so dramatic. One of you will love it. Felt a bit to 'hotel-ish' for my taste. The back wallpaper I kinda like, but the mix of the two just not my thing.

I know, I know, wild. But, the green called my name!! I think I could use that wallpaper on maybe one wall. Not a fan of the geometric cabinet, but do dig the mirror with the lights behind/around it!

Ah, RealtorLife, we see so many things related to homes. 

And, I totally enjoy that aspect of it indeed!

Will The California Exodus Bring Home Prices Down In The Golden State?

Well, you would think so, right? But, it's just not happening. Yet. Reading, reading, reading. Came across this article:

California is losing population and building new houses. When will home prices come down?

Click on the above link if you have about 10 minutes to read and digest the entire article.

Or, take a couple minutes and here are the clips that interested me the most so I kinda figure you'd be interested in them as well.

* New numbers released by the Newsom administration show that California added homes to its housing stock at a faster clip than any time since the Great Recession — 123,350 additional units, or an increase of 0.85%.  

* Over that same period, the state’s population declined, marking the third year in a row that it’s fallen from one new year to the next.

* Put those two numbers together and a surprising statistic emerges: There are now more homes per person — 3,770 units for every 10,000 Californians — than there have been since at least 1991. 

* The totals since 2020: roughly 430,000 new homes and some 821,000 fewer Californians competing to reside within them.

* But, COVID made it worse. People left their roomies and spread out as they could work from home. What used to me a few adults in ONE home, now is taking over 3-4 homes.

* On the great Exodus ~ “The ones who are older are leaving because they’re (homeowners) cashing in their gains,” he said of the nearly 8 million ex-Californians who exited the state last decade.” The young people who are leaving, we now think, are leaving because they can’t buy a house here.”

And even if those departures do ultimately alleviate the state’s scarcity of homes, it’s not the solution to the problem that anyone should want, adds Johnson from Public Policy Institute of California.

“I don’t think any of us who have been advocating for building more housing in California — to help alleviate the shortage of housing we’ve had and to improve affordability in the state — thought that the best path was just to have the state start to depopulate.”

Our future retirement home is not in California. Our money stretched so much further out of state. While we've lived, and loved, California our entire lives, and we make a fantastic income, California is just too expensive for  too many.

California? We Should Do Better.

If Only We Had More Inventory - The Cry For Sellers!

I have friends, neighbors, clients, always asking me why is the market doing what it is doing? How's the market kind of questions.

Just this week a good pal asked about the closing price on a home in her neighborhood. She was really surprised at how much that 'hunk of junk' sold for. Said it needed a lot of work! And, the kicker was 'I thought it was a buyers market?'

Well, it would be if we had a boat-load of inventory. But, alas, we do not. Santa Clarita has so few homes currently available for sale that any buyers out there are frequently scrambling and getting trapped, yet again, in multiple offers.

I believe we have an abundance of inventory sitting on the sidelines. Retirees that may not have enough equity to buy outright in another home are hoping for rates to go down so as not to give up the existing home loan rate they have now.

But interest rates are so high you say? Well, they just keep climbing and buyers are seemingly resigned to the fact that they won't dive back down to the low rates of yesteryear. "The Freddie Mac’s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 6.81% as of July 6, up significantly from last week’s 6.71%. By contrast, the 30-year was at 5.30% a year ago at this time." This quote is from HousingWire just this morning!

It's truly a double-edged sword. Sellers want to sell but the re-buy at these rates are a tough pill to swallow. Buyers want to buy but with this little inventory it's costing them.

As always, buyers buy when they want/need to. Same with sellers. There will come a point when it's do it now and be damned with the fallout.

And, as always, if you....or someone you know...needs any real estate help....just holler. We will do our best to make the real estate journey as easy as possible.

Lauren Witz Greber

Realty Executives Homes

(661) 313-5470 - cell

Leslie Babikan

Keller Williams VIP Properties

(661) 312-3669 – cell

Jennifer Herring

HomeSmart Evergreen

(661) 977-6535 - cell

DRE License # 01347043/01985201/01967154

"Keep Your WITZ About You When Buying Or Selling Your Home"

"What's Cooking in Real Estate"

“Inspired By Integrity, Driven By Purpose”

Seller Refusing To Close Escrow

I spotted a brief mention of this in our California Association of Realtors feed on Instagram. Enough of it to make me realize that it should be shared.

What if the Seller does refuse to Close Escrow?

I've yet to have it happen to any of my buyers, 

but as a Realtor, it's out of my hands when it does.

As your agent, I can send a Demand to Close Escrow to the Seller on your behalf. It must be sent out before a buyer can cancel based on the seller refusing to close escrow. There are time periods that we must adhere to of course.

The buyer may wish to send a a letter which outlines the legal liability for the Sellers breach of contract. Yes, the purchase agreement is truly a contract. So often ignored as such though. 

However, the buyer may hire a lawyer,  file a suit, record a lis pendens, ask for specific performance or damages, and claim attorney fees and costs.

Reminder, your agent is out at this point. We are not attorneys, and cannot assist with any legal issues between Buyer & Seller.

If the Demand to Close Escrow is not adhered to by the Seller, again, we are out of it and the Buyer has to decide if they want to pursue legal guidance.

Summer is Here, Don't Over-Enjoy Your Yard to The Dismay of your Neighbors!

Great reminder article in Houzz this week. Talking about the different scenarios that would allow you to really enjoy your backyard. But, things to think about to keep the peace between neighbors.

AKA ... Common Courtesy

"Many of us move outside during the summer. We host parties in the yard, grill and eat meals on the patio, relax by the pool and work in the garden. However, most of us share our outdoor spaces with uninvited and sometimes reluctant guests: our neighbors. And our outdoor pleasures can be their pain points. Or maybe we’re the ones who suffer from a neighbor’s unwelcome noise or cooking smells.

Because it’s more pleasant to get along with neighbors than not, here are 10 guidelines for considerate outdoor practices and design — no matter which side of the fence you’re on."

1. Keep Lighting on the Down Low - I sure don't want to have someones backyard lights blazing into my dimly lit home.

2. Thank You for Not Smoking - I have a friend that her neighbor constantly smokes in his yard. Another client passed on purchasing a home that people were constantly smoking in the neighbors backyard.

3. Watch the Volume on Outdoor TVs and Music Speakers - I don't think we could put a TV in our yard. I'm always asking hubby to turn it down...INSIDE the house! 

4. Keep a Lid on Pool Noise - Know before you buy that pools can be noisy when in use. And, speak to your neighbor if they are playing Marco Polo in the late hours.

5. Be Mindful of Which Way the Wind Is Blowing - This is actually about wind chimes! Check in with your neighbors before you place your chimes. 

6. Show You’re a Team Player - Kids, they are talking about kids playing in the backyard. Be mindful of where you put the childrens' play space.

7. Don’t Forget Your ‘Petiquette’ - Barking and Pooping. Please courteous to your neighbors. This is one of the biggies.

8. Be Considerate About Composting - I don't want to smell your compost pile. Nuff said.

9. Place Structures Thoughtfully and Be a Good Host - With all the ADU's being added, PLEASE be one of those neighbors that considers your next door pals when considering placement of one. And, if you're going to have guests coming and going....tell them as well.

10. Extend an Invitation — or an Olive Branch - Of course the best way to create peace and harmony with your neighbors is by getting to know them so you can maintain good communication. Let them know if you’re having a big event. Bring them some flowers or veggies from your garden to soften the blow. If you’re having a neighborhood get-together, be sure to invite them. And if you’re on the receiving end of a neighbor’s complaint, ask what you can do to improve the situation, and make a good-faith effort to follow through on the answer.

I sure hope this helps you, and your neighbors, to enjoy your Summer outdoors!

SCV Sales Info & The ONE Percent Down Home Loan

The quick info is about Santa Clarita, and our local surrounding communities, home sales info.

We currently have 228 homes available for sale. 

Condos, Townhouses, & Detached homes.

In our Coming Soon category we have 19. In escrow we have 313. Total number of properties that closed escrow in the last 30 days? 267. Coming soon is up from last month. Active is down. In escrow is down. And, sold in the last 30 days....is up. Keep an eye on my blog so we can see what happens next month!

Now, the 1% home loan. Yikes.

You Can Now Buy a Home With Just 1% Down,

but Should You Get One of These Bargain Mortgages?

I'm just sharing with you the worries/reasons that maybe putting so little down is not a good idea. This is from an article I just read on Realtor.com:

The risks of the 1% down mortgages

There are risks to taking out one of these loans.

Most first-time buyers don’t realize just how expensive homeownership can be. There are the big-ticket items that eventually need replacing, such as a roof or boiler or an appliance such as a stove or washing machine. Then there is the maintenance, such as having the gutters cleaned, the property landscaped, the HVAC system serviced. And there are also those unexpected expenses when something goes wrong without warning. Homes are called “money pits” for a reason.

Homeowners who don’t have much equity in their properties won’t have anything to tap into to pay these expenses. And if they opted for one of these loans because they didn’t have much in savings, they might not be able to cover these costs plus their mortgage.

“It’s potentially enabling homebuyers who should not be buying a house,” says mortgage lender Shayowitz. “The people who should be given mortgages with 1% down should be extremely highly qualified individuals with the income and the reserves to make their mortgage payments.”

Another concern is that, as the housing markets corrects and prices drop in many parts of the country, homebuyers who use small down payments could find themselves underwater on their loans.

But that’s not necessarily a problem in this era of accelerated housing cycles.

“They still have a place to live, [and] prices generally recover over time,” says Keith Gumbinger, a vice president at HSH.com, a mortgage information website.

But if they have to sell quickly, they could lose money if they owe more than the home is worth. They would have to absorb those losses.

Homeowners who don’t have much of their own money invested in their properties are also more likely to walk away from them if there are problems or their property value goes down. Foreclosure or short sales would severely damage someone’s credit.

“I don’t even think those are real concerns,” says Elezaj. He points out that borrowers still must have strong financial credentials to qualify for the loans. “These are good quality loans and good quality borrowers.”

The lender absorbs more of the risk than the borrower, says Gumbinger. If the borrower can’t pay the mortgage, then the lender doesn’t get paid until the home is ultimately sold.

Could 1% down mortgages trigger another housing crash?

While these loans might conjure up comparisons to the housing crash of the late 2000s, there are a few key differences that should prevent another crisis. These borrowers’ financials are carefully vetted versus the run-up to the recession when people were lying about how much they earned and still getting loans.

Their credit scores need to be high enough and their debt low enough, and they have to prove their income is sufficient to make the mortgage payments each month.

Plus, these loans don’t balloon in size over time or adjust as mortgage rates change. Both are 30-year, fixed-rate mortgages offering steady, monthly payments.

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Feel free to post your thoughts!

In Case You Haven't Heard About State Farm.....

No More New Policies In California!

I was actually just talking with a client this week about insurance problems in Santa Clarita, and then see this news flash that State Farm won't write any new homeowner policies in California due to fire issues. They say they will continue to insure people with existing policies though.

“State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market”. 

In Santa Clarita we've had issues with fires regularly. Always a big thing. I tell my buyers, talk to your insurance agent right away to make sure you can get a policy. Castaic & Stevenson Ranch seem to have the hardest time. 

Since the start of 2023, CAL FIRE and the US Forest Service have recorded 1,205 wildfires in the state, which have burned a total of 1,233 acres. On a year-to-date basis, over the past five years, the two organizations have recorded an average of 2,015 wildfires a year in California. It's no wonder, right?  

At any rate, I know from experience, any home buyer can get insurance on any property. Just matters how much you're willing to pay. Californians can still access FAIR Plan Association, which functions as the state’s insurer of last resort but it only provides fire-related coverage. Any additional coverage for theft, earthquake, flood will require wrap-around insurance.

So, keep this in mine when looking at homes. It is one of your contingencies as a buyer. But, look into your insurance needs ASAP so you're not left with a problem when it's too late.

And, always ask your lender if they have an insurance company recommendation. 

They are seeing way more than me what is working, and what isn't!