Coachella Valley Real Estate News & Market Trends

 

We hope you’ll find this blog to be a wealth of information, covering everything from Greater Palm Springs' market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 27, 2018

California Props May Affect Property Values and Rights

Upcoming Ballot Initiatives May Affect Local Real Estate

Be Informed and Make Informed Choices

November’s ballot includes several initiatives that could impact real estate in the Coachella Valley and Statewide.  The following is a summary of those propositions and what you need to know before heading to the polls.

Prop 1:   The “Affordable housing bond”  will authorize the state to take out a $4 billion housing bond.  A majority of the proceeds from this bond will go toward creating affordable housing and $1 billion of it will be dedicated to housing subsidies for veterans.  Supporters argue this will immediately help deal with the shortage of affordable housing by creating new low/moderate income housing.  Additionally, they argue that it will infuse a large sum of money into new construction.  Opponents argue that taxpayers are not getting enough “bang for their buck”.  They argue that if passed, taxpayers are taking on a huge amount of debt with only a minimal impact on the housing crisis.  They further argue that throwing additional money at new construction does not address the underlying regulatory conditions that make it so expensive to construct new housing in California.

Prop 5: The “Portable Real Estate Tax Break” will allow persons over the age of 55, severely disabled or who are the victims of a natural disaster to sell their property and transfer the existing lower tax base of their property to their new new home (along with a percentage increase based on the difference of the home they are selling and the home they are purchasing).  Proponents argue many persons in those groups cannot afford to sell their current property and purchase a new property due to the larger property taxes they will incur.   Opponents argue that the state will lose needed taxes for schools and other services on the replacement property purchases. 

Prop 10:  The “Affordable Housing Act”  is one of the most controversial of the ballot measures.  It will allow local governments to enact rent control measures on new construction.  Proponents believe this is the best way to alleviate the State’s affordable housing shortage.  Opponents argue that the will this further limit availability of affordable housing by not only deterring construction of new rental housing but also by encouraging owners to sell their current rental properties, change them to condominiums or change the use to a short term rentals.

For more information on these propositions and other measures on the California Ballot, I have found that Ballotpedia to be a good overview.

No matter your opinion on these and the other ballot measures, please remember to vote on November 6th - your vote is your voice!

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates