ADVERTISING SUPPLEMENT ways will pay a premium for housing. even if the state launches a massive home-building campaign. Some people are leaving the state, often hunting for lower home prices, yet "we're still seeing incredible growth right in California's core. Both can be true: people leaving and population growth. The Achilles heal of the state berate throughout the economy." The Southland Regional Association of Real A Tale of Two Markets Housing Remains the Bright Spot tors is a local trade association with more than 10,300 members sening the San Fer nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. By Dane Sydel, President, and Dvd waker Southiand Regonal Association of Realtors Residential real estate will con- tinue to be a bright spot in the economy as almost all regions of California recapture some of the many jobs lost to the pandemic, but the unevenness of the recov- ery highlights the state's funda- mental lack of housing, especially for people who need it the most. "It's a tale of two markets," said Jordan G. Levine, vice president and chief economist Interest Rate Update SOUTHLAND REGIONAL National average as reported by Freddie Moc ond regarding housing and the overall cconomy is that 73 percent of Cali- formians cannot afford a median price home of $751,990. "Affordability mumbers are par- ticularly dire for our communities of color," Levine said. "That will rever- ASSOCIATION OF REALTORS", INC. April 22 30-Yr FRM - 2.97 percent 15-Yr FRM - 2.29 percent April 15 30-Yr FRM - 3.04 percent 15-Yr FRM- 2.35 percent homes" the trends and economic realities that limit other prospective buyers. "It's a nuance you want to be aware of and you want your clients to be aware of," he said. C.A.R. statistics reflected an even stronger optimism for the coming months, especially as more than 1 less than $100,000 per year. People carning over $100,000 accounted for only 7 percent of lost jobs, or about 187,900 people. "We're optimistic, but not overly confident," he said. "We're really go- ing to have to generate inventory out of thin air. COVID-19 Rent Relief for Landlords "The lack of inventory will be the thing that holds the market back,"he said, noting California's Business, Consumer Services and Housing Agency has created a state portal for landlords and renters to apply for rental assistance. CA COVID-19 Rent Relief will help income-eligible households pay rent and utilities, both for past due and future payments. Landlords can choose to accept 80 percent of any unpaid rent owed from April 1, 2020, through March 31, 2021. If a landlord accepts this funding, the landlord agrees to forgive the remaining unpaid rent for that covered period. If a landlord chooses not to participate, the tenant can still apply for relief valued at 25 percent of unpaid back rent they owe for the covered period. Landlords can determine if they are eligible by completing an casy checklist. Visit the HousingisKey.com website for details. We're optimistic, but not overly for the Califor confident ... We're really going to nia Association of Realtors. "There's strong demand across the board," Levine have to generate inventory out of thin air that sctive million jobs statewide have returned and almost half of the population has received at least one dose of a vaccine. The state lost 2.7 million jobs, with listings are half of what was available last year, which even then was reported as criti- Realtor Diane Sydel, 2021 SRAR President cally low. said in a recent Zoom call with 77 San Fernando and Santa Clarita valley real estate brokers, owners, and office managers that was organized by the Southland Regional Association of Realtors. The lower price points of the market are "extremely inven- tory constrained," while homes sell- ing for $2 million and up, which is where the heaviest demand exists, continue to dominate in terms of price growth and sales, primarily because the "nature of the crisis protected high-income carners." While still tight, inventory and rising prices in the market's higher reaches do not limit sales as much as at the median price range and lower. les important for Realtors and their clients to understand that Resale prices are at record levels nearly 1 million gone in the leisure and while inventory locally and statewide stand at or near historically low levels. Levine said the economy's funda- mentals are "good"and that C.A.R. does not expect a wave of foreclosures coming down the hospitality sectors of the economy. Over 90 percent of the lost jobs, or about 2.5 million people, were in low- wage industries that on average pay Housing market stil doing unseasonably well pipe. NEW TAX While Califor- nia is "not perfectly insulated .. it isn't 2008 all ower again, "he said. "A foreclosure crisis is unlikely." Instead, he said the numbers sug- gest foreclosures will remain in the single-digit range Lots of buyer demand amidst alltime low rates Housing market data closed ABOVE 20191 Broader indicators are less rosy BENEFITS FOR SENIORS S lots of foks on the unemployment rols Gotta hunker down for last bit of COVID Ominous trends for the population and economy KEYAWA Keeping it really real Demographics creates more, not less, urgency Time for get serious about supply & new construction Impocting much more than just the real estate market of 5 percent to 8 CAuroa Aoano or AO percent. "There still are a lot of challenges," Levine said. "We're moving in the right direction, but still nowhere near pre-crisis As of April 1st, Proposition 19 expanded property tax benefits for those 55 and older, the disabled, and victims of natural disasters, allowing them to transfer their property's assessed value and tax basis when they sell their home and purchase a new one, of any value, anywhere within California. Previously, this tax base transfer opportunity was limited to only 10 coun- ties statewide. Additionally, eligible homeowners can now transfer their base-year assessed value to a more expensive home, whereas the previous law limited the transfer to a home of equal or lesser value. Eligible homeowners can also transfer their assessed value up to three times, while under previous law they could only move with their assessed value one time. In effect, the property tax base for seniors is now portable. For detailed information, go to the LA. County Office of the Assessor website: https://assessor.lacounty-gow/prop19/ California housing market outlook 2015 2014 2017 2018 2019 2020 2021 SPH Rescles (000 4094 4173 411.9 A58.0 levels. SChonge 2.05 5.2% 3.5% 11.2% "Stocks have come back, homes are worth more than ever," he said. "But a lot of people are still struggling." Califomians al- Median Price (S000 55379 P12.1 SChonge 5.9% 8.0% Housing Attordobilily Index 27% 2 32% "you can't extrapo- late to $5 million 30- FRM 4.0% 3.9% 3.0% THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT ways will pay a premium for housing. even if the state launches a massive home-building campaign. Some people are leaving the state, often hunting for lower home prices, yet "we're still seeing incredible growth right in California's core. Both can be true: people leaving and population growth. The Achilles heal of the state berate throughout the economy." The Southland Regional Association of Real A Tale of Two Markets Housing Remains the Bright Spot tors is a local trade association with more than 10,300 members sening the San Fer nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. By Dane Sydel, President, and Dvd waker Southiand Regonal Association of Realtors Residential real estate will con- tinue to be a bright spot in the economy as almost all regions of California recapture some of the many jobs lost to the pandemic, but the unevenness of the recov- ery highlights the state's funda- mental lack of housing, especially for people who need it the most. "It's a tale of two markets," said Jordan G. Levine, vice president and chief economist Interest Rate Update SOUTHLAND REGIONAL National average as reported by Freddie Moc ond regarding housing and the overall cconomy is that 73 percent of Cali- formians cannot afford a median price home of $751,990. "Affordability mumbers are par- ticularly dire for our communities of color," Levine said. "That will rever- ASSOCIATION OF REALTORS", INC. April 22 30-Yr FRM - 2.97 percent 15-Yr FRM - 2.29 percent April 15 30-Yr FRM - 3.04 percent 15-Yr FRM- 2.35 percent homes" the trends and economic realities that limit other prospective buyers. "It's a nuance you want to be aware of and you want your clients to be aware of," he said. C.A.R. statistics reflected an even stronger optimism for the coming months, especially as more than 1 less than $100,000 per year. People carning over $100,000 accounted for only 7 percent of lost jobs, or about 187,900 people. "We're optimistic, but not overly confident," he said. "We're really go- ing to have to generate inventory out of thin air. COVID-19 Rent Relief for Landlords "The lack of inventory will be the thing that holds the market back,"he said, noting California's Business, Consumer Services and Housing Agency has created a state portal for landlords and renters to apply for rental assistance. CA COVID-19 Rent Relief will help income-eligible households pay rent and utilities, both for past due and future payments. Landlords can choose to accept 80 percent of any unpaid rent owed from April 1, 2020, through March 31, 2021. If a landlord accepts this funding, the landlord agrees to forgive the remaining unpaid rent for that covered period. If a landlord chooses not to participate, the tenant can still apply for relief valued at 25 percent of unpaid back rent they owe for the covered period. Landlords can determine if they are eligible by completing an casy checklist. Visit the HousingisKey.com website for details. We're optimistic, but not overly for the Califor confident ... We're really going to nia Association of Realtors. "There's strong demand across the board," Levine have to generate inventory out of thin air that sctive million jobs statewide have returned and almost half of the population has received at least one dose of a vaccine. The state lost 2.7 million jobs, with listings are half of what was available last year, which even then was reported as criti- Realtor Diane Sydel, 2021 SRAR President cally low. said in a recent Zoom call with 77 San Fernando and Santa Clarita valley real estate brokers, owners, and office managers that was organized by the Southland Regional Association of Realtors. The lower price points of the market are "extremely inven- tory constrained," while homes sell- ing for $2 million and up, which is where the heaviest demand exists, continue to dominate in terms of price growth and sales, primarily because the "nature of the crisis protected high-income carners." While still tight, inventory and rising prices in the market's higher reaches do not limit sales as much as at the median price range and lower. les important for Realtors and their clients to understand that Resale prices are at record levels nearly 1 million gone in the leisure and while inventory locally and statewide stand at or near historically low levels. Levine said the economy's funda- mentals are "good"and that C.A.R. does not expect a wave of foreclosures coming down the hospitality sectors of the economy. Over 90 percent of the lost jobs, or about 2.5 million people, were in low- wage industries that on average pay Housing market stil doing unseasonably well pipe. NEW TAX While Califor- nia is "not perfectly insulated .. it isn't 2008 all ower again, "he said. "A foreclosure crisis is unlikely." Instead, he said the numbers sug- gest foreclosures will remain in the single-digit range Lots of buyer demand amidst alltime low rates Housing market data closed ABOVE 20191 Broader indicators are less rosy BENEFITS FOR SENIORS S lots of foks on the unemployment rols Gotta hunker down for last bit of COVID Ominous trends for the population and economy KEYAWA Keeping it really real Demographics creates more, not less, urgency Time for get serious about supply & new construction Impocting much more than just the real estate market of 5 percent to 8 CAuroa Aoano or AO percent. "There still are a lot of challenges," Levine said. "We're moving in the right direction, but still nowhere near pre-crisis As of April 1st, Proposition 19 expanded property tax benefits for those 55 and older, the disabled, and victims of natural disasters, allowing them to transfer their property's assessed value and tax basis when they sell their home and purchase a new one, of any value, anywhere within California. Previously, this tax base transfer opportunity was limited to only 10 coun- ties statewide. Additionally, eligible homeowners can now transfer their base-year assessed value to a more expensive home, whereas the previous law limited the transfer to a home of equal or lesser value. Eligible homeowners can also transfer their assessed value up to three times, while under previous law they could only move with their assessed value one time. In effect, the property tax base for seniors is now portable. For detailed information, go to the LA. County Office of the Assessor website: https://assessor.lacounty-gow/prop19/ California housing market outlook 2015 2014 2017 2018 2019 2020 2021 SPH Rescles (000 4094 4173 411.9 A58.0 levels. SChonge 2.05 5.2% 3.5% 11.2% "Stocks have come back, homes are worth more than ever," he said. "But a lot of people are still struggling." Califomians al- Median Price (S000 55379 P12.1 SChonge 5.9% 8.0% Housing Attordobilily Index 27% 2 32% "you can't extrapo- late to $5 million 30- FRM 4.0% 3.9% 3.0% THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies.