Reali Roundup: California is Back in Business

Psst, hey — it may only be a few more weeks until concerts, games, and theme parks reopen, California. And, with the home-buying season comin’ round the bend (May-ish), we’ve got some reminders of new laws flying below the radar for buyers and sellers alike. Topping off the roundup are updates on the growing momentum to rezone in many CA cities. Read on!

Breaking Down CA’s New Laws Taking Effect

A raft of new laws affecting CA real estate are making things easier for residents to buy or sell in ways both large and small. AB 38 requires buyers be notified if they’ll live in a high-risk fire area, and for sellers to list fire vulnerabilities, such as roof coverings or combustible landscaping.

Meanwhile, AB 1885, CA’s homestead exemption, protects against losing your property to creditors or if you file for bankruptcy. Before, a judgement of $75K or more against you could mean a lean on your home and eventual foreclosure. This year, that amount gets bumped up to somewhere in the $300-$600K range, depending on your area’s average home price.

Really though, the Big Cheese here is Prop 19, which allows Californians moving in-state to buy a more expensive home and blend the taxable value of their house with their old one, lowering their tax bills. As you lay your future plans, keep these in mind, as they can definitely make life easier. So, are you a beach person, or do you prefer the mountains?

Is CA Regaining its Signature, Can-Do Optimism?

With 200,000 fewer listings nationwide compared to prior years, it’s no wonder housing prices have gotten so high, especially in California, where in addition to that, many neighborhoods have long been zoned for single family homes, leaving potential buyers–and builders–with nowhere to go. This pinch is what’s motivating towns and cities around the state to consider rezoning those areas, a solution seeing more traction than it has in a long time.

The bottom line is there are huge benefits–and a lot of money to be made– for everybody if sustainable, common sense zoning reform proceeds. Real estate, construction, buyers and sellers, the neighborhoods themselves– all stand to gain if the right plan is put in place.