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by Adam Ruiz
Welcome to another edition of the REALTOR® Report! This is always a busy time of year for me and those REALTORs® that also participate in our State and National Legislative Meetings advocating for homeownership and private property rights. With the housing market continuing to face challenges, we must continue fighting the good fight and making […]
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by TVBJ
Welcome to another edition of the REALTOR® Report! It’s hard to believe that we’re already through the first quarter of 2023, and things are far from slowing down. The housing market has definitely seen its share of challenges, some of which will be sticking around for a while, but the data for March 2023 shows […]
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by TVBJ
In recent reports, I’ve mentioned that everything is about perspective. I guess you could say that about any news or information, which continues to be true in housing. Take, for example, some headlines and articles published in the Press Enterprise. A week ago, the headline was “January Housing Sales Hit Record Low,” and the article […]
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by Adam Ruiz
I can’t believe we’re already in February. There has been a lot of talk about the housing market recently, including social media and news sources. Interest rates have declined, and housing prices are softening as a result of a less competitive market. This helps improve affordability and is bringing some buyers back to the market. […]
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by TVBJ
I’d like to wish you all a very Happy New Year and welcome to 2023! I’d also like to congratulate all of our newly elected officials and newly appointed Mayors. I look forward to working with you all to continue to keep housing a priority and a successful part of our local economy. Speaking of […]
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by Adam Ruiz
It’s Election Day, and I hope you have exercised your right to vote! You can’t complain about politics if you aren’t willing to participate. I hope everyone made educated votes and wish everyone luck as we wait for the results. There isn’t a lot of change in the big picture of the real estate market. […]
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by Adam Ruiz
It wasn’t long ago that I commented that I felt like a broken record, and I’m sensing a déjà vu. Only this time, it’s a different tune. As the market has shifted, we are seeing similar trends continue for our region…unit sales are down, median prices are down, and days on market continues to rise. […]
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by Adam Ruiz
August was a busy month in all areas I typically cover in this report. Unit sales were back up month over month, candidates for the General Election have been certified, and the State Legislative session came to an end. I also attended multiple economic forecast presentations, with two of those focused on our region specifically. […]
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by Adam Ruiz
This month’s keywords are Recession, Inflation, and Interest Rates. You can’t turn on the news or open a newspaper without hearing or reading these words in a headline. So what exactly does that mean for our housing market, and more specifically, the housing market in Southwest Riverside County? Economically speaking, we have entered our 2nd […]
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by Adam Ruiz
Today is also Election Day, and I hope you exercised your right to vote. As I always say, you can’t complain if you don’t participate! Before we jump into the numbers, last month, I wrote that our National Chief Economist was optimistic that we were not headed into a recession mainly due to the strength […]
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by Adam Ruiz
I have been anxiously waiting to see the numbers for April to see the impact of the increase in mortgage rates. While there was a slight dip in closed sales, and some cities saw a small decrease in transaction value, the region as a whole had another solid month. The median home price in Southwest […]
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by TVBJ
As I ran the numbers for this month’s report, all I could think was WOW; March was a busy month! You’ll see the details on the following slides, but I will highlight that the transaction value of sales in our region increased by over $220 million from the previous month! That’s the largest increase since […]
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by Adam Ruiz
Our housing numbers continue to be strong. I want to highlight a few things. First, while you may see some decreases month over month in the number of units sold, median prices continue to increase across the region. This might be attributed to homes that have sold above $1,000,000 – 2 in Canyon Lake, 2 […]
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A recent article in the Wall Street Journal stated – “The House Party May Be Winding Down”. Their concern? That rising interest rates coupled with continuing double digit price appreciation could stall a housing market that has been charging at a bullish rate for the past decade, long exceeding previous run-ups. In fact-mortgage interest rates, […]
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by Adam Ruiz
2022 started off with a bang, and we’ve already been busy! Final maps of the new Federal and State Districts are out, and Southwest Riverside County has a lot to process. Many of the new lines have shifted across cities, and we even have an entirely new State Assembly District. While these maps don’t officially […]
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There has been a rise in couples co-habitating and purchasing real property together before getting married. While California is a community property state, California Law does not recognize common law marriages, and unmarried individuals are generally not entitled to support following a breakup. I have had countless consultations with individuals who purchased real property with […]
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by Adam Ruiz
As we near the end of 2021, housing market trends for our area continue in the same direction they have for the past few months. As I mentioned last month, we have a little over 2,000 units currently under construction and another 11,000+ in the pipeline. Those numbers, factored with the updated Housing Element numbers […]
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by Adam Ruiz
This month’s report contains some new information that I have been working on and am excited to share with all of you. It’s no secret that housing inventory is extremely low and is a contributing factor to a robust seller’s market and a competitive buyer’s market. This report is based on resale homes, and our […]
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Barring any further legal, illegal, or extra-legal extensions, the moratoriums on eviction of non-paying renters have expired – California’s on September 30, the CDC on October 3rd. The CDC extension was actually struck down by the Supreme Court back in August when it agreed with plaintiffs that the federal agency did not have the power […]
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by Adam Ruiz
I have made some formatting changes and added an additional city to the report. Other than the graphs at the end (which I try to keep more geographical), all city data is now listed alphabetically. I have added Winchester to the report, which includes the French Valley area (Zip Code 92596) and will hopefully help […]
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Well, here we go again. Long-time readers will recall my rants over the past decade as Realtors fought against the so-called WOTUS rule, the Waters of the United States. This was an Obama era expansion of the 1972 Clean Water Act that sought to redefine what constituted a ‘navigable waterway’ to include not only bodies […]
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by Adam Ruiz
As things begin to return to normal, we are seeing some changes in the housing market as well. It’s still competitive and a strong seller’s market, but we are noticing some adjustments worth highlighting. For the second straight month, inventory has increased month over month, yet is still down double digits from last year. Prices […]
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In 1986 California voters overwhelmingly voted to pass Proposition 58. This amendment to the California constitution excluded from reassessment property transfers between parents and children. What that meant was that a parent could provide their home to pass to their children without taxing the children out of the home by continuing the Prop 13 tax […]
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So last month we talked about the critical shortage of housing in California, particularly affordable/workforce housing, which is contributing to the significant ramp up in year-over-year prices for existing home. We also explored the escalating cost of new home construction predicated on lumber prices and shortage, at least partially a self-inflicted wound in California’s case. […]