A recent look at YIMBY vs NIMBY said that a person's attitude about high-density housing was strongly affected by how urban centers were widely viewed when that person was about 18. Boomers were...
No Contingency Purchase Offer
Most Silicon Valley home buyers are well aware that a no contingency purchase offer is more appealing to a home seller than a contingent purchase offer. A prospective home buyer should still think carefully about the risks they face when making a no contingency purchase offer.
Probably the most significant risk is not being able to get a mortgage. This has become a greater risk because recent disastrous wildfires have led many home insurance companies to withdraw from the California home insurance market. If you don’t have fire insurance, you probably won’t be able to get a home purchase mortgage.
In early September 2023, Senator Bill Dodd texted “Deal is dead” referring to negotiations between legislators, the state insurance commissioner, and insurers. Agreement to changes that would have allowed insurers to increase rates if they guaranteed they would cover certain percentages of properties in high wildfire risk areas were close to being completed. However, a secret recording of a lobbyist was revealed containing a boast about “trying to jam a bill in the last three weeks” of the state’s legislative session. Consumer groups were not present during negotiations. They immediately raised alarms. The negotiations failed to be completed by the September 14 legislative deadline. Legislators have stated their belief that an agreement can be reached in the next legislative session.
The insurers have complained that their applications for rate adjustments have taken “an inordinate amount of time” when submitted to Insurance Commissioner Ricardo Lara’s office.
On September 21, Governor Gavin Newsom signed an executive order urging Insurance Commissioner Lara to take swift action.
Will YIMBY Create Increased Condo Demand?
A recent look at YIMBY vs NIMBY said that a person's attitude about high-density housing was strongly affected by how urban centers were widely...
Real Estate Agent Commission
In 2024 it became necessary for a real estate agent to get a written agreement with a potential buyer before they could tour a home with them....
Can Protected Trees Be Removed
Cities enact their own tree protection ordinances, which are specific to that city. A long-time Palo Alto resident recently posted about his...
Buyer’s Market vs. Seller’s Market In Belmont
You often hear the phrase "seller's market". Most people would say that this means the sellers are exerting their desire for higher prices over the...
Settlement Contingency Protects You But Makes Your Purchase Offer More Acceptable
Many homeowners are held back from purchasing a new home because they want or need to sell their current home. Many potential buyers have heard...
“The Old Paradigm Of Low Interest Rates … Is Not Going To Return”
Ken Rosen, the chairman of the Fisher Center For Real Estate, at Berkeley's Hass School of Business, talked recently about future real estate...