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6th Avenue 2SW of, San Carlos St.
Carmel-By-The-Sea, CA 93921

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831-747-0310

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What’s the Latest?

Week of February 12th-18th

Property Tips and Tricks

New ADU Laws California

How do y'ADU?

Due to the constrained supply, high housing costs, and a new bill possibly being introduced at the state level, adding an ADU to your property could soon make more sense than ever before.

The new bill, AB 1033, is currently under consideration in California. This bill could allow for the independent sale of Auxiliary Dwelling Units (ADUs), also known as guest houses with full kitchens.

In the past, innovative developers have used tenant-in-common agreements to sell ADUs separately from the main house. However, this process has some obstacles, including limited financing options during the sale.

AB 1033 seems to offer a solution that could enable ADUs to be sold independently, much like a condominium. This would be subject to the bill's adoption by local authorities.

For property owners who already have an ADU, this could potentially increase the property's value. For those considering adding an ADU in the future, the approval of this bill could provide an additional incentive.

If you are interested in keeping tabs on this, click here to easily sign up for free tracking of this bill.


Real Estate News

Carmel and Pebble Beach Realtor

Exploring the times

The latest data suggests that controlling inflation is more challenging than anticipated, reducing the likelihood of a Federal Reserve rate cut. This situation could lead to higher interest rates for an extended period, which, among other things, may continue to constrict the number of homes available for sale. However, this also opens up opportunities for both buyers and sellers.

For buyers, there's a chance to benefit from less competition in certain price ranges and market segments, such as fixer-uppers. Don't hesitate to negotiate assertively with sellers on price and terms.

For sellers, some market segments are in high demand with limited supply. Despite fewer buyers, transactions are still occurring at high prices.

Those who were expecting a decrease in mortgage interest rates in the first half of the year might need to adjust their expectations.

In a market like this, patience and creativity are essential. It's about seeing opportunities where others see challenges. Different submarkets are experiencing different trends, and the residential real estate market is more segmented than ever.

It's easy to lose sight of the long-term advantages of owning real estate due to the short-term challenges posed by the current market. Remember, real estate is a game of time - it's about time in the market, not necessarily timing the market. Above is a chart going back 40 years which illustrates home value appreciation.

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Jonathan Balog Luxury Realtor Carmel Pebble Beach

Jonathan Balog

DRE# 01980970
Broker
M: 831.747.0310
[email protected]

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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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Carmel and Pebble Beach Real Estate

JONATHAN BALOG

Broker Associate

831.747.0310

[email protected]

DRE 01980970

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This website is not the official website of Compass, Inc. Compass, Inc. does not make any representation, warranty, or endorse any information, including without limitation its accuracy or completeness, contained on this website. Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527235. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation

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