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Community Partners Realty, Inc. ®

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November 2024 Ballot: California’s Prop 33

November 2024 Ballot: California’s Prop 33

California’s Proposition 33, set for the November 2024 ballot, proposes expanding local governments’ ability to enact rent control on residential properties. The main goal is to repeal the Costa-Hawkins Rental Housing Act, a law that currently limits how cities can implement rent control in California. Specifically, Costa-Hawkins prohibits rent control on single-family homes, condominiums, and buildings constructed after 1995. Additionally, it allows landlords to raise rents to market levels once a tenant moves out (known as vacancy decontrol).

If Proposition 33 passes, cities and counties could extend rent control to currently exempt housing types, including newer buildings, single-family homes, and condos. Local governments could also implement vacancy control, which would limit the amount rent can be increased after a tenant vacates a property.

This initiative does not automatically impose rent control across the state. It only grants local governments the authority to choose whether to expand or implement rent control policies. Some municipalities may choose to extend tenant protections, while others may not make any changes at all. The measure is being pushed by tenant advocacy groups who argue that stronger rent control could help address California’s housing affordability crisis​.

Opposition to Proposition 33 primarily comes from landlords, real estate groups, and some economic analysts. They argue that rent control can discourage housing development and maintenance, reduce property values, and ultimately worsen the housing supply crisis. Major organizations like the California Association of Realtors and large property management groups have poured significant funds into campaigns to defeat the measure​.

In summary, Proposition 33 is a contentious issue that brings together debates about housing affordability, tenant rights, and the potential economic impact on housing markets.

Posted in: California

Home Buying in California

Home Buying in California Community Partners Realty, Inc.

Home Buying in California

Buying a home in California entails numerous steps and considerations. Here’s a comprehensive breakdown of the process:

Financial Readiness

Begin by assessing your financial situation, including your credit score, income, savings, and debt-to-income ratio. Calculate the maximum amount you can afford to spend on a home, taking into account your down payment, monthly mortgage payments, property taxes, insurance, and closing costs.

Pre-Approval Process

Secure pre-approval for a mortgage through a mortgage company such as Treasury Funds Home Loans, Inc. This involves providing financial documentation and undergoing a credit check to determine your borrowing capacity.

Engaging a Real Estate Agent

Consider enlisting the expertise of a real estate agent familiar with the California market, Community Partners Realty, Inc. We can assist in locating properties that align with your needs, negotiating offers, and guiding you through the purchasing process.

Exploring Homes

Initiate your house hunt by searching for properties within your budget and meeting your criteria. Utilize online listings, attend open houses, and collaborate with Community Partners Realty, Inc. to identify potential homes.

Submitting an Offer

Upon finding a promising property, together, we will draft and submit an offer. We will evaluate factors such as the property’s condition, comparable sales, and prevailing market conditions when determining your offer price.

Negotiating Terms

Engage in negotiations with the seller regarding price, contingencies, and other sale terms. You can rely on Community Partners Realty, Inc.’s 30+ years of negotiating expertise to facilitate constructive discussions and achieve a mutually satisfactory agreement.

Escrow and Diligence

Upon acceptance of your offer, we will enter the escrow phase, during which both parties fulfill contractual obligations. Conduct inspections, review disclosures, and ensure the property meets your expectations.

Appraisal and Financing

Your lender will arrange for an appraisal to determine the property’s value. Finalize your mortgage financing and furnish any additional documentation requested by the lender.

Closing Procedures

Complete the necessary paperwork to formalize the purchase, including mortgage documents, title transfer, and legal paperwork. Cover closing costs, which typically comprise fees for loan origination, title insurance, and escrow services. We will help guide you every step of the way.

Moving In

Upon the conclusion of the sale, we will obtain the keys to your new residence!

It’s essential to acknowledge that the home buying process in California may vary based on factors like location, market dynamics, and personal preferences. Collaborating with a knowledgeable real estate broker such as Community Partners Realty, Inc. can help facilitate a seamless and successful home purchase. Contact us today!

Posted in: Buyers, California Tagged: Buyers

AB 1482 Maximum Allowable Yearly Rent Increases

AB 1482 Maximum Allowable Yearly Rent Increases


AB 1482 Maximum Allowable Yearly Rent Increases

AB 1482 was approved October 8, 2019 and will be in affect until January 1, 2030. One of the major components of this bill is the rent cap placed on rental properties in California.

The annual rent increase a landlord may now charge a tenant under AB 1482 is shown in the sample calculations below.

Annual rent increase is limited to 5% + CPI or 10%, whichever one is lower. For example, if the West Region Consumer Price Index is at 1.3% (as it was at the end of April, 2020). The statewide cap would be 5% + 1.3% = 6.3%. This is lower than 10%, therefore, until the next April 12 month regional Consumer Price Index is released, statewide rent cap is 6.3%. Using this figure, a monthly rent of $1200 could be raised no more than $75.60 per month, (907.20 for that year).

The above is a simple example. Please read the below documents for updated and/or more detailed information and how it would pertain to your exact property and circumstances.

To read the bill in full please see: AB 1482

To follow the West Region Consumer Price Index (CPI) please see: CPI


Posted in: California, Real Estate News

Residential Real Estate Listed as an Essential Service

Residential Real Estate Listed as an Essential Service


Today, the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA) updated its list of essential services during the coronavirus (COVID-19) crisis and expressly included residential real estate. Since Governor Newsom’s March 4, 2020 order incorporates this list, the order now includes residential and commercial real estate, including settlement services, as essential services in California. However, if a city or county has an order with a more restrictive standard regarding what qualifies as an essential service, or more restrictions on activities, those guidelines will still govern the activities of a licensee. You can read the full CISA memorandum here.

Notwithstanding this new development, all real estate licensees must take into account the health and safety of their clients and fellow licensees, and follow the existing protocols for protecting against the spread of COVID-19. If such health safeguards and protocols are not followed, the rule for the state could easily change to stop or restrict all real estate activity. To that end, in conformity with current health guidelines, real estate licensees should follow all CDC and local health mandates.

No open houses should be held.
Showings should be done virtually, if at all possible.

REALTORS® must follow these Best Practices Guidelines in adherence to the stay-at-home order.

Updated March 30 to include Best Practices Guidelines.

California Association of Realtors, March 30, 2020

Posted in: California, COVID-19, Real Estate News

Governor Newsom Issues Stay at Home Order for California

Governor Newsom Issues Stay at Home Order for California


Read and or Download Governor Newsom’s
Stay at Home Order Below


N-33-20Download

Posted in: California, COVID-19

Community Partners Realty, Inc.
30100 Crown Valley Pkwy
Laguna Niguel, Ca 92677
800-293-7355

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