The recent National Association of REALTORS® settlement has introduced new real estate rules that are changing the home buying and selling experience.

Proposition 33, appearing on the ballot again, aims to grant local governments in California the power to impose rent caps and other tenant protections, potentially ending the state's "limits on limits."

California renters are spending over 35% of their income on rent, similar to homeowners’ mortgage payments. With rental supply at historic lows and high demand, prices continue to rise, challenging the concept of ‘affordable’ housing.

Mortgage rates have recently dropped in anticipation of the Federal Reserve’s expected rate cuts, with current 30-year fixed rates ranging between 5.75% and 6.75%. As September approaches, further reductions are likely...

The Conejo Valley real estate market remains strong despite high mortgage rates, with a 22% year-over-year increase in median home prices and continued low inventory.

The Conejo Valley real estate market remains a strong sellers' market, with a 20% increase in active listings this spring, although inventory is still low. The median home price in Thousand Oaks is around $1,150,000, slightly higher in Westlake Village.

In recent years, California has seen a significant increase in the construction of Accessory Dwelling Units (ADUs), also known as guest houses or mother-in-law units. In 2023, ADUs made up one in every five new homes built, a notable rise from just one in ten only three years ago.

Starting July 1, 2024, California landlords can no longer request security deposits exceeding one month's rent, with small landlords owning no more than two properties exempt from this rule.

In the June 2024 Local Mortgage Update, mortgage rates continue to hover in the low 7% range as the Federal Reserve has yet to reduce the Federal Funds rate. Despite speculation, a rate cut in July appears unlikely due to the upcoming election.

The Conejo Valley rental market remains tight with available rentals near all-time lows and demand pushing rents higher.