SoCal Real Estate Podcast with Tim Majka

Tim Majka
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If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Imagine Realty - your professional SoCal Real Estate Agents.

  1. 03/03/2020 · VIDEO

    What Does Our Housing Shortage Mean for Buyers & Sellers?

    There’s a housing shortage in our market, and it means we’re in for a strong summer. The supply of homes for sale in the Greater Orange County and Los Angeles area is very low. In my 15 years as a Realtor, this is one of the lowest levels I’ve ever seen.  Specifically, there are about 2.1 months of inventory. As a reminder, this means if no one else put their homes on the market, it would take 2.1 months to sell all available homes. To put this into perspective, there were about 3.5 months of inventory during this time of year in 2019 and 2018. We saw really strong appreciation in the summer months of both of those years.  A “normal” market (i.e., one that’s balanced between buyers and sellers) has between five and six months of inventory. Anything below that mark is considered a seller’s market, so at 2.1 months of inventory, you can see that we’re deep into a seller’s market. There aren’t enough homes for sale for all the buyers out there. “As we approach the spring and summer, this lack of inventory means prices will likely rise quite a bit.” What does this mean for you? It means our market is in for a strong summer. The summer is when we typically see the most buyers enter the market—the weather is nicer, the days are longer, families want to get settled in before the school year starts, etc. In general, summer is when we see the most homes bought and sold. It’s also the season where we see the greatest increase in home values.  The bottom line is that as we approach the spring and summer, this lack of inventory means prices will likely rise quite a bit.  If you’re thinking of buying or selling soon, be sure to check out our website. There, you can search for homes or request an online home valuation. If you’d like to start looking at homes in person or would like a more exact calculation of your home’s worth, feel free to call or email me. I can put together a customized home search and discuss our strategies to find homes that aren’t on the market.  As always, if you have any other real estate questions, feel free to reach out to me as well. Make it a great day!

  2. 03/03/2020 · VIDEO

    What Property Owners Need to Know About Rent Control Exemptions

    This is just a reminder for California property owners to send out your exemption notices to tenants if you want to remain exempt from rent control in California. Tenant-occupied properties like single-family homes, condos, townhomes are exempt from the new California rent control law. Additionally, duplexes where one unit is owner-occupied and the other is tenant-occupied are exempt as long as one of the units remains owner-occupied. “Many people aren’t aware of the full extent of this new law change.” Regardless, in order for these properties that are supposed to be exempted from the rent control law to stay exempt, the property owner must give an exemption notice to the tenants or they could become subject to rent control, which details both limitations on how much you can raise rents as well as how you can terminate a tenant’s lease. For example, if the tenant has lived in the property for over 12 months, the owner can no longer terminate that lease without just cause under the rent control law. Many people aren’t aware of the full extent of this new law change. If you’d like, I’d even be happy to send you a full copy of the law so you can look it over yourself. You can also watch me discuss this topic in more detail at www.SoCalRealEstateTips.com.  In the meantime, don’t hesitate to reach out to me with any questions you have about rent control.

  3. 02/04/2020 · VIDEO

    Can You Install an Electric Charging System in Your Condo Parking Space?

    In California, HOAs can’t unreasonably restrict condo owners from installing electric vehicle charging stations in their parking spaces. If you’re thinking of buying a condo, can you install an electric vehicle charging system in your parking space after you’ve purchased the property? In California, Civil Code §4745 says that an HOA can’t unreasonably restrict or prohibit a homeowner from installing an electric vehicle charging system in their designated garage or parking space (you’d still need to pay for the installation, however).  This law also places time limits on how quickly the HOA must respond to your request to install the charging system. They have 60 days to either approve or disapprove of your request, although this time frame may be delayed by a reasonable request for additional information.  “An HOA can’t unreasonably restrict or prohibit a homeowner from installing an electric vehicle charging system.” In short, you absolutely can install an electric vehicle charging system, and HOAs are encouraged to act promptly to respond to your request.  If you have more questions about this topic or you’d like help purchasing your condo, feel free to call or email me. I’d be happy to help.

  4. 01/20/2020 · VIDEO

    The Tenant Protection Act of 2019: What You Need to Know

    Here’s how the Tenant Protection Act of 2019 applies to property owners. How does the Tenant Protection Act of 2019 apply to property owners? Essentially, this law limits the amount of money by which landlords can raise their rent each year. It also prevents property owners (with certain exceptions) from terminating a lease without ‘just cause,’ as the term is defined by the law.  The annual rent cap is set at 5% plus inflation for a particular city. For example, if your city has an inflation rate of 2%, the maximum rent increase landlords can apply is 7%. Regardless of a city’s inflation rate, rent cannot be raised more than 10% per year. The rate of inflation is tied to the consumer price index for each metropolitan area (typically 2% to 3% per year).  Keep in mind, this law does not override local rent control laws. Los Angeles, Santa Monica, and other cities throughout the state have their own rent control laws. Overall, this law applies to apartment buildings and multifamily buildings containing two or more units. This means single-family homes, condos, and townhomes are exempt as long as they’re not owned by a corporation, real estate investment trust, or limited liability company where one member is a corporation. It also exempts duplexes wherein one of the units is owner-occupied.  “The Tenant Protection Act of 2019 limits the amount of money by which landlords can raise their rent each year.” As I’ve said, even if a property is exempt by law, the burden is on the owner to send an exemption notice to their tenant. Otherwise, they may be subject to this law. In addition to the property types already mentioned, properties that were built within the past 15 years and vacant units are exempt as well.  As far as terminating a lease goes, there are two types of just cause as defined under the law: an ‘at-fault just cause’ and a ‘no-fault just cause.’ An at-fault just cause is when a tenant fails to pay rent, has engaged in criminal activity, or breached a material term in the lease agreement. An example of a no-fault just cause is when the owner wants to move themselves or a family member into the home, remove it from the rental market altogether, or demolish it or perform substantial remodels.  Some of the terms of this act are subject to judicial interpretation. For instance, it will be interesting to see how courts determine what’s considered “withdrawing a property from a rental market.” If you’d like to know more about this law or receive a copy of the exemption notice, feel free to call or email my office. I’d love to help you.

  5. 12/26/2019 · VIDEO

    We Wish You a Safe, Happy, and Prosperous New Year

    We at Imagine Realty wish you a happy, safe, and prosperous new year. To our family, friends, and everyone we’ve worked with over the past year: We at Imagine Realty wish you a happy, safe, and prosperous New Year. I can’t believe it’s going to be 2020 soon, and we’re fortunate to have had such a great 2019. This, of course, is the time of year people start thinking about their New Year’s resolutions, and mine is to be better prepared for the future—specifically for my retirement and my daughter’s education. If you have a New Year’s resolution I can help with—perhaps it involves buying, selling, or investing in real estate—please don’t hesitate to reach out to me. I’d love to help you, and I look forward to seeing you in 2020.

  6. 12/16/2019 · VIDEO

    Happy Holidays from Us!

    We’re sending a quick holiday message your way, thank you for an excellent year! On behalf of everyone at Imagine Realty, Happy Holidays! We’ve had a wonderful year, and we’re blessed to have the opportunity to help so many people with their real estate needs. We’d also like to wish everyone a safe, happy, and prosperous New Year. We can’t believe it’s almost 2020 already. Happy holidays to you and your family!

  7. 12/10/2019 · VIDEO

    End of the Year Report

    Our end of 2019 report and the real estate market forecast for 2020. I just got back from attending a renowned housing economist’s speech where they laid out how this year’s been for the housing market and gave some predictions for where they think it’ll be heading next year. I wanted to share a few of these things with you. 1. It has been a great year for housing. It’s been a win-win for buyers and sellers. Right now, interest rates are around 3.5%, give or take, which is over 1% less than they were at this point last year. Homeowners have profited by refinancing to reduce their mortgage payments. Also, homebuyers have been able to take advantage because right now, the average home is $500 less in mortgage payments per month than that same home would have been had it been bought a year ago. 2. The economy is strong. The unemployment rate is the lowest we’ve seen in a long time. Our GDP is secure, the overall economy is strong, and they expect that to continue. “The unemployment rate is the lowest we’ve seen in a long time.” There are always concerns to look out for as well. Moving forward, there’s the potential for trade wars, and interest rates may go up, but not by much. However, the forecast is to expect another great year in 2020. Expect a 2% to 4% appreciation rate. They foresee it to be another wonderful year for both sellers and buyers.  I’m looking forward to 2020. If you have any questions about the housing market, feel free to reach out to us by phone or email. We would love to help you.

  8. 11/22/2019 · VIDEO

    Happy Thanksgiving From Tim Majka

    As we approach Thanksgiving, I wanted to send a quick message out to all of you, thanking you for all of your support over the years. Today I just wanted to reach out and wish you all a happy Thanksgiving. We’re very thankful for all the blessings and the success we’ve had over the years. We’re also thankful for the opportunity to help so many wonderful families out there buy, sell, and invest in real estate. I also wanted to thank everyone who showed up for our recent Pumpkin Pie Giveaway. It was great to catch up with you. If you have any questions about real estate or would like to discuss your goals, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

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If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Imagine Realty - your professional SoCal Real Estate Agents.

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