Farmers to write more California home insurance policies ahead of planned reforms

 



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Introduction to Farmers Insurance

If you've been cancelled or your insurance has been cancelled or you've been threatened to have your insurance cancelled, never fear, Farmers is here to help you out. That along with Cupertino House of the Week Willow Glen House of the Week and Luxury Home of the Week as well as the 12 Bay Area sales report and Final numbers of the year.


California's Insurance Reforms

Farmers should write more California home insurance policies ahead of planned reforms.

Farmers Insurance promises to write more California home insurance policies ahead of planned reforms. Planned reforms, what does that mean? I guess California has been bagging on the insurance carriers here for the last couple of years, but in 2023, Farmers Insurance wrote 7, 000 new policies every month.


This year they commit to writing 9, 500 policies. Each month and it's not for condos or renters. So that's for homeowners. That's actually Kind of good, but it's not great still the problem if you have caught wind of this or any other problems over the last couple of years, you know that California has been fraught with wildfires.


It's not just California. It's Oregon, Idaho Washington and British Columbia as well. Fires aren't a new thing. Insurance carriers are having their tantrum and California is putting their foot down and trying to make this work for everybody. If you want to read more, here it is. Go ahead and jump through this and if you have any comments, please comment.


Cupertino Home of the Week

Cupertino House of the Week

I'm happy that this is going to change things around. We'll see. We're going to go into this Cupertino House of the Week. I picked this because it's in the forested area of Cupertino. It's called Linda Vista Yeah, but if it's in the green, that means it's in an area where it's a little bit more Fire problematic. Now this home was built in the 1980s, and it looks it by the structure, but if you look at the updates, it's pretty modern. Nice and looking except for the bathroom kind of screen stated as well as the 1990s style kitchen, Small number of pictures to look at this three-and-a-half million dollar house is Not my listing three bedrooms two and a half baths 3100 square feet built in 1984 on two acres So the price is actually a good deal And the best part about it, I took a look, and it is not in a fire area.

Canyon View Circle. 



Willow Glen Home of the Week

Willow Glen House of the Week

It's not in the fire zone for Cal Fire now You have to check with your insurance company to make sure that their map overlay doesn't say it's a fire zone But Cal Fire says it's not so good news house of the week is Lester two bedrooms one bath 900 square feet for 1.75 million dollars. Built-in 1939, this little bungalow has been updated and looks sweet and cute, but people aren't really looking for 900-square-foot homes. My suggestion would have been to put this thing on the market, get it sold for the value, Not update it, let somebody come in and tear it down and put a McMansion on it because that's what people are looking to do.

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This also has a 750 square foot ADU or granny unit and it's been on the market for 55 days the beautiful thing is it is within walking distance to Lincoln app. I would have sold this thing at 1. 7, 1. 8 and let developers take it over because it's a fairly large lot. There you go. 



Luxury Home of the Week

Luxury Home of the Week

This is in Monterey, Big Sur, California. And if you can afford a 22 million house, you can afford a helicopter. To get from San Jose, Silicon Valley to this home, you would absolutely need to have a helicopter. There's a nice little helo pad right there this beautiful home is amazing. It's gorgeous, but so far out of the way that I don't know, you'd have to have a massive desire this would be something like Ca Christie murder novel type home because it's so big. It's so reclusive so far away from everything it's a beautiful house Everything you could ever want for a second home for 22 million dollars if you're interested in looking at it Let me know This episode has been brought to you by the home inspection checklist.



Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist

Home Inspection Checklist

If you haven't downloaded this start your honeydew list today this checklist allows you to go into every room, and find things that might be wrong with your house in case you're thinking about selling it. Or if you just want to get it done, download the home inspection checklist today.


This in no way, takes over for a proper home inspection by a professional, even though they're human, they do a much more in-depth look at it, These items on this checklist are what the professionals will look at. So you can get them fixed and have a smaller report.


Year-End Real Estate Report

All right, year to date, 12 counties 12 months end of year report. We're almost at 19 billion in revenue for single-family homes in Santa Clara County. That's pretty amazing, cbeverybody'salking about how bad volume supply is and how bad sales are. We're still at 19 almost billion dollars in revenue and sales.

We've had 10, 000 homes put on the market so far in Santa Clara County. These are single-family homes, right? The next closest as far as price is San Mateo, which is 2. 5 million and we're at 2. 3 million Alameda County has the largest number of homes put on the market. Year to date 10, 377 compared to Santa Clara's 10, 251 looks like Santa Clara is going to wind up in 3rd place.


When you look at volume, this is a 5-year chart and this is spawned by my muse, Ryan Lundquist, who is an appraiser up in Sacramento County. he gives us different types of charts to look at. This is a good visual representation of where we are volume-wise, as far as supply is concerned, and as far as sales are concerned.


If you look at this is 2023 versus 2024 San Jose homes closed versus Santa Clara County 2023. 2024 homes closed and we're definitely recovering from the huge dip we saw in 2023. I think next year we're going to see a reprieve unless rates go higher. I think rates are going to continue to stay the same or go higher.


We were planning on it going down to about five and a half, 6%, but it's not yet. We don't know what's going to happen over the next year. If it goes up, people are going to still stay tight. Everybody I talked to that owns a house has a rate around 3 per cent and they're happy So just keep in mind that if rates come down, supply might loosen up and make it easier for the burden of the high prices that we're seeing.


That's it for now. I'll do a recap at the end of the year, but two more days. If you go out tomorrow night, be safe, don't drink and drive. Have a great time. And if you see me come and say, hi, Happy New Year.





Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

Fraud, Jason Walter, Homebuyer workshop, Bay Area housing stats, Veteran Home, best time of the year to buy a house, Bay Area Luxury homes,  next housing crash prediction, housing market projections, Should I Buy A House Now Or Wait?, should I buy a house now or wait until 2024, Why You'll Regret Buying A House in 2024, Housing Market 2024: 5 Options If You Regret Buying a Home, when will the housing market crash again


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