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Farmers Insurance Eliminates Homeowners Policy Cap in California
Things are starting to break loose a little bit, which is good. Looks like an insurance company is opening up the coffers a little bit and allowing. More insurance plans to come through California, especially in the high-risk zones, the high fire, and high earthquake zones. That's actually good. Probably not what you expect, though, because as I read through the article, what gave me the inkling was they're going to do it, but at a higher cost, with or without the insurance commissioner agreeing to it.
Farmers has been restricting the number of new policies to $9,500 per month, which is not Bad. What's going on here, though, is they're opening it up.
California Fair Plan and High-Risk Zones
They're also helping to fortify the California Fair Plan, and yesterday we spoke a little bit about it, how it's way more expensive.
It's three times more expensive than standard insurance, but that's because you carry risk to your structure. Now, a fair plan only covers the structure, not anything inside, meaning your furniture, your appliances, and your kids' toys would also have to be insured on a separate policy. Just something to keep in mind.
So if you're looking at buying a mountain house, pay a little bit more than insurance. And I know a lot of people who are doing that right now. Here's the Eaton Fire in Altadena from 2025.
It's devastating, right? It's 27,000 homes. It's crazy. Pharmacists will begin marketing specifically targeting approximately 300,000 consumers in those distressed areas. That's huge.
With pure companies willing to underwrite coverage, homeowners. And vulnerable regions often face limited options and must rely more on the fair plan. So there you go. So what does that mean to us? It means we're going to be paying more insurance, more costly insurance.
The fact that they're opening up more policies to ensure people, whereas State Farm and Allstate are walking away. Farmers are coming in and saying, We will take the brunt of it. Which is okay and it's fair, and it's nice that they're doing that. So thank you. Farmers. Okay.
Mortgage Rates and Economic Factors
Predictions for 2026. This is from Redfin. Mortgage rates will drop to the low sixes. It already is. We're at 6.3 right now. We've got it down to 6.05 a couple of months ago. I think what we need, though, is to become. A happy market where buyers really come back into the market, it needs to be about five and a half percent, which is still three-quarters of a percent away from where we are today.
We're never gonna see the 3%, two and a half percent, no, until the next COVID or whatever massive Armageddon thing that happens could be an economic. Meltdown. It could be World War III, it could be a lot of different things. But in order for our economy to keep moving, we have to slowly bring down interest rates to adjust to the affordability.
Housing Market Trends and Predictions
Now, affordability is a huge thing. It will improve as wages grow. Now we're not talking about the minimum wage, we're talking about professional entry-level. To professional, to vice president, to CEO. All of those wages will continue to grow because, as inflation grows, so do wages. They just take a little bit longer for us to catch up.
We're not gonna see a major uptick like we did in 2021. We're going to see properties rise gradually. Now, this is all across the United States, so 3% is fairly nominal. Where we were seeing things go four to 6% increase, over the year.
What that means for the Bay Area, for Silicon Valley, doesn't really mean anything because we're landlocked and there's not much more building that can happen here. So what house do we have? They're gonna continue to go up. Probably not the eight to 12% that we were seeing, but maybe five to 6%.
So we're gonna see prices continue to go up. Overall, remember, we're not in a selling season. We're seeing inventory drop, sales drop, and pendings drop. Everything is dropping because we're in the middle of winter.
The last couple, freezing cold for California standards. Rents will rise as demand for apartments rises and supply falls. We're not building enough housing units, period. We haven't been in the last two decades. We have an undersupply of housing that's available.
We're not building enough to keep up with population growth. So whether you own a house, or you rent a house or an apartment, everything's gonna get more Expensive. If you go to school and become a professional, and get paid professionally, you're going to make decent money, and you'll be able to afford more.
If you don't go to school and you want to be Elon Musk, don't go to college track. I understand that it's very tempting, but it's better to have a degree in your hand just because you know a lot of people aren't going to start up their own massive tech giant. Company like PayPal or Amazon is a degree worthwhile in my opinion, it is mostly because it rounds your rough edges and it gives you a wider spread. Knowledge so you can go to work and actually figure out how to piece things together without being told how to work. College rounds you out and makes you a more expandable person, I think. Every multi-billionaire that dropped out of school was in college, right? And they did drop college 'cause they got a job that made them a ton of money. So out of every Elon Musk, there's probably 500 to a thousand people that just didn't make it or tried to do a startup and just didn't make it.
Affordability and Policy Implications
The affordability crisis will unite policymakers across party lines. That would be great. It might be the tipping point of bringing our parties back together.
And if they bring the party lines closer together, that's a good thing. And if it makes it more affordable for all Americans, that's even better.
More Americans will refi and remodel. They will sit in place, not move. Remodel their house and make it their own home, and live out the rest of their days there. That probably won't be as upwardly mobile moving every five to seven years as before. So yeah, we need to build more homes. The next big hot regions will be the Great Lakes and New York outskirts, and Zoom towns like Nashville and Austin.n
But now Nashville is technically, flyover state again. That growth has just dwindled out. They don't have enough economy there. They don't have enough budget to make it happen. So we're looking at the shores again to start looking at the booms. And by the way, I saw another video, read another article that talked about the next.
Bounce of technology will be AI and Bitcoin, and ETFs, and we're already in place for doing that. And if you don't know anything about that's where your next big bumps will be. The next Elon Musks. And yeah. So be prepared. Get yourself educated on it. Climate migration will go hyperlocal.
So places where there are massive firestorms or hurricanes, et cetera, that will drive business, real estate business elsewhere. If you live in a region that has. Higher propensity for natural hazards, people would tend to not go away. I think that's just pretty basic, right? NAR, the National Association of Realtors, will let local MLSs call the shots.
Now, the way it is, NAR tells us how to proceed and create databases and how to set commission, not set commissions, but. Promote or advertise commissions, et cetera. Now, each MLS is going to walk away with a little bit more responsibility, but there will also be more lawsuits on that. It's actually a good thing.
M-L-S-M-L-S listings.com has been doing that for the last 20 years that I've been around. I noticed more and more they, using. MLS listings are the technology, but we're talking about the National Association of Realtors, the local Association of Realtors, and we have the Santa Clara County Association of Realtors, but they use MLS listings, and they have a voice in how that database is operated.
So we're gonna walk away from the realtor.com, the zillow.com, and the local MLSs will take More responsibility, but I think what we're gonna see is we're gonna see more associations going wider and taking more geography, so that there's more efficiency in it. I will become a real estate matchmaker, maybe, possibly.
I don't see how it works just yet because there's still the brick and mortar. You still have to walk into a house and see if it smells like curry fish or dogs. You have to get the touch and feel, and an AI can't open the door for you.
Probate and estate sales. I have to tell you that this has been one of the big legs of my business this year. Not just probate and sales, but estate sales, but also elderly, moving older, your parents moving into adult communities, active adult communities, all the way to retirement communities, to healthcare facilities. We're specializing in this project because. There's a huge need for it. Every day, there are more and more people who are passing away, the boomers are passing away and or being put into care facilities, a nd what to do with the house. That's my specialty. So I can help you with that. And if you have any questions about it and how to go through it, who to talk to, how to get your trust and everything legalized, make sure you give me a call so we can talk about it.
90 days on market. This is Everly Drive, not my listing. $1.6 million, five and three and a half baths, 2,279 square feet, list Price decreased. They finally dropped it. And this is over by Stripe Elementary, Great Oaks Parkway. This is Monterey Brown Lane. I used to live over here off of Skyway.
And let's see, this one has been on the market. 131 days, and the original list price was 1.9. Now they're down to 1.6. Thinking about buying, this is a great buy. Why? Because it's not completely updated. It's not in the best condition. And it is right across the street from a street. And this street right here is East Brandon Lane, which is a fairly busy street, so you're gonna get a lot of traffic, noise, et cetera.
This does have air conditioning, but look, the colors are off, right? It is not neutral. It doesn't attract you. It's a big beam with a chandelier. The kitchen's old. The tile. Yeah, they put in stainless steel. If you're gonna do this right, and you want a premium price, I would've muted all the colors, made it all white or light gray or light beige, and then paint the cabinets and put a quartz or granite countertop on it just to touch it up.
Get rid of that light right there because that thing's just old. It just screams old. And this is a multi-story. This is the bottom floor. This is the main floor, and then the living is up here on the third floor.
And I think it's a great floor plan because if you're living on a hill or you're flat, it just makes a lot of sense. There's a lot of stairs involved. But I've sold this floor plan a few times. This has been built out. They don't have a floor plan, so you know proper promotion prevents piss poor performance.
This is Santa Rosa Drive in Los Gatos, $5.7 million. This is a bank-owned property. $5.7 million, five bedroom, three and a half bath, 5,800 square feet. It's been on the market for 19 days. It's also in the fire zone. You can just tell, you can just look, see anything back here. It's gonna be in the fire zone, and you still have to get in your car to drive to downtown or Almaden, and it's stuck halfway in between both. But if you like the seclusion, this is a great buy. Probably get it for about 5 million, four and a half to 5 million, but this is an older estate manner type home.
Needs to be updated. Absolutely.
And keep an eye on this one. If you want to know more about it, go to my blog. 40 days on market, we have 215. Everything's dropping just because supply is dropping, and the sales are dropping. It just is what it is.
Seasonal Market Slowdown
We're in the beginning of December, and things are going to go slowly.
Right now, people are buckling up for the winter. We're already in the midst of it. We had Thanksgiving, now we have Christmas, Hanukkah, Kwanzaaaa, and all that, and New Year's, and then everything starts fresh, right?
So we're just buckling down, slowing things down, and it is what it is. 90 days on market. We have 9o houses that are just gonna sit on the market until they take 'em off for a month and refresh the listing, or they lower the price and get it sold. We're down to 79 res in California, a we are 2 67.
Again, that's never been hockey puck or hockey sticked up. So if you look res in green, they're dwindling. Just going boring. And then for sale in San Jose, we have 315. Let's open this up so you can see it pending. We have a whopping 43 this last week, and we closed only 50 houses last week.
Back on the market. We have 32 homes, Santa Clara County. We have 727. Remember, we need to be about 2000 to make it a balanced market, and this needs to be about a thousand. So we're two-thirds away from where we need to be. Pendings are 77, which, yeah, close is 92. And then back on the market.
We have 69 this week. If you look at the charts, inventories, just dropping. Houses are, we're gonna wait until March. People are waiting till March. I have three or four listings that are waiting till March to go.
My one up in Hayward. They are moving for a job, so they are motivated to sell, but they're also not gonna lower the price until after. Christmas or the New Year to see what happens. I already showed them comps last week, and they decided they're gonna hold off. Santa Clara County. Also, it's normal to see things slow down during the winter.
It's not abnormal, right? We saw it happen last year. We saw it happen the year before, but this is good. This is absolutely good.
Conclusion and Final Thoughts
All right, that's it for now. Thanks for watching.
Wednesday Real Estate Snapshot 🦅 🌎 ⚓️
🔴 Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc
🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41 🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be Videos edited by Vydeoease.com Use Exemption code VEASY Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-479-2427 FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! 🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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