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June 2024 Real Estate News

Hello! Thanks for tuning in to this month’s newsletter. Our goal is to bring you valuable real estate content and local updates, so we hope you enjoy it. We would also love to hear from you! Let us know what type of content you’d like to see more of in next month’s newsletter! June is a wonderful month filled with graduations, weddings, and summer fun for everyone. It is also a great time to buy or sell real estate because it’s right at the beginning of summer. In this e-newsletter, we will share more about how the insurance crisis is affecting real estate, provide more information on the upcoming SLO Clean Up Week, and invite you to our next investor mixer in July! The Schwaegerle Team strives to educate and empower all people on the ins and outs of real estate, so thank you for tuning in and following the team on social media! Join Our Team! Have a friend or colleague looking to take their real estate career to new heights? We’re expanding our top-producing team and are on the lookout for driven individuals ready to thrive in a supportive environment. If you know someone hungry for success in real estate, encourage them to reach out to us today! Insurance Crisis in California Insurance is one of those things that can be very complicated, yet life without it can be very expensive. Insurance is supposed to be there to help when things go wrong. When financing a home, banks require the borrower to have a homeowners insurance policy in place to protect their collateral in the event of a flood, fire, or other unforeseen circumstance. Even if you could save $300/mo on an insurance policy for a property for 30 years, the amount you would have saved is only $108,000. If you had even been investing it and getting compounded interest on it, you would still not have enough to rebuild the structure if something happened to it. Therefore, insurance is definitely a good idea. California is in an insurance crisis right now. Two more companies have just declared they are leaving the state insurance market. You may have heard about property owners from all over the state getting dropped from coverage, having their premiums double, triple, quadruple, or having to go to the California Fair Plan. Why is all this happening? We recently went out to coffee with an insurance broker and asked a few questions to help understand what is going on with insurance. Essentially, since so many companies have exited California, the ones that are still writing policies get to be very selective about which homes they will insure or renew. They can pick the premium product. They are actually sending out inspectors to a number of the properties in their portfolio 2-3 months before the renewal date to make sure it is still in compliance with their insurance standards. In fact, we recently had this happen to a few local homeowners we know.  If you want to prevent yourself from getting dropped or losing coverage, here are three things they look for: Curb appeal. Some people have been dropped because there were tall weeds in the front yard, which is a fire hazard. Make sure to keep your property nice and tidy, especially from the street view. Age of systems and components. When writing a new policy or preparing a renewal, insurance companies need to know the age of the roof, plumbing, and electrical. If it is more than 20-25 years old, it would be deemed a higher risk. Therefore, it will either cost the homeowner more to get it insured or that company won’t insure the property at all. In one recent example of a dropped policy, a home insurance inspector went by the property, saw moss on the roof, and determined that the roof was more than 30 years old. Sadly, that property was dropped from the policy. Previous history. Have you been filing insurance claims on the property? If you have two water claims over the last five years, they call this the kiss of death. The insurance companies do not want to take on a property with a history of repeated claims. We recently had a buyer try to get an insurance policy on a home they were buying, but some companies wouldn’t insure it because of a flood insurance claim years prior. Another one that falls under this category is what type of dogs you have. Insurance companies don’t like rottweilers, pitbulls, and German shepherds. They also view having 4+ dogs as high risk and may not grant an insurance policy for your property. If you have questions about homeowners insurance, we’d be happy to connect you with a local insurance agent who can help! Local Events CLEAN UP WEEK San Luis Garbage will be offering Clean-Up in San Luis Obispo the week of June 24th – June 28th.  Clean-Up Week is a community service provided free to single family residential garbage customers. Please place your Clean-Up Week garbage on the curb no later than 6:00 AM on your regular garbage collection day. Please don’t block your containers; we will still run automated trucks. You may set out up to 6 bags, 32 gallon capacity size, each not to exceed 75 pounds and 4 feet in length. Should you have metal, electrical or bulky items, please call our office at 805-543-0875 to schedule pick up. Special pricing for these items are $16.24 each + tax, limit of 2 like items and is valid only during Clean-Up Week. You must call no later than Friday, June 21st to schedule the pickup of these items. These items will not be picked up unless you call.  Concerts in the Plaza 2024 Free live music in San Luis Obispo’s Mission Plaza! Free to the public & family-friendly • Live music, dancing, & drinksEvery Friday eveningJune 21 – September 6, 2024 5–8 PM Opening Act: 5 PM Main Act/Band: 6–8 PM For more local events visit the San Luis Obispo Chamber of Commerce website here.The Happy House Hacking Podcast: Break Free from Overthinking Your Real Estate Purchases Do You Want to Learn More about Real Estate Investing? You are invited to the next SLO Real Estate Investor Meetup! We meet the second Tuesday of every month at 6 PM. We are in the midst of a 3 part series on real estate development. This past Tuesday, we heard from Midland Pacific Homes Chief Operations Officer, Jim Moresco. With over 40 years of experience in the industry, Midland Pacific Homes has established itself as a leader in creating high-quality, beautiful residences. As a family-owned and managed business, the company has built over 1,000 homes, solidifying its reputation for excellence and reliability.  Don’t miss the final meetup of our series on real estate development! We will be having local real estate developers, Nick and Paul Tompkins of NKT Commercial, sharing with us about real estate development. They have been able to build and develop several large projects around the Central Coast that you may recognize and enjoy frequenting. Join us at the Quality Inn & Suites on July 9 at 6 PM for an evening packed with valuable insights and networking opportunities. This is your chance to learn from industry leaders and connect with fellow investors who share your passion. Mark your calendar and be part of this exciting event! Dream Makers: Making a Difference in Our Community Dream Makers recently gave out several Dream Drops to those too ill to have a dream. Dream Drops are care packages filled with a cozy new blanket, potions and lotions to help with comfort and care, candles, healthy snacks and other small but significant elements. Dream Drops let Dreamers know they are being thought of in their final days. They are a source of joy during such a challenging time. As of right now, we are waiting for more Dreamers, so if you are interested in learning more about this incredible non-profit, now is the perfect time to volunteer! From helping set up dreams to donating what you can, there is always room for you to join the Dream Makers team. Coming Soon 2 bed/2 bath home in Pismo Beach – $950,000 4 bed/4 bath home in Nipomo – $1,000,000 2 bed/2 bath condo in Oceano – $459,000 Current Active Listings 1981 Green St, Cambria – Multifamily Zoned 1.25 acre Lot Senior Affordable Apartment project 2537 Shoreline Dr. Bradley – 4 bed/2.5 bath home in Oak Shores, Lake Nacimiento Current Pending Listings 5255 Escarpa Ave, Atascadero – 4 bed/4 bath Atascadero Estate 717 Marquita Ave. Templeton – 55 Acres of flat land next to Tin City 1680 Main St #32, Morro Bay – 2020 new, small trailer in 55+ community 3500 Bullock Ln #53, SLO – 2 bed/2 bath mobile home in Willow Creek Country Estates 1959 Devaul Ranch, SLO – 3 Bed/3 bath home in the highly desirable Rancho Obispo Community.1027-1033 George St, SLO – 4 units and the perfect house hack! 2320 Adams St, Cambria – 3 bed/3 bath home with Santa Lucia Mountain views to the east!  Just Sold 680 Chorro St #17, San Luis Obispo – $525,000 432 Palomino Ln, Paso Robles – $689,000 1172 Oceanaire Dr, San Luis Obispo – $599,000 909 E Rose Ave, Santa Maria – $563,811 2475 Victoria Ave #403, San Luis Obispo – $670,000 512 Palomar Circle, Lompoc – $779,000 490 Norwich, Morro Bay – $890,000 Let’s Be Social Thanks so much for reading our newsletter this month! We want to hear from you! Please let us know how we can support you on your real estate journey. Whether you just purchased a new home, want to explore home-buying options, are curious about what your property might be worth, or just want to know more about the market, please reach out!  @theschwaegerleteam @your.realtor.slo @kylereis70 You can also follow us on YouTube and Facebook for more updates throughout the month. The Schwaegerle Team donates 2.5% of all transactions to Dream Makers. Thank you for helping make dreams come true for terminally-ill adults in SLO County!

Copyright © 2023 The Schwaegerle Team with Keller Williams Realty Central Coast, All rights reserved. Our mailing address is: 3591 Sacramento Drive, Suite 116, San Luis Obispo, CA 93401 Our Market Center’s address is:  350 James Way, Suite 130, Pismo Beach, CA 93449  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Written by Owen & Camille Schwaegerle on July 30, 2024. Posted in Local Events, Real Estate News, Real Estate Tips, The Happy House Hacking Podcast
Tags: best realtor, house hacking, new agent, Real Estate Central Coast, real estate license, realtor, research, San Luis Obispo, san luis obispo homes, san luis obispo houses