New Housing Developments Begin Including Granny Units
On January 29, 2021 Weingarten Realty Investors submitted an updated plan for San Jose's Cambrian Park Plaza which proposes having 30 houses to now include granny units on the ground floor. The granny unit would have its own entrance.The second and third floors would be an entirely separate single family dwelling from the granny unit below.One San Jose City Council member, Pam Foley, has voiced support for the addition of the granny units saying it is "one way to naturally add affordability into any project".With the new California wide regulations on Accessory Dwelling Units (ADUs, granny units, backyard cottages), this is likely to become commonplace for new Silicon Valley housing developments. It is a path to meeting demands placed on many Silicon Valley cities for both more housing and more affordable housing.
Zillow: "Acting Quickly Could Save Them Hundreds ..."
A Feb 3, 2021 Zillow Press Release begins: "Competition is Fierce for Home Buyers, But Acting Quickly Could Save Them Hundreds on Their Monthly Payments".The two things which stand out about this press release are that: 1) Zillow has little to gain by urging buyers to buy now and 2) the numbers they provide show the very big impact on home affordability they predict.AreaCurrent Rate& Value3% interest+ 8% Growth3% interest+ 12% Growth3.5% interest+ 8% Growth3.5% interest+ 12% GrowthSF$3,779$4,253$4,411$4,530$4,698LA$2,395$2,695$2,795$2,871$2,977Zillow says their experts are forecasting 21.9% more home sales than last year and a price increase of 10.5%.Government policies that are being reviewed right now could have a dramatic effect on the cost of buying a Silicon Valley home.If you are a first-time home buyer be sure to view Juliana Lee's rent vs. buy information.
Real Estate Commission
Real estate agents have been creating new real estate commission plans. JLee Realty has recently implemented a 0% real estate listing commission plan. Their expressed goal is to attract as many buyer agents to their listings as possible.If their own buyer agent submits a successful offer, they reduce their listing commission to zero percent. JLee Realty will not receive any more commission if their seller accepts an offer from JLee Realty than if a purchase offer is accepted from any other brokerage.Furthermore JLee Realty is not offering any enticements for a buyer to drop their own buyer agent and use a buyer agent from JLee Realty when they make an offer.
Daly City Real Estate Trends
More information about Daly City CA Real Estate