Johnny Dragon's March Newsletter

Happy March! Hope you've been staying warm and dry lately. It's been a while since I've written a newsletter. It's been a busy few weeks, but for great reasons! Enjoy the read.

Inventory is Rising for Buyers

According to data from Realtor.com, February was the 4th consecutive month of inventory rising in 29 out of 50 metro areas. New listings increased by 11.3% annually. Main metro areas that saw a sizable number of homes on the market was Orlando, Miami and Tampa.

The spring market tends to have a higher flow of homes on the market, which is great for buyers who have been seeking to buy. While inventory is still 40% lower than pre-pandemic levels, this is a sign that inventory could continue going up. I've noticed more homes for sale in Los Angeles area in February 2024. Buyers, if you're ready to make your next move, reach out immediately!

Article: https://www.mansionglobal.com/articles/buyers-finally-have-homes-to-choose-from-this-spring-as-u-s-housing-inventory-perks-up-0cd8e49d

The Silver Tsunami

In the past few years, there's been discussions of a "Silver Tsunami" happening with the national real estate market. Well, what does it mean? The Silver Tsunami is an influx of millions of homes on the market being sold by baby boomers. There is anticipation that over the following two decades, baby boomers will start selling their homes. By 2030, we are expected to see a lot of the aging population leaving their homes, especially once they turn 80. According to data from the Census and the Federal Reserve, Baby Boomers claimed 41.6% of the real estate wealth in the country as of Q3 2023. However, other economists are claiming that this Silver Tsunami may not have as large of an impact on the real estate market. There's a possibility that some of these homes could become rental properties. One thing to keep in mind is that in certain states, like CA, rental laws have become deeply unpopular with current landlords, so they're selling their properties to avoid being landlords. Depending on future rental laws, that could negate this possibility.

Security Deposit Law - CA 2024

Starting on July 1st, 2024, AB 12 caps security deposits at one month’s rent, regardless of whether a unit is furnished or unfurnished. Owners of no more than two rental properties, comprising no more than four units, can request up to two months’ rent. Also, SB 267 prohibits landlords from using a person’s credit history as part of the application process – if they have a government rental subsidy, such as Section 8 — without offering the applicant the option to provide alternative evidence of a verifiable legal means to pay their portion of the rent.?

For more information on the new rental laws affecting CA properties, take a look here: https://caanet.org/whats-new-in-rental-housing-law-for-2024/

Earned my Luxury Property Specialist designation

Last month, I earned the Luxury Property Specialist designation from Coldwell Banker Global Luxury and The Institute for Luxury Home Marketing. I am so thankful to all of my real estate colleagues, family, friends and peers who've supported me in my real estate journey. With hard work, determination, and believing in yourself, you can achieve anything you set your mind to. No matter the price point, I am available to help you out! Check out my website and new business card below for my updated branding!

LA Resource: Animal Services

If you or anyone you know needs to reach out to Animal Services in the Los Angeles area, take a look at their website for more info: https://www.laanimalservices.com/read-our-story

Coachella is Coming Up

Coachella Weekend 2 tickets are still available for purchase. There is a waitlist for Weekend 1. Take a look at their site if you're interested in attending: https://www.coachella.com/passes

Thank you all for tuning in to my newsletter! Reach out if you have any questions.