Number One Agent in my Coldwell Banker Sierra Oaks office September 2019...

September was a pretty busy month. So busy that I was the number one producer for my Coldwell Banker office in September. I have been the top individual producer several times (and was the #1 individual producer in my office for all 2018), but notably this month I beat out all the TEAMS, which is quite an accomplishment. Teams can have many people (in my office, some have up to 6-7 agents) contributing to the production of the group. I closed a total of 6 transactions for a total of $2.77M. (Believe it or not, this is not my single highest producing month ever...last year in July 2018, I closed 10 transactions for a total of $4.86M - and with that I was the top individual, though a large team beat me for total production. Oh well! LOL)

In addition to City of Sacramento's rent control ordinance, for more fun, now we have statewide rent control in California as AB1482 is signed into law...

I have been holding off pushing the "publish" button on this post until California's Governor Gavin Newsom actually signed AB1482 into law, and since he finally did so yesterday, here you go.

California now has a statewide rent control and just cause for eviction. And nearly simultaneously as I wrote about a few weeks ago, the City of Sacramento passed a local rent control ordinance that is essentially rolling out at the same time.

I am not looking forward to the confusion these two parallel rent control programs will cause in and around Sacramento. The provisions in both are similar, yet different. And while I am not an attorney, I imagine that within the city limits of Sacramento where the terms overlap, the higher level of tenant protection will prevail.

AB1482 statewide rent cap limits annual rent increases to 5% + regional CPI (inflation adjustment), applies to newer construction on a rolling 15-year basis, and after tenancy for one year provides for relocation assistance in the amount of one month's rent to terminate a tenancy (this is known as just cause for eviction).

So for example, within the city limits of Sacramento, while single family homes are exempt from the local rent control ordinance, because the statewide rent control applies single family homes owned by larger investors (LLC's owned by corporations, or individuals who own more than 10 properties), some single family homes in the city may be rent controlled by the new state law. Additionally, the state rent cap allowable increase percentage is actually LOWER than the city's...so I imagine the lower of the two will be what goes.

So basically, it's complicated. If you care to read it, here is the bill language for AB1482, as well as the ordinance for the City of Sacramento.

In addition, landlords will be required to provide their tenants a disclosure about their rights under the new ordinance by January 1, 2020. The California Association of REALTORS is coming out with a standard form for this, and I imagine the California Apartment Association will too, among other rental housing organizations...if you have a professional property manager you should inquire to make sure they are ready to be in compliance with this requirement. And if you self-manage your properties, you should perhaps get some legal advice.

If you are thinking about selling an investment property or any tenant occupied property, please connect with me so we can strategize the best way to move forward in compliance with these rent control ordinances.

Regardless of your stance on rent control policies, these are here to stay for a while. The state law sunsets December 31st, 2030, which is more than a decade away...

Relocating to Sacramento? Some of my clients virtually view homes via FaceTime or narrated video before making an offer...

I work with a lot of buyers looking to move to Sacramento from another city or state. Not every home buyer who relocates to Sacramento can easily visit town to view new listings as they come on the market. Since the good homes go quickly, often I will preview properties for out-of-town buyers to see if the property is a fit. Then I can assess if they should rush into town to view it in person.

But not every buyer can do that. Sometimes a seller may be reviewing offers before a buyer can visit. Or in some cases buyers don't live within a couple hours drive of Sacramento.

Recently I helped a client who was relocating from the state of Pennsylvania to Roseville for a new job. They identified a really specific neighborhood where they needed to live -- within the boundaries of a particular school for their children -- and given their price range, very few listings matched their criteria. When one popped onto the market, I'd scope it out for them and if it seemed to be a potential fit, I'd send them a video that I would narrate as I walked through.

While this is not an ideal way to house-hunt, sometimes it is the most practical way to find a home from afar. I think it takes a lot of communication and trust for this sort of arrangement to work. In this case, my buyers closed escrow toady on October 4th and will not see the home until the day they drive up with their u-haul in tow next week. And I am confident they will love their home.