Author: CMAR AE

During the month of July, the Coastal Mendocino Association of REALTORS® (CMAR) hosted a school supply drive to benefit the Mendocino Coast Children’s Fund (MCCF).  School supplies were collected at REALTOR® offices and at the CMAR office.  Several boxes of school supplies were dropped off and distributed to local students at the MCCF’s annual K-12 Clothes Swap in Fort Bragg.  In addition, financial contributions of $325 were provided to MCCF.

The Mendocino Coast Children’s Fund is a grassroots, nonprofit advocate for low income children on the Mendocino Coast. Their vision is to support a community in which all children have the opportunity to reach their full potential in life. Their mission is to provide funding for the unmet needs of infants and children on Mendocino’s north coast.

They are a safety net, providing assistance to children through the age of 18, who might otherwise fall through the cracks of society’s inequities. They provide children with essentials and necessities, hopes and dreams, opportunities and activities.  With 100 percent of donations going directly to assist local kids, the MCCF is a valuable resource for the families and children in our community.

Eighty-four percent of Americans believe that purchasing a home is a good financial decision, the highest number in 10 years. Yet six in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area. This is according to NAR’s 2017 National Housing Pulse Survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 25 largest metropolitan statistical areas.

“This survey makes it clear that most American’s still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. Yet, Americans consider the lack of affordability as a big obstacle to ownership,” said Carol Ann Walton, 2017 President of the Coastal Mendocino Association of REALTORS®.

Concerns over housing affordability show clear demographic divides, especially among unmarried and non-white Americans. More than 50 percent of unmarried and non-white Americans view the lack of available affordable housing as a big problem, compared to only four in ten of married and white Americans.

Nationally, 44 percent of respondents categorized the lack of available affordable housing as a very big or big problem. In the top 25 densest markets, more than half see the lack of affordable housing as a big problem, an increase of 11 percentage points since 2015. Coastal Mendocino Association of REALTORS® states that lower income Americans, renters and young women most acutely feel the housing pinch. There is also greater concern about affordable housing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent).

The survey found that over half of respondents strongly agree that homeownership helps build safe and secure neighborhoods and provides a stable and safe environment for children and family members.

“There are many benefits of homeownership, and they resonate more strongly as age increases. Over half of Americans between the age of 50 and 64 believe that home ownership is associated with a stable home environment, which also leads to greater educational success for children,” said Carol Ann Walton. “It’s important that younger Americans also have access to affordable and sustainable homeownership.”

During the month of June, the Coastal Mendocino Association of REALTORS® (CMAR) raised funds to benefit the Safe Passage Family Resource Center’s special fund designed for rental assistance, to help families facing eviction. The money raised enables Safe Passage to provide assistance to Mendocino County families who are in danger of becoming homeless. From July 2016 through June 2017 the Rental Assistance Program was able to assist 45 local families.

Laura Welter, Director of Safe Passage responded to the donation stating, “When parents find their way to Safe Passage, we will now be able to give them a bit of breathing room as they work to stabilize their living situation. Their children will have a place to eat their meals, do their homework and go to sleep.”

Safe Passage began providing services to families in 1996. They work closely with other local organizations to provide a variety of programs to assist families with many different issues and problems. Their ultimate goal is a community filled with safe nurturing families who have both children and parents who are happy and successful. Services offered through Safe Passage include information and referral about community resources, enrollment assistance for health insurance and other programs, transition assistance for Spanish speaking parents, parenting sessions, support and advocacy for parents of children with special needs and grandparents raising their grandchildren, support and information for pregnant women and new parents, monthly clothing giveaways, and much more!

Laura Erskine, the Case Manager who administers the Rental Assistance Program said, “These funds will enable us to prevent at least one family from being evicted and becoming homeless. Thank you for this very real and meaningful help that you have chosen to provide for them.”

Photo: Safe Passage Director Laura Welter, Safe Passage Case Manager Laura Erskine and CMAR President Carol Ann Walton.

CMAR President Carol Ann Walton, Past President Meghan Durbin and AE Lesli Langslet joined 2500 Realtors at Legislative Day 2017. The morning session featured dynamic speakers, including Governor Brown. Senator Mike McGuire was the keynote speaker during the Region 4 luncheon. Afterwards, we were able to speak to Assemblyman Jim Wood in his office and Senator McGuire inside the Senate Chamber. The full schedule had us “Come Together” again for a Member and Director Forum. After a long day of making our voices heard to our state officials, we participated in the Capitol Reception which was also attended by 52 legislators. The heart of the message was that California needs to increase the number of housing units available in order to address our affordable housing crisis.

Existing-home sales leaped to their highest pace in 10-plus years in March, reaching a robust level of activity not seen since February 2007, reports the National Association of REALTORS® (NAR).

Existing-home sales totaled 5.71 million last month, a 4.4 percent increase from February and 5.9 percent increase from one year prior. Inventory increased, as well, by 5.8 percent to 1.83 million—though still 6.6 percent below one year prior.

“The early returns so far, for this spring buying season, look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” says Lawrence Yun, chief economist at NAR. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March, for sales to muster a strong gain. Sales will go up as long as inventory does.”

Some real estate market analysts expect home prices to continue to rise, as much as 5%, over the next 12-months.

The Coastal Mendocino Association of Realtors reports:
Our local housing market confirms the high-paced leap Realtors are seeing nationwide.Homes sold in the Fort Bragg area, during the first quarter of 2017, saw a price increase of 24%, from the same period in 2016. An average price increase of $81,860.83, per home sold.

26 homes were sold in Fort Bragg in the first quarter of 2016, with an average price of $340,104.38. 23. In 2017, 23 homes sold, but the average price per home increased to $421,965.21.

The Mendocino market also saw an uptick in pricing, 10%, from first quarter 2016, to 1st quarter 2017.

16 homes were sold in the Mendocino area between January 1st to March 31st, 2016, with an average price of $666,468.75. For the same period in 2017, 15 homes were sold, with an average price increase of $63,347.91, bringing the median home price in Mendocino to, $729,816.66.

The Federal Reserve today announced the first interest rate hike of 2017, and the second rate hike in three months.

The Federal Open Market Committee concluded its meeting with the announcement that the Fed will raise interest rates by 25 basis points to 1 percent.

The last rate hike occurred in December, when the Fed moved to raise rates from .5 percent to .75 percent.

The Mendocino area realty market has seen an uptick in prices and more activity as the market is moving from a buyer’s market to a seller’s market.

Current “active” listings 244; “pending in escrow” listings 52; and listings “sold” this past year to date until 3-15-17; 290

During the month of February, the Coastal Mendocino Association of REALTORS® (CMAR), collected pet collars and toys to benefit homeless cats and dogs at the Mendocino Coast Humane Society.  REALTORS® collected collars with “personality” to help the animals at the shelter be noticed by prospective adopters and toys to help the animals feel special while they wait for their forever homes.  During the project, over 30 pet collars and almost 70 cat and dog toys, plus a few other items like kennel pads, were collected and presented to the Mendocino Coast Humane Society’s Director, Chuck Tourtillott.

CMAR President, Carol Ann Walton stated, “We are thankful to have the opportunity to help homeless animals. We hope that our contributions help them get adopted and improve their lives a little while they are waiting.”

The Mendocino Coast Humane Society (MCHS) was created by Coastal residents who desired a “no-kill” alternative to the County’s Animal Control.  Their Adoption Center, on Summer’s Lane, provides a warm, comfortable and secure temporary home for the animals. They utilize their Mobile Pet Adoption truck to improve visibility of the program and increase adoptions.  The MCHS relies on the generosity of our community, in both time and money. They welcome financial support, as well as the time spent by the many volunteers who walk the dogs, socialize with the cats and help out at their Ark Thrift Store.

Photo: CMAR President Carol Ann Walton, CMAR AE Lesli Langslet, Mendocino Coast Humane Society’s Director Chuck Tourillott

Higher wages and seasonal price declines hold California housing affordability in check, C.A.R. reports

• Thirty-one percent of California households could afford to purchase the $511,360 median-priced home in the fourth quarter, unchanged from third-quarter 2016 and up from 30 percent in fourth-quarter 2015.
• A minimum annual income of $100,800 was needed to make monthly payments of $2,520, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 3.91 percent interest rate.
• Forty percent of home buyers were able to purchase the $413,700 median-priced condo or townhome. An annual income of $81,550 was required to make a monthly payment of $2,040.