Quarterly Market Update

The Mendocino Coast Real Estate market has been steady and here are the third quarter stats:
There were 56 residences sold as reported in the MLS (multiple listing service) with a median sale price of $525,000 well up from Q2.
The average days on market (from time of listing to closing date) was 149 days with 160 active residential properties for sale as of 10/22/18.
The prices range from $239,000 to $7,500,000.
Call a Realtor today! It’s a good time to buy as interest rates are anticipated to rise 1/2 percent by the end of 2018.
Respectfully submitted by
A. B. Priceman and Turan Kilki
CMAR Public Relations Committee

California Housing Crisis Hangs in the Balance: Why Rent Control Isn’t the Answer this November and Property Tax Fairness Is

Finding appropriate housing has never been so difficult in California, given skyrocketing prices and limited inventory. And this November, voters will determine consequential outcomes for the state’s housing future.
As a licensed REALTOR®, I see these challenges firsthand every day. But empty-nesters face a particular challenge. Many seniors whose children have grown and gone have a desire to downsize, to sell their three or four bedroom home and relocate closer to family members. But they know that if they do, they’ll pay a moving penalty in the form of drastically higher property taxes. It’s the kind of tax sticker shock that keeps these homeowners right where they are. And in turn, that keeps a vise on California’s housing supply, with fewer single family homes going on the market. That is neither fair nor wise.
This November, California voters can move decisively to help solve both of these problems by voting yes on Proposition 5, the Property Tax Fairness Initiative.
Proposition 5 would protect those 55 years of age and older by providing them the opportunity to take their property tax protections with them when they move. That means providing the flexibility to move to a more suitable, practical home, or to a home that’s closer to children and grandchildren. Seniors aren’t the only ones who would be helped. That same protection would be extended to the severely disabled and to victims of natural disasters. In a year when wildfires have devastated large portions of California’s rural and urban landscape and caused widespread housing losses, this kind of change makes even more sense. Proposition 5 would also replace an inconsistent patchwork of confusing rules about property tax protections that vary from county to county throughout the state.
There are also other competing measures on the ballot this November, like Proposition 10, the so-called “Affordable Housing Act,” that would actually make the housing crisis worse. It would repeal important protections for homeowners that have worked for more than 20 years and would let local government bureaucracies pass new rent control laws, which worsen shortage and affordability issues.
New government fees and regulations under this measure would provide a powerful motive for homeowners to sell or convert rental properties into other more profitable uses such as vacation rentals. That would serve to increase the cost of existing housing and make it even harder for renters to find affordable housing in the future. It’s already a significant problem, with California hosting six of the nation’s 11 most expensive rental markets.
We are all aware of the need to address California’s housing shortage. With severely limited supply and prices going up, too many homebuyers are priced out of the market. In the Coastal Mendocino region where I work, the median price of housing is now $446,750 (YTD) up 7.65 percent from a year ago.
As a REALTOR®, fellow Mendocino County resident and Californian, I urge voters to look closely at this year’s ballot, as our state’s housing future depends on it.

How’s the local real estate market? Stable and trending positively! Realtors® on the Mendocino Coast have been active listing and selling homes. The CMAR Multiple Listing Service shows 53 residential properties sold from $166,500 to $1,750,00 during the second quarter of 2018, with average sale price at $546,891 and median sale price at $460,000. Half way through the third quarter and entering a historically active market time on the Mendocino Coast (late Summer/early Fall) the numbers are on par with the second quarter – 27 residential sales from $250,000 to $1,050,000 with average sale price at $468,100 and median sale price at $389,000. The CMAR MLS includes data on sales along the coast from Irish Beach to Westport and as far inland as Anderson Valley.

Why Homeownership Matters

June marks National Homeownership Month, which recognizes the value of homeownership and its positive impact on families, communities and the nation’s economy. This month allows a time to celebrate and promote the American Dream of homeownership and identify the many benefits of owning that roof over your head.

“Most consumers know that homeownership is among the most sound investments an individual can make to begin building their personal wealth. However, owning a home is not just in the best interest of the homeowner. Homeownership provides social stability, builds communities and is a driving force for the national economy,” said Coastal Mendocino Association of REALTORS® (CMAR) President, Meghan Durbin.

Below are some of the benefits of reaching the American Dream:

Social stability: Improved educational performance, lower crime rates and improved health are a few social benefits linked to homeownership. “Homeownership allows households to accumulate wealth, which opens doors to more engagement in communities through volunteer work, involvement in social activities and electoral participation,” said CMAR President, Meghan Durbin.

Strong communities: Homeowners tend to stay in their homes longer than renters, dedicate more money to improve their home and are more engaged in enhancing their community. “Homeowners are often more invested in their home and their surroundings, which leads to stronger neighborhoods and communities and increased interaction between neighbors,” said Durbin.

Economic force: Being a homeowner also has a positive local and national economic impact. That is because homeownership creates jobs through remodeling, landscaping, lawn service, furniture and appliances, home improvement and real estate services. “When a home is sold in the United States, the income generated from real estate-related industries is over $20,000 and additional expenditures on consumer items is about $4,500 – a boom to the economy,” said Durbin.

Brings families together: Along with being more involved in their communities, homeowners are often active and connected to their own families. Family dinners and game nights at home could mean a more-connected, happier family.

“Home is where people make memories and feel comfortable and secure. Homeownership Month is an opportunity to reiterate that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream and enjoy the many benefits that come along with it,” said Durbin.

Consumers can learn more about National Homeownership Month and keep up with housing-related tips, news, stories and policy issues through Homeownership Matters: https://homeownershipmatters.realtor/ and HouseLogic: https://www.houselogic.com/.

For more information about buying or selling a home, contact Coastal Mendocino Association of REALTORS® or visit www.cmaor.org to speak with a Realtor®, a member of the National Association of Realtors®.

CMAR MLS 2018 First Quarter Stats

First quarter local real estate stats from the Coastal Mendocino Association of Realtors are in!

The real estate market is alive and well on the Mendocino Coast. From January through March there were a total of 56 closed sales (all types of properties: residential, land, business, commercial & manufactured homes in parks). 27 of those were homes in the MLS area of Fort Bragg (including Cleone and Inglenook). The average sale price was $457,344 with an average days on market of 201. In Mendocino there were 6 homes sold with an average sale price of $1,128,833 and average days on the market at 215 days.

Currently there are 123 homes for sale on our local CMAR MLS. That number can change daily. If you are looking to buy or sell on the coast call a local Realtor®.

Why use a Realtor®? – They take on fiduciary responsibility

When you work with a Realtor®, their fiduciary responsibility is to you, their client. That means you have an expert who is looking out for your interests. That’s big—the value of that commitment cannot be overstated. “For more than 100 years, Realtors® have subscribed to the NAR’s strict Code of Ethics as a condition of membership,” says National Association of Realtors® 2013 President Gary Thomas. “Realtors® have the expertise and experience to help sellers protect their investment and help buyers build theirs.”

Coastal Mendocino Association of Realtors Commemorates the 50th Anniversary of the Fair Housing Act

For decades, Realtors® – members of the National Association of Realtors® – have supported a free, open market that embraces fairness and equal opportunity for all buyers and sellers. Members of the Coastal Mendocino Association of Realtors strongly support the Fair Housing Act, legislation first passed in 1968 and now prohibits discrimination based on race, color, religion, sex, handicap, familial status and national origin.

This year, Realtors® from the Mendocino Coast will join Realtors® across the country to embark on a yearlong commemoration of the 50th Anniversary of the Fair Housing Act to raise awareness for fair housing issues.

“Realtors® continue to recognize the significance of this important act and reconfirm our commitment to upholding fair housing law, as well as our commitment to offering equal professional service to all in their search for a home or property. Realtors® work hard to build strong communities and neighborhoods where all people can live and prosper,” said Meghan Durbin, CMAR 2018 President.

Over the years, NAR has developed educational information on diversity and fair housing laws, programs and resources that have helped educate Realtors® across the country on the importance of inclusive housing practices and the promotion of diverse homeownership. During the yearlong commemoration, NAR will further examine community fair housing issues and advocate for changes to the Fair Housing Act to prohibit discrimination based on sexual orientation and gender identity.

Realtors® will focus on three key elements in 2018: acknowledging the organization’s changing role in the fight for fair housing, understanding how we as a nation are constantly improving our commitment to fair housing and ways Realtors® strive to lead efforts to address fair housing policy issues.

“Fair housing protects the American Dream of homeownership for all citizens, and the Coastal Mendocino Association of Realtors looks forward to commemorating the anniversary and supporting the development of healthy and diverse communities,” Durbin said.

For more information, visit www.FairHousing.realtor to learn about the commemoration, find materials and resources, and see what Realtors® are doing to advance fair housing. Additional information about CMAR and resources for homeowners, buyers and sellers can always be found on our website www.cmaor.org

CMAR Presents Checks to Local Nonprofits

The Coastal Mendocino Association of REALTORS® raised a total of $8095 at the annual Installation Fundraiser.  The Fort Bragg Food Bank and the Mendocino Coast Children’s Fund were the recipients of the funds. Each organization received checks in the amount of $4,047.50. Thank you to all of our members and local businesses who assisted us in raising the funds for two outstanding organizations.

Fort Bragg Food Bank Executive Director, Nancy Severy and 2018 CMAR President Meghan Durbin.

Mendocino Coast Children’s Fund Executive Director Annie Liner and 2018 CMAR President Meghan Durbin.

CMAR Raises Funds During Installation of New Board

The Coastal Mendocino Association of REALTORS® (CMAR) held their Installation dinner and fundraiser on Friday, November 10, 2017. REALTORS® joined together to support their industry while raising funds for two local charities, the Fort Bragg Food Bank and the Mendocino Coast Children’s Fund. Generous donations from REALTORS®, CMAR Business Affiliates and our local community enabled $8095 to be raised from a raffle, as well as both a silent and live auction. Past President, Meghan Durbin, of Coast Real Estate was sworn in again as the 2018 CMAR President, taking the gavel from 2017 CMAR President, Carol Ann Walton, of Gale Beauchamp Realty.

The annual event provides a time for REALTORS® honor the service of their volunteers, including members of the board and members of numerous committees, whose contributions to CMAR benefit the association, as well as the community as a whole.

Outgoing CMAR President Carol Ann Walton received the Distinguished Professional Service Award, the Rookie of the Year was awarded to Josie Swenson of RE/MAX First Equity, and the Humanitarian / Community Service Award was posthumously awarded to Frank Maurice formerly of Century 21 Fort Bragg Realty.

Meghan Durbin (Coast Real Estate) is being sworn in as the 2018 CMAR President by California Association of REALTORS® Region IV Chair, Sally Crain.

The 2017 Board of Directors was thanked for their service. Pictured are Turan Kilki (Century 21 Fort Bragg Realty), Kara Zilboorg (Sea Cottage Real Estate), Phil Jago (RE/MAX First Equity), Carol Ann Walton (Gale Beauchamp Realty), Tom Hawkins (Century 21 Fort Bragg Realty), Agnes Li (Century 21 Fort Bragg Realty), A.B. Priceman (Garden Ranch Real Estate) and Meghan Durbin (Coast Real Estate). Not pictured are Paul Clark (Century 21 Fort Bragg Real Estate) and Sheri Molina (Century 21 Seascape Realty.

Photos by Deirdre Lamb

Tax Reform

There’s a reason homeownership is still considered the “American Dream.” A home is a place to create memories, a means for building wealth, and a pathway to strength and stability in the communities we all call home.

Here along the Mendocino Coast, things are no different, and that’s something for lawmakers to remember as Congress embarks on an effort for comprehensive tax reform.

Middle-class families have built wealth for centuries through homeownership and real estate investment. Homeownership allows families to protect themselves against rising rents and inflation, while offering an opportunity to build equity over time.

Let’s face it: most families can’t get a loan to purchase stocks or invest in a mutual fund, but they can get a safe mortgage product at competitive rates to invest in a home. It’s a tremendous mechanism for building wealth that shouldn’t be taken away.

Best of all, homeowners aren’t the only ones who benefit. For every two homes sold, a job is created. In all, home sales support an average of more than 2.5 million private-sector jobs every year. At almost $3 trillion, real estate accounts for more than 16 percent of the U.S. gross domestic product (GDP). At the state level it accounts for more than 20 percent of the GDP.

That’s a big part of why, for over a century, the American tax code has incentivized homeowners. The country’s leaders acknowledge that a strong, stable housing market is good for everyone, which is why it deserves support.

Important tax incentives such as the mortgage interest deduction and the state and local tax deduction are a part of the tax code to ensure all creditworthy families have a fighting chance at the American Dream.

If those incentives went away, homebuyers would see their dream pushed further out of reach, while current homeowners would have the welcome mat pulled right out from under them.

Comprehensive tax reform is a worthy goal, and lawmakers should be applauded for their ambitious approach.

As Congress continues working through this process, however, the incentives that put homeownership within reach for millions of Americans deserve full support from both sides of the aisle.

CMAR Participates in Coastal Cleanup

The 2017 Coastal Cleanup was a success at Caspar Beach! Working together we were able to collect several pounds of trash and recyclables. The beach was significantly cleaner this year, although we did haul out a tire and a couple of boards. Thank you to CMAR President Carol Ann Walton (Gale Beauchamp Realty), her daughter Cindy, Treasurer Tom Hawkins (Century 21 Fort Bragg Realty), MLS Committee Chair Scott Vorhees (Big River Real Realty) and CMAR Director Agnes Li (Century 21 Fort Bragg Realty).