Fremont Real Estate and Beyond

2015-12 County Sales & Price Public

The Foreign Investment in Real Property Tax Act of 1980 (aka: FIRPTA) withholding rate has been increased from 10% to 15% effective February 17, 2016. However, if the property acquired is to be used as the buyer’s residence and the property price is $1,000,000 or less, then the 10% withholding rate would still apply.

Last Fall, Fremont City Council member Vinnie Bacon asked city staff to research rent control and just-cause eviction policies. On Thursday, Jan 14 BayEast MLS staff participated in a meeting with tenant advocates and representatives from the Rental Housing Association. The meeting was organized by Fremont city staff with the goal of finding common ground and working out a compromise that provides both tenant and landlord protection. All parties agreed that specific information about the economics of rental housing (from both the tenant and landlord perspective) and use of Fremont's existing rent mediation program is needed. While the tenant advocates are calling for a rent control and just-cause eviction ordinance, there are no plans at this point to bring such a policy to the City Council. If you own or manage rental property in Fremont and want more information about this issue and the policies being considered by the City of Fremont, let me know!

Fannie and Framework have partnered up to provide home buying classes. The $75 fee includes a 4hr online course and one-on-one assistance from a professional homeownership advisor whose only job is to help you become a successful homeowner. More details here-- https://homeready.frameworkhomeownership.org/

Starting in New York and Miami, the federal gov't is asking title companies to identify buyers who use an LLC who purchase luxury real estate.  This may roll out nationally. More details here-- http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html?_r=1 http://www.inman.com/2016/01/13/no-more-secret-luxury-real-estate-cash-buyers

NAR just released a map with the vacancy rates in every zip code.  Looks like the bay is (unsurprisingly) low compared to the rest of the state and country.

We've only started in this El Nino season! Here's a list of sand bag locations in case you need them.

The City of Fremont is working with the non-profit HIP housing to match those who are in need of a place to live with those who have space in their home in exchange for rent assistance/chores.

First Tuesday created a great summary on the pro's and cons of FHA's loosening of their condo approval guidelines. http://journal.firsttuesday.us/fhas-new-condominium-approval-guidelines-expand-eligibility-and-potential-hoa-mismanagement/49294/ The  Federal Housing Administration (FHA)  recently announced new temporary approval provisions for issuing FHA-insured financing to buyers of units within a condominium project. FHA-insured financing allows buyers to make smaller down payments and obtain mortgages with  loan-to-value (LTV) ratios  greater than 80%, which shifts the increased risk of loss on a default to the FHA in exchange for a premium. Previous FHA approvals  required condominium projects and their homeowners’ associations (HOAs) to meet eligibility criteria. If not approved, buyers cannot use FHA-insured financing to purchase a unit in the project from a seller who is an owner or member. The FHA has previously required at least 50% of the units in a condomin

First Tuesday released their statistical data and forecast for the future. http://journal.firsttuesday.us/home-sales-volume-and-price-peaks/#yearly

In an interesting move, Redfin has decided to decrease/eliminate the 15% rebate to buyers when they use a Partner Agent--agents that work with Redfin but are not employed by them.  For properties over $200k, the rebate will be a flat $500, anything under $200k will not receive anything. More info here-- https://www.inman.com/2016/01/05/redfin/