Low housing inventories in recent months may finally be getting more options for buyers. Realtor.com® reports that nationwide housing inventories have increased 10 percent year-over-year. Seller optimism is growing stronger in areas where listings in February grew by more than 35 percent.
According to realtor.com, the latest report, the following housing markets had the largest increase in housing inventory. This is great news for the Lodi and Stockton areas as they were number one in increased inventory out of 146 areas that are tracked monthly. Making the top 10 list in California for inventory increase year over year are the following:
- Stockton-Lodi: 101.1 percent year-over-year
- Fresno: 53.3 percent
- Bakersfield: 52.1 percent
- Oakland: 42.3 percent
In other real estate news, President Obama signed the “Homeowner Flood Insurance Affordability Act” into law this past week. The act repeals FEMA’s authority to increase premium rates at time of sale or initiation of new flood maps. Also the act will refund the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill also limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones. A small assessment on policies will be added until everyone is paying full cost for flood insurance. For further explanation on the act, contact your insurance carrier.
From flood insurance issues to the drought we are facing in our area. With the local water districts threatening price increases if we don’t reduce our water usage, what can we do to help? Did you know a standard 3-bedroom; single-family home uses about 174,000 gallons of water a year? One Cool thing came out with a chart this week that can help you decide where you can help. Here’s where most water is used and how you can change a few quick things to reduce your usage.
Eileen Schamber is the President of the Lodi Association of Realtors and can be reached at firstname.lastname@example.org.