Dear Landlords and Investors,
The principles of leverage, supply, demand, and ROI still push appreciation. San Diego has proven to be a wise location for your investment dollars. But, don’t become complacent. Don’t lose track of why you are investing, regardless of how successful you are. Dealing with unexpected issues can make or break your business. So of course, you’re right to want to understand how the current market affects your property values. You deserve expert guidance. Here are details on what you need to know now:
Is Your PRIVATE PROPERTY Now Controlled By Government?
That may be a funny question to some, but take a moment to really think about it. A giant implication has been ignored with the past year and a half of eviction moratoriums. Government is now telling you what you can do with your property. This is happening without a reasonable expectation that you’ll be paid for it! They are directing your use of your private property. Stating for whatever circumstance they deem to be an emergency. This is structured so private property is now a right granted by the government. That means they have the power to take control of your private property at will.
Yes, market conditions and the latest need-to-know investor info is important. But, what happens when you no longer can control how you use your property? Don’t be complacent. Don’t lose track of why you’re investing. Protect your rights and your ability to create family wealth.
CDC Extends the Eviction Moratorium Despite Supreme Court Ruling
On August 3rd the CDC came out with another ban. This time it’s targeted. Only counties experiencing ‘substantial and high levels’ of community transmission levels. It will last until Oct. 3rd. A federal judge ruled that the new eviction moratorium could continue to be enforced. Regardless of doubt on its legality.
Why is the CDC making nationwide decisions on housing? Especially when the Supreme Court already made a decision. Someone should tell them to stay in their lane. Experts predict eviction moratoriums will have lasting effects on the real estate market.
Affordable Rentals Are Hard to Find
We are already seeing the moratorium keep affordable rentals off the market. Intensifying of the rental housing shortage. There are bidding wars for rentals. Exactly like there are on homes listed for sale. High credit scores, good-paying jobs, strong security deposits, used to mean something. With all the competition tenants are struggling to find rentals. Nationally rents rose 7% year over year for 1 bedrooms. And 8.7% for two bedrooms per Zumper, a national rental listing platform.
Landlords Hands are Tied
Across the nation, landlords haven’t been able to evict non-paying tenants. Some tenants have taken advantage of the moratorium for the past year and a half, not paying rent! And landlords are stuck footing the cost. Landlords can’t even evict tenants who are a nuisance. Or for breaking their lease agreements. Having pets, extra adults in the home, causing trouble in the neighborhood? These were grounds for eviction in days gone by. Not now though.
Don’t expect this to all be corrected once the moratoriums finally come to an end. The backlogged courts will delay the eviction process even longer.
One of our clients has had tenants not pay rent since the beginning of the pandemic. She knows her tenants can afford to pay but are choosing not to. Her only option was to work within the new AB 821 law and start the eviction process. Who knows how that will play out now that the eviction moratorium has been extended.
Speaking of extended. You know San Diegans couldn’t start the eviction process until Aug. 16th, right? Who wants to bet lunch that gets pushed out even further? Remember, local laws supersede state and national laws. We are forecasting local government steps in and extends our local time frames too.
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IT’S TIME FOR YOU TO GET THE ROI YOU DESERVE.
You’ve worked hard for what you’ve earned, and you’re right to want the best experience. Be confident you have professionals on your side. We use ROI-based marketing. Rest easy knowing we use an organized system to market your property. Employing our highly targeted and proven approach like no one else is what you deserve!
Thinking of selling your property in the next 12 months? Call us today for your strategic marketing consultation at 858-218-4511.
Send us like-minded property owners you know who want to buy or sell. We promise we will take great care of them.