- calendar_month December 26, 2024
- folder RE News
The real estate landscape in California underwent significant changes in 2024, impacting buyers, sellers, and agents alike. As a real estate professional at JohnHart, I’ve seen firsthand how these shifts have reshaped the market dynamics and created new opportunities and challenges.
1. Buyers and Affordability
California buyers faced a mixed bag in 2024. A major victory came with legislation capping annual rent increases statewide, easing pressure for those transitioning from renting to homeownership. Additionally, new laws expanded first-time homebuyer assistance programs, offering increased down payment support. However, tightened credit requirements from lenders made securing a mortgage more complex, particularly for those with less-than-stellar credit.
2. Sellers: New Responsibilities
Sellers encountered evolving legal requirements aimed at transparency. Updates to the Real Estate Transfer Disclosure Statement now mandate additional details about environmental risks, including flood zones and wildfire hazards. This ensures buyers have a comprehensive understanding of a property’s risks but adds an extra layer of preparation for sellers.
3. Real Estate Agents: Navigating a Changing Market
For agents, 2024 brought substantial adjustments. The National Association of Realtors (NAR) introduced changes to how commissions are structured, including a greater focus on buyer-agent compensation transparency. California also enacted stricter anti-discrimination laws to address biases in the real estate process, requiring agents to undergo additional training.
Looking Ahead
The changes in 2024 underscore a shift toward fairness, accessibility, and accountability in California real estate. While navigating these updates requires adaptability, they represent progress toward a more equitable market.
As we close the year, I aim to keep my clients informed and empowered. Whether you're buying, selling, or just curious, reach out to explore how these changes might impact your real estate journey. Together, we can turn challenges into opportunities. Call (310-488-2592) or email (bashy@jhagents.com) to find out what we can accomplish in 2025 together.
