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The similarities between golf and real estate

Being a commercial real estate agent is a lot like being a professional golfer. This is because agents in California and elsewhere will be working for themselves but will also need a team to help them. This team will provide market research, help with marketing and provide other resources an agent needs to succeed. Like golf, it is important that real estate agents act with integrity at all times.

This may mean calling themselves out for what they have done wrong even if no one else sees it. By acting with integrity, an individual sets him or herself up for greater success in the long-term. This is because people will come to trust their agent and want to develop a stronger relationship with that agent. For those who in commercial real estate, it is critical to have connections both inside of the industry and in the broader business community.

Millennials seek affordable homes

Many California residents in their 20s and 30s would like to buy a home but may run into difficulty due to rising home prices in some areas. While there has long been a maximum real estate suggesting that "location, location, location" is the most important thing when buying a home, the cost of living in some cities is more than many couples and individuals can afford.

Many people dream of living in fashionable urban areas that are full of restaurants, parks and cultural landmarks. Unfortunately, cities such as San Francisco and Seattle are often unaffordable for middle-class earners.

Do you have to let a service dog into your restaurant?

Even if you are not a dog lover, you can probably still appreciate the skills trainers can teach a dog. Beyond basic obedience and circus tricks, a dog can learn to perform valuable services for humans, especially those with illnesses or injuries that leave them disabled. For many, having a dog means regaining mobility, independence and opportunities. For others, a well-trained dog can protect them from harm and allow them to live a normal life.

However, how does all this relate to you as a business owner, particularly if you are in the food services industry? Health and safety laws forbid you from allowing dogs in your restaurant, but those laws do not always apply when it comes to service dogs.

What not to do when buying real estate

Real estate investing can be an effective way for an individual to improve their financial stability. However, there are many mistakes that prospective investors will want to avoid when purchasing properties in California or anywhere else. It is important to have a plan of action before deciding to buy a property. Ideally, an investor will do research into the property itself to learn everything that there is to know about owning it.

For instance, homes may be on land that is prone to flooding or has extensive damage that needs to be fixed. It is also important to know if there are schools or other attractions in an area that could make a home easier to rent. Investors should have a budget and stick as closely to it as possible. It is also worth knowing ahead of time whether the home will be used as a rental or sold after it is sufficiently upgraded.

Home buying myths to stop believing in

There are many myths that home buyers in California and elsewhere may believe to be true. For example, many believe that they need a 20% down payment to buy a home. However, it is possible to get a loan without making a down payment at all depending on what type of mortgage a person uses. Some also believe that they have to buy a home for the maximum amount that a lender allow them to borrow.

The truth is that buyers should only spend what they can afford. They are encouraged to discuss a reasonable price point with their financial adviser before beginning the search for a mortgage. It is usually a good idea to look for properties with the help of a real estate agent. He or she may be invaluable when negotiating with a seller or when issues arise with a home prior to closing.

The basics of commercial property valuation

Commercial property can be appealing to anyone in California looking to either find the perfect spot for a business or make a profit renting out a desirable space. One of the most important pieces of information that perspective buyers want to know before investing in a commercial property is how much it's worth. There are several ways to accomplish this goal.

Based on factors such as the cost of construction materials and the land, the cost approach to commercial property valuation involves determining how much money it would take to build from the ground up. With the income capitalization approach, comparable properties are evaluated to determine how much money an investor could earn from the property. Maintenance expenses and other property-related costs would also be taken into account. The market or sales comparison approach considers recent sales of similar properties for the purpose of determining value. This method may not be reliable during slower market times.

What to know about housing market conditions

Buying a home in California can always be quite a challenge. However, it's especially difficult for those who are looking for their first home. It is not uncommon for buyers to discover that homes in their price range are fixer-uppers that may need a lot of work.

It is expected that home prices will continue to rise in the spring of 2019. In March 2019, the median price for a home in the United States was $300,000. However, a buyer may be able to negotiate with a seller to get the home that they want at a price that they can afford. Another factor in a buyer's favor is that mortgage interest rates are hovering at 4.42 percent. Lower interest rates tend to make homes more affordable. Of course, interest rates don't matter if an individual can't get a loan, and the FHA has recently tightened its lending standards.

Increased expectations for websites to be ADA compliant

As a small business owner, you understand the importance of making sure your building and facilities are compliant with the standards set forth by the Americans with Disabilities Act. If you do not make this a priority, you could face legal action and other negative consequences. Some business owners are learning that more and more people expect websites to be ADA compliant as well. 

According to the ADA, disabled individuals have the right to expect reasonable accommodations in places of public accommodation. In most cases, this means wheelchair ramps, accessible bathrooms and more. However, more and more people believe the internet is a place of public accommodation as well, and more businesses are facing lawsuits for not having their websites meet certain standards.

Boomerang buyers look to return to homeownership

For people in California and across the country, the last financial crisis was often particularly devastating to their involvement in the real estate market. The financial crisis began with serious problems in the home mortgage market, and many people lost their homes to short sales or foreclosures during that period. However, a growing number of individuals who lost their homes due to the financial crisis are beginning to move again on the path to homeownership.

Called "boomerang buyers," these people are once again looking to expand their family wealth through owning real estate. This growing interest could help support the housing market. Sales are down in 2019 with a 6.6% decrease from the prior year. The largest group of people negatively impacted by the crisis are aged 35 to 64. So far, young people have been helping keep the housing market strong as young buyers comprised a third of all residential home sales, an increase of 30% over the year before. For people between 35 and 44 years of age, homeownership grew from 58.9% to 61.1% between the fourth quarter of 2017 and the same quarter in 2018. Some experts say that this increase was partially driven by the return to the real estate market of these "boomerang buyers."

Why buying in the exurbs may not make sense

California residents who want a balance of affordable housing and proximity to large cities may prefer to live in the exurbs. However, those who are looking to buy properties in the exurbs may want to consider that home prices tend to be more volatile in those areas. This is because they were often the most impacted by the Great Recession, and home prices are only starting to get back to where they were before it occurred.

In the event of another recession, it is likely that those areas would see the biggest decline in property values. Furthermore, it would like be the exurbs that take longer to recover from any price declines. According to data from Realtor.com, homes in urban settings are 22 percent higher than they were before the recession. Residential properties in the exurbs have only increased 7 percent from what they were before then, though.

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L. Scott Karlin

L. Scott Karlin

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David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

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Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

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