All Posts for September, 2021

September 2021 San Diego Real Estate Market Update

9/29/2021 7:36:00 PM SDLookup General Comments

The San Diego Real Estate Market continues to be fantastic for sellers and quite challenging for buyers. The inventory of homes for sale of 2,391 is down substantially from a year ago. The average sold price of $850,000 is up 15% year over year. Finally days on market which tells us how long it takes for inventory to go into pending status is a short 20 days which is eights days faster year over year.

The market is clearly a sellers market. The best positioned sellers in our market are home owners that are selling without a contingency to purchase the replacement home as cash non-contingent buyers dominate the multiple offer scenario found in the typical listing.

Our team is ready to help you with your real estate needs. Start a conversation with us today.

Statewide Eviction Moratorium to End

9/23/2021 6:10:00 PM Mike Tompkins Comments

On September 30, the statewide eviction moratorium under the COVID-19 Tenant Relief Act (CTRA) is due to end. However, the law will not simply return to its pre-pandemic form. Instead, a new law, the COVID-19 Rental Housing Recovery Act, will take its place. Here are the key differences in practices and procedures.

Exemptions for SFP and new construction to the just cause eviction rules return. Beginning October 1, the standard exemptions to the just cause eviction rules return, the most significant ones being for single family properties and new construction properties built within the last 15 years.
For rent due prior to October 1, 2021, the 15-day notice is still required (but not for rent due prior to March of 2020). To avoid confusion after October 1, if a tenant owed COVID rent from before October 1, 2021, it is highly recommended to use the appropriate forms to demand the rent now.
Special 3-day notice beginning October 1, 2021, through March 31, 2022, and the requirement of applying for Emergency Rental Assistance. Beginning October 1, a landlord may demand the full amount of rent using a special 3-day notice to pay rent or quit for rent that became due on or after October 1. However, the new notice requires the landlord to apply for emergency rental assistance. This special 3-day notice will be required for all rent due until March 31, 2022.
Tenancies commencing October 1, 2021, are not subject to the special 3-day notice. If the tenancy has commenced on or after October 1, 2021, then neither the special 3-day notice nor the requirement to apply for emergency rental assistance is required. Instead, on that date landlords can return to using the traditional 3-day notice to pay rent or quit.
On November 1, 2021, the landlord may collect unpaid COVID rent due from March 2020 through September 2021. Beginning November 1, 2021, the landlord may initiate a legal action to recover the unpaid COVID rent. This includes going to small claims court to recover any amount of COVID rental debt even if it is otherwise over the small claims court limits.