GREEN REALTOR NEWS | Vol. 46
Market Update | Insurance News | Water Monitor Rebate | Photo Contest
Tracy Mazza was the winner of our January photo contest. She recognized the mural at Mission Playground and Pool at 19th and Linda Streets in San Francisco. The mural, called New World Tree, was painted in 1988 by Juana Alicia, Susan Cervantes and Raul Martinez. The piece depicts the traditional Mexican ceramic tree of life. In the center, the jade eye of Tlaloc, the Aztec rain god, radiates light while the Aztec symbol for the heart is painted on the door. The New World Tree is an ode to the connection of all human bloodlines, to water as the source of all life, and to the natural beauty of the Bay Area. Curious to learn more about the community murals in San Francisco’s Mission District? Check out Proyecto Mission Murals, a digital publication of the San Francisco Museum of Modern Art that examines the history of the mural movement from 1972-1988. It’s a treasure trove of information filled with photos, maps, essays, a video documentary and more.
Scroll to the bottom to guess the location of the February photo (hint: it’s a tough one!)
Market Update
While the political landscape is rocky, to put it mildly, mortgage interest rates continue their recent decline, this week hitting the lowest levels of the past 4 months. Uncertainty about global growth and potential tariffs boosted the bond rate, which tends to lower interest rates. The 30 year fixed rate now averages about 6.75%, down from the 7% and higher that we saw recently. Freddie Mac reports that recent data shows that purchase applications exceeded those from this time last year, indicating greater buyer demand. In both Marin and San Francisco the typical new year rebound is in full swing. New listings have bounced back from December lows, and while median prices have decreased year over year by 5.7% in Marin and 9% in San Francisco, new escrows have increased by 28% as the median days on market continues to decrease. Looking ahead, we expect the market to accelerate rapidly in the coming months as the spring season gains momentum.
Insurance News
While property insurance has been an increasing focus in the real estate industry in recent years, the wildfires in Los Angeles have upped the ante, prompting numerous trainings and discussions. Here are a few tips I’ve learned recently.
Many people hold title to their homes in a trust as part of their estate planning strategy. If your home is held in a trust, make sure the trust is named as a beneficiary on your insurance policy. We have heard reports of claims being denied if the names on the policy do not match the names on the deed to the property. Contact your insurance agent if you need to make a change.
If you add solar panels and/or batteries to your home, make sure to notify your insurance company of the change so they will be added to the value and replacement cost of your home. If your insurer is not aware of the panels and they cause damage to your home, your claim may not be approved.
Many new homeowners policies are requiring that a monitored leak detection device be installed within 30 days after the policy is activated. Damage from water leaks is one of the most common insurance claims and it can be costly, especially if undetected. There are a variety of devices on the market and the cost can range into hundreds of dollars. Marin Water is offering their customers a rebate on the Flume Smart Home Water Monitor, bringing the cost to $67 (plus shipping). Not a bad idea as we head into the summer months. Click on the button below for details.
We’ve heard many stories of people taking a last minute video of their property before evacuating as a way to document their home and belongings or trying after the fact to create an itemized list of their home’s contents for their insurance claim. Some say this is the most difficult part of the process, even harder than actually losing their homes. Inspired by the writer Gretchen Rubin, try creating an Album of Now. It can be a fun project and keepsake, and also be invaluable in the event of a disaster. Described on her podcast, A Little Happier, Gretchen was inspired by looking through old photo albums and finding that the things that sparked the best memories were in the background: the old wallpaper, the metal breadbox on the kitchen counter, a tree in the back yard. She decided to create a photo album of the mundane things in her life - the inside of the fridge, her closet, etc. Why not make a video version that also serves as a video inventory? I’m going to try it! Let me know if you do too. I’m curious to hear how it goes.
What’s that pic? My best friend Alanna and me, circa 1980 or so. Not sure why we have our mouths taped shut (keeping a secret?) but that wallpaper sparked some great memories!
Photo Contest
All of the beautiful photos in our contest are provided by Green Realtor News’ Artist-in-Residence, Esther Vermeer. Esther is a Mill Valley resident with a background in branding and graphic design. Originally from the Netherlands, she moved with her family first to Montreal, Canada and then to the Bay Area, where she has established herself in the world of interior design. She loves to journey around California and discover the lush natural beauty the state has to offer. You can reach her at esther@prevalentprojects.com.
If you know the location email me at lucinda@lucindaotto.com. The first person with a correct guess wins a $25 gift card to Sports Basement.
I hope you enjoyed the Green Realtor News! If you know anyone buying or selling, or if you are curious to hear more about the market, please don’t hesitate to reach out. I’d love to help you or your friends make moves. As one of my happy clients loves to say:
Everyone Needs A Lucinda!
