Guest editorial: Real estate market recap - 2024 year in review

With 2024 coming to a close, the protection of property rights and homeownership continues to play a key role in what drives the team and members at the Placer County Association of REALTORS® (PCAR). The past year brought many changes to the profession as well as an opportunity for PCAR members to continue to demonstrate their value throughout the home buying and selling process. As an association, PCAR continued to emphasize education and networking for members as prime tenants in the overall strategic plan for the year, culminating with an election that saw quite a few wins thanks to the efforts of PCAR members and their support of the REALTOR® Party of California. In particular, the REALTOR® Party of California was instrumental in their work on California Proposition 33 and Measure N in South Lake Tahoe, two high-profile ballot measures that were ultimately defeated, further highlighting the impact of organized opposition from real estate professionals in Placer County. Proposition 33 was focused on expanding rent control measures across California. The proposal aimed to allow local governments more authority to impose stricter rent control policies on various types of housing, including single-family homes and newer rental properties. REALTOR® associations opposed this measure, arguing it could disincentivize property investment, reduce the housing supply and worsen affordability by discouraging new housing development. Measure N was a proposed vacancy tax on properties left vacant for more than 182 days of the year. PCAR financially supported the No on Measure N campaign and celebrated its defeat on the ballot. Additionally, we actively monitored Proposition 5, an initiative that sought to change voting thresholds in California, proposing amendments to how certain policies are passed at both local and state levels. Again, this initiative was successfully defeated. Finally, the PCAR team was successful in working with local officials on modifying the City of Auburn's Fire Inspection Ordinance to become an educational initiative instead of an enforcement policy, relieving a potential massive financial burden on sellers. PCAR actively campaigned against these initiatives at varying levels, through coordinated efforts in policy advocacy and public relations, successfully mobilizing efforts against these harmful policies and continuing to protect homeowner interests in California. As PCAR celebrates these wins, the organization also looks forward to an optimistic forecast in 2025, including: ● Home prices to increase by almost 5 percent. ● Inventory to be on the rise. ● Interest rates to lower throughout the year. ● And best yet – PCAR's forecasters are telling us they do not expect to see a seasonal slump in the market for Q4 of this year. With this optimism comes a renewed commitment to protect the profession and the interests of homeowners and those looking to join the market across California and the country. In 2025, PCAR will continue to lead the charge in identifying measures that could derail the positive movement of the profession and also work with legislators across the board to bring strategic initiatives to the table that will benefit and protect private property rights. In particular, with 13 percent of deals in California canceling in 2024 due to insurance issues, PCAR will prioritize the inability to procure affordable insurance in California as a key issue in the coming year. From legislative and election successes to continued growth in the market, 2024 has been a great year for the real estate profession in the region. PCAR is encouraged by the optimistic outlook for growth in 2025 and will work to continue to protect private property rights and homeownership, as the voice of the real estate profession in Placer County.