2021 – A Year in Review
2021 – A Year in Review
By: D. Keith Dunnagan, Esq.
December 28, 2021
As I look back on 2021 – I ask myself – did the year go as I thought it would? In 2020 we all answered that question with a resounding “NO”. But what about 2021? This has been a year for sure – but was it what we anticipated?
Coming into 2021 we were hopeful that the COVID Pandemic would end with the rollout of several vaccines. We hoped to a return to a new normal (whatever that may be). We have seen glimpses of a new normal between COVID surges and it seems as though the surges are getting farther and farther apart. We remain hopeful that 2022 will bring this pandemic to an end and that we can all begin to resume our lives in whatever that new normal looks like.
Businesses had a rollercoaster of a year. Some businesses started the year still in lockdowns and government forced closures as January saw a large COVID surge across the nation. California saw particularly difficult times in the business community as some of the most draconian COVID restrictions in the nation were placed on California businesses. As the business restrictions began to lift, California saw significant challenges in finding qualified people and businesses found it difficult to staff, difficulties that continue to be part of the daily business cycle and readily visible in many industries.
For the second time in California’s state history, we had a governor face a recall election that qualified in March of this year. Although, the governor survived the recall challenge, he will again face the voters in a general election in 2022. Elections should be a reminder to all politicians that they serve the citizens of the state.
The real estate world here in the Sacramento Metro Area continued to see low inventory which led to record home sale prices during much of 2021. It seemed like homes were pending as fast as they hit the MLS and many had multiple offers over list. This created the unusual problem of homes not appraising because the prices were rising so fast.
For the first time in a long time, there was not a major real estate case decided by the appellate courts. But while the appeals court docket was quiet, we saw a major revision to the CAR Form RPA, which rolls out in December 2021. While it is a work in process, it should be beneficial to agents working with their clients on the malleable terms in the agreement. As a result of the hot market advertising issues like lead generation, inside sales tactics and website compliance became hot topics in the real estate lexicon. They are reminder of the business issues that we need to be mindful of when advertising real estate services to the public.
What we saw in the business world was that generally speaking; those businesses that adapted early to the COVID business climate did well. While many businesses struggled in 2021, there were many that had a very successful 2021. Uncertainty in tax issues led some business owners to exit and sell now – while others are waiting to see what happens. With the Build Back Better Act having passed the House and currently in the Senate, some businesses may be looking at the tax implications to determine whether or not to sell. If it does pass – you will likely see fewer small businesses willing to engage in a stock sale and more likely look to asset sales as a means of addressing potential tax issues in the transaction process. The bill has not passed and is not law, so there is still much to learn and much that can change on this front.
For BPE, we launched our Reno office and we are providing valuable services to the people of the Reno Metro Area and Nevada. We said goodbye to a few friends and welcomed many more friends to the friendly halls of BPE Law. We are truly grateful for the trust all of you have put in our company and we are honored that you trust us with your legal needs.
Have a Happy Holiday Season and a Prosperous New Year!
Recent and Popular Articles From Our Blog:
2020 Blogs:
- April 28 – A New Reality – Temporary or Permanent – Virtual Showings and Disclosures
- May 22 – Servant Leadership
- June 8 – Paycheck Protection Program Flexibility Act is Enacted
- June 10 – Impact to Credit Score After Filing Chapter 7 Bankruptcy
- June 26 – SBA Rolls Out Updated PPP Loan Forgiveness Application
- July 2 – Understanding the Home Equity Sales Contract Act 2020
- July 14 – Governor Rolls Back Re-Opening
- August 4 – August 2020 COVID-19 Update
- August 18 – Status Of Selected California State Operations re: COVID-19
- September 1 – COVID Update on Foreclosures and Evictions
- September 3 – State Passes AB 3088
- September 15 – Update on PPP Forgiveness and Impacts
- November 10 – Changes to the Fair Housing and Discrimination Advisory CAR Form
- November 24 – In a Season of Difficulty – We Choose Gratitude
- December 15 – Cal/OSHA Issues New COVID Prevention Rule
2021 Blogs:
- January 5 – Introduction to New Laws 2021
- January 26- Rain and the Prevalence of Failure to Disclose Claims
- February 2 – California Enacts COVID Tenant Relief Act (SB 91)
- March 9 – Understanding the Trust Exception to Real Estate Disclosures
- April 20 – Cash for Keys and SB 91
- May 4 – Help! Tenant Won’t Cooperate with Sale of Home
- May 11 – California Passes AB 80
- June 15 – Pinhole Leaks in Copper Pipes in Folsom
2021 – A Year in Review
By: D. Keith Dunnagan, Esq.
December 28, 2021
As I look back on 2021 – I ask myself – did the year go as I thought it would? In 2020 we all answered that question with a resounding “NO”. But what about 2021? This has been a year for sure – but was it what we anticipated?
Coming into 2021 we were hopeful that the COVID Pandemic would end with the rollout of several vaccines. We hoped to a return to a new normal (whatever that may be). We have seen glimpses of a new normal between COVID surges and it seems as though the surges are getting farther and farther apart. We remain hopeful that 2022 will bring this pandemic to an end and that we can all begin to resume our lives in whatever that new normal looks like.
Businesses had a rollercoaster of a year. Some businesses started the year still in lockdowns and government forced closures as January saw a large COVID surge across the nation. California saw particularly difficult times in the business community as some of the most draconian COVID restrictions in the nation were placed on California businesses. As the business restrictions began to lift, California saw significant challenges in finding qualified people and businesses found it difficult to staff, difficulties that continue to be part of the daily business cycle and readily visible in many industries.
For the second time in California’s state history, we had a governor face a recall election that qualified in March of this year. Although, the governor survived the recall challenge, he will again face the voters in a general election in 2022. Elections should be a reminder to all politicians that they serve the citizens of the state.
The real estate world here in the Sacramento Metro Area continued to see low inventory which led to record home sale prices during much of 2021. It seemed like homes were pending as fast as they hit the MLS and many had multiple offers over list. This created the unusual problem of homes not appraising because the prices were rising so fast.
For the first time in a long time, there was not a major real estate case decided by the appellate courts. But while the appeals court docket was quiet, we saw a major revision to the CAR Form RPA, which rolls out in December 2021. While it is a work in process, it should be beneficial to agents working with their clients on the malleable terms in the agreement. As a result of the hot market advertising issues like lead generation, inside sales tactics and website compliance became hot topics in the real estate lexicon. They are reminder of the business issues that we need to be mindful of when advertising real estate services to the public.
What we saw in the business world was that generally speaking; those businesses that adapted early to the COVID business climate did well. While many businesses struggled in 2021, there were many that had a very successful 2021. Uncertainty in tax issues led some business owners to exit and sell now – while others are waiting to see what happens. With the Build Back Better Act having passed the House and currently in the Senate, some businesses may be looking at the tax implications to determine whether or not to sell. If it does pass – you will likely see fewer small businesses willing to engage in a stock sale and more likely look to asset sales as a means of addressing potential tax issues in the transaction process. The bill has not passed and is not law, so there is still much to learn and much that can change on this front.
For BPE, we launched our Reno office and we are providing valuable services to the people of the Reno Metro Area and Nevada. We said goodbye to a few friends and welcomed many more friends to the friendly halls of BPE Law. We are truly grateful for the trust all of you have put in our company and we are honored that you trust us with your legal needs.
Have a Happy Holiday Season and a Prosperous New Year!
Recent and Popular Articles From Our Blog:
2020 Blogs:
- April 28 – A New Reality – Temporary or Permanent – Virtual Showings and Disclosures
- May 22 – Servant Leadership
- June 8 – Paycheck Protection Program Flexibility Act is Enacted
- June 10 – Impact to Credit Score After Filing Chapter 7 Bankruptcy
- June 26 – SBA Rolls Out Updated PPP Loan Forgiveness Application
- July 2 – Understanding the Home Equity Sales Contract Act 2020
- July 14 – Governor Rolls Back Re-Opening
- August 4 – August 2020 COVID-19 Update
- August 18 – Status Of Selected California State Operations re: COVID-19
- September 1 – COVID Update on Foreclosures and Evictions
- September 3 – State Passes AB 3088
- September 15 – Update on PPP Forgiveness and Impacts
- November 10 – Changes to the Fair Housing and Discrimination Advisory CAR Form
- November 24 – In a Season of Difficulty – We Choose Gratitude
- December 15 – Cal/OSHA Issues New COVID Prevention Rule
2021 Blogs:
- January 5 – Introduction to New Laws 2021
- January 26- Rain and the Prevalence of Failure to Disclose Claims
- February 2 – California Enacts COVID Tenant Relief Act (SB 91)
- March 9 – Understanding the Trust Exception to Real Estate Disclosures
- April 20 – Cash for Keys and SB 91
- May 4 – Help! Tenant Won’t Cooperate with Sale of Home
- May 11 – California Passes AB 80
- June 15 – Pinhole Leaks in Copper Pipes in Folsom