Tag: bay area
No, It Is Not 2008 Again
The news these days is all about doom and gloom. There is a saying in journalism, “if it bleeds, it leads.” That means the drama, the controversy, the doom and gloom…it sells clicks, papers, and TV audiences. As a result, these are the statistics that most people believe.
However, our current market is nothing like the 2008 meltdown. Despite current tech layoffs, there is still a robust job market and a housing shortage. After many Fed rate increases (and possibly a few more to come), rates are starting to drop.
Many economists believe we are headed for a recession, even though, by the definition of a recession (two months of a decline in GDP), we were already in one. Because of the strong job market and being in an election year, the Fed said we were not in a recession, despite the GDP decline.
Typically, in a recession, mortgage rates drop. If we start to see lower rates, buyers will be back in the housing market and the likelihood of multiple offers and prices rising becomes high. So, for those buyers currently on the fence, it might be a wise move to get into a home now and negotiate a seller credit for a 2/1 or 3/2/1 rate buy-down. If rates drop in the next 2-3 years, homeowners can refinance into a fixed lower rate and not be in a bidding war trying to buy a home.
I just got a buyer into a home with the 2/1 buy-down, giving them a first-year rate in the 4% range. It will go up a bit more in the second year, but still lower than current rates. If they choose to do a refinance before those two years are up, the remaining unused buy-down money can be used towards their mortgage or refinance. As a final side note, many mortgage companies are offering free refinancing in the next 2-3 years!
Inspiration Saturday: Time
A Closing To Start The Year
Terri, aka Theresa, moved up from Southern California with an IKEA job transfer. We connected on a call and she wanted to know if I was from New York, because I talk kind of fast. She is from New York, but I am born in San Francisco, and raised in Nevada – what a funny way to start our time together!
Terri knew she wanted to be in The Keys in Walnut Creek. She wanted a safe environment as her top priority, which that area provides. However, there was very little on the market as we started our hunt during the holiday season. I asked if she was interested in Rossmoor, but she said she was not interested in a senior community.
Then, a long-time friend came out to visit while she was house-hunting. She coaxed Terri into checking out Rossmoor, and she ended up loving the outdoor space and how peaceful and safe it felt there. We ended up looking at a handful of places in the area, but many needed work. Then, 1708 Golden Rain, Unit 1, dropped its price.
The minute we walked in, Terri said, “This is it.” It is a beautiful 2-bedroom, 2-bathroom upper Monterrey unit with views of the hills, lots of greenery, and light from the enclosed balcony. She is very happy – and so is her cat, who has a nice view perched from his cat condo! A happy start to the year!
Holiday Trivia Time!
With Hanukkah starting this past Sunday and Christmas, Kwanzaa, and New Year’s all approaching, I thought it would be fun to test your knowledge of these holidays with a bit of trivia! Scroll to the bottom of this blog to read the answers and see how you did!
- Which year did the ball first drop for New Year’s Eve in Times Square?
- When was the first Tournament of Roses Parade on New Year’s Day?
- In “Home Alone,” where are the McAllisters going on Christmas when they leave Kevin behind?
- Which country did eggnog come from?
- Which fairy tale was the first gingerbread house inspired by?
- Three of Santa’s reindeer’s names begin with the letter “D.” What are those names?
- How many candles are there on a menorah?
- Who was the first U.S. President to celebrate Hanukkah at the White House?
- How many days does the Kwanzaa celebration last?
- Which type of food is considered a symbol of Kwanzaa?
ANSWERS:
- 1907
- 1890
- Paris
- England
- Hansel and Gretel
- Dancer, Dasher, Donner
- Nine (remember: one for each of the 8 days of Hanukkah, plus the Shamash used to light the others)
- Harry Truman
- Seven
- Corn
Hopefully, some of these were tough! I know I learned a few things. I hope you all have a safe, warm, and happy holiday season, no matter which ones you celebrate!
Inspiration Saturday: Your Mission
2023 Pantone Color Of The Year
I always like commenting on the end-of-year Pantone Color of the Year announcement, as it has relevance in real estate. How so, you may ask? How about paint color? Interior decorations? It’s a fun exercise, but it can also have genuine benefits for those trying to sell their home. Consider it fashion, but for colors and homes.
According to CNN, the 2023 PANTONE Color of the Year will be…Viva Magenta! Catch a glimpse from Pantone below.
Pantone says Viva Magenta is “brave and fearless.” It promotes “optimism and joy,” which I think we can all use some of! They also describe it as “audacious, witty, and inclusive of all,” which I love. They make these choices of Color(s) of the Year with the latest trends in all sectors (beauty, tech, design, home decor, etc.) in mind. But they also consider the mood of the broader population.
With that in mind, CNN says Viva Magenta was chosen to represent reassurance, confidence, and connection in a world “trying to get back on its feet,” during the pandemic. Whatever the meaning, it is a stunning color. And I think it might look nice on the walls of your house, or spotted through the house in your decor for a staging.
Inspiration Saturday: Truth
Panama Bay Opens Downtown
I checked out Panama Bay recently, located in one of the most unique buildings in downtown Walnut Creek. You may remember it as Yogurt Castle (a cousin to Yogurt Park – ah, those were the days!), next to Scott’s Seafood. Sadly, Scott’s has been closed down.
Panama Bay, though, is a coffee shop! I tried a mocha, but they were out of whipped cream (because of one too many pup cups that day, which is an adorable reason!). I thought Panama Bay was a little bit pricey, but they had some uncommon syrups like banana bread syrup.
I had caramel, coconut, and sea salt added to my mocha. It was delicious and definitely a unique drink. They also have sandwiches and a banana bread mix for sale. I’m just glad to see something finally go into this little hobbit house downtown. They get a lot of business from people who live in the apartments across the street and in the surrounding neighborhoods, as well as lunchtime office workers.