All of America’s hottest real estate markets are on West Coast

We found a Realtor.com article recently that ranked the hottest real estate markets for February 2017. Nobody will be surprised to see that three of the top five (Vallejo, San Francisco and San Jose) are in the Bay Area.

According to the article, a large part of Vallejo’s rise to number one on the hottest real estate markets list is due to their drop in median days on market. It wasn’t too long ago that Vallejo went bankrupt and Mare Island redevelopment was in the crapper – that still might be an area for investment.

I also found out that Seattle is the fastest-growing market, which doesn’t surprise me at all. Seattle seems to be on the fast track to San Francisco status, with a similar culture and a bunch of new tech companies migrating their headquarters North. I currently have a client selling in Pleasant Hill and moving to Seattle and he is finding it is more expensive to purchase there.

Either way, the West Coast is HOT! If you are looking to buy or sell in the East Bay, please feel free to reach out and ask for my help!

Congrats to two happy clients!

I want to offer my sincerest congratulations to Amanda and Siubhan on their recent closings!

Amanda, a past client of mine, decided she wanted to pursue her dream of having land, horses, chickens and a big garden. When a piece of land became available in Vacaville, she decided to make an offer and it was accepted! We then rushed to get her Concord home ready over the Thanksgiving holiday and were in contract by December 9th. Whew!

Siubhan is another past client who had bought a condo in Antioch four years ago, but had not been living in it for the last year or so and could not rent it out due to rental restrictions. She felt now was the right time to sell. Twelve offers and $26,000 over asking price later, Siubhan is excited to take a trip back to Scotland to visit family.

I would love to know your story and help you accomplish your dreams, reach out to me or visit my website: www.kristinlanham.com.

Market tidbits, inspired by The Big Short

The other day, I wasn’t feeling well and ended up on the couch for most of the day watching The Big Short. It was much more insightful the second time around – I highly recommend watching if you haven’t already!

After seeing the movie and getting a spam voicemail market update from a lender (that was a first; the phone never even rang), I was prompted to blog about these tidbits:

  • Did you know that for every 8 applicants for home loans, 1 does not get approved? That proves the importance of getting pre-approved prior to house hunting.
  • Mortgage Rates saw a small decrease the week of Feb. 6th-11th and the stock market is showing signs of stalling. In speaking with my Degalis Advisor about my SEP, I asked if I should get out of Bonds. His advice was that we are due for a correction, so keep the Bonds for now.
  • The MCA index (which stands for “mortgage credit availability”) increased for the 5th month, which means we have looser mortgage standards. This has been needed because of strict regulations after the crash (we went from one extreme to another), but it still makes me nervous after re-watching The Big Short.
  • The 2017 year in real estate has been coined as “Modernization” and we should see a continued strong pace of growth and above average appreciation.
  • The West will lead the way in appreciation at 5.5 percent, compared to 4.5 percent nationwide.

So on that note, Have a Happy Valentines Day

Art Town: The Reader

I love this utility box art on Locust St. and Cypress St. by Ruth Kolman Brophy. She is an Austrian artist living in the Bay Area. As you can clearly see by this beautiful mural, she is very influenced by working with bold colors. What a great piece!

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December/January housing market is stronger than you think

December and January are usually busy months with holidays, vacations and school breaks. But, contrary to popular belief, that does not mean the housing market slows down. On the contrary, actually!

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Based on 2015 numbers, listing your home in December and January actually give you a benefit. You can garner multiple offers and close above list price. In Spring, you get the price increase but also more houses listed, which lead to many more choices for buyers, making multiple offers rarer (or, you’ll get fewer offers at least, like 3 vs. 8 in Dec./Jan.).

If you’d like to take advantage of this market in December and January, reach out to me. I’d love to help you navigate the holiday season weather you are selling or buying a home or just consult with you on the best overall strategy for you!

Open House this weekend: 3650 Sun View Ct. (Concord)

The Comforts of Home: 3-bedroom, 2-bathroom corner lot home!
Enjoy an eye-catching kitchen enhanced with new flooring, dual pane windows and a rebuilt back deck. The home boasts a 2-car garage, inside laundry, spacious bedrooms and updated bathrooms.

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Simplify your commute with a short walk to the North Concord BART station while living in a quiet, tucked away neighborhood.
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Come check out the Open House this weekend! We’ll be open both Saturday (12/3) and Sunday (12/4) from 1-4 p.m.

Check out the virtual tour of 3650 Sun View Ct. here!

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Happy Veterans Day 11/11

Tomorrow is Veterans Day – a day to honor and celebrate the men and women who protect our country. I have a son who is currently serving and know many who are veterans of the military. I’d like to first and foremost thank them for their years of bravery, courage and selflessness in defending the United States of America.

One of my main focuses in real estate is helping veterans get into the crazy California housing market.  I believe those who have served our country deserve to own a home in that very same country.  The VA loan is the best loan going and I strive to educate other agents about the benefits to help them when there is more than one offer.  The VA loan allows our veterans to purchase with zero down, but the government backs 25% of the loan, thus it is like putting down 25%.

If you are a veteran or know anyone who is that may be looking for a new home, please contact me. For those of you who aren’t, but would like to make a difference for our veterans tomorrow, please visit serve.gov and search “veterans” to find volunteer opportunities.

East Bay housing market is shifting

housing-marketLately, we’ve started to see a “shift” in the Walnut Creek-area housing market. Price appreciation growth has slowed and we are now seeing more price reductions. Home price appreciation has generally declined to single-digit annual appreciation with estimates in the next year of 3-5 percent.

In the 24/680 corridor, homes are sitting on the market longer than they did in the Spring (20-26 days, as compared to 15-20 days). I am receiving 1-3 offers  with a final sales price of 4 percent over the asking price on most of my listings.

The Federal Reserve Bank will not increase interest rates this month. Currently, the best mortgage interest rate for a 30-year fixed rate is approximately 3.5 percent. In the big picture, global growth concerns remain the driving force behind the long-term trend toward lower rates.

Kitty Cole, who coaches many Bay Area agents, has noticed two distinct Bay Area markets. Many of them are side by side. Check out her insights:

Some of the market (still a seller’s market) is hot, with low DOM’s, high Sales Price to List Price ratios, low inventory, no contingencies, multiple offers and buyers aplenty. This market is going on in Oakland, Berkeley and surrounding cities.

It looks similar to the last 4 1/2 years. The only thing that is quite different is the number of offers that was 10-25 a few months ago, and is now 2-6 (and occasionally higher). This market requires savvy pricing and negotiating to get your seller the highest price. san-francisco

The other part of the market (a buyer’s market) has slowed with these factors in place: price reductions (up to 10 percent, and sometimes two before it brings an offer), contingent offers (contingent upon the sale of another property), high DOM’s, few offers (sometimes only one!), expired listings, cranky sellers and demanding buyers (because they can be!).

In the city, one client whose specialty is high-rise condos, literally slowed overnight and now the DOM’s for her listings are more than 30 days. Another San Francisco agent has had three listings expire in the past three months. One agent in the East Bay (Pleasant Hill) is stymied by her listings that sold within seven days and are now sitting for weeks. Many newer agents are not prepared to have the “I need a price adjustment to sell your property” conversation.  In three months, it will be different … how, I don’t know, wished I had that elusive crystal ball.

East Bay pumpkin patches

According to WikiRealty, real estate consumers are already Googling Halloween at a much higher rate (3-4 times more often!) than they are homes. If you are looking for an outing to get pumpkins that is not a major grocery store, check out the following graphic from Placer Title Company.

Go grab a pumpkin at one of those patches – you may even find one with a longer stem. Halloween is just around the corner so make sure to get your pick of the litter!

 

1943 Eagle Peak Ave. (Clayton) Open House this weekend!

eagle-peak-2Check out this rarely-available Oakhurst condo! It resonates peace and tranquility with its abundance of natural light and nice, open floor plan.
The property is nestled into a quiet neighborhood with views of the hills so you can come home and relax to complete serenity.
Enjoy updated bathrooms with Restoration Hardware upgrades, tall ceilings, spacious bedrooms, a large master bath and a bonus walk-in closet.
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The property backs up to the 7th hole of Boundary Oaks golf course, complete with pond and waterfall and includes one attached garage with interior access, as well as one detached garage. The 2-bedroom, 2-bath, 1,026-square foot home is absolutely perfect for first-time buyers!
Swing by the Open House this weekend on your way to Clayton’s Oktoberfest: we’ll be open both Saturday (10/1) and Sunday (10/2) from 1-4 p.m.

Check out the virtual tour of 1943 Eagle Peak Ave. here!

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