Is the housing market shifting, an opportunity for some?

Is the housing market going to start shifting in the direction of price reductions at the higher end of the spectrum? According to Zillow Senior Economist Aaron Terrazas, it could happen. Approximately 14 percent of homes for sale underwent price reductions back in June, and most of them happened at the more expensive levels.

Image result for housing market

Over the last two years, the housing market has tilted sharply in favor of sellers. But this might be an early warning sign that the tide is turning a little bit. Although it’s too soon to officially call this a buyer’s market, this data does indicate that the trends in the housing industry may be normalizing. In speaking to my title rep, Jason Webb at Fidelity, I asked what he is seeing in the industry. His response was that there are currently more contingent offers, homes taking longer to close, and more demands to close escrow. I am personally experiencing all that in one escrow and it is not fun!

In my situation, the sellers have already moved and the buyer (who did not have a contingency on selling their condo) is delayed on it closing by three weeks. It was originally supposed to close by tomorrow. The agent representing the seller of the condo and the buyer on my listing is a rookie agent who has not been great at communicating the status. My sellers are frustrated and gave a demand to close escrow, but it was really to get them to push on the buyers of the condo, as I had no control and no authorization to speak to them.

We will now most likely close in another week on my my clients’ home because the buyer decided to go out and buy a new car. That caused his debt-to-income percentage to be too high, and now the car has to be paid off with proceeds from the sale of his condo. That causes further delays in our closing because the lender needs to see it get paid off. Another interesting component to this was that my clients Google’d the buyer and the results were…surprising. We knew it could be a challenging process, but we didn’t think it would be this much of a wild ride!

I believe we will see more of these types of issues as the market softens and reverts to a better balance. We can’t keep increasing, and it is time for the market to come down off this upward trajectory. There are some positive outcomes to a correction, but it is change and change is hard for most people; especially sellers when they still expect a higher price than their neighbor.

Latest Bathroom Trends

According to a recent Houzz & Home survey, homeowners are investing more on bathroom renovations than in previous years, largely due to outdated designs and finishes. What types of upgrades are they spending money on? Here are some of the latest trends and tech updates being used in bathroom design:

  • Aesthetic Additions – Small changes can bring big rewards, both in resale and in your daily experience. Some of the newest trends include polished chrome finishes and neutral colors like white and gray. Floating vanities, open shelving and undermount sinks are making bathrooms more streamlined. For a larger change, try no-threshold showers or higher vanity heights.bathroom-2
  • Tech Touches – Updating your home appliances isn’t just for the kitchen. Smart bathrooms are also making a splash, including high-tech toilets that boast seat warmers, LED lights, motion sensors and automatic dryers. Accessorized soaking tubs allow for bathing in chromotherapy and mood-enhanced lighting. Digital faucets and showers conserve water and money and incorporate touchless technology and programmable, timed options.

When done correctly, these bathroom upgrades will make a massive difference in your home. There’s nothing like a comfortable bathroom to guarantee a more peaceful experience. Keep an eye out – you’ll probably start seeing these trends taking place in new homes everywhere soon!

 

Chicken Coops Gone Wild in the East Bay!

coop 3Have you noticed a significant uptick in clucking sounds around the East Bay? That’s because everybody is raising chickens in their yards these days! What was once a hip trend has now exploded into status quo.

I have been hearing some squawking in my backyard for some time and I finally realized my new neighbors have chickens. I thought it was a county-approved thing, but no, those in the city can have chickens too.

Note: the way to tell if you are in county or city is by the color of the street chickenssign. If it’s green, you are in the city of Walnut Creek; if it’s white, you are in the county of Walnut Creek.

Each has iseparateate rules and laws: permit processes are different, who responds to a police call is different, and the determination of crossing guards at your elementary school changes.

eggsBack to chickens – no roosters please. If you’re thinking about getting into the chicken game, you’re in (c)luck this weekend!

On Saturday, the Ace Hardware in Walnut Creek will be displaying custom chicken coops made by local resident Shaun Rang. He will have multiple styles and colors available and will be at Ace from 10 acea.m. until 2 p.m.

Of course, you can also pick up other chicken-raising supplies (feed, etc.) at Ace too. Be careful about checking your local regulations before you get started, though.

Some cities are still in the process of updating their laws and regulations regarding chicken coops (don’t worry, Walnut Creekians – you’re good to go in our town!).