You could have probably guessed that, as a realtor, I take pride in my own home! I recently had one of my bathrooms renovated and I can’t help but share the results with you. I am so thrilled about how it turned out! Check out some “before” pictures here:
And the “after” video here:
This was done by Wolf Construction, it took about two weeks. I hired for 1 hour one of my stagers designers who has an Architecture degree from Cal. She recommended and sourced some fixtures and move the shower, I had been trying to configure it differently, but did not think about putting it where the window was. I slapped my hand to my head because I have seen so many homes with a shower and a window. My home is on a slab so they had dig into the slap to change the drains into the sewer for the shower and toilet. Of course this add another $3000 more to my budget, but I am so happy I did. The old bathroom was that way since we bought it in 1999, I painted it a bright yellow because it was so depressing. I had sourced and purchased the materials from General Plumbing, Granite Expo for the vanity, Floor Decor for all the tile and Wayfair. The mirror was a Christmas gift from my friend Veronica. It ended up being about $8k more than anticipated. The glass shower from Valley Glass on Boulevard was double what it would have been a year before, but still cheaper by a couple $1000 than other competitors. Overall I am very happy, if you need any referrals or information give me a call 925.899.7123. Next project Kitchen, just need to save some money!
Watch the video below to get a Better Homes and Gardens monthly market update for March 2023!
I update my website with them each month with Concord, Martinez and Walnut Creek. Just go to Kristinlanham.com click on Walnut Creek Lifestyle Blogs and then videos. The market overall is heating up with multiple offers. Prices are still down from 2022, however we have very little inventory. The last couple of offers I have written each had 4 offers and went over asking. Give me a call if you want to chat about the market!
Take a look at this blog from Jay Vorhees at JVM Lending. It’s an interesting discussion about the Fed, interest rates, and how they both affect the housing market. I’ve added my two cents at the end, like usual!
The Fed raised “rates” last year at the fastest pace in history! There were 7 “rate” increases in total:
0.25% in March
0.50% in May
0.75% in June
0.75% in July
0.75% in September
0.75% in November
0.50% in December
0.25% in February
But, despite increases totaling 1.25% over November and December, 30-year mortgage rates fell almost 1.5% since January. You can see that the same thing happened in July; 30-year mortgage rates fell sharply after the large 0.75% increase in the Fed Funds Rate. Rates fell recently, not only in the face of two large increases in the Fed Funds Rate but also in the face of a lot of Fed bluster about more rate increases to come. So why, since February, have rates now increased again, you ask? They rose largely in response to strong retail sales and employment data, and the Fed’s comments in regard to that data.
As a reminder, the Fed primarily influences the short end of the yield curve, as it only controls the “Fed Funds Rate” or the overnight rate that banks charge each other to meet reserve requirements.
Long-term rates like the 10 Year Treasury and 30-year fixed-rate mortgages often move independently of the Fed, no matter what the Fed says or does. The 10-Year Treasury, for example, dropped as low as 3.37% today after hitting a high of 4.25% in October. And, as I mentioned above, mortgage rates have dropped almost 1.5% since October.
This is despite all of the predictions we saw and heard last year about mortgage rates hitting 8% to 10% this year. All of those people were listening to the Fed and NOT listening to people like Barry Habib and Jeff Snider who follow the data instead of the bluster. Mortgage rates respond to other factors, such as inflation and economic outlooks.
If inflation is coming down and the economy seems to be weakening, long-term rates will usually fall – irrespective of the Fed’s bluster. We all might all be wise to listen to the data guys and not to the Fed watchers. And, once again, the data guys, who have been correct all along, are predicting more rate decreases to come. Barry Habib in particular is now telling us that May 10th will be the “big day” – when we see a major drop in rates because of the way inflation data and year-over-year comparisons are shaking out.
KRISTIN’S TAKE: How I see this affecting buyers and sellers:
Sellers, you have lost equity from 2022, but overall values are higher than 2021. Price your open for today’s values, not last year’s. Houses that are priced accurately and are move-in ready, show well and are getting multiple offers. It may still sell close to list price, but it isn’t sitting for months and ultimately selling for less.
Buyers, consider a 2/1 rate buy-down paid by the seller to get you into the home with a lower rate for the next two years. If you believe rates will fall, then you can refinance; most lenders are offering 2-3 year free refi. If you wait until the rates go down, we will be back to multiple offers with no contingencies. I just spoke with an agent in Fremont who had a 1322 sq, ft home in a nice neighborhood price around $1.2M, it was remodeled, not a flip but had $8k+ of section 1 and some plumbing repairs. She had 60 offers and it was going in the $1.5M range. We still have a housing shortage.
Here is an oldie but a timely goodie. The magazine 7×7 published a list of Northern California hot springs to keep yourself warm during the last couple months of winter! Check out their list below or the full article here. I added one of my own suggestions to the bottom of this blog, too.
Did you know there are more than 50 hot springs in California, and mostly in Northern California? Check out these four in a few key settings that represent the scope of options for a weekend getaway:
1. Marin Tidal Hot Springs
Just across the Golden Gate Bridge, on the stretch of coast between Steep Ravine Cabins and Stinson Beach, there is a large hot spring that becomes accessible during low tides. Tucked beneath a huge boulder, waves crash on the rocks around you as you soak in the ocean view. Depending on how well the springs form each year, they can accommodate around 25 people. Do your online homework to check the conditions before heading there.
2. Orr Hot Springs
Here in the city, we love Mendocino for a lot of reasons: It’s gorgeous rugged coastline, it’s under-recognized contribution to the state’s true GDP, and it’s knack for harnessing geo-thermal activity with that kind of hippy-bohemian flare we all have a soft spot for: Hot springs. If all that made sense to you, then Orr Hot Springs are a solid (and slightly funny) option to check out.
3. Sykes Hot Springs
This is one of the quintessential weekend backpacking trips to do if you live in San Francisco. The Sykes Hot Springs are about a 10-mile hike into the coastal forest outside of Big Sur. You’ll gain some elevation, yes. You will have to carry your camping stuff on your back, yes. But when you reach the springs, set up camp, and wade in, you’ll find yourself in a lush, forested, California Coastal Range setting, kicking it in some (typically) well-maintained stone-lined hot springs.
4. Mono Hot Springs
Hot springs in the Sierra and Eastern Sierra are some of the most special places we’ve ever visited. You get an alpine setting, expansive views, lots of sparkling granite everywhere, and usually very few people. Mono Hot Springs is one of the more developed and established options in this part of the state. The pools are well maintained, and afford you some pretty amazing Sierra Nevada landscape to take in while you chill out.
5. Grover Hot Springs
This is my addition to the list: Grover Hot Springs by Kirkwood, for those of you who go up to the Tahoe area for skiing or snowboarding. Grover Hot Springs, located in a beautiful valley nestled on the east side of the Sierras at 6,000 feet above sea level, offers scenic mountain views, alpine meadows, Jeffrey Pine forests, cascading creeks, springs, and an abundance of wildlife. It has both hot 120- and 80-degree pools and is one of my favorites. You can always grab a drink and a bite in the cute town of Markleeville nearby, too. Fun either summer or winter!
This townhome (built recently, in 2016) enticed my clients, Brian & Hae, to make an offer. They moved from the East Coast last year and got caught up in the crazy late 2021/early 2022 storm when multiple offers were the norm and prices were always going up. At that time, they ended up renting.
The price of this townhome was originally listed at $899,950 and proceeded to be marked down to $799,950 over the next 52 days. The sellers had bought it the previous year but decided to relocate to Elk Grove. We ended up offering $815,000 with a credit of $15,000 for a 2-1 rate buy-down.
This was the discussion we had around buying: December was a great time to buy because there was no competition and I expected buyers to come out in January (since rates had decreased from the October high). Many lenders and economists anticipate a recession that will cause rates to drop more. If rates continue to decline, the likelihood of multiple offers increases. These buyers were savvy; they got into a home at a good time, did the buy-down for two years, and if rates go down during that time, they can refinance and not have to compete to get into a home.
In January, we have already seen a huge uptick in mortgage applications. We still have a housing shortage and are starting to see multiple offers on well-priced homes and even 14-day closes. You can never time the market perfectly, and owning a home over time will always trump paying somebody else’s mortgage.
Also, it’s important to listen to your agent, especially seasoned ones who pay attention to the market and have seen an array of ups and downs. Sometimes we really do know what we are talking about!
Here is an oldie but a timely goodie. The magazine 7×7 published a list of Northern California hot springs to keep yourself warm during the last couple months of winter! Check out their list below or the full article here. I added one of my own suggestions to the bottom of this blog, too.
Did you know there are more than 50 hot springs in California, and mostly in Northern California? Check out these four in a few key settings that represent the scope of options for a weekend getaway:
1. Marin Tidal Hot Springs
Just across the Golden Gate Bridge, on the stretch of coast between Steep Ravine Cabins and Stinson Beach, there is a large hot spring that becomes accessible during low tides. Tucked beneath a huge boulder, waves crash on the rocks around you as you soak in the ocean view. Depending on how well the springs form each year, they can accommodate around 25 people. Do your online homework to check the conditions before heading there.
2. Orr Hot Springs
Here in the city, we love Mendocino for a lot of reasons: It’s gorgeous rugged coastline, it’s under-recognized contribution to the state’s true GDP, and it’s knack for harnessing geo-thermal activity with that kind of hippy-bohemian flare we all have a soft spot for: Hot springs. If all that made sense to you, then Orr Hot Springs are a solid (and slightly funny) option to check out.
3. Sykes Hot Springs
This is one of the quintessential weekend backpacking trips to do if you live in San Francisco. The Sykes Hot Springs are about a 10-mile hike into the coastal forest outside of Big Sur. You’ll gain some elevation, yes. You will have to carry your camping stuff on your back, yes. But when you reach the springs, set up camp, and wade in, you’ll find yourself in a lush, forested, California Coastal Range setting, kicking it in some (typically) well-maintained stone-lined hot springs.
4. Mono Hot Springs
Hot springs in the Sierra and Eastern Sierra are some of the most special places we’ve ever visited. You get an alpine setting, expansive views, lots of sparkling granite everywhere, and usually very few people. Mono Hot Springs is one of the more developed and established options in this part of the state. The pools are well maintained, and afford you some pretty amazing Sierra Nevada landscape to take in while you chill out.
5. Grover Hot Springs
This is my addition to the list: Grover Hot Springs by Kirkwood, for those of you who go up to the Tahoe area for skiing or snowboarding. Grover Hot Springs, located in a beautiful valley nestled on the east side of the Sierras at 6,000 feet above sea level, offers scenic mountain views, alpine meadows, Jeffrey Pine forests, cascading creeks, springs, and an abundance of wildlife. It has both hot 120 & 80 degree pools, it is one of my favorites, you can always grab a drink and a bite in the cute town of Markleeville. Fun either summer or winter.
This townhome (built recently, in 2016) enticed my clients, Brian & Hae, to make an offer. They moved from the East Coast last year and got caught up in the crazy late 2021/early 2022 storm when multiple offers were the norm and prices were always going up. At that time, they ended up renting.
The price of this townhome was originally listed at $899,950 and proceeded to be marked down to $799,950 over the next 52 days. The sellers had bought it the previous year but decided to relocate to Elk Grove. We ended up offering $815,000 with a credit of $15,000 for a 2-1 rate buy-down.
This was the discussion we had around buying: December was a great time to buy because there was no competition and I expected buyers to come out in January (since rates had decreased from the October high). Many lenders and economists anticipate a recession that will cause rates to drop more. If rates continue to decline, the likelihood of multiple offers increases. These buyers were savvy; they got into a home at a good time, did the buy-down for two years, and if rates go down during that time, they can refinance and not have to compete to get into a home.
In January, we have already seen a huge uptick in mortgage applications. We still have a housing shortage and are starting to see multiple offers on well-priced homes and even 14-day closes. You can never time the market perfectly, and owning a home over time will always trump paying somebody else’s mortgage.
Also, it’s important to listen to your agent, especially seasoned ones who pay attention to the market and have seen an array of ups and downs. Sometimes we really do know what we are talking about!
If buying or selling a home is part of your dream for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the year into focus. In the last year, high inflation had a big impact on the economy, the housing market, and your wallet (most likely). That’s why it’s critical to have a clear understanding of not just the market today, but what you want out of it when you buy or sell.
Here are three questions to consider:
What is motivating you? You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time and have a space that’s truly your own.
What does your next home look like? You know you want to move, but how would you describe your dream home? The available supply of homes for sale has grown, and that could mean more options to choose from when you buy. The better you understand what’s essential and where you can be flexible, the easier it can be to find the home that’s right for you.
How ready are you to buy? Getting clear on your budget and savings is essential before you get too far into the process. Working with an experienced lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if your move involves selling your existing house.
Buying or selling a home is a process that takes expertise to navigate. If that feels a bit overwhelming, know you aren’t alone. I can bridge that gap and give you the best advice and information about today’s market and guide you through every step of the way!
