Modern Luxury at 3373 Moretti Dr. (Concord)

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Chris is the son of my past clients and a first-time home buyer. He is 37 years old, which I mention because the average age for first-time home buyers now is 38. Anyway, Chris had some help from his parents and wanted a detached home because the HOAs would have decreased his purchasing power. Ideally, he wanted to live in Concord or Martinez, but Pittsburg also has many homes priced under $600,000.

Chris was qualified up to $625,000. This home was listed at $600,000 and we offered $615,000 with a $2,500 credit. There were four other offers and they’d already countered one when we made ours. They never responded to the counter-offer, so we got into contract. I recommended we do a few more inspections because the repairs were done by a handyman an the owner. We did another roof inspection because the skylight was leaking on a rainy day and we also found the sewer lateral needed to be replaced.

It turns out the original roof inspect did not note the skylights were not the right type for the slope of the roof and that the roof itself was at the end of its useful life. So, much more work needed to be done (about $30,000). We asked for that in a credit/price reduction and the seller said no, so we wrote a new counter asking for a total credit of $12,881 and they agreed.

Luckily, Chris has some handy people that can help do some or part of the work and he will do the clearance. This home is a smaller one, but others in the area are going in the low $700,000 range. So, Chris can do some of the work now and slowly make improvements as rates start to fall. In six months, he might be able to get a lower rate, too. Speaking of the area, this home is in a wonderful spot in Concord and I’m so glad he landed here.

Now, Chris has a 3-bed, 1-bath, 929-square foot home with a garage on a small lot. Nestled in Concord’s Holbrook Heights neighborhood, it contains modern luxury amenities like vinyl plank flooring and recessed lighting for a contemporary ambiance. Vaulted ceilings, sliding doors, and a spacious backyard are nice touches. A gas range, a convenient laundry room, and wood-beam ceilings offer attractive qualities to the home. Where this home really shines is the expansive backyard with a patio, pergola, mature trees, and plenty of space for entertaining, gardening, or relaxation. Congrats, Chris!

Views, Views Views! Just Sold: 979 Via Montanas

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You may remember a recent blog about a property I had listed with incredible views. Well, it didn’t take long for that lovely little gem to be snapped right up! Just a few days ago, my client and I closed with a buyer on the property at 979 Via Montanas in Concord.

We ended up with four offers and sold it for almost $100,000 over asking. Originally listed at $1.25 million, the 4-bedroom, 2.5-bath, 2,310-square-foot home was officially sold for $1.335 million after just six days on the market. Frankly, I was not surprised given it was on .90 acre lot, single story and had the view. See below:

Via Montanas is a desirable place to live for many reasons, but you really can’t beat those views from the backyard. It shows off everything we love about living in the Bay Area, doesn’t it? The house was in original condition from 1985, however my client did a great job doing the things needed to get it looking good for the market, such as painting, deep clean, carpets cleaned and staging the home to show its full potential.

Next time you need help buying or selling a home in the East Bay, who you going to call?

Closing on Holland Drive in Walnut Creek!

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I was lucky to link up with a past client I have worked with on a couple of homes before. He was looking for a smaller home closer to San Francisco and wanted to focus specifically on Walnut Creek – my specialty! We began by looking at 2-bed, 2-bath condos, but most did not have a garage, which he preferred.

We looked at one in Sky West, but it needed a lot of work and the patio was open to the community space and was a little crowded with so many personal belongings it was hard to see the house and the list price and final closing price reflected how it showed. It started at $699,000, was listed at $630,000 and closed for $600,000. Thus, I decided to create a buyer letter and started knocking on doors in Sky West.

By doing this, I discovered that an agent had two listings not yet on the market and my client really liked one of them. They were priced at $749,000, but we had just seen the one that closed at $600,000, so we wanted to negotiate before it got on market. They decided to put up a Coming Soon sign and got a full-priced offer before my client was ready to go higher.

However, that agent tipped us off about another agent with a home coming soon in the same complex. We went to see it and my client hemmed and hawed a bit before the seller considered a lower offer. We came up a bit, they came down, and we had a deal at $738,888.

And, just like that, my client closed on a 1,339 square-foot 2-bed, 2.5-bath townhome with an attached 2-car garage! He really likes the peaceful setting at this location in Walnut Creek (though he still thinks about the one he missed out on!). Luckily, he can do some of his own improvements to bring that up to the the one he purchased, i.e. new doors and wood flooring upstairs and on the stairs. The one he bought had an attached garage and that was really important to him. I think he will be really happy once he makes it own!

This is what a savvy and knowlegeable realtor can do for you. I saw my client had a demand but we had no viable options, so I got creative with the buyer letter and door-knocking. That overturned three new opportunities, including the home he ended up buying. Think about giving me a call if you want a similar level of dedication when you buy or sell a home!

136-138 Pontiac St., San Leandro

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This is a wonderful story about a smart woman. My client is in her mid-20’s and an ICU nurse at Stanford. At her mother’s urging, they were looking for a duplex where she could live in one and rent the other. We had looked early last year and there wasn’t anything she liked. I got a call when I was coming back from Thanksgiving in Reno and she wanted to see this one in San Leandro.

I called and they had offers, but we could still write. It had been sitting for 44 days and was listed for $699,000 moving into the holidays when business tends to be slower and people are looking for deals. So, I dropped off my bags and dog and met her to see the duplex. One unit had had a fire and the other had tenants. The back unit was completely remodeled. Everything was brand new. They didn’t even put a mirror in the bathroom.

We wrote a bit above $700,000, but I was told the other offer was higher and we would have to go $750,000. Was the other agent not telling the complete truth? Maybe, but the comps supported it so my client wrote for $760,000 and $10,000 back for some closing costs. He like my communication and wasn’t sure about the other agent involved. So, my client got the home!

The renters in the first unit have been there many years and that one is much more of an original build (we got extra home warranty coverage on it). There were a couple of caveats to getting this closed. We were to close on January 6, but the seller wanted to close a month later because he would have owned it one year and his tax account gave him the savings in taxes, so we agreed to that. My clients lease was up by the 20th, so my client was allowed to move in early, subject to a few conditions (including the seller paying the lock extension, which was in the $4,000 range).

The day my client moved in, I got a call that the hot water and gas stove were not working. I thought it must have been turned off at the main, but it was fully permitted and signed off on, thus the gas was working. The listing agent said it was our responsibility because we removed all contingencies. But, technically, my client didn’t own it yet (these are the pitfalls of allowing someone to move in before closing, which I typically do not recommend). We called PG&E to come check it out. Ironically, there had been an earthquake near San Leandro a week or so before my client moved in and it auto-shut off the valve (usually it takes a 5.0 earthquake or higher, which this one wasn’t, so PG&E was a little surprised it shut off).

At the end of the day, agents do a lot more than just show you homes and write offers. It takes some time to figure out who will fight for you in odd situations, who communicates well, and who has the experience to know to make the seller pay for the rate lock, for example, when it was what they needed.

If you want to work with an experienced agent, then give me a call.

Views, and more Views! in Concord!

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979 Via Montanas

I can’t get enough of this new home on Lime Ridge in Concord. My new listing is officially live and I hope you like it as much as I do! It is a single-story home on nearly an acre of land with views from the house and the yards to die for. A 4-bedroom, 2.5-bathroom, 2,310-square-foot gem going for $1.25 million. Take a look:

The home has vaulted ceilings, wood-burning fireplaces, hardwood floors, and gardens, giving it a comfortable and welcoming air, perfect for hosting guests or relaxing alone. You can’t beat 180-degree vistas from your patio, with plenty of space to expand creatively with a deck, pool, or other landscaping dreams.

There are additional exterior living areas and room to add an ADU. You’re just steps from the Lime Ridge Open Space and the Contra Costa Canal Trail for miles of walking, running, biking, and hiking. You’re also just five minutes in the car from shopping and a BART station, meaning you’re all set on both tranquility and accessibility.

Don’t miss the opportunity to make this extraordinary home your own. Built in 1985, it is a sturdy and well-constructed house; move-in ready, or a blank canvas to be expanded on! Give me a call today if you are interested in touring 979 Via Montanas.

Who’s Buying and Selling: Trends Shaping 2024

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The National Association of Realtors (NAR) released its 2024 Profile of Home Buyers and Sellers last month. I got my cliff notes of the report from a newsletter by Jason Barlow of Arbor Financial Group but you can read the full NAR report here.

The NAR Profile helps people like me, Jason, and others in the real estate industry understand what buyers and sellers are looking for. Here are the basic takeaways:

Shift in First-Time Buyers: first-time buyers made up only 24% of the market this year, the lowest share since 1981.
Aging Buyer Demographics: the average first-time buyer is now 38, up from 35 in 2023, and repeat buyers are typically 61, showing a trend toward older buyers.
Family and Home Choices: only 27% of buyers had children at home, the smallest share to date. Plus, 17% purchased multigenerational homes.
Financing Trends: cash sales are up, with 26% of buyers paying fully in cash – a record high.
Agent Loyalty: buyers and sellers still overwhelmingly choose agents they know, with 40% of buyers and 66% of sellers using a referred agent.
Technology’s Role: 43% of buyers’ first step was online, with the internet being the main tool for their search.

If you are considering buying or selling, a discussion about the process, market, and your expectations is a great place to start. Give me a call if you want to understand more about the process or email me directly: Kristin.lanham@bhghome.com.

Rising Rent & Utility Costs vs. Home Values

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Last month, Jason Barlow of Arbor Financial Group sent an interesting newsletter about the rising costs of utilities and rent and how all of that affects home values. I wanted to share some of that information with you here (and add my own takes).

Right now, rent and utilities are outpacing home values for the first time in a decade. Last year, rent increased 3.8% while home values only grew 1.8%. Nearly half of renters are spending 30% or more on their income on housing. And minority households are facing the highest burden, with Black renters at 56%.

Those figures are certainly something to keep in mind if you’re deciding between buying and renting. Here is an article from The Washington Post that lays out all this information in more detail. As a realtor, I find incredible value in homeownership (if only as a form of long-term investment that can create generational wealth for your family). But I understand the markets and economy fluctuate, taking these rent and utility costs with them.

Kristin’s take: Right now, if you have been on the fence in buying a home or an investment home, I think is a great time to get into the housing market. We still have low inventory, however we have seen price reductions. In this graph many of the lenders are anticipating rates to fall next year (see graph above). Get in now, before everybody gets into the market – marry the house, date the rate – then refi when rates start to go down. You most likely will get a lower price now than when rates go down.

Nobody Knows Homes Better

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I work for Better Homes and Gardens, and I wanted to share their new campaign here because I think it is pretty cool! They are sharing ads like the one in the video below to encourage clients and potential clients to see why Better Homes and Gardens knows homes better, and how that can help YOU!

As an employee of Better Homes and Gardens Reliance Partners, we are the only company under the Anywhere Brand that is under the BHG umbrella and thus associated with the BHG Magazine. We got a new CEO this year named Ginger Wilcox and I have to admit she is really on point with updating the brand. The magazine is iconic and melds so nicely with real estate, thus our new tagline. I am excited what new ideas she will bring to the table. I am proud to work under this brand, I now think it is cool and promotes the lifestyle clients want to lead. We act as personal property curators. We pay attention to all the little details that make a future home a source of joy and pride, whether it’s a fixer with tons of charm and potential or a fully remodeled estate. A BHG real estate sign is a sign of a home where better living begins.

How The Election Impacts The Housing Market

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With two weeks to go until the Presidential Election, you are probably very tired of hearing about it. However, I think this is an angle that you should take a moment to think about when casting your vote. How does the election impact the housing and real estate market?

According to the below video, the result of this election is very unlikely to alter the market much in either direction. Vice President Kamala Harris, the Democratic candidate, has proposed federal grants to increase the amount of housing available, as well as to credit first-time homebuyers and make buying easier. Donald Trump, the Republican candidate, has said he would continue Fed Chair Jerome Powell’s term.

Analyses of those respective platforms say that little movement would be expected, as is historically normal in presidential election years. One thing that does tend to happen is that home sales slow during the election month (November), but quickly bounce back and rise the following year, with prices climbing steadily. Mortgage rates typically come down slightly.

So, why should that matter to you as a voter? Well, if you have any plans to buy or sell a home in the next year or so, it can just add a layer of uncertainty to the whole process, however there is always something going on. Luckily, that’s where I come in! Let me use my expertise to help you navigate the market and find you your dream home or get the best return on selling your home.

Relocation Success: 1148 Empress Ln. (Brentwood)

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I recently had the pleasure of working with amazing relocation clients moving from Minnesota to Livermore. With only three days to find their perfect home, we toured 10 homes in a single day. It was a long day, but well worth it in the end. They really wanted a pool, and the property on Empress Ln. in Brentwood checked all their boxes.

The seller did quite a bit of work refinishing hardwood floors, replacing windows with broken seals, and painting. There was still some work to be done at the end, so we got a $15,000 credit (the water heater, for instance, needs to be replaced and there was a leak in the pool).

The biggest issue we found was that the solar was only producing about one-third of the energy it was supposed to, and the bills were still very high. We had to search high and low for someone to do an inspection on that, and someone finally come out and give us some details. Older solar panels, when you don’t know who installed it, got bought out and the owner did not have the name of the new company is never an easy task to get resolved or find someone to repair.

This was a whirlwind process from start to finish, but them through the process and working with amazing clients made it all worth it. The home is a 5-bed, 3-bath, 3,844-square foot home and they couldn’t be happier! Whether relocating or buying locally, I’m here to make your journey easy and stress-free!