by Julie Schmit
USA Today
Major real estate investors are buying fewer homes in some hot markets while expanding in others as they race against rising prices to turn more distressed homes into rentals.
Investor interest may be close to peaking in some California markets where prices have risen sharply because higher acquisition prices cut finacial returns, said John Burns, CEO of Burns Real Estate Consulting.
Foreclosures
Home shoppers are now seeing the multiple offers, bidding wars and shrinking supplies of homes for sale as investors swooped in.
Major institutional investors are amassing a $10 billion pool of money to pursue the single-family rental market, JPMorgan Chase estimated in a recent research report.
They're betting that they can get distressed homes on the cheap, fix them up and rent them out, often to families who lost homes to foreclosure, and make money on home price appreciation in a few years.
The companies generally seek three-bedroom, two-bath homes in the $100,000 to $125,000 range that can rent for more than $1,000 a month, analysts say.
Showing posts with label Home Sales. Show all posts
Showing posts with label Home Sales. Show all posts
Tuesday, February 26, 2013
Tuesday, January 29, 2013
December Market Statistics
Sales of single-family, re-sale homes ended the year off 0.4% year-over-year in December.
Home inventory continues to be abysmal. It was off 77.2% from last December.
The median price for homes jumped 28.8% year-over-year. The median price has been higher than the year before for the past eleven months. The sales price to list price ratio has been over 100% for the past ten months: 102.6%.
The average price for homes was up 27.2% year-over-year.
Pending home sales were down 29.8% year-over-year, portending a slow start to 2013.
Sales momentum…
for homes rose 0.6 of a point to +4.6.
Pricing momentum…
has been on the up-swing the past ten months. It rose 2.1 points to +11.3.
Condo Statistics…
The median price for condos was up 32.3% year-over-year. That’s ten straight months of double-digit gains.
Sales were off 19.5%, while pending sales fell 36.4%.
Condo inventory was down 85.8% from last December.
BIG MILESTONES FOR THE FORECLOSURE MARKETPLACE
On November 26, 2012, ForeclosureRadar recorded its millionth California
foreclosure sale since we began collecting the data in January 2007.
While the foreclosure process can be painful and unpleasant, this milestone also means a million underwater homeowners have escaped a prison of debt.
In addition, the California real estate market has made real progress towards eliminating some of the trillions of dollars in excess mortgage debt accumulated nationally during the bubble years. Rather than being the problem, foreclosures are part of the solution and have helped the California housing market make steady strides toward recovery.
While the foreclosure process can be painful and unpleasant, this milestone also means a million underwater homeowners have escaped a prison of debt.
In addition, the California real estate market has made real progress towards eliminating some of the trillions of dollars in excess mortgage debt accumulated nationally during the bubble years. Rather than being the problem, foreclosures are part of the solution and have helped the California housing market make steady strides toward recovery.
Thursday, January 10, 2013
Santa Clara County Foreclosures
Morgan Hill Housing Data
Median House Value: $673,400
Average Age: 28
Owner-Occupied: 76%
Median Rent: $1,401
Single Family: 76%
2-4 Units: 6%
5+ Units: 8%
Morgan Hill, California foreclosure listings from November, 2011 to November, 2012.
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process.
Median House Value: $673,400
Average Age: 28
Owner-Occupied: 76%
Median Rent: $1,401
Single Family: 76%
2-4 Units: 6%
5+ Units: 8%
Morgan Hill, California foreclosure listings from November, 2011 to November, 2012.
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process.
California Foreclosure Inventory Continues to Decline
November 2012 California foreclosure inventory—the total of Preforeclosures, properties in foreclosure that are Scheduled for Sale, and Bank Owned properties (REO)—fell 7.6 percent from the prior month and is down 31.8 percent compared to last year. While the November decline in inventory is not an unusual event, the significant decline in foreclosure inventory over the past year has contributed to what some are calling an “inventory crisis” of total homes for sale.
The November foreclosure inventory shortage is partially due to the jump in California Foreclosure Cancellations. Cancellations were up 4.7 percent from the prior month, up 69.9 percent in the past two months and up 34.7 percent compared to last year. In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications.
The November foreclosure inventory shortage is partially due to the jump in California Foreclosure Cancellations. Cancellations were up 4.7 percent from the prior month, up 69.9 percent in the past two months and up 34.7 percent compared to last year. In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications.
Tuesday, January 8, 2013
Promising Signs for More Improvement in Housing Market in 2013
by Rick Turley
President, San Francisco Bay Area
Coldwell Banker Residential Brokerage
Happy New Year!
The housing market, both in the Bay Area and across the country, certainly showed impressive gains in 2012 with sales and median sale prices up in most markets and distressed sales and foreclosures down. In fact, the biggest challenge many of our local markets faced last year was not having enough homes to sell in order to satisfy the growing demand from buyers. How far we’ve come in just a few short years!
As we kick off 2013, there are a number of positive signs out there that the momentum we saw last year will only accelerate in the new year. Many widely followed industry analysts believe we will see gains in sales, prices and new home construction this year from coast to coast.
National Association of Realtors Chief Economist Lawrence Yun believes the steady housing market recovery will continue over the next several years, barring further tightening of mortgage credit availability.
Yun reports that, “Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years, and all of the major home price measures are showing sustained increases.”
While mortgage rates have been at historic lows, Yun expects these rates to rise to an average of about 4.0 percent this year and 4.6 percent in 2014.
With rising demand and shrinking inventory, NAR foresees “meaningfully” higher home prices. The organization estimates that the national median existing-home price rose 6 percent last year, and predicts it will increase another 5.1 percent in 2013 with a similar increase in 2014.
NAR isn’t alone in its bullish forecast. According to the UCLA Anderson quarterly forecast released last month, the U.S. housing market should be a major driver for the nation’s economy over the next two years – a change from past years when housing trailed other sectors.
UCLA Anderson economists say that the U.S. housing market may have been late to the economic recovery, but it is now taking the lead. “With the recovery more than three years old…housing is gaining strength,” said UCLA Senior Economist David Shulman in his report, Beyond the Cliff. “In fact, the late arrival of the traditionally early pickup in the housing market has become the leading source of strength.”
So where does all this leave us? While no one can say for certain what the future holds, most signs point to the fact that the housing market will continue to see steady improvement. Interest rates remain near historic lows, and home prices are rising again. The economy is gaining strength, albeit not as predictable and solid as we’d like to see. And the job market continues its gradual acceleration.
Locally, this gives us a very optimistic outlook for 2013′s Bay Area housing market. It should be even more robust than 2012′s. The market has turned in a big way since the recession and there just aren’t enough listings to go around.
Sellers are getting good prices for their homes once again – in some cases, multiple offers over their asking price.
In San Francisco and the Peninsula, most of 2012 was challenged with 40% to 50% of the previous year’s inventory, even less in some communities; coupled with rising sales activity. Similar situation occurred in Silicon Valley, and Marin.
East Bay, Sonoma, Monterey and Santa Cruz counties had drastically low levels of entry level homes for sale all year long. Some areas in these counties had been hit hardest with distressed sales, and the recovery was most notably swift here, as it became very competitive to purchase a short sale or bank-owned property.
South County; Morgan Hill, Gilroy, and Hollister, it was all about the lack of inventory all year. Inventory levels there are lowest they’ve seen since 2005. Mid-year the higher end of the market in these counties saw improvement, with some substantial sales along the Coast, wine country, and in the East Bay. The Previews market was alive and well in San Francisco, the Peninsula, and Marin; which had some incredibly “record-high” sales in 2012.
The two most widely known axioms associated with real estate; Location, Location, Location – and Supply/Demand, have never been more important. If a homeowner is considering selling this year, the best advice may be, to not wait for other homeowners in the area to do the same. Now may be the perfect time list your home while the numbers are in your favor.
Below is a market-by-market report from our local offices. An interesting mix reported; some Holiday slow-down, coupled with a fair amount of last minute Fiscal-Cliff buying frenzy.
South County – Our Morgan Hill manager says the dual holiday season certainly slowed down real estate activity in the South Bay. Most buyers and sellers (and agents) took a well-deserved break from the frenzied pace of the current market. As 2013 begins, optimism remains strong and buyer demand continues to be strong for homes in all price ranges. Morgan Hill agents are working hard to acquire listings—as most are selling for over asking price with multiple offers.
Santa Cruz County – The December numbers reflect continued low inventory, hovering around 600 total homes on the market, down 26% from a year ago. Closed sales were up overall for 2012, over 20% and sales have exceeded the same months, one year earlier for well over a year. The unsold inventory index is the lowest since 2005, with only about 3 months supply of inventory currently available. The year ended with the median price around $500K and those sales under that price representing half the sales. It appears that we are digging ourselves out; there are definitely a lot more buyers than homes available, and we are expecting much of the same going forward this year.
Silicon Valley – In Cupertino, it has been very quiet, our local manager says. Agents are just now starting to show up again and get underway for the new year. The Los Gatos office said sales continued to pour in over the holidays and the upper end of the market gained strength. Our San Jose Willow Glen manager says the last two weeks of the year were fairly quiet with new listings. Many sellers seem to be waiting until the new year to put their homes on the market, many of our agents continue to have listing appointments and meeting with sellers to consult about timing as to when in 2013 to put their homes on the market. We have several new listings going “live’ on the MLS the first two weeks of Jan. The overall consensus is that the winter selling season will start well before the traditional “Super Bowl” weekend. The race was on to get all deals closed by the end of the year for those chasing the New Year deadline. Many agents also have a full pipeline of buyer’s ready, willing and able to buy so the hunt will be on right out of the gate of 2013. The inventory is incredibly low going into 2013 in the Saratoga area.
North Bay – Lack of inventory continues to generate multiple offers, according to our Petaluma manager. More than normal, agents are seeing sales transacted before they hit the market. Our Sebastopol manager notes that the holiday real estate market felt just like it did in the 90’s: buyers, sellers and agents all appear to have taken a winter vacation. Almost like a fiscal cliff, our Southern Marin manager says, agents were rushing around December 31st getting deals closed and handing over keys to happy buyers and checks to happy sellers. They made it! The rush of year-end activity was big and we closed the year in Marin with a bang. Still many unsatisfied buyers out there. With equity coming back, sellers should be looking at 2013 as a great time to re-enter the market.
San Francisco – The Lombard manager reports that the fiscal cliff drama helped create a lot of year-end closing frenzy. More deals closed but more gray hairs for agents. Sellers were “snug in their beds” making the market seem “all quiet on the western front,” our Market Street manager says. However, buyers squeezed house hunting in with their holiday preparations, and those few homes that were accepting offers were inundated (one modest home in the Excelsior district had given out 42 disclosures at the time of this update, and had 3 offers in hand days before the official offer date).
Our Sunset office manager noted that sales are down but it is not due to lack of buyer demand. It is due to lack of inventory. The very few listings that had open houses were extremely busy.
SF Peninsula — Peninsula wide the inventory is extremely low: 10 active in Burlingame, 25 in San Mateo, two in Millbrae and three in Foster City. The buyers are waiting, agents are seeking news of any “off market” listing and everyone is praying for something to show to their waiting buyers. There are 35 active and 12 pending sales currently in Hillsborough. This reflects a lower inventory from a typical market of 65 listings through most of 2012. There were a lot of last minute end of year sales. Many were rushed due to uncertainty about taxes in 2013. There are certainly high-end buyers waiting for the expected new listings to come forth. It seems that the spring market will definitely kick off earlier than in most years. In Menlo Park, the local office was amazingly busy until Christmas day. Lots of closings before year ‘tax hike” end. Everyone has more buyers than sellers. The Redwood City-San Carlos market has been very quiet over the holidays. Woodside and Portola Valley got pretty sleepy at the end of the year. Agents have more buyers than sellers in general – properties available over $6 million are numerous however. Some deals to be made in that over $6 million market.
East Bay – The Berkeley office reports steady showings throughout December and even during the holidays. Agents are still writing offers and securing listings for early 2013. In the Lamorinda area, sales have declined slightly as inventory is extremely low. Sellers seemed to have been waiting until after the holidays to list their homes. According to our Walnut Creek manager, inventory is still low. Some sellers are waiting on the new year to list their homes. Buyers are still doing non-contingent deals and cash is still prevalent in winning offers.
President, San Francisco Bay Area
Coldwell Banker Residential Brokerage
Happy New Year!
The housing market, both in the Bay Area and across the country, certainly showed impressive gains in 2012 with sales and median sale prices up in most markets and distressed sales and foreclosures down. In fact, the biggest challenge many of our local markets faced last year was not having enough homes to sell in order to satisfy the growing demand from buyers. How far we’ve come in just a few short years!
As we kick off 2013, there are a number of positive signs out there that the momentum we saw last year will only accelerate in the new year. Many widely followed industry analysts believe we will see gains in sales, prices and new home construction this year from coast to coast.
National Association of Realtors Chief Economist Lawrence Yun believes the steady housing market recovery will continue over the next several years, barring further tightening of mortgage credit availability.
Yun reports that, “Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years, and all of the major home price measures are showing sustained increases.”
While mortgage rates have been at historic lows, Yun expects these rates to rise to an average of about 4.0 percent this year and 4.6 percent in 2014.
With rising demand and shrinking inventory, NAR foresees “meaningfully” higher home prices. The organization estimates that the national median existing-home price rose 6 percent last year, and predicts it will increase another 5.1 percent in 2013 with a similar increase in 2014.
NAR isn’t alone in its bullish forecast. According to the UCLA Anderson quarterly forecast released last month, the U.S. housing market should be a major driver for the nation’s economy over the next two years – a change from past years when housing trailed other sectors.
UCLA Anderson economists say that the U.S. housing market may have been late to the economic recovery, but it is now taking the lead. “With the recovery more than three years old…housing is gaining strength,” said UCLA Senior Economist David Shulman in his report, Beyond the Cliff. “In fact, the late arrival of the traditionally early pickup in the housing market has become the leading source of strength.”
So where does all this leave us? While no one can say for certain what the future holds, most signs point to the fact that the housing market will continue to see steady improvement. Interest rates remain near historic lows, and home prices are rising again. The economy is gaining strength, albeit not as predictable and solid as we’d like to see. And the job market continues its gradual acceleration.
Locally, this gives us a very optimistic outlook for 2013′s Bay Area housing market. It should be even more robust than 2012′s. The market has turned in a big way since the recession and there just aren’t enough listings to go around.
Sellers are getting good prices for their homes once again – in some cases, multiple offers over their asking price.
In San Francisco and the Peninsula, most of 2012 was challenged with 40% to 50% of the previous year’s inventory, even less in some communities; coupled with rising sales activity. Similar situation occurred in Silicon Valley, and Marin.
East Bay, Sonoma, Monterey and Santa Cruz counties had drastically low levels of entry level homes for sale all year long. Some areas in these counties had been hit hardest with distressed sales, and the recovery was most notably swift here, as it became very competitive to purchase a short sale or bank-owned property.
South County; Morgan Hill, Gilroy, and Hollister, it was all about the lack of inventory all year. Inventory levels there are lowest they’ve seen since 2005. Mid-year the higher end of the market in these counties saw improvement, with some substantial sales along the Coast, wine country, and in the East Bay. The Previews market was alive and well in San Francisco, the Peninsula, and Marin; which had some incredibly “record-high” sales in 2012.
The two most widely known axioms associated with real estate; Location, Location, Location – and Supply/Demand, have never been more important. If a homeowner is considering selling this year, the best advice may be, to not wait for other homeowners in the area to do the same. Now may be the perfect time list your home while the numbers are in your favor.
Below is a market-by-market report from our local offices. An interesting mix reported; some Holiday slow-down, coupled with a fair amount of last minute Fiscal-Cliff buying frenzy.
South County – Our Morgan Hill manager says the dual holiday season certainly slowed down real estate activity in the South Bay. Most buyers and sellers (and agents) took a well-deserved break from the frenzied pace of the current market. As 2013 begins, optimism remains strong and buyer demand continues to be strong for homes in all price ranges. Morgan Hill agents are working hard to acquire listings—as most are selling for over asking price with multiple offers.
Santa Cruz County – The December numbers reflect continued low inventory, hovering around 600 total homes on the market, down 26% from a year ago. Closed sales were up overall for 2012, over 20% and sales have exceeded the same months, one year earlier for well over a year. The unsold inventory index is the lowest since 2005, with only about 3 months supply of inventory currently available. The year ended with the median price around $500K and those sales under that price representing half the sales. It appears that we are digging ourselves out; there are definitely a lot more buyers than homes available, and we are expecting much of the same going forward this year.
Silicon Valley – In Cupertino, it has been very quiet, our local manager says. Agents are just now starting to show up again and get underway for the new year. The Los Gatos office said sales continued to pour in over the holidays and the upper end of the market gained strength. Our San Jose Willow Glen manager says the last two weeks of the year were fairly quiet with new listings. Many sellers seem to be waiting until the new year to put their homes on the market, many of our agents continue to have listing appointments and meeting with sellers to consult about timing as to when in 2013 to put their homes on the market. We have several new listings going “live’ on the MLS the first two weeks of Jan. The overall consensus is that the winter selling season will start well before the traditional “Super Bowl” weekend. The race was on to get all deals closed by the end of the year for those chasing the New Year deadline. Many agents also have a full pipeline of buyer’s ready, willing and able to buy so the hunt will be on right out of the gate of 2013. The inventory is incredibly low going into 2013 in the Saratoga area.
North Bay – Lack of inventory continues to generate multiple offers, according to our Petaluma manager. More than normal, agents are seeing sales transacted before they hit the market. Our Sebastopol manager notes that the holiday real estate market felt just like it did in the 90’s: buyers, sellers and agents all appear to have taken a winter vacation. Almost like a fiscal cliff, our Southern Marin manager says, agents were rushing around December 31st getting deals closed and handing over keys to happy buyers and checks to happy sellers. They made it! The rush of year-end activity was big and we closed the year in Marin with a bang. Still many unsatisfied buyers out there. With equity coming back, sellers should be looking at 2013 as a great time to re-enter the market.
San Francisco – The Lombard manager reports that the fiscal cliff drama helped create a lot of year-end closing frenzy. More deals closed but more gray hairs for agents. Sellers were “snug in their beds” making the market seem “all quiet on the western front,” our Market Street manager says. However, buyers squeezed house hunting in with their holiday preparations, and those few homes that were accepting offers were inundated (one modest home in the Excelsior district had given out 42 disclosures at the time of this update, and had 3 offers in hand days before the official offer date).
Our Sunset office manager noted that sales are down but it is not due to lack of buyer demand. It is due to lack of inventory. The very few listings that had open houses were extremely busy.
SF Peninsula — Peninsula wide the inventory is extremely low: 10 active in Burlingame, 25 in San Mateo, two in Millbrae and three in Foster City. The buyers are waiting, agents are seeking news of any “off market” listing and everyone is praying for something to show to their waiting buyers. There are 35 active and 12 pending sales currently in Hillsborough. This reflects a lower inventory from a typical market of 65 listings through most of 2012. There were a lot of last minute end of year sales. Many were rushed due to uncertainty about taxes in 2013. There are certainly high-end buyers waiting for the expected new listings to come forth. It seems that the spring market will definitely kick off earlier than in most years. In Menlo Park, the local office was amazingly busy until Christmas day. Lots of closings before year ‘tax hike” end. Everyone has more buyers than sellers. The Redwood City-San Carlos market has been very quiet over the holidays. Woodside and Portola Valley got pretty sleepy at the end of the year. Agents have more buyers than sellers in general – properties available over $6 million are numerous however. Some deals to be made in that over $6 million market.
East Bay – The Berkeley office reports steady showings throughout December and even during the holidays. Agents are still writing offers and securing listings for early 2013. In the Lamorinda area, sales have declined slightly as inventory is extremely low. Sellers seemed to have been waiting until after the holidays to list their homes. According to our Walnut Creek manager, inventory is still low. Some sellers are waiting on the new year to list their homes. Buyers are still doing non-contingent deals and cash is still prevalent in winning offers.
Tuesday, October 30, 2012
Pending Home Sales Show Slight Improvement
by Walter Molony
WASHINGTON (October 25, 2012) – Pending home sales were little changed in September but remain well above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.
Lawrence Yun , NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” Yun said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”
Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.
The PHSI in the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.
Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.
WASHINGTON (October 25, 2012) – Pending home sales were little changed in September but remain well above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.
Lawrence Yun , NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” Yun said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”
Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.
The PHSI in the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.
Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.
Saturday, October 27, 2012
Buyer Review: Impressed With Her Negotiation Skills
DeVonna has a can do attitude that kept us in the game and helped us get our dream home.
Thanks DeVonna!!!
Chip and Mina Reynolds
Friday, October 12, 2012
Near Or Far, ALWAYS Use A Local Realtor
How Micro-Markets add to the dynamic of home pricing.
Our nation has trends as a whole, and trends within geographic locations. California certainly has micro-markets.
But our local markets also have sub markets; some even within the very same development.
Why does this matter to you?
Well whether you’re buying in Brentwood, Moragn Hill, or Timbuktu, you could lose a fortune if your agent doesn’t have intimate knowledge of the market that you’re buying or selling in. I strongly recommend doing your homework and finding a Realtor you trust with local area expertise.
Home prices are a function of the following variables:
•Demand or number of buyers with the ability and willingness to buy.
•The supply of properties on the market, including homes that our builders are selling prior to completed construction
•Interest rates – If a buyer can afford $2,000/mo….@ 3.5% interest, he/she may be able to purchase a home for $375k,
but if interest rates go up to 5.5% the purchase price would have to drop to $290k or so.
•Speculated future values of specific properties and real estate in general
•Consumer Confidence Level
•Other less impacting factors
Let’s compare two properties:
They are both in Brentwood, Both +/- 3,800 square feet, both 4 bedrooms, built in the mid 2000′s. Lot sizes are within 20% of each other. Both WERE in highly sought after areas, but one area “held on” better than the other, for very real reasons. An agent looking at these two properties might think that the discrepancy is not valid. That misinformation can and will cost you…one way or another.
Looking at two properties, you’ll see the same thing.
Similar homes, but the one with only two bedrooms is listed $90,000 higher than the 3 bedroom? In this area, and in virtually all areas throughout the world, this is common. These local market tendencies and trends will often differentiate home values for something as seeminly benign as being on opposite sides of the same street!
Using a local area expert that you can depend on is your best bet, whether you’re looking to buy or sell.
Contact DeVonna Meyer, your local Morgan Hill/Gilroy area expert, by calling (408) 981-4079 today!
Our nation has trends as a whole, and trends within geographic locations. California certainly has micro-markets.
But our local markets also have sub markets; some even within the very same development.
Why does this matter to you?
Well whether you’re buying in Brentwood, Moragn Hill, or Timbuktu, you could lose a fortune if your agent doesn’t have intimate knowledge of the market that you’re buying or selling in. I strongly recommend doing your homework and finding a Realtor you trust with local area expertise.
Home prices are a function of the following variables:
•Demand or number of buyers with the ability and willingness to buy.
•The supply of properties on the market, including homes that our builders are selling prior to completed construction
•Interest rates – If a buyer can afford $2,000/mo….@ 3.5% interest, he/she may be able to purchase a home for $375k,
but if interest rates go up to 5.5% the purchase price would have to drop to $290k or so.
•Speculated future values of specific properties and real estate in general
•Consumer Confidence Level
•Other less impacting factors
Let’s compare two properties:
They are both in Brentwood, Both +/- 3,800 square feet, both 4 bedrooms, built in the mid 2000′s. Lot sizes are within 20% of each other. Both WERE in highly sought after areas, but one area “held on” better than the other, for very real reasons. An agent looking at these two properties might think that the discrepancy is not valid. That misinformation can and will cost you…one way or another.
Looking at two properties, you’ll see the same thing.
Similar homes, but the one with only two bedrooms is listed $90,000 higher than the 3 bedroom? In this area, and in virtually all areas throughout the world, this is common. These local market tendencies and trends will often differentiate home values for something as seeminly benign as being on opposite sides of the same street!
Using a local area expert that you can depend on is your best bet, whether you’re looking to buy or sell.
Contact DeVonna Meyer, your local Morgan Hill/Gilroy area expert, by calling (408) 981-4079 today!
Tuesday, October 2, 2012
California Home Sales Up 6.7% in September
By Alejandro Lazo, Los Angeles Times
Bargain hunters snap up foreclosures, and the median home price continues to fall.
California home sales
picked up in September from the same month last year as prices came down.
Sales were up
6.7% as bargain hunters paying cash snapped up foreclosures. Sales figures remained below the average for September in Southern California and the Bay Area, according to DataQuick, a real estate information service based in San Diego. As is typical, sales were lower than in August, down 6.2%, for a total of 35,404 homes sold last month.
The median price
for a home sold in California in September was $249,000, down 6% from a year earlier and the same as in August. That makes for the 12th consecutive year-over-year monthly decrease in the median, which is the point at which half the homes sold for more and half for less.
John Walsh, DataQuick president, said the pool of potential buyers was growing, even though that demand has not yet shown up in the numbers.
“Empty-nesters want something smaller, growing families want something bigger,” he said. “People still die, they get married, retire — all of this generates demand. And only a fraction of that demand is being met in today’s market.”
Foreclosures
still accounted for a big chunk of the state’s housing market last month, as did short sales — transactions in which the bank allows a property to be sold for less than the value of the debt on the home. More than half the previously owned homes that sold in California last month were either foreclosures or short sales.
About 33.8% were foreclosures, down from a revised 34.3% in August and 35.6% in September 2010. Short sales made up 18.7% of the market, up from 17.5% in August and 15.6% in September 2010.
In the Bay Area,
sales were up 6.6% from the same month a year ago and down 10.2% from August, to 6,749. The median price for the region fell 7.6% from the same month a year earlier and was down 1.4% from August, at $365,000.
If you would like to discuss your real estate options, don’t hesitate to give DeVonna Meyer a call today at (408) 981-4079.
Bargain hunters snap up foreclosures, and the median home price continues to fall.
California home sales
picked up in September from the same month last year as prices came down.
Sales were up
6.7% as bargain hunters paying cash snapped up foreclosures. Sales figures remained below the average for September in Southern California and the Bay Area, according to DataQuick, a real estate information service based in San Diego. As is typical, sales were lower than in August, down 6.2%, for a total of 35,404 homes sold last month.
The median price
for a home sold in California in September was $249,000, down 6% from a year earlier and the same as in August. That makes for the 12th consecutive year-over-year monthly decrease in the median, which is the point at which half the homes sold for more and half for less.
John Walsh, DataQuick president, said the pool of potential buyers was growing, even though that demand has not yet shown up in the numbers.
“Empty-nesters want something smaller, growing families want something bigger,” he said. “People still die, they get married, retire — all of this generates demand. And only a fraction of that demand is being met in today’s market.”
Foreclosures
still accounted for a big chunk of the state’s housing market last month, as did short sales — transactions in which the bank allows a property to be sold for less than the value of the debt on the home. More than half the previously owned homes that sold in California last month were either foreclosures or short sales.
About 33.8% were foreclosures, down from a revised 34.3% in August and 35.6% in September 2010. Short sales made up 18.7% of the market, up from 17.5% in August and 15.6% in September 2010.
In the Bay Area,
sales were up 6.6% from the same month a year ago and down 10.2% from August, to 6,749. The median price for the region fell 7.6% from the same month a year earlier and was down 1.4% from August, at $365,000.
If you would like to discuss your real estate options, don’t hesitate to give DeVonna Meyer a call today at (408) 981-4079.
California Home Sales Up 6.7% in September
By Alejandro Lazo, Los Angeles Times
Bargain hunters snap up foreclosures, and the median home price continues to fall.
California home sales picked up in September from the same month last year as prices came down.
Sales were up 6.7% as bargain hunters paying cash snapped up foreclosures. Sales figures remained below the average for September in Southern California and the Bay Area, according to DataQuick, a real estate information service based in San Diego. As is typical, sales were lower than in August, down 6.2%, for a total of 35,404 homes sold last month.
The median price for a home sold in California in September was $249,000, down 6% from a year earlier and the same as in August. That makes for the 12th consecutive year-over-year monthly decrease in the median, which is the point at which half the homes sold for more and half for less.
John Walsh, DataQuick president, said the pool of potential buyers was growing, even though that demand has not yet shown up in the numbers.
"Empty-nesters want something smaller, growing families want something bigger," he said. "People still die, they get married, retire — all of this generates demand. And only a fraction of that demand is being met in today's market."
Foreclosures still accounted for a big chunk of the state's housing market last month, as did short sales — transactions in which the bank allows a property to be sold for less than the value of the debt on the home. More than half the previously owned homes that sold in California last month were either foreclosures or short sales.
About 33.8% were foreclosures, down from a revised 34.3% in August and 35.6% in September 2010. Short sales made up 18.7% of the market, up from 17.5% in August and 15.6% in September 2010.
In the Bay Area, sales were up 6.6% from the same month a year ago and down 10.2% from August, to 6,749. The median price for the region fell 7.6% from the same month a year earlier and was down 1.4% from August, at $365,000.
If you would like to discuss your real estate options, don't hesitate to give DeVonna Meyer a call today at (408) 981-4079.
Wednesday, November 30, 2011
DeVonna Worked Hard To Get The Best Price In A Difficult Market
DeVonna Meyer impressed me with her enthusiasm and knowledge of real estate trends when we were looking for a real estate agent to sell our property in San Martin. We listed our high end home with her during a “soft” real estate market. Nothing had sold in our neighborhood in our price range of 2,000,000 + for quite some time.
DeVonna had a real talent for beautifying houses. She “staged” the house herself (at no cost to us) and recommended certain improvements that would produce what she referred to as the “wow factor” .She went out of her way to spend as little of our money as possible for these improvements and made all of the arrangements with workmen herself.
Despite the “Buyer’s Market”, our house sold within 60 days of the listing date. DeVonna made sure that all paperwork was completed well in advance, and the process went very smoothly.
DeVonna worked very hard to get us the best price in a difficult market. She was delightful to work with, and made a stressful time much easier for us. DeVonna even loaned some of her kitchen equipment to us when ours was taken to storage!
I would highly recommend DeVonna Meyer to anyone who is looking for a professional, competent and successful real estate agent.
-Wendy Davis & Howard Davis, M.D.
DeVonna Is Committed To Her Client’s Best Interest
I am writing this letter to express to DeVonna Meyer my great appreciation for her assistance in purchasing my first home.
One of the things that stands out about DeVonna to me is how committed she is to her client’s best interest. DeVonna was at every inspection of my future home and always communicated to me the important findings. Her attention to detail in explaining the process and the paperwork was stellar! I had no idea how much there is involved in purchasing a home. DeVonna made sure that I was protected with a home warranty and this proved itself significant when after I moved in I needed assistance with the central air conditioning. When I called, DeVonna would pick up the phone and patiently answer or get answers to my questions.
Another significant point to me was that DeVonna took the time to figure out exactly what I was looking for. I work full time and didn’t have the time to do all the house hunting. Since she is such an active Realtor she saw the property before I did. DeVonna then called me and said, “I have found the house you’re looking for.” When I walked in I knew she was right it had everything I wanted and more.-Dan Barnette
DeVonna did a great job in negotiating price as well. We came out better than I had hoped for.
DeVonna showed me the benefits of owning versus renting and now I’m enjoying the tax benefits of that as well.
If you are thinking of buying or selling a home I would recommend talking with DeVonna. I think you will see that she is a professional, talented, and, honest person to work with. I know I wouldn’t have been in my home today without her assistance.
Saturday, July 30, 2011
She Was "On the Ball" Throughout The Whole Process
We were very happy with DeVonna Meyer when we recently purchased our house.
We actually found her on Zillow and she promptly returned our call. We had a list of houses we wanted to look at but DeVonna suggested a house to us and it turned out to be the perfect home for our family. She was "on the ball" throughout the whole process and the sale went through without and problems.
She is excellent at her job and always available. We would highly recommend her.
-Anita J
http://www.yelp.com/biz/devonna-meyer-coldwell-banker-morgan-hill
We actually found her on Zillow and she promptly returned our call. We had a list of houses we wanted to look at but DeVonna suggested a house to us and it turned out to be the perfect home for our family. She was "on the ball" throughout the whole process and the sale went through without and problems.
She is excellent at her job and always available. We would highly recommend her.
-Anita J
http://www.yelp.com/biz/devonna-meyer-coldwell-banker-morgan-hill
Friday, June 25, 2010
Extremely Happy With DeVonna Meyer Real Estate Agent
I was extremely happy with DeVonna Meyer as our real estate agent.
She had great ideas about how to make our home look its best and even supplied the decorative staging touches at no cost to us. She recommended a few improvements and put us in touch with good people who performed the work.
I was particularly impressed with the sensitivity that she showed to buyers; she had an uncanny ability to point out things to them about our home that resonated with them. This ability led to an excellent offer after only a few months. Add to this her attention to detail in the paperwork and scrupulous honesty and we knew we were in the best of hands.
-Wendy D.
http://www.yelp.com/biz/devonna-meyer-coldwell-banker-morgan-hill
She had great ideas about how to make our home look its best and even supplied the decorative staging touches at no cost to us. She recommended a few improvements and put us in touch with good people who performed the work.
I was particularly impressed with the sensitivity that she showed to buyers; she had an uncanny ability to point out things to them about our home that resonated with them. This ability led to an excellent offer after only a few months. Add to this her attention to detail in the paperwork and scrupulous honesty and we knew we were in the best of hands.
-Wendy D.
http://www.yelp.com/biz/devonna-meyer-coldwell-banker-morgan-hill
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