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!
Friday, October 12, 2012
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.
Coldwell Banker Names Top 100 Performing Agents
Did you know that DeVonna Meyer was just listed on Coldwell Banker’s Top 100 Performing Agents in the Monterey Bay Area?
Mortgage Rates Trimmed
Mortgage rates trimmed some of their recent rise last month. Economic news continues to be tepid, although somewhat better in tenor than that seen over the last few months.
In a speech before the monetary conference in Jackson Hole, Wyoming, Fed Chairman Bernanke reiterated the Federal Reserve stands ready to adjust policy to foster stronger economic growth. The message was exactly the one the Fed has been using for a while, but since the Chairman himself uttered it, some analysts believe there is an increased likelihood the Fed will embark on a new program to stimulate the economy before too long. As far as mortgage rates go, they could hardly be better, anyway.
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.
Tuesday, May 1, 2012
Your Home to Morgan Hill Real Estate
DeVonna has launched what has become one of the most successful real estate practices in the South Bay Area. She has earned designations as a Five Star REO Professional, along with recognitions as a Certified Short-Sale Professional and an Accredited Staging Professional.
DeVonna has become the host of a popular online TV series, The DeVonna Home Show, which showcases South Bay Area properties and some of her unique areas of expertise through a video diary.
Read more here.
Your Certified Negotiation Expert, DeVonna Meyer
An agent who carries the CNE (Certified Negotiation Expert) designation, like DeVonna Meyer, has been trained in professional negotiation skills by the Real Estate Negotiation Institute, the leading negotiation training and coaching company for real estate professionals in North America. A CNE professional knows how to use leading edge negotiation practices and techniques for your benefit. You can always be confident your CNE professional will achieve the very best results for you!
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