Inching up a little from where prices were at the same time last year, prices are up considerably from October on. Only a little to be sure over last year, but up is a good direction in most people’s mind. Continue reading…
Supply of condos and townhomes in Livermore has drastically dropped as First Time Buyers and Investors have scooped up the on the many deals that existed with short sales and foreclosures. Now that the supply has been virtually depleted, these homes go pending quickly and prices are on the uptick. More market reports…. Continue reading…
The median sold price for Detached Homes in Livermore shows some volatility. But it is much more a condition of what’s available for sale, than home price fluctuations. Compared to the same time last year, we’re within 1%. But you can see the swings from Jan-Feb, then Mar-Apr which paint rather an unusual picture. On inspection of the detail, the difference between April of last year to this is just $4250 – not much of a swing at all. Continue to more market reports. Continue reading…
Negotiation has always been a component of real estate. But it’s not mandatory. One party can try and the other can say no. So much of that has to do with how the market is, and whether it’s a buyer’s market, a seller’s market or a balanced one. Negotiating is very common in a balanced market.
WHAT KIND OF MARKET IS IT?
Buyer’s Market – price tends to be first and foremost. The longer a property has been listed, the more likely a below-asking offer will be submitted – especially if it is the only offer. Once two parties come to agreement, there is usually another round of negotiation regarding repairs. When listed properties are plentiful, the buyer has other choices and may play hardball where offers are concerned.
Seller’s Market – appreciating prices and/or low inventory put sellers in the driver’s seat. They push back on price, and know the buyers don’t have a lot of other properties to choose from. They may also be competing with other buyers for the home. If the seller encounters a buyer with strong financing though, it’s less likely they’ll take too many chances where repairs are concerned. Continue reading…
Real Estate Owned properties (REO’s) can be tremendous values. But they are not without risk. Prior to writing an offer on a bank-0wned property, make sure you balance out the risks and rewards.
Contract Elements: Banks often have very specific instructions that must be followed for an offer to even be considered. They may prefer a specific title and escrow company. They often request that you are pre-approved with their loan officer. And it’s likely that you will receive verbal acceptance far in advance of their written acceptance.
Counter Offers: You will receive one, even if the bank accepts your price. These documents then supersede your initial offer. Understand that these are written by attorneys for the bank and can be very lengthy. You’d be well advised to have this reviewed by your own attorney.
Disclosures: The bank agents and principals in the transaction have never lived in the property and won’t provide disclosures about the properties condition. Many of the documents you received will simply state ‘exempt’. Continue reading…
Getting an offer on your property doesn’t mean that it is sold. Not all buyers make it to the finish line for various reasons – property condition, failure to get final loan approval, job transfer mid-contract. So while we may expect a 30-day escrow that may not turn out to be the case.
The terms of your loan with the bank on your property require monthly payments. Even though you have communicated to the bank that you are selling the house, that does not change your obligation to pay, and to pay timely. Here are a few good reasons to keep things on track: Continue reading…
Buying a house is a lot like getting married. If you’re buying it for your residence that is. An investor buyer would have a very different mindset – more like speed dating.
First comes Playing the Field. This is where you check out various cities, tour open homes or new home developments. But it feels a little empty, and shallow.
Double dating, that’s the ticket. You pair up with a real estate agent and a lender – It’s safer that way. You go out a lot and you have fun. It seems you are narrowing your focus to a select group now. Things are taking a serious turn. Continue reading…
In this example, let’s consider a detached 3 bedroom, 2 bath, 1500 sq. ft. home, with a lot size less than 10,000. The average monthly rent for homes of this size (based on the past 120 days) is $2265. Depending upon the neighborhood, that same home size might rent for $2500 or more.
The average price to purchase a house of that size is $363,000. Using the example of 20% down, what does that look like in terms of a monthly morgtage?
363000
72600 20% down payment
290400 conventional loan amount
$1743.69 monthly mortgage amount (includes principal, interest and taxes) based on 3.875%*. So, less than your rent would be. (*Based on 30 year fixed rate as of 2/9/12, .05% insurance and 1.25% for taxes) Continue reading…
Livermore CA Market Update |Single Family Homes – 2011
The Livermore residential real estate market for 2011 doesn’t show any drastic swings over the previous year, but there are some trends to note. Those ingreen are an improvement over 2010; those in red are not as positive.
The good news though is current active Livermore listings show 40% distressed properties (bank-owned and short sales) which is quite a bit lower than in Alameda county as a whole (53%). Interesting to note though – 50% of all units sold in 2011 were distressed properties, illustrating that buyers are not shying away from these purchases, but rather seeking them out for their perceived value.
Now, please understand, I don’t mean this to be an unrealistic approach to buying a home.
You probably started out your home search with a very specific list of what you wanted, how much you were willing to pay, and where you wanted to live. Your budget it the largest factor in determining if all of those factors line up.
So far I haven’t met anyone who didn’t want the perfect house, in the best location and please, pretty please can it be in our budget? Those with endless financial power may win on all accounts. But for most people, there is a price limit and ‘perfect’ usually comes at too high a price. Continue reading…
Karen Crowson
Alain Pinel Realtors
Phone: 925.784.6208
Cell: 925.784.6208
Fax: 925.245.1897
Email: karen@karencrowsonhomes.com
License #: California DRE#01732313
