Selling Dana Estates

Homes for Sale in the Dana Estates Neighborhood of Concord

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Dana Estates Posts by Peter Maclennan

Peter Maclennan is a real estate agent serving the Central Contra Costa market, including Concord, Pleasant Hill, Clayton, Walnut Creek, Martinez, Lafayette, Orinda, and Alamo. Peter writes about real estate and how it affects the Concord Neighborhood of Dana Estates.

January Real Estate Market Infographic

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January 2015 Housing Market Sales

The California Associaiton of Realtors® provided the latest infographic on what the market experienced in January of 2015. The San Francisco Bay Area led the state with a median single family home price of $669,590 for the month of January. Meanwhile the number of sales in the San Francisco Area fell by 14.2% year over year.

Right now the market is tight as inventory is low. Home buyers are coming off of the fence because of low interest rates. As well, lower oil and gas prices in January and February provided a bit of breathing room in many budgets. This is inspiring renters to move towards home ownership.

In a survey conducted by Freddie Mac on Home Ownership and Rental Perceptions renters held a very high view of home ownership. In fact, 91% of those surveyed said that owning a home was something to be proud of.Renters' View on Home Ownership

Buyers are coming off of the sidelines and inventory is down.

December 2014 Inventory

All this means that for the foreseeable future, Sellers are in the driver’s seat.

 

Concord Naval Weapons Station Reuse Proposals

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Concord Naval Weapons Station

The Concord Naval Weapons Station (CNWS) Reuse Plan has solicited proposals from three master developers to develop the 5,028 acre site. The CNWS Reuse Project will begin Phase 1 with the development near the North Concord/Martinez BART station. The future phases will fan out from the initial development.

The three developers Catellus, Lennar Urban, and SunCal will be presenting their various proposals to Concord’s City Council on February 10th and 11th. Both meetings will be held in the City Council Chambers at Civic Center, 1950 Parkside Drive. The meetings will also be televised live on Concord Cable TV channels 28 (Comcast), 29 (Astound), and 99 (AT&T), and streamed on the City’s website, www.cityofconcord.org. The developers will have 45 minutes to present their proposals, followed by 1 hour and 15 minutes of questions. The meetings are preliminary in the process and the City Council and staff are not planning on making a final decision at these meetings.

The three developer proposals can be viewed at these links:

A printed copy of all materials can be viewed at the Concord Public Library, 2900 Salvio St.

The proposed plan calls for the construction of almost 12,000 new housing units and 8,000,000 sq. ft. of commercial, industrial, and institutional space. Under the proposed development plan almost 3,300 acres of the inland area will be preserved as parks and open space for public use. All three developers have provided designs that differ from the proposal developed by the City of Concord.

Since the CNWS is adjacent to Dana Estates, the development will likely have an impact on the neighborhood and home values.

Photo Credit: 100_5471 by Greenbelt Alliance used by Creative Commons

Highest Value Home Improvements

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Highest Value Home Improvements - Home Improvement Logo
You don’t want Tim Taylor doing home improvements.

Many homeowners wonder what renovations are going to bring the most return when they sell the home? To phrase it differently “What are the highest value home improvements?”

Thankfully the Remodeling 2014 Cost vs. Value Report (www.costvsvalue.com) provides a list of the remodeling projects that bring the highest return on investment once a home is sold. While the costs and returns varied from region to region across the nation, the report details what the San Francisco Bay Area can expect.

5 Highest Value Home Improvements

The five remodeling projects that provide the most value upon sale for the San Francisco Bay Area are detailed below:

1. Wood Deck. The project that is most likely to provide the greatest recovery of its cost is the addition of a wood deck. Not all Homes lend themselves to the addition of the wood deck but that is the item that would the greatest cost recovery at 176% of cost. [Read more…]

How To Get Power At Your New Home in Contra Costa County

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Once you buy your new home, you will need to get the services transferred over to your name. Many buyers ask how to get power at their new home. PG&E provides most of the power throughout Northern California. A few cities have their own municipal utility providers (for a list click here).

PG&E has provided a helpful page for its customers that are establishing or transferring service.

PG&E Help Me Move Capture

Establishing New Service

In order to start service with PG&E, you need to call their toll free number 1-800-743-5000. You will then be directed through their automated phone system to establish new service. If you have an account number or phone number established, they will ask for it.

Transfer Service

If you transfer service moving from one home to another, you will need login to your PG&E account or to complete the form located here on PG&E’s website. A transfer of service indicates that you will be stopping service at your original location.

Add a Residence

If you are buying a second home or vacation home, you want to add a residence to your account. This option does not stop service at your original location.

Pilot Light Services

Gas appliances such as water heaters, stoves, and furnaces often have a pilot light that stays lit at all times.

PG&E will inspect, adjust, turn off and relight your gas appliance at no charge. Log in or register for My Energy to schedule or change a pilot relight or turn off appointment.

This service is highly useful if the gas at your new home has been turned off for a period of time.

If you have questions about real estate, please feel free to reach out to us at (925) 385-8798. Or complete the contact form below.

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Disclaimer: This information is in no way endorsed by PG&E. Please contact them for details and problems with service. Information is deemed reliable but should be verified before using it.

 

November 2014 California Home Sales Data

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The California Association of Realtors® published the monthly home sales statistics for November of 2014.

November 2014 Sales StatisticsThe median home price in California was $445,280 in November 2014. The median time on the market was almost 44 days.

The number of home sales was down 5.3% from the same period last year. While inventory statewide was up almost 15.8% versus the same period last year.

Is 100% Financing Available?

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$0 Money Down Graphic

Not many lenders allow for 100% financing or no down payment. There are a few circumstances that do allow it.

  1. If you are or were a member of the military. (VA Loan)
  2. USDA Rural Loans

VA Loans

If you were a member of the military, you may qualify for 100% financing of your primary residence. The Veterans Administration (VA) provides a home loan guaranty benefit and other housing-related programs to help veterans buy, build, repair, retain, or adapt a home for their own occupancy. Because the VA guarantees a portion of the loan amount, lenders are able to offer more favorable terms to eligible veterans.

These VA loans are subject to strict criteria on loan limits, minimum property requirements (MPR), and a condo association must be VA approved. This is an attractive incentive for faithful service in the United States Military.

USDA Rural Development Loans

The USDA guarantees loans in certain rural areas. These loans do not require a down payment. These loans are only available in rural areas and are meant to support housing in these areas.

  • 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
  • Guarantee Fee applies: may be rolled into the loan amount.
  • Flexible credit guidelines. Non-traditional credit histories may be accepted.
  • Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
  • No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
  • Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
  • Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
  • Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
  • Eligible repairs and improvements may be included in the loan.
  • Applicants apply with an approved lender of their choice.
  • Not limited to first time home buyers.

Low Down Payment Options

Section 184 Loan

According to the HUD website:

The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.

The Section 184 Loan allows for a low down payment of as little as 2.5%. It also has no monthly mortgage insurance, but instead charges an up front fee of 1.5% of the loan amount.

A list of currently approved lenders is available here.

FHA

The Federal Housing Authority (FHA) insures low down payment loans. This allows you to finance a home with as little as 3.5% down.  The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. This program is called the 203(b) program. It is available for properties with 1-4 units.

Conventional Loans

Some conventional lenders will lend with as little as 5% down. These programs have private mortgage insurance (PMI) that will insure the lender for losses above the traditional lending limit of 80%. PMI adds an additional cost to borrowers.

Down Payment Sources

The down payment  for most loans can come from a variety of sources.

  • It can come as a gift from a family member or friend. This must truly be a gift and not a loan in the form of a gift.
  • It can come from 401k and retirement plans. Check with the HR department at your employer to see if they allow you to make a loan to yourself from your 401k plan to apply towards a down payment. This can be a great option if saving for a down payment is tough.
  • Your down payment can also come from savings. This takes discipline and practice. Here is a good article from the Washington Post with some helpful tips.

Have a question about financing? Contact us below to get an answer.

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