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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.

Concord Real Estate News (December 7, 2017) | Dana Estates Real Estate

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Concord Real Estate December 7 2017

Concord Real Estate News (December 7, 2017)

Here are some of the latest Concord real estate news headlines. During this past month, house prices shot up again. If you’re a renter, check out some of the cheapest apartment rentals in Concord. Speaking of rent, Concord’s new ordinance get’s its first test as a dispute has arisen over a rent hike. Also, check out what it would take to bring a University to Concord, and finally, discover the local happenings this holiday season.

The cheapest apartment rentals in Concord, explored

If you’re apartment hunting, you know how hard it can be to find a good deal. So what does the low-end rent on a rental in Concord look like these days and what might you get for the price?

We took a look at local listings for studios and 1-bedroom apartments in Concord via rental site Zumper to find out what budget-minded apartment seekers can expect to find around the Town.

Take a look at some of the cheapest listings available right now: Read More…

What will it take to bring a university to Concord?

CONCORD — The city plans to develop a long-term strategy to attract a four-year university to the former Concord Naval Weapons Station.

Contra Costa is the only county in the state with a population of at least 1 million that does not have a Cal State or a UC campus. Consequently, many high school graduates leave home or commute to another county to pursue a bachelor’s degree, creating what assistant city manager Kathleen Trepa called a “brain drain.” Read More…

In dispute over $275 rent hike, Concord ordinance gets first test

CONCORD — The panel that hears disputes over proposed rent increases will hold its first public hearing Wednesday, Dec. 6…

In July, Walnut Creek-based Key Property Management notified a tenant of 1491 Bassett Drive, a 10-unit apartment complex, that it was raising the rent for his two-bedroom apartment by $275 per month, bringing it to $1,600 — a 21 percent increase.

Under the residential rent review program Concord adopted in May, tenants of all buildings with three or more units who receive a rent increase of more than 10 percent in a 12-month period may seek mediation. Read More…

Bay Area housing: Sales dwindled in October and prices shot up — yet again

Reflecting the chronically tight supply of available homes, Bay Area housing sales fell in October from a year earlier as prices marched up across the nine counties by nearly 11 percent. The region’s median sale price of a single-family home was $800,000 and surpassed $1 million in four of its counties. Read More…

Local Happenings: Concord, Clayton, Pleasant Hill, Martinez Dec. 8 and beyond

Discover all the many events happening this holiday season from ice skating and Christmas carols to events and more! Click Here for a complete list.

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest listings in Concord by map (click the map below):

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Concord CA Real Estate Map Search

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | Concord CA Real Estate

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Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | Concord CA Real EstateBubble Alert! Is it Getting Too Easy to Get a Mortgage?

The Concord CA real estate market is still very active. Reasonable sellers are receiving offers quickly and buyer confidence remains strong. There are multiple price points and types of houses available in Concord, CA.

Particularly around the Dana Estates neighborhood 94519 zip code, homes are in demand. The neighborhood provides convenient access to Highway 4 and to downtown Concord. It is also about equal distance from both the Concord BART station and the North Concord BART station.

Purchasing a home is one of the largest financial decisions that a family can make. Because of the size of the transaction, there are many complicated decisions that surround the purchase of a home.

Today we are going to talk about: Is it Getting Too Easy to Get a Mortgage?

There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:

  • More buyers are putting less than 20% down to purchase a home
  • The average credit score on closed mortgages is lower
  • More low-down-payment programs have been introduced

This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Let’s alleviate some of that concern.

The graph below shows the MCAI going back to the boom years of 2004-2005. The higher the graph line, the easier it was to get a mortgage.

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | Simplifying The Market

 

As you can see, lending standards were much more lenient from 2004 to 2007. Though it has gradually become easier to get a mortgage since 2011, we are nowhere near the lenient standards during the boom.

The Urban Institute also publishes a Home Credit Availability Index (HCAI). According to the Institute, the HCAI:

“Measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates … it is easier to get a loan.”

Here is a graph showing their findings:

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | Simplifying The Market

Again, today’s lending standards are nowhere near the levels of the boom years. As a matter of fact, they are more stringent than they were even before the boom.

Bottom Line

It is getting easier to gain financing for a home purchase. However, we are not seeing the irresponsible lending that caused the housing crisis.

Source… Peter Maclennan KCM Blog

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest real estate listings in Concord, CA by map (click the map below):

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Concord CA Real Estate Map Search

Concord Real Estate News (December 1, 2017) | Dana Estates Real Estate

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Concord Real Estate News (December 1, 2017) | Dana Estates Real Estate

Here are some of the latest Concord real estate news headlines. East bay apartment construction increases but delays have slowed things down. Bart is considering partnering with the city to turn a 9 acre piece of land it owns into new affordable rental housing. Finally, check out where Bay Area rents jumped the most over this last year.

East Bay apartment construction surges, but delays also common

Bay Area apartment construction has shifted to the East Bay from Silicon Valley, but delays have slowed the opening of new rentals in the sizzling market, according to a new study.

Analysts estimate about 20 percent of the new Bay Area apartments have been delayed, which could drive up construction and ultimately rental prices. Real estate analysts at Axiometrics figure at least 1,200 units expected to open this year will not reach the market until 2018. Read More…

BART, Concord eye vacant site for affordable housing

CONCORD — BART may partner with the city to bring much-needed affordable rental housing to a vacant property a few blocks from the downtown station.

The transit agency owns a 9-acre parcel between Monument Boulevard and San Miguel Road that sits just south of the Concord skate park. Although a canal runs through the property, city staffers believe at least part of it could be developed. Read More… 

Here’s where Bay Area rents jumped the most over the past year

Online real estate company Zumper’s snapshot of the region’s real estate market reveals some surprising statistics about the areas seeing the highest rent increases. Read More…

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest listings in Concord by map (click the map below):

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Concord CA Real Estate Map Search

Getting a Home Ready for Sale

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Getting a Home Ready for Sale

Are you considering getting a home ready for sale? The infographics below courtesy of the California Association of Realtors provide some great information on what to do and what not to do when getting a home prepped for sale.

Create Curb Appeal

According to the survey, homeowners are transitioning to low maintenance yards. Also, homeowners want to look distinct from their neighbor’s lawn.

Many homeowners and buyers are conscience about drought-tolerant plants and yards that use less water.

Bed Bedroom Designs

getting a home ready for sale - bad bedroom designs

Most of us spend one-third of our life in bed sleeping. It stands to reason that a bedroom is a key feature that home buyers will evaluate. The keys to an inviting bedroom include reducing clutter, removing bulky drapes, removing excess pillows, and avoiding bright paint choices.

The key to selling a home quickly and for top dollar is to make it attractive to a large amount of ready, willing, and able buyers that will bid against one another for the home. Removing hindrances is a key to that.

Selling a Concord Home

If you are looking to sell a home or buy a home around Concord, CA, I would be delighted to help you. As part of my marketing plan, I provide a free consultation with a professional stager to help clients get their home ready for sale.

Please feel free to call me for a no obligation consultation at 925.385.8798 or use the contact form to get in touch.

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Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope! | Concord Real Estate

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Feeling ‘Stuck in Place’? You Aren’t Alone… | Concord real estate

Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope! | Concord Real Estate

The Concord real estate market is still very active. Reasonable sellers are receiving offers quickly and buyer confidence remains strong. There are multiple price points and types of houses available in Concord, CA.

Particularly around the Dana Estates neighborhood 94519 zip code, homes are in demand. The neighborhood provides convenient access to Highway 4 and to downtown Concord. It is also about equal distance from both the Concord BART station and the North Concord BART station.

Purchasing a home is one of the largest financial decisions that a family can make. Because of the size of the transaction, there are many complicated decisions that surround the purchase of a home.

Today we are going to talk about: Feeling ‘Stuck in Place’?

Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.

According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of time that a family stays in their home remained at 10 years in 2017. This mark ties the highest marks set in 2014 and 2016. Back in 1985, when data was first collected on this subject, homeowners stayed in their homes for an average of only 5 years.

There are many reasons why homeowners have decided to stay and not to sell. A recent Wall Street Journal article had this to say,

“Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn making it more difficult for renters to enter the market.” 

Sam Khater, Deputy Chief Economist for CoreLogic, equated the lack of inventory to “not having enough oil in your car and your gears slowly [coming] to a grind.”

Historically, a normal market (in which prices increase at the rate of inflation) requires a 6-7 month supply of inventory. There hasn’t been that much supply since August of 2012! Over the course of the last 12 months, inventory has hovered between a 3.5 to 4.4-month supply, meaning that prices have increased and buyers are still out in force!

Challenges in the new-home construction market have “helped create a bottleneck in the market in which owners of starter homes aren’t trading up to newly built homes, which tend to be pricier, in turn creating a squeeze for millennial renters looking to get into the market.”

“Economists said baby boomers also aren’t in a hurry to trade in the dream homes they moved into in middle age for condominiums or senior living communities because many are staying healthy longer or want to remain near their children.”

So, what can you do if you feel stuck & want to move on?

Don’t give up! If you are looking to move-up to an existing luxury home, there are deals to be had in the higher-priced markets. Demand is strong in the starter and trade-up home markets which means that your house will sell quickly. Let’s work together to build in contingencies that allow you more time to find your dream home; the right buyer will wait.

Source… KCM Peter Maclennan Blog

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest real estate listings in Concord, CA by map (click the map below):

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Concord CA Real Estate Map Search

Concord Real Estate News (November 16, 2017) | Dana Estates Real Estate

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Concord Real Estate News (November 16, 2017)

Concord Real Estate News (November 16, 2017)

Is there such a thing as Black Friday when it comes to real estate? Apparently not around here! Rather, the rising prices of the East Bay mirror the rest of the Bay Are as a whole. In Concord, a former councilman resigns from the Concord Naval Weapons Station Committee. Finally, for those looking for a house under half a million dollars, it’s still possible to buy one in the Bay Area. Here are some of the latest Concord real estate news headlines.

Is there a Black Friday for the Bay Area housing market? Take a guess.

Bay Area homebuyers beware. Among the nation’s 100 largest housing markets, San Francisco, San Jose and Oakland – in that order – are the least likely places to find a price cut on a home for sale.

That’s according to a new study by Trulia, which tried to figure out if a Black Friday phenomenon exists in the U.S. housing market. Read More…

Housing crisis: East Bay sales and price trends mirror the Bay Area as a whole

The supply of single-family homes is flat or shrinking in dozens of East Bay cities. But buyer demand keeps driving sales and prices up, a new report shows.

The numbers for October, compiled by the Bay East Association of Realtors, show how the region is mirroring trends that are playing out across the Bay Area. Read More…

In-depth: Where can you find houses for under $500,000 in the Bay Area?

CONTRA COSTA COUNTY (KRON) — We are all accustomed to hearing about homes costing $1 million or more.

But is it still possible to find properties for less than half-a-million dollars here in the Bay Area?

Believe it or not, you can still find a home that cost under $500,000 in the Bay Area. However, real estate experts say there are a few things you need to know. Read More…

Former councilman resigns from Concord Naval Weapons Station committee

CONCORD — Former councilman Dan Helix abruptly resigned last week from the committee advising the city on plans for the first phase of development of the Concord Naval Weapons Station. Read More…

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest listings in Concord by map (click the map below):

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Image credit: Poster vector created by Starline – Freepik.com

Trouble on The Naval Weapons Station’s CAC?

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Proposed Phase 1 of Concord Naval Weapons Station Reuse

Trouble on The Naval Weapons Station’s CAC?

The East Bay Times is reporting that a former City Council Member and chairman of the Community Advisory Committee (CAC) resigned from the committee this week.

Former councilman Dan Helix abruptly resigned last week from the committee advising the city on plans for the first phase of development of the Concord Naval Weapons Station.

According to the article, Mr. Helix is concerned that the members of the CAC was not properly educated and informed by the staff as to the process and the zoning uses.

“I hope out of this that someone will say we need to slow down, we need to schedule more small group study sessions, we need to make sure everyone is understanding, then we can
forge ahead,” Helix said.

Local politics are never without their excitement.

It looks like the developer is still trying to push a road through Dana Estates at Beechwood Dr. (see page 58 of the plan as indicated by a black arrow). The designation says “Pedestrian & Other Possible Connections” (emphasis added). The Concord Reuse Project Website has agendas and other items available online.

Dana Estates Residents should reach out to the Concord City Council with your thoughts on the CNWS project.

City Council citycouncil@cityofconcord.org

 

 

Dana Estates Real Estate | Low Inventory Causes Home Prices to Maintain Fast Growth

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Low Inventory Causes Home Prices to Maintain Fast Growth | MyKCM

Dana Estates Real Estate | Low Inventory Causes Home Prices to Maintain Fast Growth

The real estate market in Concord, California is still very active. Reasonable sellers are receiving offers quickly and buyer confidence remains strong. There are multiple price points and types of houses available in Concord, CA.

Particularly around the Dana Estates neighborhood 94519 zip code, homes are in demand. The neighborhood provides convenient access to Highway 4 and to downtown Concord. It is also about equal distance from both the Concord BART station and the North Concord BART station.

Purchasing a home is one of the largest financial decisions that a family can make. Because of the size of the transaction, there are many complicated decisions that surround the purchase of a home.

Today we are going to talk about: Low Inventory and How That is Causing Prices to Maintain Fast Growth

The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.

Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”

What this means to sellers

Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent article post:

“The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”

What this means to buyers

In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year or next year. However, as Construction Dive reported, the amount of cash needed to purchase that home will also increase.

“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”

Bottom Line 

If you’re thinking of selling and moving down, waiting might make sense. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.

Source… KCM Peter Maclennan Blog

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest real estate listings in Concord, CA by map (click the map below):

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Concord CA Real Estate Map Search

Concord Real Estate News (November 10, 2017) | Dana Estates Real Estate

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Concord Real Estate News

According to officials, GOP tax proposal would gut affordable housing. When it come to affordable housing, $500,000 homes are becoming rarer while bay area rents continue to rise. Plus, Concord, CA is looking for additional applicants for the Rent Review Panel.

Bay area rents are still rising

“A new report dissecting rent trends across the Bay Area is filled with bad news for tenants. With a handful of exceptions, today’s rents are higher in most of the region’s cities than they were a year ago.”

Concord is Looking for Additional Applicants for the Rent Review Panel

CONCORD — The city seeks additional applicants for the landlord seat and to serve as the alternate tenant member on the panel that hears disputes over proposed rent increases.

GOP tax proposal would gut affordable housing, state officials say

“SACRAMENTO — Less than two months after California passed hard-fought bills to build more subsidized rental housing for the poor, affordable-housing advocates are reeling from a federal tax-reform proposal that could grind that momentum to a halt and wipe out an existing program that created roughly 20,000 such homes last year.”

$500,000 Bay Area homes are becoming an endangered species

The Bay Area’s housing affordability crisis is so widely acknowledged that it sometimes can seem like the new normal. But this graph – showing the declining share of single-family homes that sell for $500,000 or less – is a stark reminder of just how dire the situation has become…

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Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest listings in Concord by map (click the map below):

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Concord CA Real Estate Map Search

Dana Estates Real Estate | Renting or Buying…Either Way, You’re Paying Someone’s Mortgage

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Renting or Buying…Either Way, You're Paying Someone's Mortgage | Dana Estates Real Estate

Dana Estates Real Estate | Renting or Buying…Either Way, You’re Paying Someone’s Mortgage

The real estate market in Concord, California is still very active. Reasonable sellers are receiving offers quickly and buyer confidence remains strong. There are multiple price points and types of houses available in Concord, CA.

Particularly around the Dana Estates neighborhood 94519 zip code, homes are in demand. The neighborhood provides convenient access to Highway 4 and to downtown Concord. It is also about equal distance from both the Concord BART station and the North Concord BART station.

Purchasing a home is one of the largest financial decisions that a family can make. Because of the size of the transaction, there are many complicated decisions that surround the purchase of a home.

Today we are going to talk about: Renting or Buying…Either Way, You’re Paying Someone’s Mortgage.

There are some people who have not purchased homes yet because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich,”

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 3.94% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

Source… KCM Peter Maclennan Blog

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest real estate listings in Concord, CA by map (click the map below):

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Concord CA Real Estate Map Search

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