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Regional Park on CNWS Receives Funding

November 17, 2022 by Peter Maclennan Leave a Comment

The Martinez Tribune is reporting that the East Bay Regional Park District is receiving $3 million in state appropriations to begin construction of a staging area for the new Thurgood Marshall Regional Park on the former Concord Naval Weapons Station (CNWS).

“The new staging area, along with a planned visitor center, will help connect the public with the park’s important human history and the natural history and outdoor recreational opportunities of the land,” added Lane. “Establishing public access to Thurgood Marshall Regional Park is a major priority for the Park District.”

Martinez Tribune

The Park’s Name Origin

The Thurgood Marshall Regional Park was named in honor of NAACP civil rights attorney and former U.S. Supreme Court Justice, Thurgood Marshall. Marshall helped to defend the 50 black sailors accused of mutiny after the Port Chicago Naval Magazine blast in July of 1944.

The Park

The park will encompass over 2,687 acres of land on the former CNWS. It will stretch along the hills from Willow Pass Road, south past Bailey Road.

Map of Thurgood Marshall Regional Park
Thurgood Marshall Regional Park from (www.ebparks.org)

Filed Under: Concord Naval Weapons Station, Dana Estates News Tagged With: CNWS, Concord Naval Weapons Station, Concord News

Be Prepared

August 26, 2022 by Margaret Hollingworth Leave a Comment

Emergency preparedness has never been more relevant than now. On September 1, the City of Concord will be hosting an Emergency Preparedness Fair at Todos Santos Plaza in Concord from 5pm to 8pm. Come along to be equipped with important skills such as using a fire extinguisher and shutting off your utilities and more!

While at the fair, enjoy the farmers’ market which begins at 4:00pm and music by local bands, The New Frantics and Garageland Rodeo from 6:30-8:00pm.

Filed Under: Real Estate Market

Homeowners Out-Earned Job Holders in 2021

April 1, 2022 by Peter Maclennan Leave a Comment

Home appreciation outpaced income in much of the US.

One of the sharpest and best reads around is from Jay Voorhees @ JVM Lending. Earlier this week he wrote this:

Owning A House Was More Profitable Than Having A Job Last Year

A few weeks ago, I blogged about the reluctance of sellers to list their properties in the face of so much uncertainty.

But – there is another reason sellers are hanging on to their homes according to various macro pundits.

And that reason is massive appreciation.

According to this Motley Fool column, homeowners made more from appreciation last year on average than the average U.S. worker made from his job.

https://www.jvmlending.com/blog/why-higher-rates-could-save-the-housing-market/

According to the Motley Fool post, the average home appreciated by $52,667 in 2021. Meanwhile the average salary in 2021 was $50,000.

Here in Concord, California the average price from December of 2020 to 2021 increased from $754,553 to $884,716 according to the Contra Costa Association of Realtors®. That increase of 17.3% amounts to a $130,000 growth in net worth. This is above the median household income of $92,706 from the U.S. Census Bureau.

This is one of the reasons that owning your own high quality real estate (like a home in Dana Estates) is one of the best investments you can make.

If you are curious about the value of your home, you can use this link to get your home value.

Peter Maclennan
Real Estate Broker | Maclennan Investment Group, Inc.
DRE #01801793
925-385-8798

Filed Under: Buyers, Real Estate Market, Sellers Tagged With: Buyers, Concord Real Estate, Dana Estates, Dana Estates Real Estate, Homes For Sale Concord, Real Estate News

There Won’t Be a Wave of Foreclosures in the Housing Market

January 7, 2022 by Peter Maclennan Leave a Comment

There Won’t Be a Wave of Foreclosures in the Housing Market | MyKCM

When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago.

Here’s a look at why that isn’t the case.

1. There Are Fewer Homeowners in Trouble This Time

After the last housing crash, over nine million households lost their homes to a foreclosure, short sale, or because they gave it back to the bank. Many believed millions of homeowners would face the same fate again this time.

However, today’s data shows that most homeowners exited their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The latest data from the Mortgage Bankers Association (MBA) studies how people exited the forbearance program from June 2020 to November 2021.

Here are those findings:

38.6% left the program paid in full
  • 19.9% made their monthly payments during the forbearance period
  • 11.8% made up all past-due payments
  • 6.9% paid off the loan in full
44% negotiated work-out repayment plans
  • 29.1% received a loan deferral
  • 14.1% received a loan modification
  • 0.8% arranged a different repayment plan
0.6% sold as a short sale or did a deed-in-lieu
16.8% left the program still in trouble and without a loss mitigation plan in place

2. Those Left in the Program Can Still Negotiate a Repayment Plan

As of last Friday, the total number of mortgages still in forbearance stood at 890,000. Those who remain in forbearance still have the chance to work out a suitable plan with the servicing company that represents their lender. And the servicing companies are under pressure to do just that by both federal and state agencies.

Rick Sharga, Executive Vice President at RealtyTrac, says in a recent tweet:

“The [Consumer Financial Protection Bureau] and state [Attorneys General] look like they’re adopting a ‘zero tolerance’ approach to mortgage servicing enforcement. Likely that this will limit #foreclosure activity for a good part of 2022, while servicers explore all possible loss [mitigation] options.”

For more information, read the warning issued by the Attorney General of New York State.

3. Most Homeowners Have More Than Enough Equity To Sell Their Homes

For those who can’t negotiate a solution and the 16.8% who left the forbearance program without a work-out, many will have enough equity to sell their homes and leave the closing with cash instead of facing foreclosures.

Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home. As Frank Martell, President & CEO of CoreLogic, explains:

“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth.”

4. There Have Been Far Fewer Foreclosures Over the Last Two Years

One of the seldom-reported benefits of the forbearance program was that it allowed households experiencing financial difficulties prior to the pandemic to enter the program. It gave those homeowners an extra two years to get their finances in order and work out a plan with their lender. That prevented over 400,000 foreclosures that normally would have come to the market had the new forbearance program not been available. Otherwise, the real estate market would have had to absorb those foreclosures. Here’s a graph depicting this data:

There Won’t Be a Wave of Foreclosures in the Housing Market | MyKCM

5. The Current Market Can Easily Absorb Over a Million New Listings

When foreclosures hit the market in 2008, they added to the oversupply of houses that were already for sale. That resulted in over a nine-month supply of listings, and anything over a six-month supply can cause prices to depreciate.

It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:

“Total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago (1.28 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, a decline from both the prior month and from one year ago.”

A balanced market would have approximately a six-month supply of inventory. At 2.1 months, the market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.

Bottom Line

The end of the forbearance plan will not cause any upheaval in the housing market. Sharga puts it best:

“The fact that foreclosure starts declined despite hundreds of thousands of borrowers exiting the CARES Act mortgage forbearance program over the last few months is very encouraging. It suggests that the ‘forbearance equals foreclosure’ narrative was incorrect. . . .”

Originally published by Peter Maclennan at MyKCM

Filed Under: Buyers, Real Estate Market

Why Now Is a Great Time To Sell Your Dana Estates House

November 29, 2021 by Peter Maclennan Leave a Comment

Why Now Is a Great Time To Sell Your House | MyKCM

As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles.

In fact, recent data from realtor.com shows a larger share of homeowners are planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too.

According to George Ratiu, Manager of Economic Research at realtor.com:

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.“

If you’re thinking of waiting until the spring to sell your house, know that your neighbors may be one step ahead of you by selling this winter. If you want to stand out from the crowd, this holiday season is the best time to make sure your house is available for buyers. Here’s why.

Sellers Are Still Firmly in the Driver’s Seat

Why Now Is a Great Time To Sell Your House | MyKCM

Historically, a 6-month supply of homes for sale is needed for a normal or neutral market. That level ensures there are enough homes available for active buyers (see graph below):The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows the inventory of houses for sale sits at a 2.4-month supply. This is well below a neutral market.

What Does That Mean for You?

When the supply of homes for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This drives up competition among buyers, who then submit increasingly competitive offers to win out against others in the home search process. As this happens, prices rise and your leverage as a seller rises too, putting you in the best position to negotiate a contract that meets your ideal terms.

And while the low housing supply we’re facing won’t be solved overnight, sellers this season should move quickly to maximize their potential. As the data shows, with more prospective sellers planning to list their homes this winter, selling sooner rather than later helps your house rise to the top of a holiday buyer’s wish list so you can close the best possible deal.

Bottom Line

Listing your home over the next few weeks gives you the best chance to be in front of buyers competing for homes this holiday season. Let’s connect today to discuss how you can benefit from today’s sellers’ market.

Source… KCM Peter Maclennan Blog

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

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Filed Under: Real Estate Market, Sellers Tagged With: Concord Real Estate, Dana Estates, Dana Estates Real Estate, Homes For Sale Concord, Sellers

Will Zillow’s iBuyer Closure Result in a Wave of Bay Area Home Sales?

November 10, 2021 by Peter Maclennan Leave a Comment

Zillow’s iBuyer Program Closes

Zillow Group had a division that would make computer generated offers on a homeowner’s home, with the goal of reselling that home at a profit a little later. On November 2, 2021 Zillow announced the permanent closure of their iBuyer program.

As a result of errors in their algorithmic buying of homes, Zillow is planning to take a loss on the 7,000 homes it now owns.

Zillow said Tuesday in its latest quarterly earnings report that it will write down real estate worth $304 million after buying homes that are now worth less than the company’s current estimates of their future sales prices. The company also expects to recognize an additional $240 million to $265 million in losses on homes it expects to finish purchasing in the fourth quarter.

https://www.cbsnews.com/news/zillow-layoffs-closing-zillow-offers-selling-homes/

iBuyers in the Bay Area?

I had a client ask me a really great question regarding the closure of Zillow Offers their iBuyer program.

My client’s question was, “With Zillow stopping their iBuyer program, are there going to be a lot of properties that come on the market from Zillow?” She had seen an article that said Zillow was going to actually sell them for loss.

It’s a great question. And I told her, I don’t think Zillow will be selling many homes here in the Bay Area Market.
I don’t think Zillow was actually very active in our market. And I found a report from September of 2021. In the report on the major Metro areas where iBuyers, in the United States bought at least 30 properties.

The major iBuyers had a lot of the activity Atlanta, Phoenix, Dallas area. Reading through the list of major metros with significant iBuyer activity, you will notice very few California markets: Riverside, CA , the Los Angeles/Long Beach area, Sacramento, California, & San Diego, California.

But as I mentioned before, the Bay Area is not on this list of major markets where iBuyers purchased more than 30 homes in the second quarter according to these numbers by Zillow.

And also, if you look on the website ibuyer.com, you can see here which market this is, a past grab of something where they’re active. Again, if you go through this, a lot of them are in the Midwest and Sunbelt States. Not a lot here. Los Angeles a little bit. I think they have Riverside, California, Sacramento, and San Diego. But again, the Bay Area is left off this list.

Why were Bay Area homes avoided by iBuyers?

I have a theory with two reasons that iBuyers avoided the Bay Area housing market.

First, the Bay Area entry level home prices are so high compared with other parts of the country.

Second, due to the political challenges of building new homes, the Bay Area has a lot of older homes built after World War II. Many of the homes have been remodeled, expanded, and renovated. While they were often based upon the same models, over the years much of the housing stock has been modified and is unique.

Areas like Arizona, Atlanta, Nevada, & Texas have less restrictive development practices and have experienced large tract home developments in recent years. For computer algorithms to accurately predict the value of a home, the algorithm must compare similar home plans. A computer predicting an accurate value is easier done in newer tract homes where the models are newer and have undergone fewer modifications.

However, it appears that Zillow is having to exit the market because their algorithm didn’t accurately predict housing values.

Don’t Expect a Wave of Cheap Houses

So I would not expect to see a number of homes from Zillow come on the market. So don’t expect to see a bunch of good deals hitting the market because Zillow is shutting down their iBuyer program.

The bottom line is, a full-time licensed real estate agent is going to provide you a more accurate value of your home and a plan to market your property.

If you would like a Professional Equity Assessment Report of your Bay Area Real Estate and how you can utilize the equity, please call Peter Maclennan, Bay Area Real Estate Broker. DRE #01801793

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

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Filed Under: Real Estate Market Tagged With: Bay Area Real Estate, Buyers, California real estate, Real Estate News, Sellers

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Meet Peter

I moved to Dana Estates with my family in 2012. We love the neighborhood. We love that it is relatively quiet, the neighbors are friendly, and the trees that line the street.
If we aren't hanging out at Starbucks or buying a pizza from P-za Pie, you will find us cruising the sidewalks near Lynwood and Beechwood Dr. Feel free to stop me and say hello.

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Peter is a real estate broker serving Central Contra Costa County. He and his family live in the Dana Estates Neighborhood. More…

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Disclaimer: Information on this site is deemed reliable, but is not verified nor is it guaranteed. Peter Maclennan is a licensed real estate broker in the State of California serving the Dana Estates neighborhood in Concord through Maclennan Investment Group, Inc.. CA DRE # 01801793