Homes for Sale in the Dana Estates Neighborhood of Concord
The Dana Estates Neighborhood Garage Sale is coming up on September 18th. There is still time to register your household for the event.
Please go to SellingDanaEstates.com/Garage-Sale to complete the registration and let us know what you will be selling.
In past years we have had over 40 households participate. Register now so that we can make sure your house is on the map for neighbors entering our community.
CA Dreaming Docuseries
Have you seen the docuseries produced by ABC television stations in California about the Future of the Golden State?
Then entire video is about 28 minutes long, but has been broken up into a number of shorter segments on the following topics.
Episode 1: State of the State
First, we’ll look at the population flux. Many of our friends, neighbors and co-workers are moving out, but most of us are staying put. We’ll find out where people are going and staying — and why.
Episode 2: Wildfires
We’ve sweated it out in record heat. We’ve stood strong against raging wildfires and stared in dismay at our smoke-filled skies. Now, we’ll share stories from the fire lines and gather wisdom from our brightest minds. Their big ideas that could save the West Coast.
Episode 3: Cost of Living
We share the same beautiful state, but live in completely different worlds: the wealthy and those who struggle financially. With the world’s fifth largest economy, what can we do to bridge California’s economic divide? It’s not only a question for the experts. We talked to everyday people tackling challenges they never imagined – and succeeding.
Episode 4: Earthquakes
THE BIG ONE. We’ve been warned about it for decades. With the disruption we’ve faced in 2020, have we forgotten about California’s most destructive environmental threat? There’s hope. We’ll check out the newest technology helping us prepare.
Episode 5: The California Dream
Californians have always shown resilience, no matter what comes our way. Maybe it’s the sound of the surf or the dependable sunshine that inspires us to rise together day after day. Meet the people making waves, and discover the places that still make the California dream come true for everyone.
California is a beautiful state in which to reside. It faces many challenges, but offers a number of opportunities.
If you have a real estate question, please reach out to Peter at 925-385-8798.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
Questions about where the real estate market is as of December 15, 2020? Here are a few answers in the video below. (Hint: read the sign.)
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
The Dana Estates neighborhood in the 94519 zip code is home to residents from various stages of life.
A desire among many seniors is to “age in place.” According to the Senior Resource Guide, the term means,
“…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”
There is no doubt about it – there’s a comfort in staying in a home you’ve lived in for many years instead of moving to a totally new or unfamiliar environment. There is, however, new information that suggests this might not be the best option for everyone. The familiarity of your current home is the pro of aging in place, but the potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits.
A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults explained,
“Given their high homeownership rates, most older adults live in single-family homes. Of the 24 million homeowners age 65 and over, fully 80 percent lived in detached single-family units…The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners.”
If you’re in this spot, 40 years ago you may have had a growing family. For that reason, you probably purchased a 4-bedroom Colonial on a large piece of property in a child-friendly neighborhood. It was a great choice for your family, and you still love that home.
Today, your kids are likely grown and moved out, so you don’t need all of those bedrooms. Yard upkeep is probably very time consuming, too. You might be thinking about taking some equity out of your house and converting one of your bedrooms into a massive master bathroom, and maybe another room into an open-space reading nook. You might also be thinking about cutting back on lawn maintenance by installing a pool surrounded by beautiful paving stones.
It all sounds wonderful, doesn’t it? For the short term, you may really enjoy the new upgrades, but you’ll still have to climb those stairs, pay to heat and cool a home that’s larger than what you need, and continue fixing all the things that start to go wrong with a 40-year-old home.
Last month, in their Retirement Report, Kiplinger addressed the point,
“Renovations are just a part of what you need to make aging in place work for you. While it’s typically less expensive to remain in your home than to pay for assisted living, that doesn’t mean it’s a slam dunk to stay put. You’ll still have a long to-do list. Just one example: You need to plan ahead for how you will manage maintenance and care—for your home, and for yourself.”
So, at some point, the time may come when you decide to sell this house anyway. That can pose a big challenge if you’ve already taken cash value out of your home and used it to do the type of remodeling we mentioned above. Realistically, you may have inadvertently lowered the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, need the extra bedrooms, and may be nervous about the pool.
Before you spend the money to remodel or renovate your current house so you can age in place, let’s get together to determine if it is truly your best option. Making a move to a smaller home in the neighborhood might make the most sense.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
If you take a look at national home values over the last decade, you will not be shocked that few millennials are able to afford down payments in recent years. Yet, homes continue to sell, and first-time homebuyers are scrambling to make down payments by whatever means possible.
As Bankrate mortgage analyst Deborah Kearns told MarketWatch.com, “[Millennials are] having to be very creative and diversify the ways that they’re coming up with their down-payment and closing cost money.”
One of these ways, according to a Bankrate housing survey, is dipping into retirement savings–a scary concept to financial advisers. Thirteen percent of millennials say they will use retirement savings to fund down payments, compared with just 8% of Gen Xers and 7% of baby boomers.
It is possible that millennials feel as though they have more time to recover the lost retirement savings after they buy a house, as they are still relatively far from retirement age. And although 13% is far from a majority, it worries financial analysts, who advise keeping retirement savings intact no matter what.
Among those millennials who do not yet own a home, the largest barriers to home ownership include: income too low (52%), cost of living too high (45%), and remaining student loan debt (23%). View the Bankrate survey infogram here.
It’s no surprise homebuyers are struggling to make down payments in high-cost residential areas of California. In Dana Estates alone, the median home price was $615,000 in 2018. See below for the Dana Estates market report for 2018Q1 through 2019Q1.
So what should you do if you still want to buy a home? Kearns advises that you leave your retirement savings untouched. Instead, carefully estimate what size mortgage you can afford and then start a savings account specifically for your down payment and closing costs.
And as always, consult a financial adviser before making large shifts in your budget. Even if you can afford it, protect your future by making informed decisions. Buying a house is a big decision, but that alone should not keep you from taking such an important step. Owning a home is possibly the most effective way you can build wealth and root your life in a community.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
Realtor.com recently published an article detailing the savings needed to buy a home in the 11 largest metropolitan areas in America. Cities like New York, Los Angeles, Dallas, Philadelphia, and San Francisco made the list.
The author’s then tabulated the average down payment for that metropolitan area. Then they broke down the down payment into a daily savings goal over both a 5-year and a 10-year period.
Not entirely surprisingly, San Francisco’s median home price was the highest at $954,000. The average down payment was $171,836.
A San Francisco home buyer would need to save approximately $94 per day to save up this amount in 5 years or $47 per day to save up in 10 years. Converting this to Starbucks lattes resulted in cutting out 26 lattes per day to save up enough for a down payment in a 5 year period.
Let’s do an analysis for single-family detached homes in the Dana Estates neighborhood in Concord.
In the past 6 months about 22 single family homes in the Dana Estates neighborhood have sold as of 8/19/2019. That isn’t counting homes currently on the market or in pending status.
The median listing price for homes was $622,000, with a median sale price of $634,000. Using 15% as an assumed down payment, a buyer would need to save $95,100.
To save $95,100 for a down payment in Dana Estates in five years would require saving $52.08 per day. Simply cutting out 14 Grande Lattes per day at Starbucks.
To save the $95,100 in 10 years would require, a more manageable, $26.04 per day. Thus only cutting 7 Grande Lattes out of your diet. (Note: Your waist and your heart will thank you for this sacrifice.)
If we include condos, townhouses, duets, and other single-family homes to our analysis, what will a home buyer have to save in Concord, CA?
In the six months prior to August 19, 2019 there were 940 sales of single-family homes in Concord. The median sales price was $595,000. Assuming a 15% down payment, allows for a down payment of $89,250.
To save $89,250 for a down payment in Concord would require a daily savings goal of $48.80 for five years. On our Grande Latte scale that equates to 13.4 lattes per day removed from your diet.
Over ten years the daily savings goal is decreased to $24.44 per day. The coffee habit would need to decrease by almost 6.7 lattes per day.
While cutting out 14 lattes per day may not be possible, there are some unique loan programs that allow a buyer to purchase a home with a down payment of only 3.5% of the purchase price (FHA). A down payment of 3.5% equals $21,770 on the average Dana Estates home.
Peter Maclennan will gladly connect you with one of his recommended lenders to understand payment options and getting a mortgage.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
Despite talk of a coming recession, national trends in home inventory and low mortgage rates might be the perfect storm for bidding wars to come.
According to Yahoo! Finance, a coming inventory shortage will mean bidding wars over the available homes.
Despite a spike in May, home sales have been lagging, possibly indicating a market drop in the months ahead. However, home prices remain high due to a slow down in inventory growth. The growth in number of homes available for sale is down from the first quarter of 2019 high of 6% to just under 3% in May.
Mortgage rates alone have not sparked buyers because they continue to decline. Current 30-year fixed mortgage rates are down 3.91%, but still half a point higher than the historic 2012 lows.
“As long as mortgage rates are moving down there’s really no urgency on the part of buyers,” Realtor.com chief economist Danielle Hale told Yahoo! ‘First Trade’ in the video below:
Source: Yahoo! Finance
If mortgage rates level out, buyers will no longer see waiting around as a viable option, especially if there is a shortage of homes on the market. This potential combination could trigger bidding wars and competition among buyers down the road.
Hale doesn’t think we will see a dramatic increase in median home prices, only because prices already sit so high in many markets. However, it is possible we will see an increase in starter home prices, as overhead construction costs continue to rise and starter homes generally attract more motivated buyers.
“Be patient,” Hale advises home buyers, “but take advantage of those mortgage rates that are definitely low right now.”
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
Peter Maclennan is a real estate broker serving Contra Costa County and surrounding areas. To reach Peter, call 925-385-8798 or email at peter@maclennaninvestments.com.
Selling a home is so easy, you can do it with a few clicks online and just wait for the offers to come in. Right?
Not exactly.
When it comes to listing your home for sale, you want to be sure it is done right in order to attract the highest offer possible. This is where full-service brokers come in. Most brokers have tested marketing strategies and networks to ensure a property gets the best exposure to the right buyers.
So what makes a full-service broker worth their commission? Here are the seven most important duties of a real estate broker.
Once a real estate agent has signed a listing contract (under the license of a broker), the first step in the listing process is to determine the value of the property. The agent will run a comparative market analysis to examine recent sales of similar properties in the area. Based on the sale price of these homes, the agent will determine the fair market value (FMV) of the client’s home and take into consideration the home’s condition, specific location, recent updates and amenities to recommend an market price to the seller.
Setting the initial list price is a key component of maximizing the marketing exposure for a property.
One of the ongoing duties of a real estate broker is client consultation. As long as the broker is bound to the listing contract, they are required to represent the client’s best interests. This means the broker must provide candid expert advice at every step of the transaction; this includes explaining important documents to the seller and ensuring legal compliance throughout the entire sale process.
Most real estate brokers either have in-house professionals or a reliable network of photographers and home staging experts who help make a home look its absolute best to potential buyers. The broker will arrange these services according to the seller’s wishes, though experts agree that professional photography and home staging are well worth the cost.
This seems like an obvious part of selling a home, but only because it is crucial to gaining exposure. Brokers will place a “For Sale” sign in front of the house, and they will also create attractive property flyers to distribute to buyers or agents who may be interested. These marketing materials not only provide visibility; a professional sign and high-quality flyers show buyers that the seller should be taken seriously.
Once a property has been staged, photographed and priced, it is time to list it for sale on a multiple listing service (MLS). An MLS is a regional online network used by real estate brokers to exchange property information, give showing instructions, and contact other brokers to buy and sell properties.
As soon as property information and photographs are added to the MLS, the real estate community is notified that the property is for sale. Because this network is the primary means of targeted exposure and is only accessible by licensed brokers, the MLS may be the most valuable tool in a broker’s arsenal.
When other brokers are notified that a property is on the market, it is the responsibility of the listing broker to coordinate tours for prospective buyers. This includes touring individual families as well as holding open houses.
While not all home sales require an open house, most will greatly benefit from a public open house for interested buyers to see the home in person. Most are familiar with these open houses, but a listing broker may also choose to hold a broker tour for the brokers who are representing buyers. At both open houses, the listing broker will be present to guide buyers through the house and answer questions they have about the property.
Possibly the most overlooked duty of a real estate broker is the negotiation of offers and contract terms. When buyers submit offers to the listing broker, the broker will confidentially disclose the offers to the client. If applicable, the broker will then submit a counter-offer on the client’s behalf, so as to get the best possible price for the home. Due to the broker’s required experience and knowledge, they are often able to sell the home for more than the initial offer amount. Once the broker has negotiated an acceptable price and terms, the client will accept the offer and the property enters the contract period.
Think of it this way: The broker is like your airplane pilot. The contract is like your flight. Once the plane is in the air, it’s not difficult to fly. The route is predetermined and the autopilot can do most of the work.
But taking off and landing are much more difficult, and you would certainly want an experienced professional in the cockpit if something went wrong while you were in the air.
Your real estate broker guides you through the takeoff (entering the contract period), landing (close of escrow), and any turbulence (repairs, inspections, etc.) you didn’t expect on your journey so that you land safely and on time with your belongings intact.”
As you can see, selling a home is an intricate process that can take months to finalize. While it is possible to sell your home on your own, most homeowners realize it’s worthwhile to work with a full-service real estate broker. This saves time, money, and worry on the part of the seller.
Peter Maclennan is a licensed real estate broker serving clients in and around Contra Costa County. If you are considering selling your home, Peter will provide FREE consultation and home valuation. To reach him, send an email to peter@maclennaninvestments.com or call 925-385-8798.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
Recently, Zillow.com released the April 2019 housing market report for the San Francisco Metro. As one of the largest cities in the East Bay, Concord was highlighted in the report. The report is based upon the Zillow Home Value Index (ZHVI), which is the mid-point of estimated home values for the area.
ZHVI San Francisco Metro – PDF
As shown by the positive year-over-year change, home values and rent values are increasing in Concord and across Contra Costa County. Following the trend of the greater San Francisco Metro, property values in the East Bay continue to increase year-to-year.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
This year has been off to a great start, with lots of activity in and around Concord. Most notably, progress has been made with regards to the Naval Weapons Station. Master developer Lennar will be implementing a city park and youth recreation complex at the site, in addition to retail space and single-family residencies. You can read more about the Specific Plan from the Concord City website.
In the real estate market, the last 16 months have been active as well. Last year we saw 56 Dana Estates homes sold, with a median sale price of $615,000. Homes are selling over list price, with the average home selling at +0.77% over list price.
Smaller homes are selling just as well as larger homes. Two- and three-bedroom homes are selling at +0.90% over list price, compared to four-bedroom homes at +0.55%.
As shown by the chart below, December had the highest number of homes sold in Dana Estates, though the average sale price remained relatively consistent year-round.
Homes sold quickly in 2018, with the median days on market (DOM) at 14; that means most homes are in contract just two weeks from the day they are listed.
This year shows a more impressive number of homes sold, with 21 sold in the first four months. The median sale price is down on all homes, but properties continue to sell at nearly 1% over list price. The DOM is down to a median eight (8) days.
As you have seen, property in Dana Estates continues to be in demand, and it remains a seller’s market as there is more competition to buy houses than to sell.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure 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 at peter@maclennaninvestments.com.
To reach Peter Maclennan please call 925.385.8798 or email at peter@maclennaninvestments.com.
