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Real Estate Headlines November 2, 2018

November 2, 2018 by Peter Maclennan Leave a Comment

SellingDanaEstates.com Must Read Real Estate News for November 2 2018

Here are a sampling of some real estate articles that might be of use for buyers and sellers of real estate.

We are definitely seeing the market change. The market is more balanced between buyers and sellers.

Buyers are getting their offers accepted and even being able to negotiate with sellers. If you have been sitting on the sidelines as a buyer, now is a good time to get in the market.

Bay Area Home Buyers on the Sidelines?

More Bay Area home buyers sitting out as prices continue to rise

Why Does Housing Cost so much?

The San Francisco Business Times seeks to address why housing prices are so high in California.

California leads the nation in many categories from population to venture capital funding. Add lack of housing supply to the list.
The Golden State is under supplied by 3.4 million homes to meet its current housing needs, according to a report on housing underproduction from Up for Growth California, a nonprofit research and advocacy group. The national shortfall is 7.3 million homes, which means California makes up about half of that total.

Why housing costs so much in California and why it may only get worse

Long Commutes Affect Quality of Life

https://www.nytimes.com/2018/10/31/well/family/the-particular-horror-of-long-commutes-for-young-families.html

The Particular Horror of Long Commutes for Young Families from NYTimes.com

More Supply in Bay Area Housing?

While I am not sure that supply is actually catching up to demand. There has been a lot of new construction around the Bay Area.

After years of recording lagging supply, the Bay Area is possibly beginning to catch up. San Jose had the biggest increase in new listings of the 45 major US metropolitan areas included in a September 2018 realtor.com report. San Francisco also ranks among the five housing markets with the largest September supply gains, with 1,683 current listings.

Bay Area Housing Finally Posts Gains from GlobeSt.com

Are We About to Enter a Buyers’ Market? | Dana Estates Real Estate

October 11, 2018 by Peter Maclennan Leave a Comment

Are We About to Enter a Buyers’ Market?

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: Are We About to Enter a Buyers’ Market?

Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyers’ market after sellers have had the upper hand for the past several years. Is this really happening?

The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market that totally favors the purchaser:

Dr. Svenja Gudell, Zillow Chief Economist:

“These seller challenges don’t indicate we’re suddenly in a buyers’ market – we don’t expect market conditions to shift decidedly in favor of buyers until 2020 or later. But buyers certainly are starting to balk at the rapid rise in prices and home values are starting to grow at a less frenetic pace.”

Danielle Hale, Chief Economist of realtor.com:

“The signs are pointing to a market that’s shifting toward buyers. But, in most places, we’re still a long way from a full reversal.”

In addition, Pulsenomics Inc. recently surveyed over one hundred economists, real estate experts, and investment & market strategists and asked this question:

“When do you expect U.S. housing market conditions to shift decidedly in favor of homebuyers?”

Only 5% said the market has already shifted. Here are the rest of the survey results:

Are We About to Enter a Buyers’ Market? | MyKCM

Bottom Line

The market is beginning to normalize but that doesn’t mean we will quickly shift to a market favoring the buyer. We believe Ivy Zelman, author of the well-respected ‘Z’ Report, best explained the current confusion:

“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory…we expect significant debate about whether this is a bullish or bearish sign.
In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.”

Source… KCM Peter Maclennan Blog

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

homes for sale in concord ca — Concord CA Real Estate Map Search

Concord Real Estate News – August 22, 2018

August 22, 2018 by Peter Maclennan Leave a Comment

News Related to Concord Real Estate

Developers Sue the U.S. Navy over Naval Weapons Station

Well this is interesting. According to the SF Business Times, the U.S. Navy, current owner of the Concord Naval Weapons Station, is being sued by multiple developers on the grounds that they violated the Environmental Protection Act.

A group of developers and property owners filed a lawsuit to challenge the U.S. Navy’s environmental clearance to transfer nearly 5,000 acres of land at the former Concord Naval Weapons Station.
San Francisco Business Times

Homeowners with Lots of Equity

The Sacramento Bee reports that California homeowners have lots of equity in their homes because of the recent growth in prices.

Boosted by soaring home prices, California homeowners are now sitting on the richest vein of home equity in the nation, hundreds of thousands of dollars per home in most cases, an analysis shows.
The Sacramento Bee

Home Remodeling is up 30% in 5 Years

According to a HousingWire.com article remodeling has surged 30% in the last 5 years.

Home remodeling continues to increase in frequency as more Baby Boomers are electing to age in place and even Gen Xers opt to improve their current homes rather than trading up to newer ones.
HousingWire.com

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

House Prices: Simply a Matter of Supply & Demand

April 9, 2018 by Peter Maclennan Leave a Comment

As the largest city in Contra Costa County, there are many Concord homes for sale, particularly in the zip code 94519. Concord offers accessibility and a measure of affordability when compared to its pricier neighbors of Pleasant Hill, Walnut Creek, and Clayton.

Neighborhoods within the 94519 zip code include:

Dana Estates
Monte Gardens
Holbrook Heights
Wren Avenue
El Monte
San Vincente

These Concord neighborhoods offer proximity to Todos Santos Plaza and the downtown Concord BART station. As well, they provide access via Willow Pass Rd. to Highway 4.

Today, let’s talk about: House Prices: Simply a Matter of Supply & Demand

Why are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of “supply and demand” which is defined as:

“the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”

When demand exceeds supply, prices go up. This is currently happening in the residential real estate market.

Here are the numbers for supply and demand as compared to last year for the last three months (March numbers are not yet available):

In each of the last three months, demand (buyer traffic) has increased as compared to last year while supply (number of available listings) has decreased. If this situation persists, home values will continue to increase.

Bottom Line

The reason home prices are still rising is because there are many purchasers looking to buy, but very few homeowners ready to sell. This imbalance is the reason prices will remain on the uptick.

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 homes for sale in Concord, CA by map (click the map below):

Concord Real Estate News (March 1, 2018)

March 2, 2018 by Peter Maclennan Leave a Comment

concord real estate news

Concord Real Estate News (March 1, 2018)

Check out some of the latest local real estate news headlines. Most of us know that there is a shortage of housing in the Bay Area. However, many do not know that a shortage of construction workers is one of the forces driving this. To illustrate the demand that contributes to this shortage, the Redfin Housing Demand Index started 2018 with its highest January reading on record. Finally, read one landlord’s story of how his tenants chose to join him when he decided to sell and move out of the Bay Area. The Mercury News is reporting that there are more home browsers than buyers looking at homes for sale.

Hidden cost of housing: How a shortage of construction workers is making our crisis worse

As the Bay Area scrambles to find housing for its growing population, developers are running into another kind of shortage: There aren’t enough construction workers to build the homes the region needs…

The challenge of finding workers only exacerbates the Bay Area’s housing shortage. Despite a dramatic increase in permits for residential construction since 2009, construction jobs have increased at less than one tenth the pace of permits. As a result, wages and the overall cost of building are increasing, forcing some developers to delay projects or, in some cases, not build at all. Read More…

Redfin Housing Demand Index Started 2018 With Its Highest January Reading on Record

More Buyers Toured Homes Than a Year Earlier, but Fewer Made Offers. Read More…

Enough is enough: Tenants join landlord in Bay Area exodus

SAN JOSE – Tony Hicks moved to San Jose in 1981, but he’s had enough.

Hicks told his 11 tenants he would soon place the three homes he owns on the market. He expected disappointment. Instead, most wanted to move with him to Colorado…

The groundswell to leave Silicon Valley — the place of fortunes, world-changing tech and $2,500 a-month-garage apartments — has been building. For at least the last nine months, the San Francisco metro area has led the nation in the number of residents moving out, according to a survey by online brokerage Redfin. Read More…

More browsers, fewer home buyers in hot Bay Area real estate market

The New Year brought lots of home shoppers, but not so many home buyers.

Bay Area residents continued to show strong interest in home ownership in January, despite rising mortgage rates and home prices, according to a study by real estate brokerage Redfin. Demand hit record levels across the country for the typically slow winter month. Read More…

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

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

Latest NAR Data Shows Now Is a Great Time to Sell!

March 1, 2018 by Peter Maclennan 1 Comment

Neighborhoods within the 94519 zip code include:

Dana Estates
Monte Gardens
Holbrook Heights
Wren Avenue
El Monte
San Vincente

These Concord neighborhoods offer proximity to Todos Santos Plaza and the downtown Concord BART station. As well, they provide access via Willow Pass Rd. to Highway 4.

Today I would like to talk about: the latest NAR data and why it indicates that now is a good time to sell.

We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Two major reports released by the National Association of Realtors (NAR) revealed information that suggests that now is a great time to sell your house.

Let’s look at the data covered in the latest REALTORS^® Confidence Index and Existing Home Sales Report.

REALTORS^® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that homebuying demand continued to outpace the supply of homes available in January.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger demand there is).

In addition to revealing high demand, the index also shows that compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 22 states, ‘stable’ in 25 states, and ‘strong’ in only 4 states (Alaska, Nevada, North Dakota & Utah).

Takeaway: Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales but was instead the inventory of homes for sale (supply). The report explained:

Total housing inventory rose 4.1% from December to 1.52 million homes available for sale.
Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
This represents a 3.4-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR:

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 3.4-month supply, and houses are going under contract fast. The Existing Home Sales Report shows that 43% of properties were on the market for less than a month when sold.

In January, properties sold nationally were typically on the market for 42 days. As Yun notes, this will continue unless more listings come to the market.

“While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

Source… KCM Peter Maclennan Blog

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

Search for the newest homes for sale in Concord, CA by map (click the map below):

Concord Real Estate News (February 22, 2018)

February 22, 2018 by Peter Maclennan Leave a Comment

Concord Real Estate News February 22, 2018

Explore the latest local real estate news headlines here: California renters could get a tax break and new protections from eviction. On the ownership side, Bay Area home values continue to climb – whether on the high or low end of the market. A new poll shows that the cost of the California Dream is far out of reach for most people under 40. Finally, experts are more pessimistic about the U.S. housing market following the new tax laws.

California renters could get a tax break — and new protections from eviction

SACRAMENTO — California renters would gain new legal protections — and a doubled state tax credit — if lawmakers pass a package of bills announced Thursday amid pressure to help millions of people coping with the threat of eviction and lack of available rental housing. Read More…

High or low end, Bay Area home values continue to climb

In most parts of the country, inexpensive starter homes are making the greatest gains in value for buyers.

But once again, the Bay Area is running counter to national housing trends — high-end homes and entry-level homes are appreciating at nearly the same rate. Read More…

Cost of the California Dream far out of reach for most people under 40, new poll shows

Renters under 40 in California, increasingly squeezed by the region’s skyrocketing costs and housing crisis, are more than three times as likely than older residents to be severely cutting back on all their other expenses in order to afford paying their rent. Read More…

Experts More Pessimistic about U.S. Housing Market Following New Tax Laws

Despite fast-rising home values now, housing experts say they expect appreciation to slow to below 3 percent by 2021

New changes to U.S. tax laws led 41 percent of survey respondents to lower their long-term expectations for the U.S. housing market, according to the 2018 Q1 Zillow® Home Price Expectations Surveyⁱ.

The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing experts and economists about their expectations for home price growth, and whether tax reform affected these predictions. Read More…

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

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

Concord Real Estate News (February 20, 2018)

February 20, 2018 by Peter Maclennan Leave a Comment

Here are some of the most recent local real estate news headlines: When most people think of building wealth, they think of saving or investing in stocks or bonds. However, simple land and home ownership is often overlooked. In the Bay Area home ownership is increasingly becoming more expensive. Some are unable or unwilling to take that route and we now see renting rising in popularity. Many want more housing but don’t want it enough to put up with less open spaces or more crowded highways and transportation.

Land Is Underrated as a Source of Wealth

In the long term, housing does about as well as stocks. It’s also a major driver of inequality. Read the Full Story on Bloomberg.

Bay Area residents want more housing, but …

Fed up with soaring prices that are increasingly putting home ownership, or even a decent rental, out of reach, Bay Area residents overwhelmingly say they want more housing built, according to a new poll. But it better not make their commutes worse.

Residents said they support everything from new single family homes to housing for the homeless in their communities, tossing aside NIMBY concerns that sometimes throw a wrench in building plans. But there were limits to their enthusiasm. Respondents balked at building anything that would cut into the Bay Area’s cherished open spaces or funnel more people onto crowded local freeways and public transit, making their treks to work longer. Read More…

Bay Area home prices shoot up 12% in January as inventory plunges

The Bay Area’s median home prices shot up 12 percent in January from the prior year amid a worsening housing shortage.

Single-family home inventory hit a three-year low, pushing the Bay Area’s median price for single-family homes and condos to $880,000, compared to around $774,000 in January 2016. The price was down slightly from November 2017’s all-time peak of of $910,350. Read More…

Is home ownership losing its luster in these Bay Area cities?

As more people are unable, or unwilling, to buy a home, many major destinations in the Bay Area and beyond are turning into cities of renters. Read more…

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

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

Concord Real Estate News (February 13, 2018)

February 13, 2018 by Peter Maclennan Leave a Comment

Here are some of the latest real estate news headlines: Some bay area residents have seen their houses sell for hundreds of thousands of dollars over the listing price. Others have balked at the Bay Area’s high housing costs and have left. On another note, do you think California is ready for a Proposition 13 overhaul? Finally, explore recent home sale prices in Contra Costa County.

Packing up and moving out: Bay Area exodus continues

Efforts to move out of the Bay Area continued in recent months, with 16,000 residents packing up and taking to the road for cheaper housing and new opportunities. A study by real estate brokerage Redfin found the Bay Area remains the top region for outward migration in the country.

The most popular destination for Bay Area refugees remains Sacramento, followed by other tech hubs and California cities. “It’s pretty much in line with what we’ve seen for the past few years,” said Taylor Marr, senior economist at Redfin. “Many people leaving the Bay Area are still looking in California.” Read More…

Is California ready for a Proposition 13 overhaul?

A new ballot initiative that takes aim at how commercial properties are taxed under California’s Proposition 13 could raise $6 to $10 billion more each year for schools and other programs and services, according to a new analysis by the Legislative Analyst’s Office. Read More…

Why Even ‘Ordinary’ Homes Sell for $500,000 Over the List Price

Almost a quarter of U.S. home sales were above the asking price last year, with an average premium of $7,000. These sellers managed to get a lot more. Read More…

Home sale prices from Contra Costa County, Feb. 2

Click Here to explore recent home sales in Contra Costa County.

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

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

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

February 13, 2018 by Peter Maclennan Leave a Comment

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Neighborhoods within the 94519 zip code include:

Dana Estates
Monte Gardens
Holbrook Heights
Wren Avenue
El Monte
San Vincente

These Concord neighborhoods offer proximity to Todos Santos Plaza and the downtown Concord BART station. As well, they provide access via Willow Pass Rd. to Highway 4.

Today I would like to talk about: The Increasing Home ownership Rates That We See Today

The famous quote by Mark Twain in the title of this article can be used to describe homeownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.

A story in the Wall Street Journal gave these new homeownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCafé also concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on homeownership…However, it looks like it takes more to discourage Americans from buying a house than that.

As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in homeownership was also evidenced in a recent survey by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

43% said homeownership was essential to the American Dream
48% said homeownership was important to the American Dream
Only 9% said it was not important

Bottom Line

Homeownership has been, is and will always be a crucial element of the American Dream.

*Pictured Above – Mark Twain’s home in Hartford, Connecticut.

Source… KCM Peter Maclennan Blog

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

Search for the newest homes for sale in Concord, CA by map (click the map below):

Real Estate Headlines November 2, 2018

Bay Area Home Buyers on the Sidelines?

Why Does Housing Cost so much?

Long Commutes Affect Quality of Life

More Supply in Bay Area Housing?

Are We About to Enter a Buyers’ Market? | Dana Estates Real Estate

Dr. Svenja Gudell, Zillow Chief Economist:

Danielle Hale, Chief Economist of realtor.com:

Bottom Line

Concord Real Estate News – August 22, 2018

News Related to Concord Real Estate

Developers Sue the U.S. Navy over Naval Weapons Station

Homeowners with Lots of Equity

Home Remodeling is up 30% in 5 Years

House Prices: Simply a Matter of Supply & Demand

Bottom Line

Concord Real Estate News (March 1, 2018)

Concord Real Estate News (March 1, 2018)

Latest NAR Data Shows Now Is a Great Time to Sell!

REALTORS^® CONFIDENCE INDEX

THE EXISTING HOME SALES REPORT

Bottom Line

Concord Real Estate News (February 22, 2018)

Concord Real Estate News February 22, 2018

Concord Real Estate News (February 20, 2018)

Concord Real Estate News (February 13, 2018)

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Bottom Line

*Pictured Above – Mark Twain’s home in Hartford, Connecticut.

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Bay Area Home Buyers on the Sidelines?

Why Does Housing Cost so much?

Long Commutes Affect Quality of Life

More Supply in Bay Area Housing?

Dr. Svenja Gudell, Zillow Chief Economist:

Danielle Hale, Chief Economist of realtor.com:

Bottom Line

News Related to Concord Real Estate

Developers Sue the U.S. Navy over Naval Weapons Station

Homeowners with Lots of Equity

Home Remodeling is up 30% in 5 Years

Bottom Line

Concord Real Estate News (March 1, 2018)

REALTORS® CONFIDENCE INDEX

THE EXISTING HOME SALES REPORT

Bottom Line

Concord Real Estate News February 22, 2018

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Bottom Line

*Pictured Above – Mark Twain’s home in Hartford, Connecticut.

About this Agent

Social

REALTORS^® CONFIDENCE INDEX