Selling Dana Estates

Homes for Sale in the Dana Estates Neighborhood of Concord

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Homeowners Out-Earned Job Holders in 2021

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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

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

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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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Numbers Don’t Lie – It’s Still a Great Time To Sell [INFOGRAPHIC]

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infographic with nationwide real estate statistics for september 2021
Infographic

Nationwide Highlights

  • Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.
  • Housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
  • Feeling motivated? If you’re ready to sell and capitalize on today’s market, let’s connect.

Diablo Valley Real Estate Update

Concord CA Real Estate Market Highlights

In September 2021*:

  • Average Days on Market increased to 15 days.
  • The Median Sales Price for single-family detached homes is $853,896 up 10.4% from September 2020. This is despite having a 12.7% increase in new listings year to date.
  • Houses are still selling above asking price (103%).
  • The market is still very active. Let’s discuss if you have questions about the market.

*Source: CCARToday.com

Dana Estates Your Home Equity is Growing!

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Your Home Equity Is Growing [INFOGRAPHIC]

CA Homeowners have seen the value of their home increase dramatically. The nationwide average is $51,500 in equity GROWTH!

Your Home Equity Is Growing [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re a California homeowner, today’s rising equity is great news. On average, CA homeowners have gained $116,000 in equity since this time last year.
  • Whether it’s funding an education, fueling your next move, or starting a business, your home equity is a great tool you can use to power your dreams.
  • Ready to sell? Let’s connect to talk about how you can take advantage of your rising equity to reach your goals.

Diablo Valley Real Estate Market Update – Video

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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.

What is contributing to the shortage in single-family home inventory?

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Have you noticed that homes are in short supply even though we are in the midst of a pandemic? 

JVM Lending published a great blog on the single-family home shortage last week. In the article he named the following as top reasons for low inventory:

  1. Sellers are reluctant to list during the pandemic,
  2. Demand is surging due to low mortgage rates,
  3. New construction in California is woefully lagging,
  4. Shifts in demographics – people are staying in their homes longer.

The Homebuying Gorillas

An additional reason touched on in the article for low inventory is the addition of Wall St. Money to the home purchase market place. Just this week, the largest home owner in America announced that they had raised another $1 Billion (with a B) to buy homes in suburban neighborhoods.

America’s Largest Landlord Adds $1 Billion for Its House Hunt WSJ.com

GlobeSt.com is forecasting that demand for single-family rental market will continue to grow. 

What is the Local Impact?

Doing an address search for the mailing address of Invitation Homes provided approximately 350 homes owned by the company in Contra Costa County.

Tricon American Homes, the second largest home rental company, appears to own over 230 homes in Contra Costa County.

Combined this is nearly 600 homes that we should not expect to sell anytime in the near future as the investment model of these two companies is for long-term cash flow. 

Bottom Line

What’s the conclusion we can draw from this? Housing inventory remains extremely low despite high demand and low interest rates.

Sellers can expect a properly price property to sell quickly.

Buyers should realize that the market is competitive and they should write a very strong offer.

If you are thinking of selling, now is a great time to capture equity and position yourself in cash for the next purchase. I would love to discuss this option with you.

Peter Maclennan
Real Estate Broker
925-385-8798
DRE #01801793

Does “Aging in Place” Make the Most Sense for Dana Estates Home Owners?

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Does “Aging in Place” Make the Most Sense? for Dana Estates Home Owners

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.

Bottom Line for Dana Estates

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.

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

Get Ready for the Rainy Season | Dana Estates Real Estate

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Get Ready for the Rainy Season photo

Don’t get all wet. Prepare for the rainy season while it’s dry.

According to USClimateData.com, Concord, CA and Dana Estates average over 16 inches of rain per year. The majority of that rainfall arriving between November and March each year.

We know. The last thing you are thinking about at the summer barbecue is preparing for the stormy season. But it really is worth taking a look around your house during fair weather, because finding out you have a problem during inclement conditions is at best inconvenient and at worst very costly.

“An ounce of prevention is worth a pound of cure.”

Benjamin Franklin, 1736

Tips to Get Ready for Rainy Season

Check your rain gutters.
Clear them out and make sure they are in good working order to prevent damage to the roof or house.

Look at your roof.
If you see loose or damaged shingles, get them repaired. Look for tears and buckling on flashing. Check the chimney and look for damaged bricks, cap or cracked joints. Don’t forget the flashing there too.

Check indoors for signs of roof leaks.
Look for discoloration and peeling paint on ceilings and walls. Check in the attic for damp rafters.

Check the trees.
Trim back branches and cut sections that could fall in a rainstorm.

Check doors and windows.
Make sure there are properly insulated with weather stripping.

Look for water collecting at the base of the house.
Redirect water with trenches or drains away from the foundation of your home.

Keep sandbags on hand.
If your area is prone to flooding, keep them filled and at the ready.

Check for erosion.
This is important if you live near a hillside. Shore hillsides up if necessary.

If I can connect you to a professional to assist with any of these tasks, please reach out to me.

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.

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

Vacant vs. Occupied: What You Need to Know Before You List Your Home

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It’s time to sell your home. You have your eye on an attractive new home in that lovely neighborhood and you can’t wait to get out of your old place. But if you rush out of your old home before it’s sold, you could be losing out on thousands of dollars.

But why?

The numbers speak for themselves: vacant homes simply don’t sell as well as occupied homes. According to the CAR.org graphic below, vacant homes sell for $11,036 less, and remain on the market an average of six days longer than occupied homes.

https://car.org

Of course, there are pros and cons to selling either way. For instance, a vacant home is easier to show; buyers’ agents can show the house any time of day without worrying about disturbing the occupants. As well, an occupied home must be kept clean and presentable for prospective buyers. Nonetheless, occupied homes continue to sell for more than vacant homes, and often appeal more to buyers due to their cozy, lived-in atmosphere.

Unable to sell before you move out? Have no fear, a professionally staged home can look just as lively and welcoming as a lived-in home if you’re willing to pay the staging fee.

Bottom Line: “Think before you move (out)”

You will certainly be best served if you consult a real estate professional before listing your home or buying a new home.

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.

Every Real Estate Broker’s 7 Most Important Jobs

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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.

Every real estate broker's 7 most important jobs

Jobs of a real estate broker include:

  • Property Valuation
  • Consultation
  • Photography & Staging
  • Signage
  • MLS Input
  • Tour Coordination
  • Negotiation

1. Property Valuation

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.

2. Consultation

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.

Real Estate Broker Listing Process Infographic
Click to open in new tab

3. Photography & Staging

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.

4. Signage

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.

5. MLS Input

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.

6. Tour Coordination

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.

7. Negotiation

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.

A Broker’s Role

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.

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