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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
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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.

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

What Are the Benefits and Costs of Owning vs. Renting?

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The age-old question that continues to plague homeowners and tenants alike: Is it better to rent or own? Current homeowners say own, but many disagree. A recent Lending Tree survey showed that 67% of current homeowners prefer owning to renting. Fifteen percent of homeowners believe their renting days were easier, while 18% are neutral.

So why aren’t all homeowners happy with owning? Several arguments dominate, but each side has its pros and cons.

Owning

Owning real estate–whether for living, working, or leasing–is an investment. And just like any investment, property ownership can be both difficult and incredibly rewarding.

Pros

The Aramco Group lenders make a few great points about the benefits of owning over renting. Some of the major points are as follows:

  • Equity building – as you pay off your principal, you are building a long-term financial investment that you will have if and when you ever want to sell
  • Fixed-rate payments – most mortgages are on fixed interest rates, meaning your payments will not increase year-to-year
  • Control – you have the power to modify and improve your property to suit your needs and the needs of your family
  • Stability – not only does building equity provide you with financial stability, but a house ties you to a specific location, where you can experience the long-term comfort of a neighborhood community

Cons

Owning a home comes with cautions, as the InCharge debt experts list alongside the pros:

  • Maintenance – you are responsible for the upkeep of your home, including routine maintenance and unexpected repairs
  • Cost – between mortgage payments, property taxes, HOA and emergency expenses, the costs can really pile up; most importantly, you must be able to afford a down payment
  • Long-term commitment – once you’re tied to your community–not to mention your mortgage–it can be extremely difficult to suddenly pick up and leave

Renting

For some people, renting is their only option. For others, renting may be more appealing than buying even when they have the means to buy.

Pros

The Fiscal Fizzle finance blog provides some great pointers on the benefits of renting over buying:

  • Flexibility – rental contracts usually come with a 12-month lease, but some are on a month-to-month basis, which gives you maximum flexibility to relocate as soon as you want
  • Cost – renting a home usually means cheaper monthly payments, in addition to having maintenance expenses covered by the landlord
  • Less risk – because renting is not an investment, there is nothing to lose if the market dips or the property depreciates

Cons

InCharge.org highlights key areas in which renting loses out to buying:

  • No equity – the major problem with renting is that you will have no equity to show for it, no matter how long you rent
  • Little control – you are at the mercy of increasing rental rates, contractual restrictions, and your landlord’s plans for the building
  • No tax incentives – unlike mortgages, the IRS does not provide tax exemptions for rental payments

Whichever side of the issue you find yourself on, just remember these few things about home ownership:

  • Not everyone is suited for home ownership
  • Home ownership requires a stable income and smart financing
  • Like any investment, home ownership can return long-term financial gain

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.

Fire-Resistant Landscaping to Protect Your Home

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In a climate as dry as ours, wildfires pose a particularly dangerous threat to destroy our homes and property. In fact, the Dana Estates Neighborhood recently experienced a two-alarm fire in the open space along Highway 4:

This fire burned about 12 acres in one hour, though thankfully no people or structures were harmed. As fire season enters in full stride, it is more important than ever to take precautions and protect your home.

Follow these Cal Fire landscaping guidelines to help create a fire-resistant environment around your home:

Choose Fire-Resistant Plants

By choosing plants that are high in moisture and near the ground, you can slow the spread of fire across your yard. Plants like aloe and rose shrubs are both attractive and fire-resistant. But remember, fire-resistant does not mean fire-proof. Any plant is susceptible to be burned or damaged by fire, and does not guarantee to stop its spread.

Fire-resistant does not mean fire-proof. There are no fire-proof plants.“

Cal Fire

It is also important to carefully maintain any plants you already have that may produce high amounts of dry debris or litter. Trees like the Mexican fan palm or juniper are known to retain dead debris and are fire hazards.

To learn more about fire-resistant plants, check out this helpful guide to fire-resistant plants.

Create “Fuel Breaks”

According to the UCCE landscaping guide, it is important to create open spaces in your yard in which there is little or no fuel for fire to spread to your house. These open spaces are called fuel breaks.

You can create fuel breaks by spacing plants at a distance that prevents the fire’s spread. The recommended spacing distance is 10 feet between trees, and twice the shrub height for shrubs.

http://www.readyforwildfire.org/

Another way to create fuel breaks is by replacing large beds of bark mulch or dry grassy areas with decorative rocks. Not only does this provide a fuel break, but it will prove to be lower maintenance throughout the year.

Of course, not everyone wants to redesign their entire yard. It is important to remember that proper yard maintenance and awareness of your surroundings are the best protection against wildfire. Keep your trees trimmed, debris clear, and plants watered throughout the dry season and you will be better prepared in the unfortunate event of a fire.

For more real estate advice and market news, visit the Selling Dana Estates real estate blog. You can also contact Peter Maclennan at 925-385-8798 or by email at peter@maclennaninvestments.com.

The Price Is (not quite) Right

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A recent study shows that newly listed homes get 3.4 times more online views than homes with a price drop. This evidence supports the advice I regularly give to home buyers: pricing your home accurately the first time is vital to its success on the market.

Many buyers use online platforms for property research, and every one of those sites uses the number of page views as a key performance indicator (KPI) of interested buyers. The study conducted above showed that a new home receiving 100 page views on the first day it is listed would decrease to 51 views on day two, 25 views on day seven, 17 views on day 30, and so on.

For a price change on the same home, the numbers are significantly lower. There would be 29 page views on day one, 18 page views on day two, 15 views on day seven, and leveling out to 13 views on day 30.

This shows that far fewer home buyers are interested in homes that have changed in price than they are in newly listed, well-priced homes.

Another factor in a buyer’s decision is the number of days a home has been on the market. The longer a home sits on the market, the more suspicious a buyer may be that something is wrong with it. Combine this with a lack of interested buyers, despite multiple price drops, and it could be nearly impossible to sell.

Bottom line: Price your house appropriately the first time.

Use current market data to determine your asking price, even if the data suggests a lower value. Resist the urge to price your home too high and you may see multiple buyers competing for the home rather than watching it sit on the market for months.

Want to know what your home is worth? Get your free home valuation here, or contact Peter Maclennan at (945) 385-8798 or peter@maclennaninvestments.com.

Staging Your Home: What’s It Worth?

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Home staging is useful to help buyers visualize a place as their future home, and agents think it attracts better offers. Here’s what REALTORS are saying about the cost and value of home staging.

1. Staging helps buyers visualize a home as their own

As stated by celebrity staging expert Meridith Baer in a Realtor.com interview:

In some ways, [home] staging is a lot like screenwriting in that you are telling a story. You are creating an environment in which home buyers want to be the star.”

Baer is right. A fully furnished home feels like, well, home. And the security of feeling at home is an essential part of the buyer’s motivation to write an offer.

2. Staged homes spend less time on the market

Over half of listing agents say that a staged home sells faster, according to the graphic above. Meridith Baer says staged homes sell 88% faster than nonstaged homes. The point is, staged homes are more attractive, and they motivate buyers to place an offer for reasons mentioned above.

3. Staged homes sell for more

As the graphic states, 44% of agents say a staged home is a more valuable home. And again, Meridith Baer says staged homes sell for 20% more than nonstaged homes–a margin that may not be quite so high for everyone. But even if staging a home brings in 5-10% more on an offer, it would be well worthwhile.

Either way, a home becomes more desirable if a buyer can immediately envision herself living there. This is reflected by her confidence in buying, her promptness in making an offer, and ultimately the price she is willing to pay.

Which one of the photos below looks like a more valuable home? We’d choose the one on the right.

As you likely guessed, they are the exact same room, before and after staging.

What’s the cost?

The cost of staging a home depends on the size of the home and the length of time the home needs to be staged. Realtor.com estimates home staging to cost $500 to $600 per room per month, plus a fee for an initial design consultation. For three bedrooms, a kitchen and a living room, this would cost $2,500 to $3,000 for a month of staging (plenty of time for a well-marketed home in California).

Imagine you have a 3-bedroom home in the Dana Estates neighborhood listed at $600,000. If a buyer offers 1% over asking price due to the ambiance of the staging, this would mean an offer of $606,000. With this in perspective, the $3,000 you spent staging the home would have been worth it, as you have now earned a $6,000 higher offer. Imagine if the staging brings in 5% over asking price–that is an additional $30,000!

Thinking of Selling?

Many real estate agents recommend home staging, but there may be other factors to consider when making this decision. If you have questions about getting your home ready to go on the market, please contact Peter below or via phone @ 925.385.8798.

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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.

2018-2019 Dana Estates Housing Market Report

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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%.

In the Dana Estates neighborhood, the 2018 median sale price for 2-3 BR homes was $589,950 and the median sale price for 4 BR homes was $650,000.

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.

Real Estate Headlines November 2, 2018

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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

Read More… at SF Business Times.

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

Read More … at GlobeSt.com

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.

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

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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 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).

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

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

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):

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2 Ways to Get the Most Money From the Sale of Your Home | Concord Homes for Sale

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2 Ways to Get the Most Money From the Sale of Your Home

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 I would like to talk about: 2 Ways to Get the Most Money From the Sale of Your Home

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

2 Ways to Get the Most Money from The Sale of Your Home | MyKCM

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

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):

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Concord CA Real Estate Map Search

Low Inventory Pushes Home Prices Higher

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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 I would like to talk about: The Effect Low Inventory is Currently Having on Home Prices

According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase.

Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason behind the large appreciation,

“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

This is great news for homeowners who have gained nearly $15,000 in equity (on average) in their homes over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream homes.

As we near the traditionally busy spring buyers season, there is still hope for buyers as mortgage rates remain low compared to recent decades. The report also predicted that home price appreciation will slow slightly, rising by 4.3% by this time next year.

Bottom Line

If you are looking to enter the housing market, as either a buyer or a seller, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!

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 california real estate search by map
Concord CA Real Estate Map Search

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