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April 2019

Monthly Market Minute
State of the East Bay Real Estate Market

Although the market shift is readily apparent in homes over $1.8M as witnessed by their increasing Days on Market (DOM) and fewer offers, the rest of the market has seen a bit of a respite from any market pullback. For April, we are seeing DOM significantly decreasing for homes listed between $750K-$1.5M. Inventory is way down and sale prices are going over asking again. What happened? Why has the market firmly restablished itself as a strong Seller's market? It appears a combination of continued pent up Buyer demand for "affordable" homes and unexpectedly lower mortgage interest rates coupled with a lack of inventory is fueling a strong Seller's market. It seems the primary incentive for people to sell their home is to move out of the area. Otherwise, long time property owners cannot justify the likely increased property tax burden. All taken together means that there is more demand than supply. Chance are this situation is not going to improve anytime soon.
National Mortgage Rates Inching up as Applications Decline
Mortgage rates are creeping higher, but still remain near 14-month lows. And that’s good news if you’re in the market for a home this spring. As mentioned in previous Newsletters, although it is definitely a Seller's market due to tight inventory, Buyers still have record low mortgage rates available to them. Assuming Buyers can find a home they love, lower interest rates allow them to buy more home. For homeowners that have not taken advantage of refinancing to grab these historically low mortgage rates, now is the time! How long will the low rates last? That is the million-dollar question. What we do know is that mortgage rates will be rising in the long term. Whether buying or refinancing, do you need mortgage recommendations? Let us know! We have several mortgage experts that we work with on a weekly basis. You may be surprised on the variety of programs that are available. Lending criteria have definitely opened up to more creative programs in the last year. If you have any questions, reach out to us, we are here to help!
Click [HERE] for complete article (downloadable PDF in Chrome).
Best Home Improvements for 2019
Spring has sprung and many homeowners are getting excited about starting a home improvement remodeling project. If you are one of those homeowners aching to get started, the first question inevitably is "What project is going to give me the best return?". For 2019, the best projects have expanded beyond the time tested favorites like kitchen and bath remodels and new windows. Family Handyman has some really good ideas. New projects like replacing garage and entry doors, new siding and stone veneers have all become projects offering a new look to your home while providing good return on your investment.  Click [HERE] for complete article.
California Super Blooms and Waterfalls
Record snow in the Sierras and rainfall throughout California this past winter mean one thing come Spring, super blooms of wildflowers and spectacular waterfalls. We are truly blessed being able to live in Northern California with all the beautiful scenery at our fingertips. If you feel like taking a weekend and getting out into nature to see the wildflowers and/or waterfalls, this will be a spectacular year to do it. Wildflowers, depending on the elevation, will be peaking from now through August. Yosemite has some of the most awe inspiring waterfalls in the state. With the deep snow pack, we can expect good flow on waterfalls well into summer. Ready to check it out? See the complete super bloom article [HERE] and see the full Waterfall article [HERE].
Curious what your home is worth?

CLICK HERE AND FIND OUT
Featured Properties & Market Activity
Just Listed!
6130 Mazuela Drive, Oakland

Large Contemporary Executive Home
5 BR | 4 BA  | 4,734 SF 
More info at: 6130Mazuela.com

Offered at $1,850,000
Just Listed!
352 Avalon Bay Court, Point Richmond (on the bay)

Upscale Home with SF Views
3 BR | 2.5 BA | 2,616 SF
More info at: 352AvalonBay.com

Offered at $1,179,000
Just Listed!
18 Ormindale, Oakland

Large Custom Home with Fine Finishes
4 BR | 3++ BA | 2,616 SF
More info at: 18Ormindale.com

Offered at $1,690,000
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