January 2010

Ruby Hill Real Estate in Pleasanton CA Market Update

Market Update for January 1-31, 2010

Actives: 21 detached. Median LP: $2,199,000.
Pendings: 10 detached. Median LP: $1,949,000.
Solds: 2 detached. Median LP: $1,167,500. Median SP: $1,069,000.


November 2009

Academic Performance Index Changes 2008-2009

All Tri-Valley school districts continue to excel in standardized testing. Based on results released September 15th, the highest scores in the Tri-Valley districts are: Hidden Hills Elementary, 962 to 974 (San Ramon Unified); James Dougherty Elementary, 930 to 943 (Dublin Unified); Sunset Elementary, 885 to 904 (Livermore Valley Joint Unified); Mohr Elementary, 956 to 961 (Pleasanton Unified); Sunol Glen Elementary, 879 to 887 (Sunol Glen Unified).

For more information on academic performance in your area, please visit: http://www.cde.ca.gov/ta/ac/ar/.


October 2009
 
Bank-Owned Property (REO) listings have decreased compared to this time last year. Multiple offers are common across all price ranges for well-priced properties.


September 2009

Shifting Markets

Monthly inventory throughout the Tri-Valley has decreased significantly, while the number of homes under contract has increased. In Pleasanton, there are 180 Actives vs. 179 Pendings. Thirty of the pendings are on homes priced at $1,000,000 or more. The upper end of the market has really taken off in the last couple of months.

Dublin's inventory is even less, with 81 Actives vs. 161 Pendings. This is a real reversal from last year when you couldn't give homes away. Other Tri-valley cities are showing a huge decrease in actives vs. pendings also. Livermore has 80 actives vs. 162 pendings, while San Ramon has 141 actives vs. 268 pendings. What this means is that monthly inventory throughout the Tri-Valley has decreased significantly, while the number of homes under contract has increased.
Foreclosures have slowed down because banks aren't releasing homes as quickly into the market. More high-end sales combined with fewer foreclosure sales are causing the median price to climb locally as well as in the greater Bay Area.


August 2009

Trends

1. Multiple offers on well-priced homes under $600K. 
2. Reduced sales inventory.
3. Increased rental listings.
4. Bank owned (REO) properties are hot.

Market Dynamics are Changing

From May 08 - May 09:
The number of new properties listed by month is down 29% in Pleasanton.
The number of homes under contract (pending) by month is up 41% in Pleasanton.
Please contact me  for market stats on your city or neighborhood.

Interest rates are experiencing upward pressure and are not going to stay this low indefinitely.
Important reminder: An improvement in the economy will likely push rates higher over time, which is why it's important to take action during this opportunity of low rates.


Tri-Valley Market Heats Up - May 2009

 East Bay Market Analysis

Actives by City      May     Detached   Attached_ April      Detached   Attached________
Dublin                                     45            51                                  71             62
Livermore                              201           37                                215             40
Pleasanton                            219           27                                246             41
San Ramon                           168           68                                217             86

I am seeing well-priced homes in excellent condition receiving multiple offers. It's a very active market in the Tri-Valley; paperwork is flooding into our office.

2009 started with four defining market characteristics: there are fewer active listings, more pending sales, more units sold and sales prices continue to drop. All of southern and eastern Alameda and Contra Costa counties share these same characteristics to a certain degree.

In the Tri-Valley region (Danville, Dublin, Livermore, Pleasanton and San Ramon), active listings are down between 20 to 30% in each community from a year ago.



April 2009

Favorable home prices and record-low mortgage rates may be spurring sustained interest in home buying.  The Federal Reserve recently reported that the number of home buyers is beginning to pick up. Definitely the number of active buyers is increasing in the East Bay. In California, sales have exceeded 600,000 units on an annualized basis for a number of months.


First-Time Homebuyers $8,000 Tax Credit. Buy Now And Take Advantage!

Copyright 2009 CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) Legal Department.

 

Thanks to two recent laws, a California homebuyer may qualify for $18,000 in tax credits for buying his or her piece of the American dream.  The two tax credits are a first-time homebuyer credit up to $8,000 under federal law, and a new home credit up to $10,000 under California law. 

 

More Information:

IRS website at http://www.irs.gov/newsroom/article/0,,id=204671,00.html.

FTB website at http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

As the traditional spring home selling season gets underway, some neighborhoods may find that many homes on a block are listed for sale. While this may create competition among neighbors, and disappointment if other homes are sold first, it is important to celebrate all home sales as this shows that the area is desirable.  Also, homeowners should note that even if they havent received offers on their house, but other homes in the neighborhood have sold, there now is less competition for home buyers in the area.

I am committed to helping 10 families with their real estate needs by the end of the year.
Who do you know that I can help? 

March 2009

 Housing Market May Have Turned a Pivotal Corner

 With home prices in many areas declining to the point where owning a home is a more affordable option than renting, especially in the West, many potential home buyers appear to be getting off the fence and starting to purchase. Add affordable prices to record-low interest rates and the demand for housing has reached a pivotal turning point.

Home prices in some areas of California have dropped so much that monthly mortgage payments on single-family homes are comparable to apartment rents, according to recent data. Mollie Carmichael, a senior vice president with John Burns Real Estate Consulting, says that in the Inland Empire, the average monthly rent for an apartment is $1,157. Carmichael adds that the average after-tax monthly mortgage payment on a median-priced single-family detached home is $1,154 in the same area.

The large number of distressed properties has led to a surge in home sales around the country. Existing home sales across the U.S. rose 6.5 percent to an annual rate of 4.74 million units in December, according to the NATIONAL ASSOCIATION OF REALTORS (NAR). A senior director of housing economics at Moodys Economy.com believes the latest NAR report means sales have reach bottom.

Interest rates on 30-year, fixed-rate mortgages averaged 5.12 percent for the week ending Jan. 22, which is almost 1 percentage point lower than the average rate in late November 2008, according to Freddie Mac. The prior week, 30-year mortgage rates average 4.96 percent, the lowest since Freddie Mac began its weekly survey in 1971.

To read the full story, please click here: http://www.reuters.com/article/ousiv/idUSTRE50L35320090127

Refinance? First, see whether you will save

Homeowners thinking of refinancing their home loans should consider if the long-term savings is beneficial prior to making a decision. Although there isnt a standard formula to determine whether refinancing is the best option, there are some basic guidelines.

Focusing on the potential savings, rather than the new rate is the first step. To determine the break-even point -- the number of months it will take to pay off the cost to refinance -- divide the total cost of the loan by the monthly savings from refinancing. That number is how long the homeowners should live in the house for the refinance to be viable. For example, if the refinance will cost $5,000 and the monthly savings is $200, then the homeowner will have to live in the home for a little over two years to recoup the costs of the refinance and begin to realize a true savings.

In other news...

2008 was year home buyers finally got off fence

To read the full story, please click here: #http://www.sacbee.com/business/story/1560703.html