Blog Posts in Category: Real Estate

12/06/2019

Buyers purchasing after Christmas could save BIG!

Buyers purchasing after Christmas could save BIG!

According to an analysis completed by ATTOM Data Solutions, buyers willing to close on a home purchase after Christmas should be aware of substantial discounts on single-family homes and condos. These properties fall below full market value in December and have for the past six years. “Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get. While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That’s a far cry from buying during June when they are likely paying about a 7 percent premium.” said Todd Teta, chief product officer with ATTOM Data Solutions.
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12/03/2019

On the Move: Decisions Seniors Face When Downsizing

On the Move: Decisions Seniors Face When Downsizing

A large house with a sizeable yard and a white picket fence used to be the American dream. Even if you love your house, however, all that space can eventually become difficult to maintain. Especially as we age, many people tire of maintenance and upkeep. Modern seniors want to spend their retirement years living life to the fullest, not cleaning and repairing their property.
Downsizing, or relocating into a smaller and more easily managed home is an ideal option for many seniors. Of course, there’s a lot to consider when planning your move. For instance, you’ll need to determine what to do with your current home. Here are some ideas.   more...

11/20/2019

People staying at home longer is a big reason for slower sales

People staying at home longer is a big reason for slower sales

According to a new analysis by Redfin, Americans stay in their homes for much longer than before creating a shortage in off-market housing inventory. This helps explain why home sales have been fluctuating throughout the year into 2020. Generally, when owners do not shop for a larger home for a growing family or decline as children depart, it stalls the market for buyers who come after them. Long-term homeowners who have remained contributes to the housing inventory falling to their lowest level in decades, which has also contributed to rising housing prices for median-priced homes.
Fewer homes for sale are a major reason for lower mortgage rates, record levels for equity, and a strong labor market. Economists at Redfin say that baby boomers are the biggest culprits because many stay healthier later in life and choose not to sell. While some look around for smaller and less expensive homes and are unwilling to compete with their children's generation to get one.   more...

11/19/2019

For Millennials, is it Even Worth Buying a Home?

For Millennials, is it Even Worth Buying a Home?

Most people find it ideal to purchase a home they want to live in for decades, maybe even forever. But with the rising struggle to overcome the daily cost of living, student loan debt, and almost fair waged jobs, Millennials still statistically face far less chance of homeownership than their generational predecessors.
Nationally, a millennial’s likelihood of owning a home increases by 9% if their parents were also homeowners. While 39.5% of caucasian millennials own homes, the black homeownership rate is just 13.4%, the Asian ownership rate is 27.2%, and the Hispanic ownership rate 24.6%. “Left unchecked,” the Urban Institute study declares, “current trends will result in even greater wealth disparities among white, black, and Hispanic millennials.”   more...

11/15/2019

Understanding the Potential of the Bay Area's Largest Housing Boom

Understanding the Potential of the Bay Area's Largest Housing Boom

New data by the Census Bureau uncovers how the rising wealth of Bay Area residents supports the demand for Bay Area homes throughout this expansion. Less than 8% of residents earned $200,000 or more in 2018, yet in 2019 almost one of four Bay Area families made a salary equivalent to or more. Since 2010, the quantity of Bay Area homes gaining or over this amount has expanded about 400,000, with close to 80,000 residents in 2018 alone. In San Mateo, Santa Clara, Marin, and San Francisco areas, about one out of three families earned, in any event, $200,000 in 2018.
To place this degree of pay in context, a family making $200,000 annually could easily purchase a home priced at $1.5 million, or utilizing traditional financing at current rates. Furthermore, the pay distinction in the Bay Area compared to the national gross average, would without a doubt be more severe if the data was extended to more significant levels of income. While Bay Area home costs continue stressing the financial limit for some households, the unbalanced rise in high-income residents with noteworthy acquiring power has provided support for higher home prices among homes sold.   more...

11/08/2019

Los Gatos is the Best Place to Retire in the Bay Area

Los Gatos is the Best Place to Retire in the Bay Area

Living in the Bay Area has its fair share of difficulties, from the lofty average cost for basic items to the awful traffic, yet there's no uncertainty that life here is additionally loaded with care-free joy. Stunning natural beauty, a cutting edge tech-driven economy, and a feeling of belonging due to diverse cultures make this area one of a kind. Toss in a world-class social scene and the absolute best colleges on earth, and you can see why eight Bay Area cities made it into the top 10 of a new ranking of best places in California to retire.
In a new report by WalletHub, which inspected factors like the typical cost for basic items, climate, change, access to medicinal services and entertaining activities, the Bay Area turned out on top! After all, where else can you find gorgeous beaches, huge redwoods and world-famous landmarks nearby? In fact, there are so many amazing places to live in the Bay that you may have trouble guessing which city ranked number 1.   more...

11/07/2019

Three Bay Area Cities are among the nation's most culturally diverse places to live

Three Bay Area Cities are among the nation's most culturally diverse places to live

While Immigration is still a sensitive topic to most Americans, many would agree that what makes America amazing is the melting pot of culture occurring across the nation. The diversity of a city is a unique selling point in deciding where to buy, sell, or even rent a property. So we are proud to congratulate three Bay Area cities with the highest ethno-racial diversity in the country. The personal finance website WalletHub took a snapshot of the nation. Comparing more than 500 of the largest U.S. cities to see which are the most diverse. The company analyzed each city based on ethnicity, race, language, and birthplace. Most of the data used to create this ranking were obtained from the U.S. Census Bureau.
The largest city in the East Bay, Oakland, came in at seventh place. With a population of 429,082 according to the census, received a score of 68.91. “The city ranked first in terms of ethno-racial diversity,” says WalletHub analyst, Jill Gonzalez. The majority of Oakland’s population is almost evenly distributed between Caucasian, Hispanic or Latinx, and Black or African-American. Additionally, citizens of Asian descent make up for almost 16 percent of Oakland’s population.   more...

11/06/2019

Resources for Unlawful Evictions

Resources for Unlawful Evictions

The Tenant Protection Act caps annual rent increases at 5% plus inflation, while also forcing landlords to specify a legitimate reason for evicting tenants and to offer relocation assistance for no-fault evictions. While AB 1482: California’s new tenant protection act is set to take effect on January 1st, 2020. Many California residents find themselves receiving wrongful eviction notices from Landlords of their respective homes.
We have received calls from recently evicted tenants of competitor Property Management companies, to discuss their options for resolving these matters and finding new homes to reside. It is unclear if the actions of some landlords are motivated by the new law, or simply profit-maximizing. But Advent Properties, Inc. takes pride in conducting every precautionary step to verify that Property Owners we work with are knowledgeable of rental laws, and never abuse this method of unjust evictions.   more...

11/01/2019

The Rising Competition between Move-Up & First-Time Buyers

The Rising Competition between Move-Up & First-Time Buyers

A recent report from Realtor.com® confirms that lower mortgage rates have piqued the interest of more buyers this fall. However, the consistently shrinking inventory of lower-cost homes is not keeping up with the high demand of buyers.
Highlights: • In September, inventory levels were 2.5% lower than a year ago • Mid-market homes—those priced between $200,000 to $750,000, which make up the largest segment of housing inventory—showed zero percent growth in September. • “The mid-tier of housing represents nearly 60 percent of homes for sale on the market, making it a solid indicator of how tight inventory levels are in the U.S.,” says George Ratiu, senior economist for realtor.com®. • Further, homes available under $200,000—the entry-level tier--have decreased 10% over the last year. • Meanwhile, homes listed for sale over $750,000 continued to grow, in September reaching 4.7 percent over levels from a year ago. • However, realtor.com® economists note that if strong homebuying demand, fueled by lower interest rates, continues to persist into the fall, the inventory of homes in this upper-tier price range also could see declines by February of the coming year. • “While lower mortgage rates and the arrival of fall promised a reprieve, conditions continue to tighten as demand remains strong. September inventory trends, especially in the mid-market, may be the canary in the coal mine that we could be headed for even lower levels of inventory in early 2020.” • The median list price nationwide in September was $305,000, up 4.3% over last year. Nationally, homes sold at an average of 65 days in September, one day slower than a year ago. Tell us your thoughts below: • How can move-up buyers edge the first-time buyer competition? • What are some ways that first-time buyers can top move-up buyers in search of lower-cost homes? For More Information set up an appointment to speak with Darryl Glass, our lead Realtor and Broker Associate by clicking here: Darryl's Calendly   more...

10/31/2019

California's New Tenant Protection Act & How it Affects YOU!

California's New Tenant Protection Act & How it Affects YOU!

AB 1482, California's New Tenant Protection Act can get pretty legal pretty fast, so here is what you need to know at a glance:
What the Rent Caps mean to you: • Starting in January 2020, landlords of multi-family buildings (2 or more apartments) cannot increase your rent by more than 10% annually unless local stricter rent control applies. • If you are in a multi-family home in a non-rent-controlled city and received a rent increase of OVER 7.8% between March 15th, 2019 and December 31st, 2019 - On January 1st, 2020, your rent will be reduced to reflect only a 7.8% increase. • Single Family homes not owned by a corporation are exempt from this rent cap law still. What the “Just Cause” Ordinance means to you: • Landlords CANNOT conduct No-Fault Evictions without paying you (the tenant) a relocation payment of one month’s rent or what the local laws state if you are in a rent and eviction controlled city. • However, Landlords CAN evict residents for consecutive delayed rent payments, due to a breach in contract, especially if the resident lived in the unit for less than one year. We are anticipating questions about both the Tenant Protection Ordinance, and about its effects on local ordinances. Please call (510) 500-7531) or email (dglass@adventpropertiesinc.com), and we will help answer your questions and concerns.   more...

10/09/2019

AB 1482: California's New Tenant Protection Act

AB 1482: California's New Tenant Protection Act

Governor Gavin Newsome signed AB 1482 on Tuesday, October 8th, 2019. This new bill implements Just Cause for Eviction and Rent Cap across the State of California. The State of Oregon approved legislation similar to this February 28th, 2019. The new bill is intended to end rent gouging and senseless evictions. However, it does not prohibit cities and counties from creating new legislation or other ordinances that are uncompromising regarding rent caps. The law sunsets on January 1, 2030, so until then here are the highlights from the latest California New Tenant Protection Act:
Statewide rent cap: AB 1482 by Assemblyman David Chiu, D-San Francisco, will place an annual 5% plus CPI cap on rent increases and create new standards for evictions across California. The signing of AB 1482, officially the Tenant Protection Act of 2019, marks the most significant policy change for California’s rental housing owners and tenants in a quarter-century.   more...

09/24/2019

Always be learning, growing...

Always be learning, growing...

"REimagine" 2019 Real Estate Conference
This week, I'm at the California Association Realtors conference in Los Angeles. I'm here to learn more about the Real Estate and Property Management industries. As you're probably aware the real estate market and political arena are constantly changing.   more...

09/18/2019

We love our owners, and it shows!

We love our owners, and it shows!

Property management is not the most glamorous or easy job. Our owners are what make us do a good job. We love when they let us know that we are successful.
Check out a card dropped by our office by a greatful owner.   more...

09/08/2019

AB-1482: The California Rent Control Bill

AB-1482: The California Rent Control Bill

What Is AB 1482? Assembly Bill 1482 was introduced by District 17 Assemblyman, David Chiu. AB 1482 aims to create a statewide rent cap and establish “just cause” eviction standards.
Cities such as Berkeley, Oakland, and San Francisco have more restrictive local laws that take precedence over AB-1482. This law would mainly apply to cities without more restrictive local ordinances.   more...

09/03/2019

You Can't Beat The Best! Spectrum Community Services presents Throwdown trophy

You Can't Beat The Best! Spectrum Community Services presents Throwdown trophy

"You Can't Beat The Best"
Advent Properties was graced with the presence of Lara Calvert and Charles Deterline of Spectrum Community Services to present our trophy from the "Feed The Need Tailgate Throwdown"   more...