Blog Posts in Category: Real Estate

04/01/2020

A Moratoria on Evictions Is Now In Effect

A Moratoria on Evictions Is Now In Effect

div.a { text-indent: 50px; } This week, several cities, the County of Alameda, and the State of California enacted moratoria on evictions for nonpayment of rent. Below you will find summaries of each ordinance relevant to your location:
State of California: Governor Gavin Newsom issued an executive order banning the enforcement of eviction orders for renters affected by COVID-19 through May 31, 2020. The order prohibits landlords from evicting tenants for nonpayment of rent and prohibits enforcement of evictions by law enforcement or courts. It also requires tenants to declare in writing, no more than seven days after the rent comes due, that the tenant cannot pay all or part of their rent due to COVID-19.   more...

03/28/2020

Bay Area home sales regaining momentum!

Bay Area home sales regaining momentum!

Bay Area home costs have begun growing, with careful consumers venturing once more into the market in the midst of low inventory and consistent demand. The middle deal cost in January for single-family homes rose, year-over-year, in Santa Clara, San Mateo, Alameda, and Contra Costa areas, as indicated by another Zillow study. The greatest risers were in tech-strong San Mateo, where the average sale cost expanded 6.3% to $1.47 million, and Santa Clara, with the cost up 2.7% to $1.21 million.
With high demand and scarce homes available to be purchased has been a steady refrain as the region sinks further into a housing crisis. Median home estimations made record gains somewhere in the range of 2012 and 2017, prior to hitting a break in 2018 and 2019. Longterm homeowners have seen their property value take off, while many would-be homebuyers have remained leaseholders or left the region. For buyers ready to get into the market, low-interest costs — floating around 3.5% for a standard, 30-year mortgage — have expanded purchasing force and spending plans. The low stock of homes available to be purchased has added a desire to move quickly for buyers, squeezing costs and making for quicker sales.   more...

03/28/2020

Buying and Selling a Home at the Same Time!

Buying and Selling a Home at the Same Time!

Buying a new house while selling your old home is the best path to take for some home sellers turned home purchasers. Ideally, this change would happen in one day. However, in reality, it isn't so straightforward, and you'll have to expect some time between selling your home and purchasing your new one or the other way around. The procedure is a difficult dance full of complex steps and a rhythm that is hard to do flawlessly. All in all, you might be wondering, would I be able to purchase another house before I sell mine? The response to that is, yes, you can! Yet the bigger question is whether you will want to once you understand the entire process.
Pros and Cons of Selling Before Buying   more...

03/19/2020

5 Terrific Tax Deductions When Selling a Home

5 Terrific Tax Deductions When Selling a Home

Due to the evolving coronavirus pandemic Congress has officially rescheduled the final day to file your 2019 taxes to June 15th, 2020. With that in mind, you might be thinking about whether there are tax deductions when selling a home, and of course, there are! You may recall 2018's new tax code otherwise known as the Tax Cuts and Jobs Act, that changed a few guidelines for homeowners. But have confidence that if you sold your home last year, or intend to sell this year, expect some tax deductions that can still amount to sizable savings when you file with the IRS. Need a full summary of the considerable number of deductions (as well as tax exemptions or other write-offs) at a home seller's disposal? Look at this rundown to ensure you miss none of them.
1. Selling costs   more...

03/12/2020

The Best Time to Sell Your Property is Rapidly Approaching

The Best Time to Sell Your Property is Rapidly Approaching

In spite of the fact that the home buying season has begun sooner than expected this year, Zillow says that homes recorded in May usually sell for more than other months in the year. Truth be told, the Mortgage Bankers Association said that January 2020 was the hottest January for purchasing mortgage applications in 11 years.
As the climate warms up, American homebuyers continue leaving to come out of their winter hibernation to search for new homes. While families with kids, which make up an enormous level of homebuyers, are bound to be excited to purchase, sell or move during the summer to avoid interrupting their child’s school experience.   more...

03/11/2020

The Coronavirus pandemic causes mortgage rates to dip to 8-year low

The Coronavirus pandemic causes mortgage rates to dip to 8-year low

As the coronavirus pandemic effects hit financial markets, U.S. bond yields are falling, driving mortgage rates that freely follow the 10-year Treasury yield toward an eight-year low. With no end in sight, they could sink even lower. The normal rate on a common 30-year fixed home loan hit 3.34% on Monday, as indicated by Mortgage News Daily. That is for borrowers with solid financials and FICO credit scores.
“Aggressive lenders will be at 3.25% today, and 3.375% will be the new going rate for the average lender,” said Matthew Graham, chief operating officer at Mortgage News Daily. That rate hit 3.34% for one day in the summer of 2016, preceding spiking a lot higher than fall the same year. Before that, rates were this low in 2012. While rates, for the most part, follow the 10-year yield, there are sure market factors that keep rates over a specific level.   more...

02/28/2020

The Winter Blues of Realty: SF Homes Selling Under Ask Price for Four Consecutive Months

The Winter Blues of Realty: SF Homes Selling Under Ask Price for Four Consecutive Months

Real Estate website Realty Hop has announced San Francisco is one of the coldest home markets in the country throughout the previous four consecutive months. The listing website estimated the contrast between a home's list price and the closing price. “In theory, stronger markets should exhibit fewer price drops and smaller percentage discounts,” according to Realty Hop.
In February, the typical San Francisco home sale totaled 5.07% less than its list price, a discrepancy of about $61,000. That places the city of San Francisco in 6th place nationwide. For example, the most sought after housing market under this standard was Gilbert, AZ, where the average decline before the transaction came in at 1.69%, a median of roughly $8,500. In January, home sales were 5.75 % below the asking value, for December 5.63%, and a similar figure in November of a year ago.   more...

02/21/2020

Top Mistakes to Avoid When Selling Your Home

Top Mistakes to Avoid When Selling Your Home

Selling your home can be both invigorating and upsetting, particularly if it's your first time. Despite why you chose to sell your home, there are various complexities you can accidentally fall into, making your home selling experience far less than perfect. Fortunately, we've assembled a summary of the most widely recognized home selling mistakes to avoid when selling your home. Underestimating the cost of selling your house While the point of selling your home is to eventually benefit from the profits, many home sellers disregard the expenses related to selling their home. First of all, you can hope to utilize five to six percent of the entire cost of your home to cover the commissions of both the seller and buyer agents. For instance, in the event that you sell your home for $700,000 you could end up paying upwards of $30,000 in commission fees. Besides, this substantial cost does exclude potential concessions homebuyers may need you to make during the negotiation stage, for example, making fixes proposed by a home inspector. Skipping a pre-listing home inspection before selling your house Selling a house can be stressful, even when everything is going according to plan. However, if a homebuyer employs an inspector who notices an issue like pests, mold, or a split foundation, your feelings of anxiety will increase as you jeopardize losing the entire deal. Given that home inspections are relatively affordable, there's very little motive to stay away from them. Getting a pre-posting home review will comfort your psyche, as you'll either realize that your house is in sound condition or you'll have the option to handle the issues before homebuyers get the opportunity to bring them up during the negotiation stage. In the event that an issue arises, you can either fix it or you can tell purchasers and afterward and make a concession during the negotiation stage by properly depreciating the cost of your home. Pricing your home incorrectly On the off chance that you price your home excessively high, your home may remain available on the market for an unfathomable length of time. Then again, in the event that you price your home very low, you'll probably sell your home swiftly yet you chance passing up a lot of cash. The initial step to seeing how much your house is worth is using an online calculator or contact Advent for a free home valuation consultation. Schedule a meeting with your realtor afterward to consider an adequate pricing method for your home. They will take a gander at similar properties in your neighborhood that were recently sold, as well as bring perceptive insights into what the housing market is currently doing. Together, you'll select a satisfactory opening cost as well as a pricing strategy that will incentivize purchasers if your home starts to sit available for a long time. Not budgeting for your move At the point when you think about the moving procedure, you have two choices: paying a moving company or get your friend's truck and moving your items with buddies. By hiring a moving company instead of moving without anyone's help, you're getting somebody who will pack, move, and afterward unload your things. This implies a full-service mover can certainly be justified despite the tasks associated with selling your home. Also, when you contract movers your assets are safeguarded so you're secured in the event that anything breaks. Not addressing the exterior of your house Throughout the years, your home's outside has gotten damaged from the elements. With everything the unstoppable force of life tosses at it consistently, the paint on your home's outside and the stain on your deck has likely lost a touch of their radiance. So before posting, make certain to pressure wash your home first. Ensuring your home puts its best self forward in the marketing photos, you will likewise improve the general check offer when purchasers, in the long run, arrive for a tour. Along with pressure washing your home and deck, you can likewise set aside the time to pressure wash your garage door entryway, fence, yard, driveways, and any walkways you may have. One of the primary things a potential purchaser will see when they pull up to your house is the paint. On the off chance that you need to establish a suitable first impression, at that point you'll have to guarantee that your house is painted an intriguing color and that the nature of your paintwork is choice. While the activity of repainting your home may take a couple of days, the benefit of painting your home before selling will be certainly justified regardless of the effort. An ongoing report found that painting the outside of your home has a 51% quantifiable profit. But try not to stop with just the outside! In the event that you happen to have a bold and unfitting divider, you'll need to repaint them to be a more buyer-friendly neutral shade. Doing so will make it simpler for purchasers to have the option to imagine themselves living in your home as it makes them think about your dividers as a clear canvas.
Not refinishing hardwood floors or cleaning your carpet In case you're reading this at home, look down. How do your floors look? Regardless of whether they don't look awful, there's a fair possibility they're beginning to show their age. Since potential purchasers will be assessing each part of your home, you should begin considering revamping your hardwood floors and cleaning your rug. Regardless of where you're selling, the best time to have your rug cleaned or hardwood floors revamped is directly before you organize your home. Since you'll as of now be moving most (or the entirety) of your furniture to either another home or a capacity unit, this is an extraordinary time to complete your floors (like the floors above) and make them an offering point to potential homebuyers. Forgoing professional real estate photos With the coming of cameras on cell phones, everybody likes to consider themselves a photographer nowadays. Despite the fact that that image you took of your meal a week ago seemed as though it could be highlighted in promotions, you're still most likely not prepared to take your own real estate photographs. A Real Estate Photographer will ensure that your home looks extraordinary when you show it, in addition to the fact that they have the professional equipment, and they comprehend the points that best sell a home. On the off chance that you have an enormous home, a dazzling perspective you need to flaunt, or a lot of land, you may need to consider having aerial photographs taken of your home. The perspectives that automatons can catch are noteworthy and can assist appear with offing your home such that it will ensure it stands apart from different houses in your general vicinity that is available. Furthermore, drone innovation makes this choice more affordable than at any time in recent history, permitting you to get much more value for your money. Lingering during a home tour No one likes someone lingering around them, especially when they happen to be the owner of the house they're touring. On the off chance that you don't leave the home during a showing, potential buyers feel ungainly as they aim to discuss their thoughts on the house. You additionally keep your listing agent from being able to do their job to the best of their abilities as you’re naturally going to want to answer any questions the buyers have rather than leaving those questions to your agent. So as opposed to remaining in your home during a tour, try taking the opportunity to go shopping, get things done, or visit a few companions. Your agent will be thankful! Taking a Lowball Offer Personally Despite your reasons behind moving, the way that you've most likely lived in your home for a considerable length of time implies that you have plenty of solid sentiments attached to it. So when you get a lowball offer, it's normal to feel offended. Rather than leaving, send them back a counteroffer that you and your realtor believe is reasonable. In the event that they truly are intrigued, then you’ll be glad you didn’t let your emotions get the better of you. If you need any assistance during your home selling process, please call Darryl Glass via. Phone at (510) 500-7531, or email dglass@adventpropertiesinc.com dglass@adventpropertiesinc.com. You can also schedule a call with Darryl directly on his calendar below:   more...

01/28/2020

The Age of Buyers is Soaring, But One Group Surpasses Them All

The Age of Buyers is Soaring, But One Group Surpasses Them All

One of the all the more captivating patterns from the ongoing 2019 Profile of Home Buyers and Sellers is the rising age demographics of home purchasers. In general, purchasers' ages have hopped from the middle of 31 in 1981 to 47 in 2019. While numerous aspects contribute to the rising age of first-time purchasers, a housing desert with the lack of affordable entry-level properties seems to play a major role.
From 1981 to 2018, the age gap of first-time purchasers was pretty close, a level line that staggered somewhere in the range of 28 and 32. The main expansion outside of this was in 2019 when it marginally expanded to the middle age of 33. Not a colossal change, yet enough to know there are different components influencing everything. First-time purchasers are confronting various obstacles to enter homeownership. Many experience issues putting something aside for a downpayment with rising home costs, rising rental expenses, and getting their debt-to-income ratio under control with student loan debt. First-time purchasers additionally face a housing desert with the absence of reasonably priced properties. First-time purchasers who do enter the market regularly defeat these obstacles with family help, for example, downpayment help, or the capacity to move straightforwardly from living with parents into homeownership.   more...

01/10/2020

This Bay Area neighborhood had the most buying competition in 2019

This Bay Area neighborhood had the most buying competition in 2019

In 2019, half of the most competitive neighborhoods for buying a home were in the Bay Area. In a recent report from Redfin, home purchasers seeking an area for the calmest, most floral, and convenient distance to restaurants and markets, was the country's most sought after neighborhood in 2019. About 72% of homes in White Oaks, C.A. sold above asking value this year, and most were available for less than fourteen days. Redfin found the median sale price of a home in White Oaks was valued at around $1,835,000. White Oaks took the top spot in Redfin's positioning of the 20 most competitive neighborhoods, yet it has a great deal of nearby competition. Ten of the top neighborhoods are in the Bay Area and near half of those are in Oakland.
The second most competitive Bay Area housing market is the Glenview neighborhood of Oakland. Fourth overall, with more than 84% of homes selling for above the asking price. Likewise a few popular neighborhoods in Oakland like Upper Rockridge, Bushrod, and Piedmont. “I’ve heard a lot of people say the Bay Area housing market is cooling this year, but I’m seeing the opposite in Oakland,” Oakland Redfin agent Katy Polvorosa said in a statement.   more...

12/27/2019

How Fannie Mae Affects Your Mortgage

How Fannie Mae Affects Your Mortgage

What is Fannie Mae? The Federal National Mortgage Association, also known as Fannie Mae (FNMA) strongly leads the secondary mortgage market. Alongside its partner, Freddie Mac, Fannie Mae buys about 66% of America's home loans from the moneylenders that start them. This opens up cash opportunities for organizations to continue loaning and buyers can continue purchasing their homes. For the most part, Fannie Mae and Freddie Mac are behind the rate you get from your home loan bank. The two assume a major job in keeping U.S. contract rates moderately low.
What does Fannie Mae do? Fannie Mae is a gigantic player in the home loan process, but not many borrowers comprehend what it truly does. Fannie Mae does not have any branches or ATMs, you can't get cash from it. But the interest rate you pay and the kind of home loan financing you get are heavily affected by Fannie Mae. To see how Fannie Mae functions, consider a neighborhood bank or home loan organization. On the off chance that mortgage company has $25 million to start mortgage lending contracts, and in the event that the run of the mill contract is $200,000 — that mortgage company can create 125 home loans. ($200,000 x 125 = $25 million.) For example, if your contract client number is 130 at that mortgage company, you're in a tough situation. There's no cash left to loan. That is how Fannie Mae and the secondary mortgage market has become the most important factors.   more...

12/19/2019

Behind downtown Oakland's Office and Housing Boom

Behind downtown Oakland's Office and Housing Boom

Downtown Oakland’s development has been long coming, but the 2008 recession delivered a critical blow to the proposed plan. Freezing practically all development in Oakland until around 2015, as high priced rents were driving the residents and organizations out of San Francisco eastbound.
Now, a flood of relocation from San Francisco alongside nearby business development has made Oakland one of the most sizzling neighborhood economies in the nation. Extra office ventures totaling in excess of 4 million square feet, or space for 20,000 additional workers, are under development or scheduled in Downtown Oakland, which presently has around 80,000 total jobs.   more...

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.
  more...

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...

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