Blog Posts in Category: Real Estate
As retirement approaches, many people are concerned about ensuring their financial stability. One way to achieve this goal is by investing in real estate. Purchasing a rental home can provide a stable source of income during retirement, but there are several things to consider before making such a significant investment.
According to Investopedia, investing in income-generating property can be a smart financial move. A rental property can provide a steady stream of passive income that can supplement other retirement savings. In addition, owning a property provides a tangible asset that can appreciate over time, increasing its overall value. However, this is not for the faint of heart, investing in rental properties requires careful consideration, education, research and planning. more...
04/27/2023
Why Young Adults Should Purchase a Home
Buying a house can be a difficult task for anyone to do. So of course with student loans, an entry-level job, and the desire to travel and explore the world, it’s understandable why as a young person there’s the decision to rent over buying. However, homeownership presents many benefits that cause a significant impact to your financial future when choosing to purchase a home earlier rather than later. There’s a reason that Urban Institute finds $72,000 difference between those who purchase a home between 25 and 34, and those who waited to buy until 35 to 44.
1)Building Equity: Why is it Important to have Equity? What is Equity?
One of the most important and crucial parts of owning a home is generating and building equity. Equity is the amount of wealth you have generated from owning your home. Equity can be generated by paying your monthly mortgage, or by appreciation in home value. This wealth can be used later to do things that would otherwise create a challenge for those without it. Equity can be used to pay for higher education, make home improvements, pay for higher education, gain an even better home, and so much more. more...
Photo by Kindel Media.
California launched two programs last month to help those interested in becoming homeowners, and one allows first-time homebuyers to borrow a down payment at 0% interest. more...
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Mortgage rates have finally hit 5% and if mortgage rates continue on their current trajectory, some experts predict 30-year fixed rates could hit 6% within the next few months. But others say the timeline is a little longer. Whenever rates hit this benchmark, one thing is clear: Though a 6% mortgage rate is still considered historically low, it would signify the highest level for rates in about the last decade. more...
Photo by Andrea Piacquadio.
Mortgage rates took another jump higher last week, taking their toll on current borrowers who might have wanted to refinance. Demand from homebuyers, however, appears to be hanging in for now. more...
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Assembly Bill 854 would’ve curbed an owner’s ability to evict tenants using the Ellis Act in rent-controlled jurisdictions. Tenant advocates, racial equity groups, YIMBYs, and even some of their usual opponents wanted to see the bill pass. The cities of San Francisco and Los Angeles — which rarely see eye to eye on housing issues — as well as every Democrat on the Assembly Housing and Community Development Committee, signed on. more...
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According to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy climbed 3.6% in January (not seasonally adjusted). The index was higher by a 25.4% jump in softwood lumber prices and 9.0% price increases for indoor and outdoor paint.
Building materials prices increased 20.3% year over year and have risen 28.7% since January 2020. Over the past four months, the index has climbed 8.4%. more...
On January 6th, 2022, ATTOM released its 2022 Rental Affordability Report, which proves that owning a median-priced home is more affordable than average rents on a three-bedroom property in 666, or 58%, of the 1,154 U.S. counties analyzed in this report. That means major homeownership expenses consume a smaller portion of average local wages than renting.
That can be pretty hard to believe, considering how much the median price of homes skyrocketed since the start of the pandemic, but the data does not lie. Home prices have increased more than average rents and more than average wages in 88% of the counties analyzed. more...
Following a few months of moderating prices last spring and summer, lumber prices are soaring once again; Disrupting the housing market and harming housing affordability.
Over the past four months, lumber prices have nearly tripled — causing the cost of an average new single-family home to increase by more than $18,600, according to NAHB standard estimates of lumber used to build the average home. This lumber price hike has also added nearly $7,300 to the market value of the average new multi-family home, which translates into households paying $67 a month more to rent a new apartment. more...
09/29/2021
What Happens After September 30th, 2021?
'The state legislature adjourned this month without extending its eviction moratorium and the terms of AB 832. So, barring any extraordinary effort on either the governor or lawmakers, the state moratorium should, therefore, finally lapse on September 30, 2021.
Beginning October 1, 2021, and continuing through March 2022, California will enter into the "COVID-19 Rental Housing Recovery Act."
What this means in Alameda County
Nothing at all! For some of you, September 30, 2021, will be the proverbial "light at the end of the tunnel." But for those with rentals in Alameda County, the end of California's moratorium will have absolutely no effect, and properties will remain mired in local "emergency" ordinances, which still effectively prohibit ALL evictions indefinitely. Laws in both Oakland and Alameda County will only expire 60 days after the local emergency ends. Our honest assessment is that regular evictions will not be allowed in Alameda County until 2022 at the earliest. Only cases involving an "imminent threat to health and safety," post-foreclosure, forcible detainer, and at-will tenancies may move forward for the time being. Please reach out to us if these issues relate to your tenancy.
What this Means Everywhere Else more...
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Would-be homebuyers with thin credit files will have a better chance of getting approved for a mortgage if they’ve been paying their rent consistently, thanks to changes to Fannie Mae’s automated underwriting system taking effect next month. more...
Being a rental property owner is something many strive for in their lives. Most of the time, financial advisors recommend owning a rental home is a great investment strategy in building wealth. But, “with great power comes great responsibility,” as you’ll always be required to adhere to the ever-changing local and statewide housing policies and laws. Owning multiple rental properties only ups the stakes, and as with anything else, there are plenty of pros and cons — but that’s where hiring a Property Management company plays a role; we’ll get into that throughout this article too.
Related: How to Hire a Property Manager (Webinar) more...
Nationwide, the challenges contractors are experiencing with fast-rising materials costs, uncertain delivery times, and rationing of vital inputs are due to the ongoing global construction struggles with materials shortages and prices.
The steep material cost increases tell only part of the story — One example is a potential shortage of steel form ties used in concrete formwork. The US-based Concrete Foundations Association (CFA), representing cast-in-place contractors, has announced an industry-wide effort to mitigate the shortage. more...
The California Apartment Association has published an array of compliance materials — including an Industry Insight document, an FAQ, and related forms — to help rental housing providers comply with AB 832, legislation signed into law earlier this month that extends the state’s COVID-19 eviction moratorium by three months.
The moratorium had been scheduled to expire with SB 91 on Wednesday, June 30th, 2021 but will remain in effect through September 30th, 2021.
AB 832 also expands the existing State Rental Assistance Program to provide landlords with 100% of rent owed by qualifying residents.
Compliance materials:
The California Apartment Association has published an Industry Insight document and an FAQ to help rental housing providers comply with AB 832. If you are a CAA member, the Industry Insights are accessible for your viewing. more...
The housing market keeps sailing along. The only headwind that could take it off course is the lack of inventory for sale. The National Association of Realtors (NAR) reports 410,000 fewer single-family homes for sale this March than March 2020. The key to continued success in the residential housing market is for more listings to come on the market. However, many homeowners are concerned that selling their homes could be challenging for several reasons.
Recently, Homes.com released the findings of a survey that identified these concerns, as well as what it will take for homeowners to feel comfortable selling their houses. Here are the four major homeowner concerns and a quick explanation of what’s happening in the housing market today. more...
It’s not uncommon to wish to sell a home to a family member, but it can become a tricky situation. You have to be mindful of not only the personal elements that can come with doing this type of transaction with a relative, but the IRS may also scrutinize the transaction if you don’t avoid certain red flags.
It’s perfectly legal to sell a home to a family member as long as you’re not just doing it to avoid taxes. If you’re selling the property at a steeply discounted rate, you might have to pay an estate and gift tax, but beyond that, it’s just like any other real estate transaction.
Owner-Financed:
One option if you’re selling your home to your child, for example, is to select an owner-financed sale. Then, your family member would make payments to you instead of a bank. However, you’ll need to legally arrange it so that if your relative defaults, the home goes back to you automatically, enabling you to sell it. more...
05/28/2021
Spring Real Estate Trends to Lookout For
Spring is always an interesting and exciting time in real estate, so what are analysts expecting we can see this year?
Increasing Mortgage Rates
Depending on how the economic recovery comes along, that mortgage rates could continue to increase. Rates have been on the rise for weeks, while earlier in the year, rates held under 3%. Analysts believe that it would be a good time for borrowers to try and lock in low rates now, with the anticipation they’ll tick upward through the year. more...
Lower mortgage rates are not prompting homeowners or potential homebuyers to contact their lenders, as other obstacles stand in their way. According to the Mortgage Bankers Association’s seasonally adjusted index, the total mortgage application volume fell 2.5% last week from the previous week.
The decline came even though the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.17% from 3.20%, with points decreasing to 0.30 from 0.36 (including the origination fee) for loans with a 20% down payment. That is the lowest rate since the end of February. more...
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Over the last several years, millennials have rented to stay nimble and keep work opportunities open. Now, they're ready to buy. more...
The hot housing market is not even — and some cities and types of properties are noticing higher price gains than others. Condominium prices, in particular, are rising less than those for single-family homes across the board, according to recent insights from Black Knight.
The data firm reports that single-family home prices grew by 12.3% on average in 2020 — the highest appreciation rate since 1992 — but condos aren’t gaining as quickly. That could be an opportunity, especially for first-time homebuyers, in a market starved for inventory and where bidding wars occur in many markets. more...
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The number of mortgage refinancing applications is dropping as mortgage rates have been rising in recent weeks. That may scare off some homeowners who could still greatly benefit from refinancing to lock in lower interest rates. more...
The recently enacted COVID-19 relief legislation, the American Rescue Plan Act, included $9.9 billion in relief for homeowners to be administered through a new Homeowner Assistance Fund. These funds, which will soon be made available to eligible homeowners through their states, may be used for assistance with mortgage payments, homeowner’s insurance, utility payments, and other specified purposes.
The creation of the Homeowner Assistance Fund was to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship after January 21, 2020. The law prioritizes funds for homeowners who have experienced challenging difficulties, limits eligibility based on need, and only used for certain qualified expenses, outlined in more detail below. more...
Nationally respected local business recommendation website, Three Best Rated, has acknowledged Advent Properties, Inc. as one of their 3 Best Property Management Companies in Oakland!
As the New Years’ saying goes, 2021 is our year! We recently received similar awards from Expertise.com as the Best Property Management Company in San Francisco and Concord. Our Lead Realtor and Broker-Associate, Darryl Glass, is one of the few agents to receive the honors of Homesnap’s 2020 Excellence in Client Services award. Now Three Best Rated has confirmed us at one of their Top 3 Property Management Companies in Oakland, California. more...
04/08/2021
Why Do New Homes Cost So Much Money?
Ricky Singh on Unsplash
With mortgage rates trending upwards and a lack of housing inventory in California, prospective home buyers are beginning to consider an alternative solution to their housing needs. more...
04/07/2021
How to Lower Your Property Taxes
Property taxes provide funds for schools, roads, and many other vital aspects of our community. However, that doesn't mean you should be paying more than you have to. If you're a veteran, disabled, over 65, or under certain income thresholds, you may qualify for a property tax exemption. Here are some other ways to lower your taxes:
Homestead Exemption
Your primary residence may qualify for a homestead exemption, which will lower your home's assessed value for tax purposes. Which will reduce how much you owe in property taxes. more...
Staging your home in the best way possible is proven to increase the value of your home. Walking into a house with basic furniture and decorations gives potential buyers an idea of what life will be like there. And removing personal items helps you disconnect from the home.
In a recent report by the National Association of Realtors, 83% of buyer's agents said staging a home made it easier for a buyer to visualize the property as a future home. The most commonly-staged rooms include the living room (93%), kitchen (84%), master bedroom (78%), and dining room (72%). more...
Nationally respected business recommendation website, Expertise.com, scored 178 Property Management companies in San Francisco and 31 Property Management companies in Concord — so far, we technically rank #1 on both lists in 2021! We also received this award last year in San Francisco, and both lists were recently updated on March 12th and 17th, 2021 — giving us a great sign that our hard work is not going unnoticed!
Expertise makes it easy to find the best local experts in your area. Their proprietary research and selection process identifies the top service professionals in over 200 different industries in major cities across the United States. Expertise features are only objectively quantified, and qualified professionals hand-picked by their selection process and research to understand what’s important when searching for experienced and professional companies. more...
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Prop 19 frees up inventory while providing tax savings for seniors, homeowners with disabilities, and wildfire victims — here are the ways it helps:
Tax Savings For Senior Homeowners:
Thanks to Prop 19, seniors, retirees, and all homeowners aged 55+ can move closer to family, medical care, or to a home that better meets their needs anywhere in California without a tax penalty. Prop 19 removed unfair location and price restrictions. That allows senior homeowners to transfer the tax base of their home to a new property. more...
03/12/2021
5 Major COVID Effects After One Year
Photo by August de Richelieu from Pexels.
It was one year ago that the World Health Organization declared COVID-19 a pandemic and changed the world. Here are some of COVID’s profound effects on the Real Estate and Mortgage Industries:
1. Interest Rates:
Even though rates have increased about 1/2% over the last few months, they remain about 3/8% LOWER than where they were last year at this time on average. That is because rates dropped about 1% in response to the COVID crisis, and the Government’s intervention before started to climb. more...
03/10/2021
Everyday Tips to Curb "Zoom Gloom"
Photo by Andrea Piacquadio from Pexels
As people spend more time on their computers and mobile devices than ever before, many have experience tech fatigue. The concept has been around long before the pandemic outbreak, but it has become mainstream. more...
03/05/2021
How Much Should Your Down Payment Be?
If you’re planning to buy a new house, a big part of that is saving for a down payment. Your down payment is the money you put down when you close on a mortgage. Lenders will often describe down-payment in terms of percentages. A down payment represents what you initially own when you buy a home. Then, the remainder comes from your lender.
The standard is often referred to as 20%, but is that the reality? Paying a 20% down payment may make you feel like ownership isn’t attainable for you, but is that truly how much you have to or should pay? more...
Presidents Day weekend marks the unofficial start of the spring housing market, but if you’re looking to get in this year, hold onto your wallet. Bidding wars are off the charts, even as home prices are rising rapidly.
The primary reason longtime home searchers haven’t bought a house yet is that they keep getting outbid. About 40% of potential buyers cited that in a recent survey by the National Association of Home Builders. The reasons are flipped from a year earlier when 44% said unaffordable prices were the primary reason they hadn’t bought yet, and 19% cited getting outbid. more...
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Forbes Advisor Staff Natalie Campisi reported that first-time homebuyers often face many challenges when buying a home. Simply because they don’t have the advantage of equity from a former home sale, the first-time homebuyer down payments are often smaller than people who have already bought and sold homes. more...
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Throughout the year, rent declines have been so substantial that the median two-bedroom apartment in the city is now renting for the median price of a one-bedroom a year ago. more...
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The homebuyer demand was off the charts in 2020, but which markets saw the favor of the biggest group of homebuyers? Millennials! According to a new report from mortgage site LendingTree, millennial buyers became the majority of potential homebuyers in most of the country’s largest metro areas. more...
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California plans to extend eviction protections through the end of June while using federal money to pay off up to 80% of unpaid rent owed by tenants. Gov. Gavin Newsom and the top two legislative leaders of California state announced Monday night.
The proposal, which must be approved by the state Legislature, would extend a state law scheduled to expire next Monday that prevents landlords from evicting tenants who could not pay their rent between March and August because of the coronavirus pandemic. more...
We are proud to announce that Advent Properties, Inc has been rated #1 by Propertymanagement.com on their list of the Best Property Management in Oakland, CA. Here is what they have to say about our services:
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Owning a home is a huge undertaking but a potentially rewarding one. When you buy a place of your own, you get to build equity in an asset that can increase in value over time. You also gain the stability of not having a landlord who can decide to renew your lease or not. But if you think that 2021 is the year for you to buy a home, you should know what the housing and mortgage market could have in store. Here are a few things to keep in mind:
You might pay more than you think:
According to the Mortgage Bankers Association, the average buyer took out a $375,000 mortgage to purchase a home as of late November. Home values across the country have skyrocketed in 2020, and once 2021 kicks off, they're apt to stay that way. If you're hoping to buy in 2021, prepare to pay a premium, especially early on in the year, when prices and inventory will likely be comparable to what they are now. We recommend you take some time this year to review your budget and then establish an outer limit for what you can pay. more...
This blog post will update with the most recent changes around this listing.
We are glad to announce that this attractive income property/fixer-upper in the Temescal neighborhood is now pending sale! 5425 Shattuck Avenue comes with tenants paying rent, period details throughout the home, and an incredibly spacious backyard with small cabin. This 4-bedrooms, 2-bathroom home could be a great handyman's fixer-upper or a flippers dream — Take a look at these images below:
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Photo by Vlada Karpovich from Pexels
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This blog post will update with the most recent changes around this listing.
We are glad to announce that this newly-renovated home in Melrose at 5329 Wentworth Avenue has now sold! This fully remodeled and upgraded home features three bedrooms, two bathrooms, and a spacious backyard with mature fruit trees. This light-filled craftsman's style home also features an expansive private backyard, perfect for hosting those family gatherings or socially distanced BBQs. more...
Seasoned home buyers know that winter is usually the right time to begin househunting since many of their competitors wait until spring. But this winter, buyers may notice that despite the cooler temps and the holidays, they’ve got company — in fact, lots of it. COVID-19 kept buyers on lockdown for most of the spring season, so many are making up for the lost time by home shopping aggressively now.
Because of that, this winter is shaping up to be a seller’s market, with low real estate inventory, high prices, and bidding wars that could give new buyers seasoned competition. But buyers should not give up on purchasing this season. They’ll have to house hunt in new ways to win their homes. Here are a few strategies that will keep you ahead of the competition to get you in a new home by the new year. more...
We are excited to announce that this beautiful home at 4760 Davenport Avenue has now SOLD! This Redwood Heights ranch style home offers a spacious and sophisticated dual-level design, two-car garage, off-street parking, and multi-tiered level landscaped water-efficient grounds. The fireplace complements a host of amenities which including energy-efficient double pane windows, spacious galley-style kitchen, gleaming hardwood engineered floors, spacious countertops, freshly painted interior, and an abundance of garden space to enjoy and create long-lasting memories!
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Walking down the leafy streets near Berkeley’s Oakville Avenue, and you’ll come across a three-bedroom, two-bathroom home whose value Zillow puts at $2.3 million. Its owners are paying $14,742 a year in property taxes. Go around the corner on the same block to The Plaza Drive, and you’ll see another two-bathroom, three-bedroom home with a similar Zillow value of $2.5 million. Its owners are paying about $5,464 in property taxes!
Welcome to the sometimes strange world of California homeownership, where the time when you purchased your home influences how much property tax you pay (2014 in the first case, 1995 in the latter). Now, thanks to a data visualizer Ian Webster, you can explore the vast tax gulfs among homes in Berkeley and beyond — and if you’re a relatively new buyer, you may get frustrated at how little many of your neighbors are paying. more...
This blog post will update with the most recent changes around this listing.
We are glad to announce that within 6-days on the market, this cozy two-bedroom condo at 47 Raintree Court is in-contract and pending sale! This commuter's dream location features two bedrooms, two bathrooms, and a spacious side yard with a small shed. This condo also features a one-car garage with direct access to an uncovered one-car reserved parking spot.
The entire condo was just fully painted and new carpets installed throughout. Take a look at these images below:
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This blog post will update with the most recent changes around this listing.
We are proud to announce that this elegant home in Cleveland Heights is officially pending sale after three days! This elegant home sits on a hill with a multi-level staircase leading from the street, overlooking the surrounding neighborhood! 882 Prospect Avenue and all of its outstanding curb appeal was listed once before with a few tenants. After finalizing a deal to relocate the tenant(s) safely, Darryl re-listed this home with beautiful decor by dressed to sell and received an excellent offer for his clients — take a look at these images below:
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Photo by Andrea Piacquadio from Pexels
Proposition 19 has officially passed! California voters have approved a makeover to the state’s landmark 1978 law to limit property taxes with 51% support. The measure allows homeowners 55 and older, the disabled, and wildfire victims to carry low property tax rates with them when they move. Though, it strips property tax breaks from people who inherit property.
This new proposition is a substantial victory for the California Association of Realtors, who made changes to a similar initiative in 2018 that voters rejected by 20% points. The revamped proposal generated broad bipartisan support and only token organized opposition. more...
Photo by Tom Rumble on Unsplash
Key Takeaways
The predictions today say that 2021 mortgage rates will be around 3%.
Comparing mortgage rates to presidential election outcomes is hardly a direct proposition.
If Biden issues a shutdown to curb the spread of COVID-19, rates could fall on fears of economic fallout.
When you’re close to closing, keep your eyes on daily rates — and be ready to lock when they’re in your favor.
What will happen to mortgage rates after the election?
If you want to buy a house or refinance within the next few months, you should already be strategizing about how to lock the lowest interest rate. However, you may be wondering, how will the presidential election impact mortgage rates? Rates declined to a record low in 2020, but could a change in presidency cause mortgage rates to rapidly increase like it did in 2016? If you’re planning to buy or refinance soon, here’s what you should know: more...
The Hayward City Council demonstrated wisdom and long-term thinking last night in voting not to accept the Staff recommendation to limit future rent increases in Hayward to the Consumer Price Index - capped at 5%, with a floor of 2%.
The Hayward City Council held a meeting last night to vote on whether or not to accept a recommendation that limits rent increases to the Consumer Price Index (inflation) with a ceiling of 5% and a floor of 2%. Had the measure passed, rent increases in 2021 would have capped at 2%. more...
We are proud to announce that after ONE DAY on the market, this well-loved and cared for craftsman home is now SOLD! This home has been in the Tellez family since the mid-1960s in the Valley-View Reed neighborhood. The family sought after Darryl after his work with 1547 Hallbrook Drive, as he successfully found a million-dollar offer and went into contract within three days!
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Now's your chance to own this charming updated three bed and two bath home. This home is a dream location for Commuters! Minutes away from freeways, both BART stations, and a short commute downtown to Todos Santos Plaza.
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Photo by David Vives on Unsplash
Key Takeaways:
The largest decrease in profit margins in the Bay Area was in San Francisco, C.A. is down from 71.3% to 64.5%.
The most profit margins in the country with 14 of the top 15 typical home-sale returns on investment in the third quarter led by San Jose, C.A. at an 89% return.
The top metro areas with a population of at least 1 million, where distressed sales made up the smallest portion of all sales in the third quarter were San Jose at 2.6%, and San Francisco, CA at 3%.
A staggering 67.4% of listings in the combined statistical area of San Francisco-San Jose faced bidding wars.
Overview:
ATTOM Data Solutions, the curator of the nation’s premier property database, and the first property data provider of Data-as-a-Service (DaaS). Released a report that reveals that the typical third-quarter 2020 home sale in the United States generated a gain of $85,000, up from $75,000 in the second quarter of 2020, and $66,000 in the third quarter of last year. The typical $85,000 home-sale profit represented a 38.6% return on investment compared to the original purchase price, up from 37.5% in the second quarter of 2020 and up from 33.7% a year ago. more...
The global pandemic known as COVID-19 has dramatically disrupted the ways we handle business, interact with others, and who we allow in our homes. With that said, it is easily understood why many homeowners and homebuyers believe that this is not the most suitable time for selling or purchasing a new property. However, home sellers sitting on the sidelines might be passing up the opportunity to make large amounts of profits on their property. While homebuyers who assume they can't schedule home tours right now might be forfeiting their chance to snag their dreams.
To help you separate the truths from the half-truths from the utter falsehoods that might be filling your social media feeds, here are five common myths about real estate during the Coronavirus pandemic—debunked: more...
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Congrats on investing in a new home! Now you may be wondering how do you increase its worth? One way to increase the value is by building equity. Equity is the market value of your home or property, minus your outstanding mortgage debt. Building equity is one of the most important financial benefits of ownership.
If you live in a market where home values are rising, your home may increase with the rising demand, and your equity will increase without doing anything. On the other hand, you can work on growing your home’s value by decreasing the amount you owe and increasing the value of your property. more...
We are proud to announce this well-loved and cared for craftsman home in San Jose is now SOLD! 1547 Hallbrook Drive was on the market for the first time in almost 50 years, with only two previous owners!
Within a week, 1547 Hallbrook Drive received an all-cash offer and moved into Escrow. Just like the owners of this home, we are confident that Darryl can make your home buying or selling experience swift and seamless.
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07/14/2020
Renters were particularly optimistic about home buying, according to the latest Fannie Mae survey
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After diving to nearly the lowest level in its history in April, an index measuring consumer viewpoint in the housing market bounced back significantly in June. Mortgage applications to purchase a home rose 5% for the week and were a remarkable 33% higher than a year ago.
Renters were particularly optimistic about home buying, and it shows.
Home price gains continue to accelerate, so low mortgage rates are giving buyers much-needed help. The share of consumers who think it’s a great time to buy a home increased from 52% to 61% month to month, according to the Fannie Mae survey, while fewer Americans believe it was the wrong time to buy. Renters drove much of that improvement. more...
We are glad to announce this beautiful single-family home in Oakland has officially been SOLD!
Darryl worked hard to finalize this sale after safely working with the owners throughout Oakland's shelter-in-place. A direct result of this is finalizing a sale of 13% above asking price! more...
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The Spring and Summer seasons are usually the best time to sell a home for those seeking to earn the most profits. Due to COVID-19, it remains uncertain if conventional wisdom may apply since buyers and sellers alike have slowly returned to the market.
The number of newly listed homes for sale on Zillow was down 39% on May 3rd, 2020, compared to the same day last year, further signaling a delay in the usual surge of spring listings this year. more...
Rents for one-bedroom apartments in San Francisco have dropped by 9.2% since June 2019, according to Zumper. That is the highest drop since the rental site started recording such data in 2015, and brings median one-bedroom prices down to levels not seen since March 2017.
With the economy wavering and unemployment numbers skyrocketing, witnessing such a steep dip should not come as a surprise. But many long-time San Francisco residents find the nearly double-digit year-over-year decline "shocking." Prices are unlikely to plateau anytime soon, with median one-bedroom prices in San Francisco dropping about 3% just in May alone. more...
Buying a home is one of the most significant financial decisions you’ll make in your life. Although, on occasion, it can be one of the largest sources of stress for many first-time buyers is the financing process. Unless you’ve planned thoroughly and dedicated time for research, receiving a mortgage can feel complicated and overwhelming. Luckily, you could learn from these common mistakes first-time homebuyers make to have a less stressful experience:
1. Not realizing the full cost of homeownership:
Being a first-time homebuyer involves much more than the monthly cost of renting, which usually includes your rent payment, some of the utilities, your internet, and cable bills. As a homeowner, you’ll be responsible for the additional monthly costs that may have been covered by your landlord. That includes the following expenses: Water, sewer and garbage, monthly HOA fees, landscaping, property taxes, and homeowners insurance. All of that is in addition to maintenance costs, which you should set aside 1-3 percent of the purchase price of the home annually to cover repairs and maintenance. more...
While the spring market would usually be running at full power now, COVID-19 has put an impermanent stop to most real estate transactions. However, that does not imply that you cannot set aside the effort to prepare your home to be listed and available to be purchased once we flatten the curve. In light of that, here are four recommendations on things you can do to prepare your home to hit the market after stay-at-home orders have been relieved:
1. Address any minor repairs:
Even the most meticulous homeowners typically have a list of home repairs that they mean to fix when they have time. Whatever fixes may be on your to-do list, it's imperative to deal with them before you list your home available for sale. While these fixes usually won't require a ton of effort on your part, they will go a long way towards improving the opinions of the overall condition of the home, which can lead to higher-priced offers. more...
Almost 75% of Realtors report that their sellers have not reduced their listing prices down to draw new buyers amid this pandemic, announced by the National Association of REALTORS. That indicates the amount of precaution home sellers consider to avoid feeling pressured to sell quickly during COVID-19.
"The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, the home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy" says NAR Chief Economist Lawrence Yun more...
The California Association of Realtors recently reported that California home sales fell from both the previous month and year in March as the coronavirus pandemic began to affect the housing market, and as the state’s stay-at-home order was put in place.
Finalized escrow sales of existing, single-family homes in California totaled a seasonally balanced annualized pace of 373,070 units in March, as per data gathered by C.A.R. from in excess of 90 neighborhood REALTOR affiliations and MLSs statewide. It is changed in accordance with seasonal factors that generally impact home sales. more...
Richmond City Council on Tuesday dismissed an emergency request that would suspend all rent and mortgage payments in Richmond for the span of the COVID-19 shelter-in-place precautions. Alternatively, the city councilmembers cast a vote for protections like the Contra Costa County Board of Supervisors announced before Tuesday. The Board of Supervisors passed an emergency law applying to every one of the 19 cities and unincorporated regions, Supervisor John Gioia said in an update.
The law, as indicated by the Supervisor, restricts evictions for default for private and business occupants affected physically or economically by the COVID-19 pandemic; bans "no-fault" evictions "except to protect the health and safety of the owner or another tenant, or to allow the owner or their immediate family to move into the residential unit"; temporarily freezes rent increases, despite the fact that state law keeps the freeze from applying to single-family homes or living arrangements worked inside the most recent 15 years; gives residents affected by the pandemic a 120-day grace period to take care of rent, and cancels late charges for unpaid rent for affected occupants. These principles apply through May 31, except if reached out by the Board of Supervisors. Despite the County ordinance, which can be read in full here, a city can revise and include restrictions protecting renters if it chooses. more...
While risk is an individual choice, the real estate industry is adjusting to give access to home buying securely during the coronavirus pandemic. You would now be able to do numerous things at a safe social distance, or even remotely with regards to purchasing a home that you might not have considered doing previously.
Here are on the whole the courses face to face checkpoints to purchasing a home have changed to guard you during the coronavirus pandemic: more...
Cash vs. Mortgage Overview:
There's a lot to consider when contemplating purchasing a home outright versus financing it. Here are some of the major differences between using cash or a mortgage to buy a home:
KEY TAKEAWAYS more...
With millions of Americans facing financial burdens like student loans and high rents, saving up to make the traditional 20% down payment on a first home can be daunting. There’s good news for prospective homeowners: You don’t need to do it!
You can blame the difficult financial circumstances many young people find themselves in today. But misconceptions may be part of the problem too. Nearly half of renters said they believe they need at least a 20% down payment to buy a house, according to Bank of America’s 2018 Homebuyer Insights Report, although the government and most housing experts disagree. more...
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 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...
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...
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...
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...
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...
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...
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...
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...
The most noteworthy changes in the latest real estate laws and regulations originate from the passage of Assembly Bill 1482, a statewide rent-gouging prohibition and "just cause for eviction law that will give California the country's most powerful statewide resident protection.
Other resident securities that have begun this year include a ban for "No Section 8" procedures, an increase in the amount of time rent increase notices can be served, and a lower security deposit requirement for active U.S. military personnel. In this post, we’ll summarize these newly required laws and other statewide policy changes that will shape the way rental housing providers operate in 2020. more...
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
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...
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...
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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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...
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...
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...
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...
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...
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
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...
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
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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...
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...
"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!
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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...
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...
"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...
I am proud to present this well-appointed condo in the iconic Ellington Building. This condo is in the heart of the vibrant Jack London neighborhood. Stroll to the shore, cafe, local pub, or restaurant and enjoy the best of what Oakland has to offer. Building features an enviable entryway with 24-hour concierge and door service. Located on the 7th floor, condo features two well-appointed bedrooms and two baths. Large windows bathe the home in abundant natural light, with views of the community pool, marina, and Jack London area. Gleaming wooden floors grace your living areas. Your spring and summer entertaining await on the large private balcony. Workout In the gym and enjoy entertaining in the community room. The condo and building are for those with discerning tastes and solicits pride of ownership. Please contact us to schedule your private showing today! For more details, please feel free to reach out to Darryl Glass at 510.500.7531 or dglass@adventpropertiesinc.com
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Oakland’s Department of Transportation has issued new guidelines to the City's Title Transfer Sidewalk Repair Ordinance. Among them, here are some of the most relevant to our property owners.
Permanent time extension option of 90 days. (Allows 90-day extension to complete repair after the closing of escrow)
Clarification regarding HOAs
Clarification on Compliance Certificate expiration date
Clarification on type of contractors eligible to perform certification. more...
Remember that Tax Cuts and Jobs Act that was put into law in December 2017? We sure do, and there were a couple things we need to share about it.
As a summary, the new law is a reform for individuals and businesses, by lowering many taxes paid in some income brackets. There were also so changes in the Real Estate industry, which is summarized in the infographic below.
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