Saturday Open Houses
Sunday Open Houses
Saturday, February 27, 2016
Thursday, February 25, 2016
I love when the #beautiful #magnolia #trees bloom. #oakland #oaklandrealestate #eastbay #beautifulhome #realestate #realtor #sfbayarea #sothebys #shannonkellyhomes
via Instagram @shannonkellyhomes http://ift.tt/21lgwg7
Coming Soon (Sunday) to a San Francisco Chronicle Near You
Yours truly will be featured for the fifth time in the San Francisco Chronicle's Real Estate Sound Off where the following will likely be edited down to fit in the space allotted. But just for you, here's my full thoughts on paying off your mortgage versus refinancing.
When considering how to approach the mortgage on your home there are a few things to consider: How long do you plan to live there? What kind of loan do you have and how does it fit into your long term plans? How much equity do you have in the property? What is your interest rate compared to current rates?
Because of the lending fiasco of the early and mid-2000’s many people think that refinancing their home means pulling money out, but that’s not always the case. If your interest rate is higher than the current rates for a comparable loan, why not refinance and reduce your interest rate? As long as the fees to do so don’t outweigh the long-term benefit there’s no reason not to keep more money in your pocket each month. If your plans changed and the length of time you will stay in your home has lengthened (or shortened) making a different loan a better fit for your new plan, talk to a mortgage broker to see if there are ways to lower your monthly payment or restructure your loan for greater long-term stability.
If you decide to pull some money out of your home, carefully consider what that money is going to be put toward. Will you use it to do home improvements and increase the overall value of your home? Like reinvesting dividends, that could be a good use of your money. Finally, if you plan to spend some of your equity but are happy with your loan, consider a home equity line of credit which will preserve your primary loan and won’t draw on your equity until you actually spend the money.
Tuesday, February 23, 2016
How much did that house sell for?
If you've been following along since the beginning of the year, you know the real estate market has been battling low inventory, as evidenced by the 21 homes that sold last week. The savvy reader will have noticed that the Sunday Open House lists are beginning to grow, which is good news! I talked to more than a couple colleagues with many homes coming on the market over the next couple months, so there will be more data and more lovely homes to look at soon! What does that mean to the market as a whole and to buyers and sellers alike? In a more balanced market not so starved for inventory it could forecast fewer multiple offers and more balanced sales numbers. However, in this market, that has not been the case. Any influx of inventory is quickly gobbled up and the buyers whose offers didn't win hastily move on to the next property -- more exhausted by losing bids and more ready to do what it takes to win.
Monday, February 22, 2016
Charming #frontyard giant #backyard and with an #updated 4 #bedroom, 2.5 #bath home in #oakland 's #upperrockridge #neighborhood. #oakland #oaklandrealestate #beautifulhome #eastbay #storybook #realestate #realtor #sfbayarea #sothebys #shannonkellyhomes
via Instagram @shannonkellyhomes http://ift.tt/1WEBM9R
Sometimes I see odd things on broker's tour. #upperrockridge #rabbit #notforsale #oakland #oaklandrealestate #eastbay
via Instagram @shannonkellyhomes http://ift.tt/1WEBoZ2
Saturday, February 20, 2016
Wednesday, February 17, 2016
The California Market Will Survive, Despite Stock Market Volatility
California had a sharp increase in sales year-over year after a slight pull-back in November. The jump in the statewide sales in December was attributed partly to the Consumer Financial Protection Bureau’s “Know Before You Owe” disclosure rule, as some sales that should have been closed in October or November were delayed due to the implementation of the new regulations, but were finalized in December. For the year 2015, California existing single-family home sales increased 6.4 percent from 2014 after declining for two years. The improvement in sales was also the largest since 2009, jumping 24.5 percent.
Meanwhile, the annual statewide median price continued to rise from 2014 but the increase was mild when compared to previous years. In fact, it was the smallest annual price gain in the last four years. The California median home price for 2015 increased 6.2 percent from 2014 to $474,420.
The statewide housing supply remains an issue as the demand for housing continued to outpace inventory. While it is a welcome sign to see steady improvement in housing demand, the lack of supply is definitely a concern. The imbalance between the two sides not only intensifies market competition and pushes home prices higher, but it also leads to housing affordability issues that ultimately lowers homeownership rate if the problem persists.
These figures underlie an important fact about American households, a smaller proportion of people and households have been moving between states since 1970, and this continues to decline. California, especially is becoming more homegrown and less migratory.
The supply constraint in the Bay Area is more pronounced and had led to fewer homes being sold in the high-cost region. On the other hand, demand in regions with more affordable housing continues to improve and more home sales will likely take place in the coming year. As such, a further slow-down in home price appreciation at the state level is anticipated as the mix of sales changes in favor of lower-priced properties in 2016.
Looking forward, the California housing market is expected to have a decent performance in 2016. The Federal Reserve is expected to raise the federal funds rate two to three times. Modestly higher interest rates should not present that much of a direct challenge to the housing market. With the economy expected to grow, housing demand should continue its upward trend with sales of existing single-family homes projected to increase 6.3 percent in 2016 to 432,570. The statewide median price is predicted to increase modestly by 3.2 percent this year from 2015.
While the recent volatility of the stock market has been drawing attention in the news, it is more of a distraction rather than a disruption to the continual improvement in the housing market. The drop in values of equity in January reduces the overall wealth and may have a small negative effect on the economy in general. Its impact to the housing market, however, should be minor, as solid employment conditions, anticipated increase in household formations, and record-low interest rates continue to provide support to the fundamentals of the housing market.
While the recent volatility of the stock market has been drawing attention in the news, it is more of a distraction rather than a disruption to the continual improvement in the housing market. The drop in values of equity in January reduces the overall wealth and may have a small negative effect on the economy in general. Its impact to the housing market, however, should be minor, as solid employment conditions, anticipated increase in household formations, and record-low interest rates continue to provide support to the fundamentals of the housing market.
Source: California Association of Realtors Market Snapshot
Tuesday, February 16, 2016
How much did that house sell for? (Feb. 9th-12th)
Many sellers are finding it difficult to put their house on the market with concerns about realizing capital gains. Instead they're opting to move and rent out their home for a year or more and move into 1031 exchange territory. This has it's own inherent issues and isn't right for everyone. What's an alternative? Seller financing. It's not as scary as it sounds and offers a kind of deferred realization of capital gains as well as interest income that can far exceed any current CD rate. If you're ready to move, you're not stuck; there are many options available to you, you just need to know what they are and I can help with that.
Saturday, February 13, 2016
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