Spring brings feelings of hope and optimism AND it brings picnics, egg hunts and fun events for the whole gang! With COVID restrictions easing, many of our favorite activities are back and they are better than ever!
I've put together a list of my favorite activities in the East Bay. Some of the events require registration, so if you are interested, be sure to sign up right away!
I've included the links here for easy navigation. Just click and go!
Here comes the spring housing market and many folks are curious about predictions for the upcoming season.
While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years — the housing market seems to be relatively immune and continues to be strong in most bay area locations.
Here’s a look at what experts say you can expect during the spring buying season:
Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. Experts believe rates will continue to edge up over the next 90 days. As Freddie Mac says:
“The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year.”
Waiting to buy will likely mean you’ll pay a higher mortgage rate on your purchase. And that higher rate not only drives up your monthly payment but can really add up over the life of the loan.
There may be some relief coming for buyers searching for a home to purchase. Realtor.com recently reported that the number of newly listed homes has grown for each of the last two months and the next 90 days could bring more listings to the market.
If you’re a buyer who has been frustrated with the limited supply of homes available for sale, it looks like you could find some relief this spring. However, be prepared to act quickly if you find the right home.
If you’re a seller, listing now instead of waiting for this additional competition to hit the market makes sense.
Prices are always determined by supply and demand. Though the number of homes entering the market is increasing, buyer demand remains very strong. As realtor.com explains in their most recent Housing Report:
With 5.8 million new homes missing from the market and millions of millennials at first-time buying ages, housing supply faces a long road to catching up with demand.”
With the demand for housing still outpacing supply, home prices will continue to appreciate. Many experts believe the level of appreciation will decelerate from the high double-digit levels we’ve seen over the last two years. That means prices will continue to climb, just at a more moderate pace.
If you would like more information about specific neighborhoods, give me a call. 925.451.9904
It’s not a secret that acquiring a real estate portfolio can be a great step to securing long-term wealth and security.
But not all investment properties are created equally and there are a couple of things to keep in mind when you are considering the purchase of a long-term rental. It’s really pretty simple: Be clear on what YOU are looking for and be clear on the needs of prospective renters, too.
Check out these priorities:
THE NUMBERS HAVE TO MAKE SENSE
It can be easy to lean into a property-purchase decision with emotion versus leaning in with numbers of the transaction. It’s lovely to be excited and connected to a property, but the numbers must make sense.
Remember that you are covering property taxes and operating costs including the average vacancy rate. Often a more mid-level property purchase is a better investment than a high-profile rental.
LOCATION, LOCATION, LOCATION
We hear it over and over again. And location really is that important and is a key in getting a good return on investment. A good location doesn’t have to be the most expensive location, but it’s important to consider schools, employment, accessible public transportation, local parks and recreational amenities including shopping and restaurants.
A good location includes safety. Check out neighborhood crime stats including petty crimes and vandalism. A little homework up front may make all the difference in securing the right property.
THINK NORMAL AND PRACTICAL
What does normal and practical mean? When you are buying a rental property, consider what folks are really looking for. Practical is a comfortable 3 bed/2bath home with an unexpected layout on a peaceful street. Normal conjures images of a place where people want to live. Normal brings to mind good schools and nearby parks.
Impractical, on the other hand, envisions charming Victorian wallpaper in every room, or over-abundant landscaping.
BONUS ADVICE
Get to know and understand the types of people you will be renting to and meet the needs of that clientele in a reasonable fashion. For example, seniors prefer single level living. Young families may seek nearby parks or.
Bottom Line: Keep it simple. Stick to the basics. And find long-term success.