Diablo Valley & Contra Costa Real Estate Blog

Contra Costa Housing Statistics

The November 2005 housing statistic report is in!  Below is some fascinating information about our bustling housing market.  Contact me for more specific information about your own area, comparable sales, and to receive a market analysis specific to your home and neighborhood.  I specialize in helping people buy and sell their homes in Contra Costa!

Median Home Prices in Contra Costa Cities November 2005, reported January 2006:

• Antioch $505,000 - UP 19% from 11/04
• Brentwood $715,000 - UP 38%
• Concord $529,000 - UP 23.2%
• Danville $1,096,500 - UP 35.4%
• Martinez $545,000 - UP 27.5%
• Moraga $892,000 - UP 28.5%
• Pittsburg $460,000 - UP 20.7%
• Pleasant Hill $602,500 - UP 14.9%
• San Ramon $758,000 - UP 7.5%
• Walnut Creek $687,500 - UP 31%

In my opinion, the housing bubble rumors are greatly exaggerated.  I haven't seen anything this winter that isn't pretty darn typical of any winter.  In speaking with colleagues , we all agree the market is picking up again as is expected nearing the end of January. With the holidays behind us, people are out buying homes again!  A home I had on the market for 2 months, had 2 offers on it this month.  A house I had on the market just a week , got an offer already.  I have had more inquiries in the last couple of weeks from my listings as I had in the whole month of December.  But you know what, that is a normal course of events!  Contra Costa is so desirable to homebuyers.  There just simply isn't enough new construction close in to keep up with the demand.. the demand therefore turns to the existing homes .  And as is expected, the nicest homes, ready to move in  are selling briskly.   Now is not the time to overprice a home.  Correct pricing is ultimately the biggest decision you'll make about your house sale.  Things will begin to pick up even more nearing the end of February, and March is one of the most perfect times to sell in my experience.   If you want to stay here in Contra Costa, March may allow you to sell your home at a decent price due to lower inventory, and then have your pick of homes as inventory increases in late March, and April.   

Call me with any questions about selling your home or buying a home in Contra Costa.  If you're relocating to Contra Costa, contact me about a relocation package which will include information about schools, communities and other items of interest.

Catherine Myers, REALTOR

www.DiabloValley.net

Serving home sellers and buyers in Contra Costa; Walnut Creek, Alamo, Danville, Concord, Clayton, Lafayette, Orinda, Moraga, Pleasant Hill and Martinez.

Contra Costa Homes and Real Estate

Dear Clients and Friends!

Happy 2006! Last year was a very good year for the housing market here in

Northern California

. The California Association of Realtors (CAR) December Trends Report says that low interest rates and new loan products have “unleashed the state’s demographic forces in recent years and enabled the

California

housing market to reach new heights 4 years in a row.”

The state is poised to establish new records for sales and the median price in 2005, stretching the longest housing market uptrend to 10 years. The market and economic fundamentals of recent years will remain mostly intact in 2006, giving rise to a cautiously optimistic outlook for the year to come.

Sales of detached existing single-family homes in 2005 are likely to eclipse the record-setting sales pace of 2004 of 624,740 units, with an anticipated 1.8 percent increase to 635,000 units. Sales have risen in 8 of the past 10 years, making this the longest in the 35-year history of C.A.R.’s housing statistics.

So what lies in store for 2006?

The market and economic conditions that gave rise to an outstanding 2005 performance will generally prevail again in the year to come and contribute to another very good year, according to CAR.

With inflation in check, fixed rates in 2006 should increase only slightly and fall in the low to mid-6 percent range. Adjustable rates, which rose moderately in 2005 in response to increases in the federal funds rate, should also increase slightly in 2006. Overall, the interest rate environment will remain favorable for the year.

However, with high home prices, more and more households will need to stretch their purchasing power with innovative forms of financing in order to buy a home in 2006. The median price statewide will rise 10 percent to a new record of $573,500. Coastal regions of the state are expected to see weaker price appreciation and sales than for the state as a whole, while faster growing inland regions will see a somewhat stronger performance than that of the state.

If you are interested in selling your home in 2006 or perhaps purchase a second home, let’s start discussing your options right now! Call me today for a complimentary analysis of your home’s value or to assess the second home or investment market.

Catherine Myers, Realtor

925-627-3027

Alain Pinel Realtors

Walnut Creek, CA

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Regional MLS may become reality in San Francisco Bay Area

It may be that by the end of 2006, your local Realtor will have access to the MLS across 11 Bay Area counties.   What do you think?  Feel free to comment here on my blog!

Posted on Sat, Jan. 07, 2006

Realtor groups agree to joint listings

By James Temple

CONTRA COSTA TIMES

Six Northern California Realtor groups have tentatively agreed to merge multiple listing services, a move that would form one of the country's largest databases of for-sale homes.

The organizations claim the consolidated system will enable home sellers and buyers to advertise and shop within a significantly expanded marketplace.

Some Northern California MLSs currently include as few as 5,000 subscribing real estate professionals who list or look for homes with the service. The merged MLS, in contrast, will consist of about 46,000 members across 11 counties, said Gregg Larson, spokesman for the new MLS.

"The agent will be able to provide (customers with) more homes, more quality and sometimes information that wasn't available at all before," said Larson, also CEO of Clareity Consulting and Communications.

The merged MLS will also benefit Realtors, some of whom currently must work with two or more separate systems, each with different rules and procedures, Larson said.

Patrick Lashinsky, a senior vice president with Emeryville-based online broker ZipRealty Inc., said the expanded MLS is, on its face, beneficial for consumers. But he stressed that the Realtor groups must not restrict outside access to the information, as some MLSs have done.

Indeed, the U.S. Department of Justice sued the National Association of Realtors last year over its policy of limiting Internet sites' access to MLS information. The government said the restriction is anti-competitive and undercuts online and discount brokers' ability to gain a foothold in the market.

The national Realtors group argues that multiple listing services are the property of its members. The case is ongoing.

"If MLSs are designed to make everyone compete on the same playing field, that's great," Lashinsky said. "If it's used as a tool to reinforce or protect the biggest players and not let new players succeed and innovation to occur, that's wrong."

A September report by the U.S. Government Accountability Office was also critical of MLSs, noting their use may artificially prop up broker commission rates.

The fact that the MLS advertises the commission promised to the broker who brings in a buyer, the GAO said, "creates a disincentive for home sellers or their brokers to offer less than the prevailing rate, since buyers' brokers may show high-commission properties first."

Jim Hamilton, president of the California Association of Realtors, said at the time that the GAO's conclusions were inaccurate and stressed that commission rates regularly fluctuate.

The merging MLSs include REInfolink, Contra Costa MLS, Bay East MLS, East Bay Regional Data, Central Valley MLS and the San Francisco Association of Realtors MLS, which lists homes for sale in Alameda, Contra Costa, San Francisco, San Mateo, Monterey, San Joaquin, Stanislaus, San Benito, Santa Clara, Santa Cruz and Western Merced counties.

The Realtor organizations are scheduled to adopt a standardized set of MLS rules on March 1. The groups will then begin creating, testing and migrating their information onto a central database, a process expected to be complete by the end of next year. The new MLS will be owned collectively by the groups, and governed by elected brokers.

Catherine Myers

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Contra Costa Average Rent - Rental market information

I get asked often "how much would my house rent out for?"  Well easy enough to research thru the MLS, classifieds and even Craigslist - but equally important to stay on top of what is happening in your area.  A neighborhood realtor can be invaluable in helping you set a rental value on your home.

Recently, I happened upon a wonderful tool.  It derives it's information from the popular Craigslist classified rental ads.   You can now get rental property statistics for the entire San Francisco Bay Area.  You can research by type of dwelling, bedrooms, bathrooms, condo's, apartments, houses.  You can even research amenities such as pools, fireplaces, and more.

Using google's mapping technology you can see right on the map where there are active rental listings.  You can click on each listing to get the full advertisement from Craigslist.  You can go further and research a particular rental type (condo, apartment, house) by searching their archives.   

Check out Walnut Creek Rentals for an example:

http://sf.rentslicer.com/market.html?m=walnut%20creek

Show's average rent right now is $1,464, based on 328 listings, all types combined.  A single family home average rental is $1,933.

Not only is this a great tool for renters looking for a home, but it is a great place for realtors and property managers to do some research on a very user friendly platform.

So if you want to research rental rates in Contra Costa or in any of the surrounding San Francisco Bay Area neighborhoods - simply go to www.sf.rentslicer.com.  Eventually they will be adding markets nationwide, but now they have San Francisco and San Diego areas.

Thinking of buying a second home as an investment property? Research rentals to complete your investment value worksheets.   Buying an investment property in Walnut Creek, Concord, Lafayette, Pleasant Hill, Martinez, Alamo or Danville will require careful research and likely investment strategy for the long term. 

For information investment property purchase or rental, see Catherine Myers website: www.DiabloValley.net and check out her investment pages.

Catherine Myers, REALTOR

Alain Pinel Realtors

www.DiabloValley.net

925-683-2125

Walnut Creek, Concord, Pleasant Hill, Martinez, Lafayette, Alamo, Danville - search the MLS, see homes for sale, research buying or selling a home. 

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Flooding in the Bay Area - Some Flood Insurance Information

Central Contra Costa area friends:

I would say we all got a pretty good peek at Mother Nature these past couple of weeks. Rivers and creeks overflowing their banks and some areas never expected it.  Did you know that your normal homeowner insurance may  not cover a flood (defined as excess rain, mud or water on normally dry land).   I was watching KTVU Channel 2 news this morning and their consumer editor, Tom Vacar was speaking on this very subject.  He says, we Californians don't take the threat of flooding seriously.  In California only 260,000 of our 12 million people have flood insurance.  He also noted that there is no insurance for land movement, except for some very expensive specialty plans. 

As a Realtor here in Contra Costa and a near lifetime resident, I know flooding happens.  I've been surprised at times at some of the homes I've seen in flood plains, and equally surprised of some that weren't.  At the time of purchase it is required that you receive a Natural Hazard Zone disclosure.  This will provide you information as to whether you are in a federally indicated flood zone - sometimes this will cause your mortgage company to require flood insurance. Sometimes improvements have been made and not yet reflected on the mapping, and you can avoid it.   But, did you know that 25% of all flood claims come from folks NOT in a declared flood zone?

Below is a website that will help you determine if you are in a flood zone.  If you are, contact your insurance agent to discuss flood insurance options.   Use these past storms as a lesson on what can happen, and remember that over a 1/4 of flood claims come from folks who thought they were safe. 

I've personally lived in my home going on 11 years! Don't have flood insurance and was told at that time I was outside of any known flood plain. However, using this website today shows I am at high risk for flooding.  I am checking on this myself today and ordering my own natural hazard zone report.  If this is true, this was a wake up call. If not true, then  take the results of this website with a grain of  salt, but still check out what it tells you.  It could be a very expensive mistake if you ignore the risk.

Take note too, if you decide to get flood insurance, there is a 30 day waiting period.. so do it now, before something does happen to you.  To use a phrase coined by the local security company, Bay Alarm, "Better a Year too soon, than a day too late." 

www.FloodSmart.gov

Take this time too to review with your insurance agent just what your homeowners policy will cover, and not.  It will not cover flood or earthquakes!  Do your research now.

For more information, call Catherine Myers, Alain Pinel Realtors in Walnut Creek.

www.DiabloValley.net

925-627-3027

Ready to buy or sell a home in Walnut Creek, Concord or Central Contra Costa ?  Call Catherine Myers today for all your real estate needs.