3 bedroom 2 bath single level Dover model with a large private corner lot
Great location features 1933 sq ft a Sunny kitchen, neutral tones arbor patio, nice.
Missed this one? Can’t find it on the web? Looking to buy in this neighborhood? Don’t depend on Zillow or Trulia, you will be way too late!
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The age-old real estate quandary of whether to buy a new home or sell your existing property first can prove tricky in any market.
But in the Bay Area’s current highly competitive seller’s market, some buyers may worry about their prospects of landing a new house — or even finding a temporary place to rent — once they’ve sold their current home.
In Livermore rentals are costly and scarce these days — and usually require a one-year commitment, making them unappealing as a temporary solution for move-up buyers, Move-up buyers already own a home and are looking for a new higher-priced property, typically thanks to a growing family or greater personal wealth.
And given the competitive nature of the current real estate market, “no one is going to want to accept an offer from a buyer who has a house to sell because that’s a huge contingency.
However, some buyers will agree to let the seller stay put beyond the close of escrow if they really love the property.
“RENT-BACKS” GROWING IN POPULARITY
Indeed, we’ve seen rent-backs — in which a buyer lets the seller rent back the home for a fixed period after the closing — becoming more common in inventory-constrained San Francisco and throughout the Bay Area. With numerous buyers vying against each other for few available properties, it’s increasingly possible for sellers to negotiate such deals.. Nonetheless, sellers should be careful about demanding too much since “every offer is price and terms, and the better the terms, the more enticing it is for a buyer.
And even when the buyer is amenable to a lengthy rent-back, such a deal may not be possible under the terms of the loan.
SELLING FIRST, “MOST CONSERVATIVE APPROACH”
While some move-up homeowners are banking on their ability to sell fast in the current market, it’s always less financially risky to unload your existing home before buying a new one, Barber said.
“You’ve got people who are trying to be tricky – they’re finding a place and going into contract and then they’re trying to get their own property sold fast,” he said. “The most conservative approach is always to sell your property first unless you’re in the enviable position of being a person who can afford two homes and money is not an object.”
FINANCING OPTIONS FOR MOVE-UP BUYERS
Still, for those intent on buying a new home before selling their existing property, there are some options, said Gordon Friedman, a San Francisco mortgage advisor.
In many cases, move-up buyers who have enough income to cover two mortgages but lack the cash for a down payment can take out a line of credit on their existing home, providing they have sufficient equity, Friedman said.
The homeowner should apply for the line of credit at least 30 to 60 days in advance of making an offer on a new home to ensure sure the money is available when needed, Friedman said.
“Bridge loans” specifically designed to help move-up buyers afford a down payment on a new home before selling their old property are somewhat less common in the Bay Area.
Pacific Union partner RPM Mortgage offers bridge loans to buyers who have at least 30 percent equity in their existing home, including the current mortgage and the amount of the proposed bridge loan.
Payments on the bridge loan don’t begin until the buyer closes on the new home.
Buyers who lack sufficient income to cover payments on two properties – and haven’t taken out a bridge loan — also may choose to rent out their current home to tenants after finding a new house.
Lenders will generally exempt such homeowners from the usual requirement for a two-year landlord history and let them use a portion of rental income from their “departing residence” to qualify for a new mortgage, Friedman said.
Such an exemption requires that the applicant have 30 percent equity in the rental home, an executed lease, and proof of a deposit from the tenants, he noted.
TIME IS RIGHT FOR MOVE-UP BUYERS
Even though the prospect of finding a new home can seem daunting in a competitive market, we believe sellers looking to trade up to higher-priced homes are in an enviable position today.
For one, price appreciation generally starts at the bottom and moves up in a recovering market. That means sellers often can get a higher price for their home while locking in savings as they trade up to a more expensive property.
And even when price appreciation remains flat across the market, trade-up buyers stand to make significant gains.
So what’s the solution if your property sells before you can find a new home?
“It could be short-term rentals; it could be moving in with parents; it could be summertime, and, ‘Gee, this is a great opportunity for us to have a place up in Sonoma while we scour the market in San Francisco,’” Barber said. “I’ve literally seen people move into hotels and just wait.
“You’ve got the money in the bank and now when you go shopping, you don’t have any trepidations.
Bay Area housing recovery
The Bay Area’s housing recovery has spread from Silicon Valley up the Peninsula to San Francisco, and it is now helping lift home values in the East Bay. pleasanton is now only 5% below peak values while livermore is 15% below peak. This means there is still room to buy and create equity growth and that we are still on an upward value climb!
The Bay Area’s overheated housing market is restoring thousands of homes to their pre-crash peak values in a ZIP-code-by-ZIP-code recovery that is rapidly spreading from Silicon Valley to the East Bay.
Thirty-four of 185 ZIP codes in five counties have regained or surpassed their bubble-era peak home value or are less than 1 percent from it, according to this newspaper’s analysis of February median values for all homes from online real estate site Zillow.
Another 49 ZIPs are within 15 percent of their previous highs, including 18 in the East Bay. A year ago, only part of leafy Palo Alto had regained the value it lost after Bay Area home values crested in 2006-07.
“Seven or eight years ago, there was really a bubble,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California. “Now it’s just good real estate where values are returning to near past peaks.”
Every part of the Bay Area has seen gains in the past year, with Silicon Valley leading the way. But parts of Contra Costa and Alameda counties, where subprime lending was heavy, are still far below their peaks.
The recovery has pulled many homeowners out from underwater — when houses are worth less than the mortgage — and convinced others it may finally be time to sell and move to bigger homes. They’re diving into a fast-moving market in which homes can sell in a day for more than the asking price.
Daisy Biggers, left, her husband, Greg, and son, Jeffrey, 11, pack some of their belongings that were stored in the garage of the house they recently sold in Sunnyvale on Tuesday, April 23, 2013. They sold their house in less than a week, and bought one in Orinda. The whole process, from the decision to sell, took only eight weeks. Housing values have staged a big comeback and are rapidly accelerating around the Bay Area, with the biggest recovery so far in the Peninsula and Silicon Valley. (Patrick Tehan/Bay Area news group
Available July 1
For Rent, 4 bedroom 2.5 baths 2704 sq ft in beautiful Coventry. This 2704 square feet home features a dual sided fireplace, 3 car garage, on a approx 10,000 sq ft Lot. Master bedroom is downstairs and features walk in closets dual vanities and a slider to the backyard.
$3100 mth plus $3500 deposit, available July 1st.
1 year lease minimum.
Dog may be ok upon approval and with additional deposit.
As many sellers remain on the sidelines, desperate Bay Area homebuyers are streaming through open houses, making offers tens of thousands of dollars above asking price and still coming away empty-handed.
A three-bedroom Dublin home recently drew more than 40 offers. Across the bay in Cupertino, 300 visitors streamed through one home for sale during a weekend showing, said Miawand Bayan of DeLeon Realty.
A sale pending sign stands in front of a home for sale on February 21, 2013 in Larkspur, California.
seeing the evidence of real pent-up demand.”
The intense demand has sent prices soaring, according to a report released Thursday by DataQuick. Potential sellers are either waiting for prices to go higher or are unable to sell because they’re still underwater. And homeowners who want to either downsize or move up are reluctant to sell because there is so little to buy.
The median sales price of an existing single-family home increased 20 to 30 percent in March over the year-ago March in the East Bay, Peninsula and South Bay, the San Diego real estate research company said.
It was the 13th straight month of year-over-year price increases for homes in Santa Clara and Contra Costa counties, according to DataQuick.
The Best Time of Year to Buy Household Items
On April 29, 2013, in Helpful Tools, Remodeling Adviser, by Melissa Tracey
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By Melissa Dittmann Tracey, REALTOR(R) Magazine
Who doesn’t love a deal? I loved this article at Realty Times, which recently revealed the best time of year to buy certain household items in order to score the biggest bargains, based on research from AARP and LifeHacker.
January: Furniture, new flooring, and bedding and linens
February: Air conditioners and older model televisions that will soon be moving out for newer models
March: Gardening tools, china, and flatware
April: Vacuum cleaners
May: Barbecue equipment, patio furniture, and home office furniture
July: Kitchen appliances, such as refrigerators and ranges
August: Linens and storage containers
September: Grills and lawn mowers
October: Appliances and clearance patio furniture and outdoor items
November: Electronics, appliances, and tools
SOLD, $820,188! (Highest Price in 7 years)!
5 bedroom 3.5 bath model with a twin master bedroom setup, one up and one down!
Great location features 3150 sq ft a large private lot with black bottom pool and water feature.
Sold in 5 days for $60,000 over asking price!!!
First time ever on the market! You will love this home,
3 bedroom single level home on a magnificent 15,000+ sq ft lot!
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fireplace in family room. Security alarm, possible side yard access into a private
park-like backyard with patio and built in BBQ! $649,950
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Location Location Location!
Hurry, this 4 bed 3 bath 2 story “Bristol” model will impress you! Upgrades include slab granite counters, stainless steel appliances and tile and hardwood flooring. One bed and full bath downstairs. Upstairs features a ‘Jack and Jill” bathroom and master suite with tile flooring dual vanities and a walk in closet
The garage is offset to the side and and is larger than standard with enough bonus space for a workout or play area.
Lot is over 10,500 sq ft and the perfectly private backyard features a patio, arbor and hot tub (included).
Sides to a court and located on a very quiet child safe street.
Upgraded to perfection!
Hurry, this 3 bed 2 bath single level with pool will not last long at this price! Upgrades include remodeled kitchen with new tile counters and new cabinetry and appliances, tile flooring, remodeled baths with tile flooring new vanities. This home also has a newer roof gutters and downspouts, newer furnace, air conditioner and redwood fencing. Its cute, see it today!
The pool is in great shape and is fenced. . backyard is low maintenance and private! $430,000