East Bay Real Estate Blog

If you’re thinking about buying a home, you’ve probably received your share of advice from family and friends. Add to that the constant stream of TV shows, news segments, and social media posts that over-simplify the home buying process for easy entertainment.

With so much information to sift through, it can be tough to distinguish fact from fiction. That’s why we’re revealing the truth behind some of the most common home buyer myths and misconceptions.

Buying a home is a big decision, but it doesn’t have to be a scary one. If you arm yourself with knowledge and a qualified team of support professionals, you’ll be well equipped to make the right choices for your family and financial future.

DON’T FALL FOR THESE COMMON HOME BUYER MYTHS

Myth

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Set back on a beautiful and wide tree lined street, this move-in ready Broadmoor Tudor will steal your heart.

The light filled 2 level home has a spacious master bedroom with separate walk-in closet and sitting area. The living room with lovely Batchelder tiled fireplace leads to a formal dining room. There is an updated kitchen with ample storage and stainless-steel appliances plus washer and dryer. Wonderfully maintained hardwood floors throughout!

Upstairs you will find two good sized bedrooms and an updated full bathroom. The fourth bedroom located on the ground floor is ideal as an office or guest room. There is plenty of storage throughout the home.

But don’t forget the outdoors! The front yard is well maintained and

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Yesterday the sales office doors opened to a public tour of Richmond Marina Bay's newest community known as NOMA. Built by William Lyon Homes this community is about 30% completed and buyer reservations are now being taken. Several homes have already sold the first closing will be taking place in late April, early May of 2019.

NOMA consists of approximately 200 homes, half of which are 2-3 story, single family, detached homes and the other half consisting of townhouse style live-work condos. All of these homes will be featuring high-end finishes, spacious balconies, rooftop terraces, on-demand water heaters, and many more creature comforts that one can only expect from new construction.

The homes are priced very competitively. There are

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What Credit Score Do You Need To Buy A House? | MyKCM

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!

Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

  • 16% Very Poor (300-579)
  • 18% Fair (580-669)
  • 21% Good (670-739)
  • 25% Very Good (740-799)
  • 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

There are many

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Discover What Buyers Will Pay in Today’s Market

It’s easy to look up how much money you have in your savings account or the real-time value of your stock investments. But determining the dollar value of a home is trickier.

As a seller, knowing your home’s worth helps you price it correctly when you put it up for sale. If you price it too high, it may sit on the market. But price it too low and you may be losing out on a good chunk of money (nobody wants that!). For buyers, it’s important to know a home’s worth before you make an offer. You want your offer to be competitive, but you don’t want to overpay for the property.

Even if you’re not a buyer or seller right now, as a current homeowner you might just be curious about the value of your

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2 Reports That Say Now Is a Great Time to Sell | MyKCM

Heading into the spring buying market, there are strong trends starting to emerge.

The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way!

Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!

1. National Association of Realtor’s Existing Home Sales Report

Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every

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Check out my latest listing in the Anchorage community of Richmond's Marina Bay. Built in 2010, this tri-level home has one of the most desirable floor plans in Marina Bay's Anchorage community. Featuring 3 bedrooms, 2.5 baths and a total of 1,330 SF (per tax records) this home is in impeccable condition and boasts tile and engineered hardwood floors, granite kitchen with gas stove, plantation shutters, private balcony & spacious patio.

 

A perfect layout for entertaining and overnight guests, this home has a central living/dining space alongside a large kitchen with bar-style seating and a half bath, all on one level. Both front entrance and the side-by-side two car garage lead into the main entrance foyer which features the first of the three

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Why A Normal Market is Just What We Need | MyKCM

The housing market has been hot for a while now. Homes have been flying off the shelves as fast as they have been listed. Buyers have been competing in bidding wars just to find a home to buy, let alone find their dream home.

This ‘seller’s market’ has driven home prices to new heights. Home price appreciation averaged over 6% across the country.

However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by 4.7% over the last 12 months.

Many buyers and sellers planning to enter the housing market this year have started to wonder if we are headed towards another housing crash. Ralph McLaughlin, Deputy Chief Economist at CoreLogic, recently stated in an interview,

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Why Homeownership Matters Now More Than Ever | MyKCM

Study after study shows that no matter what generation Americans belong to, the vast majority believe that homeownership is an important part of their American Dream. The benefits of homeownership can be broken into two main categories: financial and non-financial (often referred to as emotional or social reasons.)

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!

The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater, with nearly

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The KonMari Method: Helping You Prep Your House For Sale | MyKCM

One of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices allows buyers to imagine themselves living in the house.

Those planning to sell soon are in luck! Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.

“The KonMari Method™ encourages tidying by category – not by location – beginning with clothes, then moving on to books, papers, komono (miscellaneous items), and, finally, sentimental items. Keep only those things that speak to the heart, and discard items that no longer spark joy.

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