July 2018

Found 8 blog entries for July 2018.

Montclair Just Sold Ary Assadi

5765 Harbord Dr. in Oakland's Montclair neighborhood was a pleasure to prepare, list and sell. My seller client had lived there for almost 20 years so prepping the home for sale took some planning, organizing and executing. First I helped her find a wonderful new and smaller home to purchase. Once the move took place we had a crew of people come to clean, paint, and stage to the home and get it ready for the market.   One lucky buyer took advantage and now owns this beautiful home. The final sales price came in at $1,160,000 and the new owner will surely makes this their home for many years to come. See more details at: www.5765harbord.com   Ary Assadi East Bay Modern Real Estate 510-833-9691 Ary@EastBayModern.com
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Housing Will Not Fall Victim to Next Economic Storm | MyKCM

Some experts are calling for a slowdown in the economy later this year and most economists have predicted that the next recession could only be eighteen months away. The question is, what impact will a recession have on the housing market?

Here are the opinions of several experts on the subject:

Ivy Zelman in her latest “Z Report”:

“While economic activity appears to have accelerated so far in 2018, some prominent economic forecasters have become more cautious about growth prospects for 2019 and 2020…

All told, while solid long-term demographic underpinnings support our positive fundamental outlook for housing, in the event micro-economic headwinds surface, we would expect housing transaction volumes and home prices to weather the

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First-Time Home Buyers Continue to Put Down Less Than 6%! | MyKCM

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong,

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying.

Households under 35 –

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House-Buying Power at Near-Historic Levels | MyKCM

We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.”

Their index is based on three components:

  1. Median Household Income
  2. Mortgage Interest Rates
  3. Home Prices

The report explains:

“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”

Combining these three crucial pieces of the home purchasing

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How Long Do Most Families Live in a House? | MyKCM

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.

As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.

How Long Do Most Families Live in a House? | MyKCM

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some

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Have you experienced being outbid on a really great property? Here is an opportunity to purchase this updated 1 bedroom Oakland condo with no bidding or guessing about the price

1 Kelton Ct. #6L is tucked away on a quiet cul-de-sac yet just steps to bustling Piedmont Ave. shops and restaurants. Easy commute to downtown Oakland or San Francisco. 96 walk score! This condo has a recently remodeled kitchen with new cabinetry, quartz counter-tops, built-in water filtration system, and stainless-steel appliances. Large walk-in closet and fully remodeled bathroom. Floor-to-ceiling glass windows frame picture perfect views of the Oakland hills from inside or outside on the full-length balcony. Well funded HOA with earthquake insurance included in

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