East Bay Real Estate Blog

Number of Buyers Putting Down Less Than 10% Hits 7-Year High | MyKCM

According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.

Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out,

“Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers are gaining

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Photo Credit: Eville Eye News 

 

I've been watching the progress of these beautiful new homes over the last year and finally they seem close to completion!

15 units will hit the market soon. All of them designed with one thing in mind: "inhabit less, live larger'. Atomic City is a net-zero community, producing at least as much energy as it consumes. Solar panels, solar skylights, rain collecting cisterns and solar hot water heaters is only an example of what the Oakland-based design firm MANOU DESIGN GROUP designed and implemented.

Buyers can chose from 3 different floor plans. The location is central, in close proximity to Berkeley Bowl, Emeryville Public Market and the Ashby Bart Station. 

Grand opening is happening on Saturday, August

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Congratulations to my first-time buyer who just closed escrow on this immaculately remodeled 1 bedroom, 1 bath, 720 square foot condo!

Located near Oakland's vibrant Piedmont Avenue, the unit features a large open airy living room, updated kitchen, light and bright balcony with tree top views and peeks of the Bay, bedroom with walk-in closet, 1 car enclosed parking, all within a secured building in a terrific walkable location.

My client has been living with family nearby and I’m delighted to have helped make her dreams of home ownership a reality!

Call me today to find out how I can do the same for you!

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More Boomerang Buyers Are about to Enter the Market | MyKCM

We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.

Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “ possibly send a flood of more homebuyers into the housing market.”

The chart below shows the total number of bankruptcies filed by year in the US over the last 10 years. The light blue bars represent over 3.3 million people who have already waited the

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Congratulations to my overseas sellers who found a bank-owned property when the US real estate market was at rock bottom and just sold it in today's skyrocketing market! Way to go. The sellers received multiple offers and the property was sold for $565,000 - $20,000 above the listing price!

If you are thinking of selling or buying in Oakland, please contact me anytime! - Hiroko Tsumori

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58% of Homeowners See a Drop in Home Values Coming | MyKCM

According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years.

After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade.

The two major causes of the housing crash were:

  1. A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms.
  2. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them to purchase a home.

Today, housing inventory is at a 20-year low

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Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!

Put Your Housing Cost to Work for You

As we’ve said before , simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth.

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Built in 2006, 1812 Northshore Drive is a beautiful multi-story home situated on an end-location within a lush and private courtyard. At 2053 SF (per tax records), this is one of the largest floor plans in the desirable Anchor Cove community, consisting of 3BD, 3.5BA, balcony, front terrace and a large bonus loft on the top floor ideal for use as a media room/office, or as a 4th bedroom.

The main living and dining areas feature elegant dark solid bamboo flooring & all bathrooms have been upgraded with large format tile flooring. Ideal for entertaining, the seamless transition from kitchen to dining areas includes bar seating & an en-suite balcony perfect for summer BBQs. The lower level full bedroom and bath provide extra privacy for homeowners

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Hey, Millennial Homeowners!! It May Be Time to Sell | MyKCM

Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise .

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:

1. Equity Build-Up

Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions , in their Q2 2017 U.S. Home Sales Report revealed that:

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93.9% Of Homes in The US Have Positive Equity | MyKCM

CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year.

The study also revealed that:

  • Roughly 63% of all homeowners have seen their equity increase since Q1 2016
  • The average homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017
  • Only 1.6% of residential properties are near-negative equity

Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity. (The states in gray have insufficient data to report.)

93.9% Of Homes in The US Have Positive Equity | MyKCM

Significant Equity Is On The Rise

Frank Martell,

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