Green Escrow Services, Inc

The Latest in Paperless Technology

You are here: Home / Blog

Buying during the holidays

By Leave a Comment

As the demand for houses remains high and the inventory at a record low, active house seekers may find less competition during the holiday season. However, they probably won’t find prices any more negotiable.

One bit of good news is that many real estate agents may be able to give you a bit more time as they probably will be dealing with fewer clients. At the same time, closing procedures should be somewhat faster. Showings, of course, will depend on the schedules of the current homeowner.

Rental homes could be available as landlords may want a contract in hand for year-end tax purposes. Be advised, though that the competition for such properties could be fierce.

Finally, keep in mind that home buying isn’t likely to improve come spring 2021. For those who can swing it, the holidays may be the best time to buy.

Prop 19 will benefit older homeowners

By Leave a Comment

While all the ramifications of the recent passage of Prop 19 have yet to sorted out, it’s clear that homeowners over 55, severely disabled residents and those whose properties were damaged by wildfires or contamination should see benefits.

For instance, homeowners over 55 will be able to move anywhere in California without seeing significant property tax hikes if they buy a property of equal or lesser value.

Those who will probably not benefit are the inheritors of property who will now be required to pay taxes based on the current market value and not when the property was originally purchased.

Are you ready to buy?

By Leave a Comment

2020 has been a year like no other in many, many ways and the real estate market is no exception. Despite high prices and low inventory, extremely low mortgage rates may make this a perfect opportunity for some. Some factors to consider if you’re thinking about purchasing a new home:

  • Is your employment situation strong? A solid and stable job history is essential and you should honestly evaluate your company’s long-term prospects before deciding to purchase a home.
  • Clean up your credit score. Make sure your credit history is accurate before applying for a mortgage. Certainly the lower your debt to income ratio, the better.
  • Pay off or refinance student loans. Again, improving your debt to income ratio is crucial and will free up more money down the line.
  • Set aside extra money. In addition to a downpayment, unexpected expenses are bound to crop up. And don’t try to save money by skimping on important items such as a home inspection. This can prove disastrous in the long run.
  • Look,look, and look some more. The more familiar you are with the real estate market in the area you are looking to buy, the better. Houses move extremely fast, so you want to move fast once the right home is available.
  • Good luck!

Real estate forecast: A strong winter ahead

By Leave a Comment

High demand and low inventory have many real estate analysts predicting a strong sellers’ market in the months ahead. While home inventory was down 39 percent in September from a year ago, historically low mortgage rates have buyers eager to purchase.

71 percent of the houses sold in September were on the market for an average of 21 days, down from 32 just one year ago. Meanwhile, the median price for home sales rose 14.8 percent from September 2019.

As there will likely be multiple offers on homes in the coming months, many agents are suggesting that sellers not rush to accept offers too quickly.

Real estate sales and demand remain strong

By Leave a Comment

While mid-November through mid-January normally sees a slowdown in real estate activity as the holidays take precedence that doesn’t seem to be the case in this most unusual of years. In October, the number of listings in the Bay Area that went into contract was the highest in several years. Certainly, there will be a slowdown in the next couple of months but analysts don’t expect it to be as dramatic as in past years.

Meanwhile, the sharp increase in median house prices continues to be driven by the rise in luxury homes on the market more than an appreciation in fair market values.

Many Bay Area cities – led by Walnut Creek, San Ramon, and Pleasant Hill – continue to see a 2 or 3 percent increase in the sales price to the original listing price of the home.

Best kitchen remodels

By Leave a Comment

Without a doubt, the kitchen is the heart of a home. And, whether you’re looking to increase the value of your property before you sell or just looking to upgrade, a kitchen remodel will bring you the best return on investment.

  • Energy-efficient appliances: With people spending more time at home, updating old appliances with quality Energy Star ratings is the way to go.
  • Large single sinks: 98 percent of homebuyers prefer single basin sinks. Stainless steel is always an option as are copper, granite, enameled cast-iron or fireclay.
  • Quality storage space: Even the most stylish kitchen isn’t worth much without sufficient space to store staples, produce, pots and pans.
  • Ample counter-top space: More eating at home means a higher demand for prep space. These days pull-out or collapsible work surfaces are popular.
  • Kitchen island: Not only do they provide storage and prep space, kitchen island dinner tables are efficient space savers.

Bay Area rentals continue to fall but for how much longer?

By Leave a Comment

San Francisco, Oakland, and San Jose continue to lead the country in percentage of median-priced apartment decline but also continue to be among the most expensive places in which to rent. However, the percentage decline for all three metro areas was the lowest since March and may signal that the “freefall” of the last six months is ending.

Since March, rents are down in 41 of the largest 100 U.S. cities, with most of the declines coming in coastal cities. Midszie cities such as Boise, Idaho have seen an increase in rates.

In the Bay Area, Pleasant Hill is the only city to see an increase year over year, at 1.8%, with a one-bedroom median price of $1,761. Dublin currently has the highest Bay Area rental prices with a two-bedroom median of $3,275.

2021: An early forecast

By Leave a Comment

Yes, there are still two months left in 2020 but real estate professionals are already looking ahead to 2021. After a steep decline in March and April, Bay Area real estate has rebounded with median home prices as high as they’ve ever been.

Analysts expect the trend to continue into early 2021. Currently, the inventory of available properties is at 1.9 months which definitely indicates a seller’s market. This could prices up even more.

While prices remain high – and are projected to climb even higher – historically low mortgage rates are a major inducement for buyers.

Luxury home sales soaring

By Leave a Comment

Everything is topsy-turvy in this craziest of years – home sales typically slow in quarter three after a more robust spring; the reverse is true this year. Moreover, the median price continues to rise, due to two factors: low inventory which is driving up prices, and a dramatic increase in the sales of luxury homes.

Quarter three saw the median square footage of home sold in the East Bay rise to over 2,700 square feet. As expected, the median sales price increased to over $1,300,000!

Inventory remains low as new listings remain low, driving up the prices even higher but the demand for larger – and more expensive – home remains strong.

Bay Area homes are moving … fast

By Leave a Comment

While the September median price for an existing single-family home in the Bay Area ($1,060,000) dropped slightly (0.7 percent) from August’s all-time high, it is still up a whopping 20.5 percent from September 2019, according to a recent report by the California Association of Realtors.

However, the big news is that the average time it took a house to sell was 11 days in September, down from 24 the year before.

Demand remains strong des[ite low inventory, driven in part by the pandemic and the uncertainty of the months to come. Sales remain strong in the Bay Area – up 34.2 percent year-over-year.