Green Escrow Services, Inc

The Latest in Paperless Technology

You are here: Home / Blog

The single best day to close on your new home is … December 26

By Leave a Comment

According to an analysis by ATTOM Data Solutions, if you close on your new home on the day after Christmas – December 26 (Boxing Day in some parts of the world) – you will get the largest possible discount.

ATTOM concluded that most people are shopping for after-Christmas sales or busy making New Year’s Eve plans which accounts for the discounts. Other favorable days to close are December 4 and December 31. The least favorable time to close is in June, when buyers pay a premium, often as large as 7 percent.

Homebuyers – your prime negotiating period is … now!

By Leave a Comment

In San Francisco and the Bay Area, statistics show there are two periods in the year when potential homebuyers have prime negotiating power: late summer and NOW. Competition from other potential homebuyers is lower and the seller is obviously extremely motivated or they wouldn’t be putting their home on the market during the holidays.

While September often sees the most new listings in San Francisco and the Bay Area, November and December bring a dramatic dropoff, making this a perfect time for eager homebuyers to strike a deal.

And if you’re worried about the future economy, an Urban Land Institute study ranked San Francisco as 12th, San Jose 13th, the East Bay as 30th among the top 80 metros where growth is expected to continue.

The housing market will be booming … in 20 years

By Leave a Comment

Zillow is calling it the “Silver Tsunami” in a new analysis in which they estimate that 27 percent of today’s owner-occupied homes will become available by 2037.

How did they come to this conclusion? It’s simply that as more and more of the Baby Boomer generation passes way their homes will become available. Zillow estimates that from 2017 to 2027 920,000 homes will become available annually and that between 2027 and 2038 that number will rise to 1.17 million homes annually.

This means that roughly 20 million homes will hit the market through the mid-2030s!

California housing permits increasing

By Leave a Comment

California’s Department of Finance reports that housing permits increased by nearly 22 percent from August to September, representing 41 percent growth from 2018. This is in line with Governor Gavin Newsome’s pledge to develop 3.5 million homes in Calfironia by 2025.

Overall, multi-family units increased by 47 percent while single-family dwellings actually decreased by 2 percent. Also, while the increases are encouraging, 2018 numbers were very low.

Will Millennials be able to buy?

By Leave a Comment

We’ve seen that Millennials want to buy; now the 2019 Millennials & Homeownership Report states that nationwide only 25 percent of Millennials who are currently renting will be able to come up with a 10 percent downpayment in the next five years.

Student debt is cited as a major factor in preventing homeownership. If those obligations were dismissed it is estimated that 38 percent of Millennials would be able to purchase a home.

Of course, in the Bay Area, affordability is also a prime factor with only 21 percent of Millennials able to buy in the next five years.

Millennials are saving up

By Leave a Comment

With the price of a “starter home” in the East Bay at a cool $547,000 (in the South Bay it’s $736,000!) millennials – those between 22 and 38 – who want to buy are spending less in traditional ways: cutting back on entertainment and dining out, working extra, and postponing vacations. But some millennials are taking saving a step further by contributing less to retirement savings, delaying doctor visits, and even reducing or canceling health insurance completely.

How difficult is it to purchase a home these days in the Bay Area? In 1960, the average Bay Area family paid twice their annual family income for a home. These days, it’s NINE times their annual income.

Selling your home during the Holidays

By Leave a Comment

Traditionally, the real estate market slows during the Holiday season but for the savvy homeowner, this can be the perfect time to sell. Sure, there will be fewer prospective buyers looking but likewise, the competition will be much less. And those who are looking are definitely serious.

Experts advise to tastefully decorate your home. Be creative – raffle off a turkey, collect donations for a local food bank; just don’t bother with an open house during the holiday week – buyers aren’t that serious.

Real estate trends in 2020

By Leave a Comment

It’s that time of year again – looking ahead to 2020 and trying to forecast what’s to come.

Home values have increased in the United States by 5.2 percent over a one year period and many experts expect prices to rise by 2.2 percent in 2020. This is based on the fact that prices have slowed considerably in their percent of increase.

Analysts agree that this could be a good thing as it will give more prospective buyers a chance to purchase than has been possible in years past.

Certainly, more to come…

Be careful of that fixer-upper

By Leave a Comment

Sure, a fixer-upper can save you a lot of money, particularly if you’ve got the time and the tools to tackle the job. But there are some issues that should be avoided even by the most dedicated handyman.

  • Pests & Mold: Pests such as termites can damage an entire house and toxic or black mold can be life-threatening.
  • Additions without permits: If there have been major additions without permits there could be legal as well as structural problems.
  • Buried oil tank: Older homes may have oil tanks buried in the backyard that provided propane to heat the home before electric heating. Expensive to remove, too dangerous to leave in the ground.
  • Old electrical wiring: Again, expensive to replace, a potential fire hazard if ignored.
  • Bad foundation: If the foundation is faulty, cracking or crumbling, disaster awaits.

Improve your home’s curb appeal

By 1 Comment

Adding value to your home isn’t just new kitchen countertops or expensive bathroom remodels. Approving the curb appeal of your home is a great way to make it stand out from the others in your neighborhood.

  • Landscaping: Planting trees, flowering bushes, and improving the lawn is a great way to get prospective buyers excited about your home even before they get out of the car. More expensive projects include adding a wooden deck or patio.
  • Front door upgrade: Modern wood door design or a steel design will instantly improve the look of the front of your house. Steel design doors have the added benefit of providing additional security to your property.
  • Upgrade the garage door: A good garage can certainly add value to a home and by upgrading the garage door you are removing one item from a prospective buyer’s must-do list.
  • Windows upgrade: Replacing windows can be very expensive but certainly go a long way in adding value to your home. Double land or tinted windows will save energy as an additional benefit.