The observations are that the residential real estate market is back an here to stay for a while! The 5 county bay area statistics show that the home prices have increase approximately 43% over the past 12 months. Some of these counties such as Santa Clara , San Mateo and Marin had a head start from last year and now the Alameda and Contra Costa counties are gain ground fast!
Despite the recent tick up in interest rates which are still at incredibly low rates historically and still under 5.0%, the buyer demand has increased substantially over the past few weeks as buyers are now looking to secure a home before the summer is over. There are various reasons for this as some are looking to get kids into schools, some want to beat the home prices going up further and some are investors looking to beat the lower rates of return in some other investments.
Multiple offers are commonplace and bidding wars are happening even nationwide now! If you are concerned about entering the market as it continues to increase in value, you must consider a longer term perspective such as 5 to 10 years. Also, a Home is still the only investment you can live in, right?
Do the assessor records always match what exists on the property site? The answer is that sometimes the records can deviate from what exists on a parcel.
This could include the bedroom, bath and room count, the amenities and square footage of the home and land. When a property is improved, the city or town building department will share the information with the county. But sometimes the information is not communicated properly or input correctly.
Recently, I had a home listed that is 3 bedrooms, 1 bath, 1,051 square feet per an appraisal, and was built in 1955. The assessor records had this as a 2 bedroom, 1 bath, 776 square feet and built in 1925. I had gone to the city building department to pull the permit records and found that the home had been moved onto the site from the parcel next door in 1988. That home was built in 1955 and simply moved onto a new foundation next door on the parcel I was representing.
I collected that data and called the assessor’s office to let them know what I had found out and if they could please update their records. The assessor’s office emailed me back in 48 hours with the corrected data and that made the buyer of the home very happy that it matched!
The best advice is to check what the city or town has in their records and then compare it to the county records. It is possible to have the county update their records. Just contact the assessor in your county for more information.
This blog is dedicated to the UNreal events that can happen in Residential Real Estate. During my 30 years in this business, I think I’ve seen it all when the UN-thinkable happens. A recent listing of mine, a gorgeous 2 story home, just 11 years old, had been on the market for just over 3 weeks.
An offer comes in and is accepted by the sellers. The buyers, now excited about being the eventual new owners, come over right away to the home just after the offer is accepted. Wouldn’t you know it, the UNthinkable happened. UNfortuntely, for the 30 minutes that the buyers were at the home, a group of scraggly looking people gathered across the street, perhaps meeting to go to a concert, or who knows, but they were acting in a way that this gave this buyer a real negative reaction to this scene. This is the first time that any group like this had ever gathered across the street that the sellers and neighbors and could ever recall. The buyers agent thought this might be an episode of Candid Camera or a good practical joke. It wasn’t…..
Regardless, the buyers couldn’t UNsee what they saw and decided that within 2 hours of being the buyers, to UN-raveled. Now I think I’ve seen it all… UN-til the next time!