California Home Price Gains Among Country’s Best

CALIFORNIA HOME-PRICE APPRECIATION SECOND HIGHEST IN U.S.

Home prices in the Golden State showed the second largest year-over-year gains in the county in November, according to CoreLogic’s recently released Home Price Index.

California home prices, including distressed sales, increased 21.3 percent from November 2012 to November 2013, trailing only Nevada. Not including distressed sales, home prices in the state grew 17.6 percent in that time period, also No. 2 in the country.

Nationally, home price growth was more modest, with year-over-year gains of 11.8 percent including distressed sales and 10.4 percent excluding them. According to CoreLogic, November marked the 21st straight month of yearly home price increases.

The company predicts that 2013 will be the healthiest year for appreciation since 2005.

Saraya and Simon Motley
Pacific Union and Christie’s International Real Estate
Serving Alameda & Contra Costa Counties
510.459.4338/direct . 925.385.8503/direct
925.403.7802/eFax
saraya@eastbayhouse.com
www.eastbayhouse.com
CalBRE License #01265873  

Image courtesy of PacificUnion.com      

The Vintage Mart

Vamp, 331 19^th Street, Oakland, California

Have you been searching high and low for a one-of-a-kind, rare, unique, vintage item? Search no more, this Saturday only, in thanks to Vamp’s installment of The Vintage Mart, you will be able to shop for items that cannot be found in stores, malls, or even online. 

The Vintage Mart is a pop-up shop featuring anything, and everything vintage.  The Mart will be exhibiting and selling clothing, jewelry, accessories and much more.  Multiple vendors including Nimbus Vintage, Reform School Vintage, and Julia Mazawa will all be present.  Along with a wide array of other vintage merchants, there will be an extensive assortment of antique items from the 1950’s to the late 1980’s.

Live music and a variety of snacks and beverages will accompany your vintage shopping experience.  Stroll just a couple blocks to visit Marrow, a fantastic walk-up eatery.  Not only can you grab a quick bite to eat, but you can also purchase fresh fruits, vegetables, and locally produced cheeses and breads.  Meander back to the Mart to be musically entertained by the special guest DJ.  You can expect to hear a wide variety of music throughout the day.

Plan on bringing the entire family and making a day of shopping, dancing, and eating at The Vintage Mart event.  I will see you there!

Saturday January 11^th

Noon-7:00 PM

For more information regarding The Vintage Mart, please click here.

Saraya and Simon Motley
Pacific Union and Christie’s International Real Estate
Serving Alameda & Contra Costa Counties
510.459.4338/direct . 925.385.8503/direct
925.403.7802/eFax
saraya@eastbayhouse.com
www.eastbayhouse.com
CalBRE License #01265873 

  

Photo courtesy of Sarah Whidden/Flickr.com

Mortgage Rates a Hot Topic as New Year Begins

The final days of 2013 saw a flurry of real estate news involving interest rates and mortgages. Some news offered relief for homebuyers, while other announcements made it all but certain that interest rates will climb noticeably higher in the new year.
 
In mid-December, federal home-loan guarantors Fannie Mae and Freddie Mac said they would soon boost the fees they charge lenders, with the added cost passed on to homebuyers as higher mortgage rates. The fees would hit homebuyers with small down payments and less-than-perfect credit scores the hardest.

The fee hikes could still be rolled back, however, after they were questioned by the incoming director of the Federal Housing Finance Agency (FHFA).

U.S. Rep. Mel Watt, scheduled to take over the FHFA on Jan. 6, said recently that he would put the fees on hold until he has time “to evaluate fully the rationale for the plan” and how it would affect the availability of credit. Critics in the mortgage and housing industry had argued that the fees are too high and would ultimately hurt homebuyers and the housing recovery.

Meanwhile, the Federal Reserve announced Dec. 18 that it would begin winding down its bond-buying stimulus program in January and end the program entirely by the end of 2014.

The stimulus program has been widely credited with keeping mortgage rates down. The Fed said it would reverse course if the economy weakens, but housing market analysts said mortgage rates will almost certainly rise.

Within a week of the Fed’s announcement, the Mortgage Bankers Association (MBA) said mortgage rates increased and refinancing applications decreased.

Thankfully, mortgage rates showed little change by the end of the year, according to the weekly mortgage market survey by Freddie Mac.

In its last survey of 2013, Freddie Mac reported that 30-year fixed-rate mortgages averaged 4.48 percent, up from 4.47 percent a week earlier. Last year at this time, 30-year mortgages averaged 3.35 percent.

Also, 15-year fixed-rate mortgages averaged 3.52 percent, up from last week’s 3.51 percent and from 2.65 percent a year ago. One-year adjustable-rate mortgages, meanwhile, averaged 2.56 percent, down from last week’s 2.57 percent but exactly the same as the rate one year ago.

Earlier this year, the MBA predicted that mortgage rates would rise above 5 percent in 2014 and average 5.5 percent by the end of 2015.

The likelihood of rising interest rates offers clear guidance to move-up buyers and first-time homebuyers: Delays in financing could add thousands of dollars to a home purchase. Potential extra costs in the first year alone could top $35,000, according to an analysis we published two months ago.

Article courtesy of PacificUnion.com  

Saraya and Simon Motley
Pacific Union and Christie’s International Real Estate
Serving Alameda & Contra Costa Counties
510.459.4338/direct . 925.385.8503/direct
925.403.7802/eFax
saraya@eastbayhouse.com
www.eastbayhouse.com
CalBRE License #01265873  

(Image: Flickr/Andrew_Writer)

Grand Lake Farmers Market – Opening Day

Splashpad Park, Oakland, California

Now that Christmas is behind us and we have indulged in our holiday meals, it is time to think about healthier eating for the new year.  The Grand Lake Farmers Market – Opening Day could not be arriving with better timing.  This Saturday, Splashpad Park in Oakland will once again be transformed into a Market featuring organically-grown foods, specialty food providers, and even local artisans.

The Grand Lake Farmers Market has been voted the “Best Farmers Market” in the East Bay, year after year.  It provides a great selection of organic produce, a wide variety of specialty foods and delicacies, and artisans that come from many surrounding counties.  Shoppers can browse fruits, vegetables, meats, baked goods, flowers, and much more.  And the artisans will be offering their handmade, hand-crafted, and one-of-a-kind items for sale.  You can expect to find everything from jewelry, to fine art, to wearable items.

With over 3,000 attendees expected, this will be the Market’s largest Opening Day ever.  If you have made it your New Year’s resolution to eat better, please join me this Saturday for the Grand Lake Farmers Market – Opening Day.  The Market is sure to be serving up the best of the best, in food and art assortments.  See you there!

Saturday January 4th
9:00AM-2:00PM

For more information regarding the Grand Lake Farmers Market – Opening Day, please click here.

Saraya and Simon Motley
Pacific Union and Christie’s International Real Estate
Serving Alameda & Contra Costa Counties
510.459.4338/direct . 925.385.8503/direct
925.403.7802/eFax
saraya@eastbayhouse.com
www.eastbayhouse.com
CalBRE License #01265873  

Photo courtesy of NatalieMaynor/Flickr.com