Life in Walnut Creek, Lafayette and surrounding areas: December 2009

Appealing your Property Tax Assessment...Video Tutorials, are provided by California's State Board of Equalization.  They have on their website 9 short videos that help walk you through the process of preparing and presenting your appeal at your county Board of Equalization or Assessment Board.  I think they have done a great job in explaining the process and it's for consumer information.  It may seem like an overwhelming process, but your first step is understanding the process and the time frames involved to make your appeal.  As they say...Knowledge is Power...so inform yourself and you could save a considerable amount of money should your home's Property Tax Assessment be overlooked by your County Assessor.

To view the video tutorials, go to www.boe.ca.gov/info/AssessmentVideo/AppealAssessmentIndex.html

Which remodeling projects offer the best return on your investment?  According to the Remodeling Cost vs Value 2009-10 Report, its Survey Says...replacing your front entry door!  For a cost of approximately $1300 (mid-range, steel door), you recoup a whopping 128% of your investment!

The report includes 33 remodeling projects and breaks it down into Cost, Resale Value and Cost Recouped. The report also breaks it down into nine Regional Averages among the 80 metropolitan areas surveyed.

For the Pacific Region, the majority of the Top 10 projects with the greatest return on your investment fell into the Exterior and Energy Saving categories.  Also, the majority of the 10 remodeling projects with the best return on investment nationally involved home maintenance items that cost less than $14,000. 

Upgrading kitchens and baths are still a smart bet.  However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels.

To view the whole survey, go to Remodeling Magazine.  If you're thinking of starting a remodeling or addition project in the Walnut Creek, Lafayette, Concord, Alamo or surrounding areas, give me a call and I'll be glad to share licensed contractor referrals with you.  Before hiring a contractor for a major project, always check to see if they are licensed and in good standing.  To check this, go to California's Contractors State License Board. 

There are many different loan programs out there today and it can seem a little overwhelming, especially to the first-time homebuyers.  In this video interview, we discuss the differences between FHA (Government-backed loans) versus a Conventional Loan.  We briefly review different criteria and what those requirements are with the different loan products.  My guest speaker was Yvonne Hemmingsen, Mortgage Loan Consultant, with Diversified Capital.

The first step in the home-buying process is to sit down with your Mortgage Loan Specialist to determine what the best loan product is for you.  There are many options to choose from based on your financial situation and credit worthiness.  The information in this video was based on information available as of Dec. 15, 2009 and is subject to change.   

Concord, CA..."Available Homes for Sale" analysis.  This report includes Single, detached homes only that are currently available for sale per the Contra Costa Association of Realtors MLS as of Dec. 10, 2009.

It appears to be trending more from Bank Owned to Short Sales.  You can see from the chart below that the bulk of available homes are priced at $499,000 and below (approx. 77% of ALL available).  With this trend, the report is geared to show you how each price range breaks down to the type of sale it is.  Here's the terminology of the categories:  REO (Real Estate Owned/Bank Owned); SS (Short Sale); NONE (non-distressed/normal sale); DOM (days on market); $/SF (Price per square foot).

There are 129 homes currently available for sale.  This chart shows the breakdown based on ALL available.

Now let's look at how this breaks down per price range.  Prices are rounded to the nearest hundredth dollar.

Summary:  With investors and First-time homebuyers, the $375,000 and below market is the most active and sought after price range.  With the increase/trend of more short sales versus Bank Owned, it seems to confirm what the media is saying that the push is towards the banks to work more with the owners versus foreclosing on them. 

What does this mean for the home buyers?  Be prepared to be in multiple offer situations in the $375k below market.  Also, lenders are demanding offers to be closer to 'market' prices on Short Sales and less likely to negotiate 'hot deals'.  Also, until the majority of banks learn how to streamline their Short Sale process...buckle up!  A Short Sale transaction will require extreme patience and time! 

If you would like more information about buying or selling a home in the Concord and surrounding areas, please contact me. If you would like to learn more about Concord, CA, please visit their website.