Realty World – Town and Country

Image by TW Collins via Flickr

According to an article recently posted by Andrew Taylor (AP), there is good news about the extension of the First Time Home Buyers Federal Tax Credit. I’m looking forward to more clarity regarding the exact qualifications. I interpret this to refer to clients already in contract by the cut-off date of April 30, 2010, having an extended period of time (September 30, 2010) to close escrow. That is great news for those who have been in contract for months purchasing a short sale property! Comments are welcomed; more news to come.

Most of us have been wondering for over 3 years when we will know we’ve hit the bottom of the market. I’ve written about this before and I still hold to the fact that if we wait to see the bottom, it will be too late and maybe we are already there! Especially if you are a buyer, don’t let that ship sail without you!
Pleasanton Real Estate is my specialty and I particularly pay close attention to Shadow Cliff Homes as I am an original owner and resident of the neighborhood. We have seen some very difficult times and are by no means on our way to smooth sailing, but there is some bright news. The chart below shows history from 2008 through today.

This chart is evidence of one neighborhood in Pleasanton, CA but I can surely tell you, activity and multiple offers are the norm in many parts of Pleasanton. In working with my buyers recently we made an offer on a home priced around $675,000. There were 9 offers on the property after only a few days on the market and shortly thereafter, we offered on a property that came on the market on a Thursday and by Saturday afternoon was already pending and also had multiple offers. Rates are low, inventory is low and sellers are seeing good prices for their homes.
If you’d like this kind of detail on another neighborhood, I’d be happy to provide it.

As both a Pleasanton Realtor and resident of Shadow Cliff homes, here is an update of what is happining in my neighborhood. At this same time period last year, January – April we did not have even one sold property! In my opinion, 2009 was a very good year considering 2008! This update shows that the market has most definitely improved.
Shadow Cliff continues to be a great place to live. If you’d like further details about this report, please don’t hesitate to ask.
Jan – April 2010

Pleasanton, CA Forclosures are on the rise. Over the past several months due to a moratorium on foreclosed properties, these “for sale” properties have been far and few between not only in Pleasanton, but nationwide.  We currently have 7-active bank owned/foreclosed properties on the market in Pleasanton and although for many communities this number is extremely low, for Pleasanton, this is on the high end.
At current, there are 7 “active” foreclosed properties available ranging from $334,900 to $2,100,000 located in the Ruby Hill community. The smallest of the 7-available properties was recently used as a business location near downtown.
Based on the pattern of the last 12-months, I suspect these properties will be pending within a matter of days. For homebuyers thinking of purchasing, the best advice to take heed…get pre approved by your lender of choice because in this market, once you fnd the property, acting quickly and wisely with the professional you feel most secure with is your best strategy.

Pleasanton CA, as of January 4, 2010 there are only 116 TOTAL Properties on the market in Pleasanton according to the Multiple Listing Service. This includes Single Family Homes (SFR), Condo and Townhomes!  Just before the holidays we had 102 Single Family Homes alone!!  Here’s how the market is currently stacking up:

86-Single Family Homes priced from the low of $399,000 up to the high of $8,888,888
15-Condos priced from the low of $170,000 up to the high of $395,000
14-Town Homes from the low of $189,000 up to the high of $468,000

The shortage of homes available on the market continues to be the trend. We are beginning to see a trickling of Bank Owned (aka, REO, Foreclosed) properties come to the market; one being in the Shadow Cliff neighborhood of Pleasanton, located on Whitney Drive.
 The First Time Home Buyer Tax Credit is still in affect until April 2010 and FHA loans continue to be accessible allowing for down payment Requirements (as low as 3.5%).
If you’ve been on the fence about selling, this is most definitely a good time to make a move. The market is begging for more properties!
For specific questions or housing information, please feel free to contact me direclty.