Do you watch the news, read the papers or other real estate blogs? If you do then you know interest rates took a drop this week. Pleasanton Home Sales, San Ramon Home Sales, Dublin Home Sales, Danville Home Sales and Livermore Home Sales will hopefully see a continued increase in home values as we are starting to see in Pleasanton, San Ramon and Danville from the drop in rates. Visit the Housing Value Stats page.

Tri Valley Home Sales Update September ‘08

Pleasanton Home Sales 

Dublin Home Sales 

Dublin Ranch Condo Sales 

Livermore Home Sales 

San Ramon Home Sales

Danville Home Sales 

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Median Prices of Homes in Pleasanton have obviously increased from 1988. As well as Dublin Home sales and Livermore prices.

Here are some numbers for Median Prices of Single Family Homes…

1988 Pleasanton Home in January was $189,000 (interest rate 10.38)

1991 Livermore Home in January was $200,000 (interest rate 9.64)

1999 Dublin Home in September was $320,000 (interest rate 7.82)

FAST FORWARD… May of 2008

Pleasanton Home $1,044,570

Livermore Home $518,469

Dublin Home $640,717

Here is a full report of Median Prices of Pleasanton, Dublin and Livermore Homes

 Pleasanton Median Price History 

Livermore Median Price History

Dublin Median Price History 

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Buying a Pleasanton home or tri valley home? Or maybe you heard about Pleasanton and live in Chicago. What would help you out while buying a Pleasanton home? Maybe a view of the Pleasanton home beyond just a simple website for a Pleasanton Home. The link below is to a street view of a home we have for sale View Larger Map

Having all the information you need on a Pleasanton home when you are 300 or 3,000 miles away is very important. This is why we at the Moxley Team are always improving the ability for across town or across the world for buyers to get the information they need. All home on our site will soon have Google Street Views!

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A look at Tri Valley Homes and a look at Pleasanton Home sales are not the same as the broad Bay Area home sales. We can all agree it’s all about location. A Dublin Ranch Condo will not react in pricing the same as a Pleasanton Condo, because of location. So when a recent report says… “the largest increase in month to month sales in 20 years was reported by Data Quick on Tuesday. And Bay Area Homes increased 33 percent last month from March, compared from April ‘07 sales were down 14.2 percent so is it indicating a bottom as some are saying?” We need to dig.

Yes, numbers are up and we can agree that Pleasanton Home values will rise and the price someone paid for a Dublin Ranch Condo will go up, but when.

I believe we are at the bottom, here is why.

RENTAL MARKET
When I have a client looking for a rental I feel like it is 2004 when I chased the truck with the for sale sign posts in the back of it to see what home was going on the market. I had a Pleasanton Home up for lease at $2,300 by the time we rented it out it went for $2,450 a 7% increase. By the time we reach Spring ‘09 will a home like this be close to $3,000? Some already are. Sooner or later it costs more to rent than buy and housing prices will go up.

MULTIPLE OFFERS
Not all homes see multiple offers, but the quality homes are. Quality I will define as good price, upgraded, location. Lets not forget ‘deals’ get multiple offers and the last 2 offers I have written for one particular buyer have both been one of seven offers. Currently we are seeing some areas like the Dublin Ranch Condos not being able to appraise at final bid price. There are a lot of buyers out there, but even less quality homes.

LENDING GUIDELINES
One of the problems is the ability to get a loan. New guidelines are going to help over time and in the Tri Valley with higher than the national $220,000 median price we need it. As soon as guidelines swing the other way and loosen up, more people will be able to buy and prices will even out.

SHORT SALES & FORECLOSURES
While this is seen as a negative, remember these people need to live somewhere and rental prices are being pushed up because of these sales. Eventually people who are renting and waiting for the right time to buy will do so when the cost of buying a home and rent they pay are close. Also as soon as pricing stabelizes and even out, these current renters will jump and become buyers. They are just waiting.

NEW CONSTRUCTION
The only builders selling new homes are the ones who have had a long term plan. Sorrento in Dublin Ranch has been planned for years, but they are holding off on completing the entire project for a few years. This means there are less new homes to purchase down the road.

POPULATION
People need to live somewhere and the increase in population from the obvious local increase of kids buying homes is one reason as well as the immigration for other countries. Lets not forget, most countries have booming economies and people are coming here and buying homes. The Bay Area has for years been a draw because of good jobs too.

Overall, people will only wait so long until they say, now is the time! But when is the time? We will only know it’s the bottom once it passes us, but the above points all lead to a turning in the market and correction upward in the coming years.

Do you believe the market is here?

Is it the bottom of the housing market?

I have received this article a few times over the past week from clients asking if the bottom of the housing market is here. Here is a link to the Wall Street Journal article.

The Housing Crisis is Over

I know a lot of people are waiting until the bottom is here until they buy, but there are two schools of thought regarding housing. One is buy a house because you want to raise a family, be close to great schools, close to work, near amenities, and a home you can afford plus get great tax write offs. Second is, buy a house because you want to make quick money, you don’t really like it, but you can put a few bucks in it and make more, your loan isn’t that great, but you will sell before it resets, maybe you get a kick back on the commission of the agent and you want the money in your pocket. If those don’t work out, you would rather rent. Here is my concern - the same mindset that exists today for many is the same that got us into the problem we are now leaving.

A home is best purchased for option one. Look at our grandparents, they bought a home to live in and raise a family. They did make money, and many made a lot, but only after years of being in a home and that is the best way to buy real estate, long term. So my answer to the question ‘is the market at the bottom’ is if you want to make quick money, NO. Real estate should never be viewed that way. If you want to buy a home for the long term, we are closer now than a year ago, but we won’t know it’s the bottom until we pass it. Many areas are now seeing prices at a level where renting does not make sense anymore. Example in the Dublin Ranch Condos a home just went pending at $350,000. Its is a 2 bed 2 bath 1,400sf, the same home will rent for $2,000.

Here is what you can take from this – Do your homework on the neighborhood, get a good loan, put some money down, find a local Realtor and you will make money in the long term!