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Home Buyer Motivation Revealed in Gallup Poll

May 10, 2013 By Leave a Comment

Home buying pollMost real estate articles zero in on the financial benefits of home ownership. After all, buying a home is a big decision, and it makes sense to talk about mortgages, taxes, home prices and so on. Yet according to a recent Gallup Poll, home buying has as many psychological and emotional motives as financial ones.

Here are the top home buyer motivations expressed by the poll, along with my own thoughts:

Home ownership is an investment. Despite the loss of equity that happened during the housing bust, the long-term opportunity to build equity and come out ahead of the market still holds tremendous appeal.

Home ownership provides personal financial security. With fixed-rate mortgages below 4% for a 30-year loan, and below 3% for a 15-year loan, mortgage payments can be cheaper than rent, even with taxes and insurance factored in. And if you go with a 15-year loan, you could be mortgage free by the time your kids go to college, or before you retire.

Home ownership improves your credit. This is more than just an opinion. Whenever a creditor asks you if you own or rent your home, it’s because they use this data in evaluating your risk profile. Being a renter doesn’t mean you won’t get the credit you apply for, but it could influence the rate you are offered.

Home ownership provides a better family environment. Renting has uncertainties because of things like frequent changes of tenants, and changes in landlords or property managers. Changes in lease agreements, rental rates and tenant rules can be unsettling. Most apartments are also relatively small for the money, compared to what you could obtain when buying a home.

Home ownership is important to personal well-being. For many people, this comes down to having control over your living situation and being able to putter around the house. Want to pound nails in the wall? Go ahead. Tear out the carpet? Go for it. The intangible factors of home ownership, like personal freedom, privacy, and pride of ownership, are a large part of home buyer motivation.

The poll also revealed that many renters would rather be homeowners, but most are unable to buy a home due to bad credit, or a lack of funds, or because of frequent job transfers. Some 57% of renters cited financial reasons as their main obstacle to home ownership. Only about 13% of surveyed renters say that renting is a choice, made for convenience reasons or due to the downsizing of the household.

Are you ready to become a homeowner? Let me help you! I will refer you to trustworthy mortgage lenders, and I will help you find the ideal home for your needs and budget. Please feel welcome to contact me for the latest home listings in Livermore, Pleasanton or Dublin. I’ll answer all of your questions, and provide you with expert guidance!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
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Livermore Population and Home Prices Increase

May 4, 2013 By Leave a Comment

graphpegsThe more the merrier! Livermore’s population increased by 1.3% last year, according to an article in the Livermore Patch.  They report that the State Department of Finance counts our current population at  83,325. This is the second-highest growth rate in Alameda County. Dublin has the highest rate of population growth at 6.8%.

As a whole, Alameda County’s population grew by 1.2% to reach 1,548,681 residents. Our population growth is ahead of statewide trends. California’s rate of growth is 0.8%.

An increase in residents means increased demand for housing, and it’s no surprise that the cost of renting and buying a home is also going up. The average listing price of a Livermore home for sale was $701,998 as of last week.  In Dublin, the average listing price of homes for sale came in at $734,783.

Please keep in mind that this also represents some higher-end homes hitting the market, which pulls up dollar averages. We have a few more listings in the $600,000 to $1 million range. There are several excellent properties available in the $1 million-plus range, including large parcels with acreage. If you’ve ever wanted to start your own winery, now is your chance!

Overall, homes are spending less than 30 days on market, and our home inventory remains lean. Even without population growth factored in, demand is far ahead of supply, and home prices are poised to increase. It’s going to be a hot summer for real estate in Alameda County!

We can expect home sales to remain brisk in Livermore! Mortgage interest rates are excellent, and there are some beautiful homes on the market at very attractive prices. It’s a great time to buy a Livermore home, and thanks to limited home inventory, it’s an even better time to sell! My experience can help you make the most of today’s opportunities.

Thinking of buying or selling a Livermore home? I will be happy to help you, just give me a call!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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Livermore Home Buyers and C.L.U.E. Reports

March 22, 2013 By Leave a Comment

California home expensesOne of the expenses of home ownership that can surprise California home buyers is the cost of homeowner’s insurance. You might think that homeowner’s insurance policies in a given area would be similar in cost, but premiums from one home to another can be vastly different.

One reason is that homes with a history of prior insurance claims will have higher premiums than those with no claims. But as a Livermore home buyer, how would you know if the home you’re purchasing has an insurance claim history?

Enter the C.L.U.E. report. C.L.U.E. stands for the Comprehensive Loss Underwriting Exchange, which is a national database used by the insurance industry. It provides a record of insurance claims made against a home. Even though a house changes ownership, the C.L.U.E. report assigns a risk factor to the home itself, based on location, type of structure, prior claim history, and so on.

When you apply for insurance, the C.L.U.E. report on the home is combined with the risk that you present as an individual – your credit history and public records are all part of the picture. You can improve your own record, but you can’t erase the rap sheet that a home may have with the insurance industry.

This is important to understand, because a home with a claim history could impact your premium costs, even if the claims have been settled and all repairs made.

Fortunately, there is the C.L.U.E.® Home Seller’s Disclosure Report. This report looks back 5 years. If there have been insurance claims made during that period, the report will list the date of loss, loss type, claim status, amount paid, policy type and insurance company name.

A clean C.L.U.E. report gives you some assurance that your premiums won’t be tied to claims that pre-dated your ownership. On the other hand, if the C.L.U.E. report shows recent claims, it could indicate that the home may have a high-risk location or bear other concerns.

One catch: only the property owners, or their insurance agent, can request the C.L.U.E. report. But you can ask for the C.L.U.E.® Home Seller’s Disclosure Report as part of your purchase contingencies! This report, used in tandem with a home inspection, could help protect your wallet!

As your Livermore real estate professional, I’m here to help you with your home buying questions! Please feel welcome to contact me for the newest home listings in Livermore, Pleasanton or Dublin! Let my experience in California real estate be your advantage!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
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Credit Score Improvement Tips for Livermore Home Buyers!

February 15, 2013 By Leave a Comment

Livermore Credit TipsIf you are planning to buy a home in Livermore, Pleasanton or Dublin, your foremost concern could be qualifying for a mortgage. And for good reason! Mortgage underwriting has become notoriously picky. Loan denials happen to applicants who would have been deemed very creditworthy just a few years ago.

One of the top causes of a mortgage loan denial is an insufficient credit score. Even if your credit score meets loan approval, you may be surprised to find that it isn’t lofty enough to qualify for the most attractive interest rate.

Fortunately, there are ways you can improve your credit score! It takes diligence and patience. Here are some tips from FICO and consumer advocates:

1. Pay all your bills on time, including cell phone bills, cable TV service, and utilities. You don’t know who is actively reporting to the credit bureaus and who isn’t, until you have a report in hand. By then, the damage is done!

2. Reducing your debt load helps your score, but shuffling debt around does not. Avoid making frequent balance transfers to take advantage of introductory credit card rates. This can cause you to open more lines of credit than necessary, and it may backfire eventually.

3. Don’t run your credit cards up to the limit, not even during the holidays. Using more than half of your available credit can hurt your score. Some credit counselors say that you should not use more than one-third of your available balance.

4. The age of your credit accounts can impact your score. The more seasoned your accounts are, the better. Consistent credit relationships and good, consistent payment habits are key.

5. Applying for too much credit can hurt your score. If you are shopping for interest rates, multiple credit inquiries that occur in a very short time – such as within the same day – are not generally harmful. However, multiple inquires on your credit report can cost you points. For this reason, it’s suggested that you shop only 3 different lenders, instead of 5 or more.

6. The number of accounts and the type of credit also can impact your score. A mix of credit, such as a credit card and a car loan, show that you can handle various types of debts and treat them with equal priority. This is a smaller percentage of the scoring model, so don’t feel pressured to run out and open new accounts you don’t need.

7. Don’t close old accounts in good standing, even if you are not using them. Closed accounts are pervceived as a negative event, whether or not they were closed by the creditor or the consumer.

Also, don’t ignore medical bills. Years ago, when mortgage underwriting was easier, medical collections were not a deal-breaker. But a single collection account on your credit report can drag down your score. It’s far better to make payment arrangements with the clinic than to deal with a collection company.

Please remember that these are basic guidelines. FICO does not share the scoring progams they use, just like Google won’t tell you how their search rankings work. Also, there is no overnight cure for damaged credit. Any company that promises you a magic wand to “fix” your credit just wants your money. Paying your debts on time, and paying down high balances, are the bread and butter of credit improvement.

When you have questions about buying a Livermore home, let me help! I will refer you to trustworthy, reputable mortgage lenders who can help you pre-qualifiy for a mortgage. I will also help you find the ideal home for your needs and budget!

Please feel welcome to contact me for expert home buying guidance!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
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California Home Sale Prices Continue to Climb!

February 8, 2013 By Leave a Comment

Livermore Home PricesCalifornia home prices continued to climb during December 2012, according to the California Association of Realtors! The median price of a California home increased 5%  from November to reach $366,930 in December. This is a 27%  price increase from December 2011.

Shrinking home supply remains the big issue in California real estate. The unsold inventory index, an indicator of market supply, declined to 2.6% in December. This is a further reduction from the November index of 3.1%. A year ago, the index stood at 4.3%

Alameda County’s median home price was $529,910 as of December 2012. This is a price gain of 5.2% from November, and a gain of 17.8% from December 2011.

Livermore is experiencing these same trends. If you look at the Livermore home sale statistics on my website, you’ll see that the average home sale price for the last 30 days was $473,586, with homes spending an average of 34 days on market. Our home inventory vs. our rate of sales absorption creates less than 1 month of supply. You can’t slice it much thinner than that! Our list-to-sales ratio is 100.8%, meaning that Livermore home sellers are getting their full asking price, and then some.

What’s behind the disappearing home inventory? A perfect storm of increased buyer demand from an improved economy, a reduction of distressed properties hitting the market, a lack of new construction, and homeowners who cannot yet afford to sell. In short, there is no quick fix for the lack of inventory. Until more California homeowners recover equity, home supply will remain limited.

There is some hope for relief on the horizon, as banks prepare to release long-held foreclosures to the market, and home construction starts pick up. But until we see balance in our home supply, home buyers in Livermore and throughout California will find themselves in competition for the listings that are available.

Our home market in Livermore Valley needs more homes for sale! If you are a California homeowner, you could be looking at the best opportunity to sell your home that we’ve seen in years. As your Livermore real estate expert, I will provide you with a comparative market analysis and all the facts on recent home sales. I’ll show you a net sheet that estimates your proceeds, so that you can make a fully informed decision. There is never any pressure to sell - I give you the information, and the decison is yours to make!

Contact me today for your free, no-obligation home selling consultation in Livermore, Pleasanton or Dublin!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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7 Livermore Mortgage Qualifying Tips for 2013!

December 27, 2012 By Leave a Comment

If you want to buy a Livermore home, you might be concerned about your ability to qualify for a mortgage. And with good reason! The stingy lending environment isn’t likely to change anytime soon, according to a recent article by the Wall Street Journal. Mortgage interest rates may be historically low, but mortgage underwriting is historically tight!

Fortunately, I have a few mortgage qualifying tips in my pocket that could help you get your loan approved. Keep in mind that while a mortgage pre-approval has value, it isn’t a loan guarantee. It doesn’t take much to blow your pre-approval out of the water prior to closing, and this is where some home buyers go wrong.  Here are 7 mortgage qualifying tips to help you!

1. If you have credit skeletons in the closet, disclose them up front at the time of application. Any bankruptcies, foreclosures, short sales, loan modifications, judgments, and so on should be declared by you. These may not show up in the “first pass” of your credit review, but mortgage underwriters will dig much deeper prior to closing.

2. If you claim a bundle of losses on your income tax return, this can work against your mortgage approval. You can’t refuse income to Uncle Sam without having consequences with Aunt Fannie Mae.  If your pre-approval was based on income that your tax returns can’t back up, you might still qualify for a mortgage using the lower income calculation. However, this may put you in a completely different price range of homes.

3. If you are a business owner or employee who receives some income in cash, you need to have a paper trail to support the earnings. Lenders won’t count funds if the sources cannot be proved. Incidents of mortgage fraud and other financial crimes have made mortgage underwriters nervous about cash. Document everything.

4. Avoid opening new lines of credit right before you apply for a mortgage, and especially during the home buying process. Any change to your credit profile can cause your mortgage underwriter to get edgy. Remember, unlike the “good ol’ days”, lenders are looking for reasons not to approve your mortgage.  Getting new credit, changing your credit score, and changing your debt-to-income ratios will open a can of worms.

5. Avoid changing jobs during the home buying process. Even if your new position pays more money, the lender will view it as a higher risk because of the short length of employment.

6. Be cooperative! If a lender asks you for more bank statements, more paycheck stubs, or other documentation, it’s better than getting a flat “no.” Lenders are looking for consistency in your character and financial behavior. Also, if you do not qualify for one type of mortgage they may review you for another. This means getting fresh paperwork and obtaining the most recent data possible.

7. Stay ahead of the game by pulling your own credit history and FICO score once a year. Visit annualcreditreport.com and MyFico.com to review your personal credit profile.

I hope these tips help you! I’ll also be happy to refer you to good mortgage lenders in Livermore who can answer your home financing questions.

Thinking of buying or selling a Livermore home? Let’s talk! I will share the latest market data for your neighborhood and help you find the best opportunities. Just contact me for the latest home sale details in Livermore, Pleasanton or Dublin. I’ll answer all of your questions, and provide you with expert guidance for success!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
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Enjoy Holiday Events in Livermore, CA!

December 14, 2012 By Leave a Comment

Is your inner Scrooge working overtime? Don’t worry, there’s still time to banish the bah-humbug! Take a look at these festive events happening in the Livermore area!

The Valley Dance Theatre presents The Nutcracker, December 8 through 16. Enjoy the grace and beauty of this timeless holiday story, memorable for both the elegant choreography and rich musical score. Seats are still available for several performances,  but you’ll want to get your tickets soon! Tickets are available at the Livermore Performing Arts Center.

The Firehouse Arts Center in Pleasanton presents acoustic musicians Eric Tingstad and Nancy Rumbel in a special holiday concert on December 15.  This Grammy-winning duo is known for their eclectic blend of instruments and song. Their home-grown American sound is complimented by a broad range of musical styles from around the world. Tickets are available through the online box office. 

Experience the Journey to Living Bethlehem in Livermore, December 13 through 17. This inter-faith, live-action production will take you back 2,000 years as 100 actors re-create the original Nativity scene. This free event begins at 6:30 p.m. and repeats every 30 minutes. The event is located by St. Michaels School at 345 Church Street.

There’s also time to experience Livermore wine tastings! You can go upper crust with the Riedel Wine Glass Presentation and Tasting on Thursday, December 20, and learn why the wine glass you choose affects the taste of your beverage. Your $75 ticket includes set of 4 premium wineglasses.

Or, for $5.00, you can party like there’s no tomorrow and enjoy the End of the World Port Wine Release on Friday, December 21.  Visit the Livermore Valley Wine Country website for full details!

Things are looking merry and bright in Livermore Valley! As a longtime Livermore resident and real estate professional, I’m proud to be a part of our community. If buying or selling a home is on your wish list, give me a call! I’ll share the latest market activity, and provide the expert guidance you need for success.

Wishing you all the best this holiday season,

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
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Home Prices Rise as Distressed Sales Fall in Livermore, CA!

December 6, 2012 By Leave a Comment

Did you know that the current average listing price of a Livermore home is $1,068,938? The real estate market continues to charge ahead, with a list-to-sales ratio of 100.2%.

This means that the vast majority of  Livermore home sellers are getting their asking price, and then some! Home buyers in Livermore Valley aren’t just off the fence, they’re ripping out the posts.

We can credit some of the market activity to continued low mortgage interest rates, an improved employment picture, and a scarcity of homes on the market. But the reduction of distressed home inventory is the biggest story in California home sales.

The California Association of Realtors® reports that equity sales continue to gain market share statewide. Traditional home sales in California for October 2012 were 63.4% of the market. This is the highest level of equity sales since June 2008!

Distressed home sales, consisting of bank-owned property and short sales, represented 36.6% of the market.

Within the distressed sales, there is a ratio worth following between bank-owned homes and short sales. Bank-owned homes accounted for 11.8% of the distressed market in October 2012. Meanwhile, short sales accounted for 24.4% of the market and continue to gain ground as foreclosures shrink.

This matters because short sales are based on current market value, whereas foreclosures are usually discounted. Short sales are not as harmful to surrounding property values, and so watching this ratio trend in their favor is encouraging.

There are a few concerns on the horizon, including the much-publicized “fiscal cliff”, and the pending expiration of the Mortgage Debt Relief Act of 2007.  Industry trade groups are doing heavy lobbying to make sure the importance of a healthy housing market is not forgotten by lawmakers.

Meanwhile, our home market in Livermore Valley needs one more thing to sustain growth – namely, more homes for sale! Now is the time to make your home selling plans for 2013!  As your Livermore Valley real estate professional, I will provide you with a comparative market analysis and all the facts on recent home sales. I will also provide you with an expert marketing strategy to sell your home quickly and for the best possible price.

Contact me today for your home selling consultation in Livermore, Pleasanton or Dublin!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
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Livermore Valley Welcomes the Holiday Season with Hometown Events!

November 22, 2012 By Leave a Comment

Ready or not, the holiday season is upon us in Livermore Valley! And if you’re not ready, you can find your festive side by enjoying our hometown holiday events in Livermore, Pleasanton or Dublin! Here’s just a small sample to get you started:

November 29: Dublin’s 29th Annual Holiday Tree Lighting ceremony will take place from 7:00 p.m. to 8:30 p.m.  There will be performances by the Children’s Choir and the Dublin High School Jazz Band. Refreshments served after the concerts. Rumor has it that Santa himself will be stopping by! Event held at the Dublin Civic Center.

December 1:  Holiday Faire in Dublin, 12:00 p.m. to 6:00 p.m. at the Heritage  Park & Museums.  Experience the Christmas of yesteryear by making crafts, shopping for hand-crafted gifts, and listening to carolers. Be there early so the kids can see St. Nick arrive by a horse-drawn, jingle-bell wagon at noon. Holiday-themed beverages and snacks available for purchase. No admission charge for entry, but there is a $5 wristband for participating in crafts and taking a wagon ride.

December 1: Pleasanton’s Hometown Holiday Parade and Tree Lighting Celebration begins at 5:00 p.m.  Get there early for a good viewing spot! The parade marches down main street with bands, floats, and classic cars and plenty of noise and cheer. I have it on good authority that Santa will be there, too.

December 1: Downtown Livermore hosts the 17th Annual Holiday Sights & Sounds Parade and Tree Lighting. Parade beings at 6:00 p.m. and will route along First Street, between M Street and McLeod Street.  Tree lighting follows the parade. Santa will find a way to be here, despite his tough itinerary this time of year.

If you still need help finding your holiday spirit after all this, try the spirits at our Livermore Valley wineries! The Holidays in the Vineyards event takes place December 1 & 2 at wineries throughout Livermore Valley. Tasting rooms will feature arts and crafts, carolers, holiday activities, and special wines for the season.

Things are looking merry and bright in Livermore Valley! As a longtime Livermore Valley resident and real estate professional, I’m proud to be a part of our community. If buying or selling a home is on your wish list, give me a call! I’ll share the latest market activity with  you, and give you the expert guidance you need for success.

Wishing you all the best this holiday season,

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
Visit My Website
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Economic Growth Will Help Livermore Home Values

November 9, 2012 By Leave a Comment

A combination of new development, business growth and school expansions are underway in Livermore! Our local economy stands to benefit by the increase in jobs and disposable incomes. Our quality of life now includes more choices for shopping, dining and recreation, which in turn will attract new residents. We can reasonably expect that home demand in Livermore Valley will continue to rise!

The new Paragon Outlets in Livermore will bring an estimated $2 million in annual sales tax revenue to the city and about 2,800 new jobs to the area. Alameda County residents are likely to be more excited about the 130 new upscale stores, all promising big-name bargains.  A scene of gleeful pandemonium met Thursday’s grand opening, with traffic backing up for miles on I-580, and parking lots spilling over with cars.  Well, with up to 65% off normal retail prices, who can resist?

There’s good news in Livermore for health and fitness enthusiasts, too! 24-Hour Fitness will soon be opening a new “Super Sport Club” in Livermore. The new fitness center will span between 45,000 and 69,000 square feet – you’ll get exercise just walking through it. Amenities will include basketball courts, sauna and steam rooms, indoor pools, and the latest in cardio and strength-training equipment. Look for the opening around December 22 – just in time for those New Year resolutions.

Opening  in the future to less fanfare, but no less in importance, will be Charter School’s new athletic facility. The Livermore school invested $5 million in the purchase of 12.4 acres, located in the Tri-Valley Technology Park. The school intends to share the facility with the Livermore community.

All told, the trends in real estate development bode well for Livermore Valley home values! Buyer demand is already healthy in our area, and economic growth will continue to sustain it.

As your experienced real estate professional, I keep up with the trends that affect our markets. If you are thinking of buying or selling a home, now is the time to contact me!  I have the latest sales trends and new home listings for Livermore, Pleasanton and Dublin.  Let my experience in Livermore Valley real estate be your advantage!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
View Livermore Listings
Visit My Website

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