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Tips for First Time Homebuyers

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Real estate agent for sale sign with sold on house shape chalk blackboard

A potential client met with me wanting to know tips for first time homebuyers. I thought this would be a great opportunity to share the information for anyone in a similar position.

Real Estate is an Investment for Your Future

First, if you are looking at purchasing your first home, Congratulations!  This is an exciting experience to make an excellent investment for your future and to create a place that can be tailored to fit your needs and/or the needs of your family.

Real Estate May be the Biggest Financial Decision You Can Make

A new home may just be the biggest financial decision you make in your life, so it’s wise to consider these helpful tips when buying your first home.

First Home Checklist

First time home buyers! Let’s set you up for success with your first home checklist.

  1. Write down a list of items you “want” in a home and a list that you have to “have” in a home.
  2. Set a realistic budget so you don’t end up being cash poor and spending your nights worrying about being able to afford your home.
  3. Consider the size of the home you want and if that is going to fit your lifestyle in 5, 10, 15 years.
  4. Understand the difference in buying a condo, townhome, or single-family residence so you can narrow down your search.
  5. Try to focus on an area or areas that you may want to live. Consider walking/commute distance to parks, shopping, eateries, schools, etc.
  6. Drive by the area at all times of the day and night so you can get a really good feeling of the living conditions, noise level, neighbors, traffic that you will face if you move there. Take a walk, too, to really capture what you might miss when you’re driving.
  7. Ask willing neighbors or residents what it’s like to live in the area you are considering and have them list the pros and cons.
  8. Consider such determinants as HOAs, surveys, flood zones, fire zones, and any pending litigation from homebuilders or land issues.
  9. Research if there are neighborhood activities that may help you meet people or become involved.
  10. Interview several Realtors® and hire a reputable, licensed Realtor® who knows and services the area you want to live and has your best interests in mind. Have them show you comps of similar homes, take a tour with them, and allow them to represent you in the purchase of your first home.
  11. Keep your emotions in check and try not to “fall in love with a home.” There is a lot of money at stake when you are purchasing your first home, and a reputable Realtor® will be there for inspections and be able to not only guide you through the process but will help you make an unbiased decision based on your needs, wants, and budget. If the home you “have to have” doesn’t work out, there will always be another.
  12. Contact The Gamache Team when you are ready to purchase your first home. The Gamache Team specializes in all types of buyers, including first time homeowners. We have over 50 years of experience helping buyers and sellers with their real estate needs in Livermore, Pleasanton, Dublin, and beyond.

Best of luck to you on the purchase of your first home!



For Sale in Pleasanton! 1648 Ramblewood Way

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The Gamache Team is pleased to present our newest listing in Pleasanton at 1648 Ramblewood Way. This home has not been on the market since it first went up for sale. It offers 3 bedrooms, 2 baths, and 1,675 sq feet of living space on a huge corner lot. Priced at $1,829,00, 1648 Ramblewood Way is priced to move. 

Situated in the heart of Pleasanton, 1648 Ramblewood Way is within walking distance to award winning elementary, middle, and high schools, restaurants, and boutique shopping establishments. Nearby freeways allow easy access to Silicon Valley, San Francisco, Livermore, or Tahoe. 

Interior Details of 1648 Ramblewood Way

1648 Ramblewood Way is a turnkey home with a country feel. Upgrades include a remodeled kitchen with custom white cabinetry, granite countertops, tile backsplash, & stainless steel appliances; refinished hardwood flooring; remodeled bathrooms; and fresh paint. 

Backyard Oasis With So Much to Offer

With a sparkling swimming pool, grass area, hardscape, and room for an ADU or pool house, 1648 Ramblewood Way leaves nothing to desire. An easy landscaped yard set with a soothing tiered fountain presents a soft place to land after a busy work week. The huge corner location offers plenty of space to play, plant a garden or expand out back and a fun front area to ride bikes or play games.

Open House March 16 and 17, 2024 from 1-4

To see this home for yourself, please join us at our Open House this Saturday and Sunday from 1-4. We expect this home to sell quickly, so if you are looking to buy, now is the time! This home has it all! 

Do not miss this opportunity to own a home in Pleasanton. If you have questions or want more information on this home, please visit 1648Ramblewood Way.com.

2024 Real Estate Forecast

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We are nearing the end of the First Quarter in real estate, and The Gamache Team is prepared to offer you the latest 2024 Real Estate forecast. We will cover what to expect as a seller and a buyer as well as interest rate predictions and more based on information received from CAR and trusted professionals. 

Comparing the 2024 Real Estate Market with Traditional Markets

In a traditional market, the real estate market would be in full swing. Sellers would have prepped their homes for the market and eager buyers would be attending open houses with an intent to purchase the home of their dreams.

Lenders would be guiding their clients with reasonable mortgage payments based on reasonable interest rates. If a buyer lost out on a home or walked away due to price or another issue, there would be other homes from which to choose at comparable prices. 

But 2024 has yet to enter a market that is even close to a traditional busy market. Low inventory, high interest rates, and high home prices based on supply and demand have slowed the 2024 real estate market. 

Sellers eager to move up or downsize are sitting in their homes due to low interest rates from refinancing a few years ago. The thought of moving, having a higher interest rate and paying a higher mortgage for less home is not appealing to homeowners, leaving less inventory for buyers.

Eager buyers whose buying power has now decreased due to higher interest rates are looking for the perfect home. So, homes that need some work or a major renovation are sitting on the market longer. Once that move-in ready home becomes available, interested buyers are flooding open houses and often creating bidding wars and some are back to offering over asking price.

Frustrated buyers who have been waiting to purchase a home are torn between buying a home now at a higher interest rate but a better sales price or waiting for a lower interest rate for a lesser priced home. 

2024 CAR Real Estate Market Forecast 

California Association of Realtors (CAR) predicts that the market will rebound in 2024 once mortgage rates ebb. “Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year,” according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). 

Other predictions include a 6.2% increase in median home sales, an increase in inventory once rates decrease, housing affordability will remain at 17%, the same as last year, and home prices will continue to increased based on supply and demand principles (source).

C.A.R. President Jennifer Branchini, a Bay Area REALTOR® states, “A more favorable market environment with lower borrowing costs, coupled with an increase in available homes for sale, will motivate buyers and sellers to reenter the market next year. First-time buyers who were squeezed out by the highly competitive market in the last couple of years will try to attain their American dream next year. Repeat buyers who have overcome the “lock-in effect” will also return to the market as mortgage rates begin to trend down.”

Predictions for Interest Rates

Federal Reserve policy makers declined to raise interest rates for a fourth straight meeting, signaling a possible end to raising rates and the start of lowering them.

The Feds will meet again in March to decide whether or not to lower rates. According to CME Group, Chicago Mercantile Exchange, “Markets are currently pricing in a 63.5% chance the Fed will begin cutting interest rates at its next meeting in March.”

Advice for Buyers and Sellers Regarding the 2024 Real Estate Marketing Forecast

The Gamache Team is an experienced team of professional Realtors who have been in business for almost 50 decades and have withstood the test of real estate market ebb and flows. Our advice for both buyers and sellers is to sit down with a Realtor who is familiar with the market and can discuss the pros and cons of both selling and buying verse waiting out the market. 

Have a trusted professional analyze your personal situation with real numbers so you can decide the best course of action to take. Consider how an increase in home prices vs waiting for a lower interest rate may affect buying power.

Think about how much more competition there will be if you wait to either purchase a home or sell yours. How much of a hurry are you in? Can you handle a higher mortgage rate now if you know you can refinance when rates go down? Will any fees you pay make financial sense if you choose to refinance in a few years? 

Do you have realistic goals on how much you can afford and will waiting price you out of your dream home?

What makes sense to you based on your principles, desires, goals, and finances? 

Contact The Gamache Team

If you are considering purchasing or selling a home in 2024, speaking to a neutral party that can assess your individual situation makes a lot of sense. The Gamache Team has experience in all types of real estate markets and the 2024 Real Estate market is no exception. 

Work with us to align your real estate goals and principles to decide if now is the right time to purchase or sell or if waiting is a better option. 

 

That’s a Wrap! 2023 Tri Valley Real Estate Update

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Goodbye and good riddance, 2023, and welcome 2024! What a whirlwind of activity 2023 put us through. Here is a brief recap of the 2023 Tri Valley real estate market. 

Mortgage Rates Soared

2023 mortgage rates were at their highest level since 2000, reaching highs of 8.45% (source) for a 30-year fixed loan in October 2023.  

Other loans also trended upwards, with the FHA 30-year, 15-year, and jumbo 30-year showing a spread of more than 2 percentage points between their highest and lowest readings. Even adjustable rate mortgages (arm) recorded a change of 1.5 percentage points from the highest to the lowest reading.

The high interest rates resulted in more people staying in their homes. Those who previously refinanced when rates were at their lowest a few years ago could not rationalize paying a higher mortgage for a new home. 

Less Real Estate Inventory in 2023

With more people opting not to move due to low interest rates, less inventory was available. Less inventory meant less sales. According to the Bay East Association of REALTORS®, buyers had approximately 500 fewer homes each month to choose from (source).

Buyer Behavior in 2023

Buyers facing high interest rates and less inventory had to make smart buying decisions. They tended to choose homes that were fairly priced, up-to-date, move in ready, and had appealing landscape, yards, and outdoor living space. 

While some agents reported multiple offers for the very best homes, many buyers in 2023 shied away from aggressive offers over asking price.

With a market in flux, low inventory, and a chance of missing out on a great home, more buyers counted on a real estate agent in 2023. “Buyers wanted an expert to help them find the right home and conduct negotiations,” explains Jessica Lautz, NAR deputy chief economist and vice president of research.

2023 East Bay Home Sale Prices

2023 East Bay median home sale prices dipped just a bit compared to 2022, from $1,180,000 to $1,125,000. Whether this pricing is in part due to buyers still wanting to purchase, inflated rates from a few years ago coming down to a more realistic price, or sellers having to readjust their expectations toward their purchase price, the fact is, the East Bay is still a remarkable place to live. 

Combine this information with the knowledge from the NAR that homes sat on the market an average of only 23 days, up only two days from 2022, it’s clear that both buyers and sellers had a vested interest in making quick deals (source).

Welcoming 2024 with The Gamache Team

Now that 2023 is squarely in the books, it’s time to welcome 2024. What will this new year bring? Without our working crystal ball, The Gamache Team can make fair predictions. 

After all, we have been in the real estate business for over 50 years and have seen the ebb and flow in the market. 

We can predict that sellers who put the time, effort, and dedication into hiring a professional Realtor to prepare, market, price, and advertise the home properly will get the most gains in income and satisfaction. 

Buyers who hire an experienced agent to do their due diligence and negotiate on their behalf will find out about homes coming on the market first and put in an attractive and strong offer that can’t be refused.

When you are ready to make your move, contact The Gamache Team. 

 

 

Year End Review of the Real Estate Market

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What a year 2023 has been in the Real Estate Market. 2023 saw the highest mortgage rates in over 20 years, low inventory, record low sales, price reductions, an increase in time homes sat on the market, a continued California exit, new construction homes not moving, a decrease in luxury home and investor sales, and high home sales and rent prices. Add inflation and some insurance carriers refusing to issue home policies, and we had a recipe for real estate disaster. 

Bidding wars, common a few years ago, were fewer and farther between, given the higher mortgage rates.  According to an article by Redfin, “51.6% of homes had a bidding war in 2023, down from 54% in 2022.” (source)

According to the same article, cash was King in 2023. With record high interest rates, cash buyers became the dominant purchasers, representing 32.7% of all homes purchased; this figure is a 30.7% jump from last year and the highest share in a decade.

Sellers Chose to Stay in their Homes

With interest rates soaring at 8%, sellers who refinanced when rates were at 3% could not justify selling and stayed in their homes. The high interest rates were attributed to the lack of inventory. In a struggling economy, it just didn’t make sense for sellers to give up a low mortgage to move and double their mortgage rate. 

A looming recession and the threat of wars also kept people at home and added to the reasons why inventory in 2023 was so low. 

What to Expect in Real Estate in 2024

Traditionally speaking, a big election year can sometimes dictate the real estate market. Voters want to see more affordable housing, a stronger economy, more money in their pockets, and a rate that makes sense to buy. Those seeking office will come in with promises to make the American Dream come true to attract these votes.

A new year also translates to the start of the home selling season which will bring more inventory at lower prices, according to Redfin market predictions. 

We may also see a trend to return to work and an end to remote working. Buyers who moved away from big cities for a more balanced and affordable living situation may sell these homes and relocate to be closer to work. 

Younger generations, still unable to afford a home of their own, may move in to multigenerational homes with their parents.

There is still so much uncertainty with looming wars and economic instability.

While The Gamache Team does not have a crystal ball, we have been selling real estate for 50 years and keep in line with trends in the real estate industry. 

Predictions The Gamache Team Knows for Certain

The Gamache Team can undeniably say for certain that when you work with us, your home will be staged, photographed, marketed, and advertised to sell at a price that attracts buyers.

We do our due diligence in comparing other homes to yours and discussing the right price to sell your home with you.

We are there every step of the way to help you through what can be one of the most stressful and emotional journeys of your life.

Your home is your castle. It is where memories are made, dreams are envisioned, and celebrations are enjoyed. No two transactions are the same. No two sellers are alike. No two homes are identical.

Let us do the work while you concentrate on your next real estate goal.


Contact The Gamache Team for all of your real estate needs!

 

Tri-Valley Market Report

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Curious about the state of the Tri-Valley real estate market? The Gamache Team is pleased to present you the most current and up-to-date market reports in the Tri-Valley.

Tri-Valley Homes for Sale

With a focus on Livermore first, the number of homes for sale since last October is down 63%, with Dublin falling 57% since last year, and Pleasanton coming at 33% less than last year. With that being true, the number of days Tri-Valley homes have been on the market year-over-year has improved from 30 days last year to 22 days this year (source).

Tri-Valley Sales Prices

The good news is that Tri-Valley home sales prices are up from last year, which is true to form in this area. The Tri-Valley continues to be a very popular place to call home. Great schools, weather, shopping, restaurants, quaint stores, community and family fun, sports, and proximity to work and play are just some of the many reasons the Tri-Valley maintains its home prices. 

Of the three cities we tend to focus on, Dublin shows the largest improvement at a gain of 17% from last year; Pleasanton comes in strong at 9% more than last year, and Livermore caps at a 7% increase from last year. 

While home prices have not come back from the mass increase they were a few years ago, a home in the Tri-Valley is expected to keep its value and is a great real estate investment. 

Tri-Valley Homes Sold

Year over year, the number of homes sold since last year is down. We can attribute that to many factors, including an increase in mortgage rates, war, economic uncertainty, and for many, the fear of unemployment. 

With mortgage rates so high, it doesn’t make sense for many homeowners to sell their home only to move to a home with a higher rate. Some buyers have been priced out of the home of their dreams with an uptick in rates causing their purchase price to plummet hundreds of thousands of dollars in some cases. 

Dublin home sales dropped the most from 33 homes last October to 22 homes this October; Pleasanton dropped from 38 to 27 homes in a year, and Livermore home sales dropped from 69 to 53. 

For More Information About The Real Estate Market

If you would like more information about the real estate market, or if we haven’t covered the market you are interested in, you can find more information in the video presentation by David Stark. 

Interested in Selling Your Tri-Valley Home?

If you are interested in selling your Tri-Valley home, The Gamache Team would be honored to interview with you. We have over 50 years of experience in every market and will help you meet your real estate goals. Please feel free to email us at dan@gamacheteam.com or call us at (925) 918-0332.

 

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