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Dublin CA Real Estate

Update on the Tri-Valley Real Estate Market

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In all the decades we have been selling real estate, we can unequivocally say we have never encountered a real estate market such as today’s.

When the Tech Bubble burst in 2000 and the Housing Bubble burst in 2008, we saw a downward shift in the market. Homeowners panicked at the thought or reality of losing their homes as house prices plunged.

Despite the Pandemic, home prices are staying strong, with buyers often paying over asking price and sellers sometimes receiving multiple offers.

Low home inventory and historically low interest rates are credited with the shift in a hot summer market, replacing the 2020 dormant spring market.

Pending Home Sales Increase in June

According to the National Association of Realtor’s (NAR) July 29 report, pending home sales increased by 16.6%, keeping up a two month trend. Compared to year-over-year, 2020’s pending contracts are higher than 2019’s.

Sale Prices for Homes in the Tri-Valley Area

Curious to know what home sale prices are for the Tri-Valley area? Here is the latest update from June 2020 through July 29, 2020 for Dublin, Pleasanton, and Livermore.

Sales for Detached Homes and Condos/Townhouses

 

# Sold Detached

# Sold Condo/ Twn

Avg Sale Price Detached

Avg Sale Price Condo/Twn

Dublin

88

62

$1,089,000

$677,500

Livermore

211

52

$850,000

$660,000

Pleasanton

158

29

$1,289,000

$730,000

Contact the Gamache Team for all of Your Real Estate Goals and Objectives 

Whether or not you are thinking of selling your home or buying a new one, we would appreciate you considering us as your professional Real Estate Consultants.

If you have any questions about the market or real estate in general or need a reference for your home, we are offering our knowledge to you. Please contact us at (925) 918-0332 cell or email dan@gamacheteam.com.

Stay safe and well!

A Bright Spot to Today’s Changing Times – How our Current Situation is Driving Homebuyers to Purchase the Home of their Dreams in a Suburb

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The current situation our world is facing is causing a lot of people to rethink the way they live their lives. From remote working situations, to sheltering in place, to shopping online, and ordering take out, our society is changing the way we work, live, shop, and socialize.

One facet remains steady in this crazy chaos we call life: our home remains our primary solace, and many are coming to terms with spending more and more time at home.

Should I Stay or Should I Move? Zillow Surveys Americans For the Answer 

Current working conditions require Americans to work from home. When surveyed on their preference to remain at home or go back to work when the workforce “returns to normal,” 75% of Americans surveyed prefer to keep working from home. (Zillow, 2020)

With this bit of information, many workers are realizing their “American Dream” might actually come true. Without having to travel during commute times, Americans are willing to buy a larger home with space for an office in a more suburban area.

The desire to be near restaurants, shops, entertainment and freeways is also a driving force for home buyers who may now consider moving to a larger suburban area rather than stay in less expensive rural areas.

Consider Dublin, CA for Your Next Home Purchase

Growing up in the Tri-Valley area, we have seen Dublin grow from a sleepy little area to a large suburban city.

Dublin is one of the most popular places to call home, with its great schools, library, plethora of parks, fun entertainment, delicious eateries, shops, close proximity to both the Bay Area and East Bay, and variety of real estate to choose from.

Whether you want to live in one of the newer establishments in the “new Dublin” or one of the older residential neighborhoods, there is something for everyone in Dublin.

Dublin Has a Home for Every Homebuyer

Consider a ranch-style home in Dublin’s San Ramon Village. These homes are centrally located and fit your need for a large yard within walking distance to school.

 

 

 

 

 

 

 

 

 

Home buyers looking for westside living against the hills can find their piece of the American Dream in Silvergate. Close to BART, shopping, and schools, Silvergate exudes charm and maturity.

 

 

 

 

 

 

 

 

 

Dublin Hills Estates is known for its sweeping views of the valley or the hills, larger lot sizes, and proximity to 580/680, schools, and restaurants. Homes range in size from 1600 – 2300 sq. ft.

Looking for a modern, newer home? Dublin Ranch might fit your housing Dream Come True list. Dublin Ranch is situated in the eastern part of Dublin near Hacienda Shopping Center’s restaurants, stores, and Hacienda Crossings Shopping Center. Homes run on the larger end, with lot sizes ranging from 3000 sq. ft. up to 12000 sq. ft.

Turn to The Gamache Team for More Dublin Neighborhoods

If you are looking to make the move to Dublin, consider checking out The Gamache Team’s Dublin Neighborhood Guide.

You can click on each neighborhood to learn about its important details and see photos of homes.

For more information and to get a professional Realtor’s® advice about moving to Dublin, please contact us!

 

Tri-Valley Real Estate 4th Quarter Forecast!

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Nobody can predict what is going to happen in the real estate market, but I have made my prediction here!

Why do short sales take so long?

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Short sales are nearly 40% of our Tri Valley real estate inventory!  Here is a quick insight as to why buying a short sale in Pleasanton, Livermore, or Dublin takes so long.

Pitfalls buying a Condo or Townhome!

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Buying a condo or townhome is not as easy as buying a house.  That was not the case five years ago when financing was as easy as ordering food from a drive through.  Now getting a loan is like getting a physical from three different specialists at the same time.

The spiral affect of this financial crash is now hitting the homeowners of condos and townhomes hard.  Lenders are researching the properties as much as the borrowers these days.  The guidelines that lenders put on condo and townhome complexes start with owner occupancy rates.  Lenders want around 70% of the total units to be owner occupied.

Lenders have a 70% owner occupancy rate thinking that renters will bring down values because renters will not take care of the property like an owner will.  This recession has caused many home owners to have to rent their homes out to avoid foreclosure.  The problem with homeowners in distress is that it lowers the owner occupancy rates of the complex.

Lower owner occupancy rates affect the complex in two ways.  First of all the new buyers cannot borrow money to purchase listings available in the complex.  Secondly homeowners cannot refinance their loans to get better loans.  The end result values come down because the only buyers that can purchase the properties are all cash, and there are not too many buyers with all cash.  It also resulted in more foreclosures because some homeowner cannot refinance out of bad loans, so end up foreclosing.

If you are thinking of buying a condo or townhome there is a lot of research that is needed to be done even before you look at a property.  Your agent should know the occupancy rates before showing the property.  If you are getting an FHA loan your agent should make sure the building is FHA approved.  If you are thinking of eventually renting your property out you should see if there are any restrictions in doing so.

Some of these complexes are forced to make strict restrictions to prevent homeowners from rent out there properties to protect everyone else.  These are just a few things to be aware of and try and avoid.  For a complete analysis of buying a condo or townhome contact the Gamache Team today!

Does A Pool Help Home Values or Hurt Them?

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On a hot summer day there is nothing better than cooling off in swimming pool.  Kids swimming and the grill going makes for a great day in the sun, but when it comes to selling a home with a pool it isn’t always a pretty picture.

An appraiser will credit the value of a home anywhere from $15,000-$30,000.  From an appraiser standpoint it is always a positive in home values.  The hard part is understanding that fair market value is not always what an appraiser thinks.   Fair market value is what a buyer will pay for it!

There are buyers the either want pools or do not want pools, and just a few in between.  The homes with a pool generally eliminate 70% or more of the buyer that are out there.  There are definitely more buyers that do not want pools in this area.

If a house has a large enough yard, the pool can help the value on the open market.  If the pool takes up most of the back yard, the pool can cost home thousands of dollars.  I have seen homes that have taken a $20,000-$50,000 hit in values on the open market.   In this family community there has to be a place for children to play.

Summer is only 3-4 months a year but the other months you are still maintaining the pool.  If you are thinking about buying a home with a pool, consider all the factors with the maintenance and the resale value of the home.  If you are thinking about installing a pool in a best case scenario your will only receive 50% of the pool investment back when you eventually sale the home!

Swimming pools are a great for those summer days but from a financial standpoint they do more harm than good.  Tip of the day is to make friends with people who have pools and visit them on hot summer days!

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