Redfin Pleasanton Market Trends Class 2.19.14

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  • [REQUIRED – Updated every time]
  • [REQUIRED – Updated every time]
  • [REQUIRED – Updated every time]
  • [REQUIRED – Updated every time]
  • [REQUIRED – Updated every time]Agents should use this slide to talk about what they’re seeing on the streetTell some stories!
  • [REQUIRED – Update each time with latest rate information]http://www.freddiemac.com/pmms/
  • [REQUIRED]
  • [REQUIRED – Update with local lender]
  • We’ll stick around…
  • Redfin Pleasanton Market Trends Class 2.19.14

    1. 1. Redfin’s Market Trends Class Redfin’s Livermore – Pleasanton Team February 19, 2014 ~ Pleasanton, CA Host: Sonal Basu @Redfin http://www.facebook.com/Redfin Slide 1 of 23
    2. 2. Meet Redfin’s Livermore – Pleasanton Team Slide 2 of 23
    3. 3. A Little Bit About Who We Are Redfin is a real estate brokerage that has helped over 20,000 people buy or sell a home; 97% would refer us to a friend. ● Customers, not commissions ● Informed decisions ● Right home for the right price  No obligation  Commission credit Slide 3 of 23
    4. 4. Understanding the Buying Process Slide 4 of 23
    5. 5. Are You Ready to Buy? ● ● ● ● Do you have a family and need room to grow? Do you expect to stay put for 5 or more years? Have you saved up a down payment? Can you rent for less? Slide 5 of 23
    6. 6. Overview of a Purchase Research Search Offer Closing Neighborhoods Define Preferences Comparables Earnest Money Real Estate Agents Saved Search Draft Offer Docs Inspection Mortgage Options Home Tours Negotiate Loan application Preapproval Open Houses Mutual Acceptance Title Review Consider your needs Appraisal Financing Approval Closing Slide 6 of 23
    7. 7. Market Conditions Slide 7 of 23
    8. 8. Current Market: Low Inventory Slide 8 of 23
    9. 9. Current Market: Rising Prices Slide 9 of 23
    10. 10. Current Market: Low Inventory Slide 10 of 23
    11. 11. Current Market: Rising Prices Slide 11 of 23
    12. 12. Pleasanton & San Ramon Area Overview Slide 12 of 23
    13. 13. Local Market Trends: Bay Area November 2013: Bidding Wars ● 74.2% homes faced competition   Down from 81.7% Month-Over-Month Down from 79.3 Year-Over-Year ● Features of Winning Offers:     Slide 13 of 23 All Cash: 6.5% Waived Financing: 26.1% Waived Inspection: 17.4% Had cover letter: 60.9%
    14. 14. Local Market Trends: Bay Area ● % of New Listings Under Contact in 2 weeks ► November 2013: 45.8% ► October 2013: 41.9% ► November 2012: 41.9% ● Median Number of Days on Market Until Pending ► November 2013: 16 ► October 2013: 14 ► November 2012: 15 Slide 14 of 23
    15. 15. Local Market Trends: Bay Area November 2013: Price Tracker ● $610,000 – Median Sale Price ► Down .8% Month-Over-Month ► Up 10.9% Year-Over-Year ● 3,257 – Homes Sold ► Down 14.6% Month-Over-Month ► Up 5.1% Year-Over-Year ● 3,868– Homes for Sale ► Down 26.5% Month-Over-Month ► Down 7.7% Year-Over-Year Slide 15 of 23
    16. 16. What Other Trends are We Noticing? ● Homes are being listed at strategically low prices ► So properties are selling above list price ► Base your offer price on comps & trends – NOT on list price ● Deadlines are being set to accept & review offers ► Sellers usually review offers after about 7-14 days on market ► To give property exposure and create buzz amongst buyers ● Some buyers are waiving their contingencies in order to make their offers more attractive to the seller Slide 16 of 23
    17. 17. What to do? ● Go see the home as soon as you can! ► First couple days on market ● Homes that are priced well, and move-in ready, may sell in days. ● Expect to be up against multiple offers (5-10+), some cash offers ● Get pre approval early on Slide 17 of 23
    18. 18. Where Are Rates Headed? Type of Loan February 13, 2014 February 6, 2014 30-Year Fixed 4.28% 4.23% 15-Year Fixed 3.33% 3.33% 5/1 ARM 3.05% 3.08% 1-Year ARM 2.54% 2.51% Slide 18 of 23
    19. 19. Start Shopping for Lenders Compile a list of 3-4 local lenders Good sources include: ● Redfin's partner lenders ● Referrals from friends, family & co-workers ● Online review sites, such as Yelp ● Local chains and offices *Know your lender Slide 19 of 23
    20. 20. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders! Slide 20 of 23
    21. 21. All Done! Slide 21 of 23
    22. 22. Future Events! Slide 22 of 23
    23. 23. Thanks for Coming! Questions? Get in touch: Sonal Basu sonal.basu@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events Slide 23 of 23

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