Home Buying in 94588>Question Details

Ravi, Home Buyer in Pleasanton, CA

What is the avg price for family home with 4BR & 2.5 Bath around Fairland Park in Pleasanton

Asked by Ravi, Pleasanton, CA Mon May 12, 2008

We are looking for a family home with 4BR & 2.5 Bath around Fairland Park in Pleasanton. What is avg price which is going on currently. Is it wise to wait till the year end to get better deal? Please advice

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Ah Charo; here I have an expert to toss at your expert. I note your expert is flack from NAR, the National Association of Realtors. Could he have a vested interest in encouraging people to purchase homes?

People suffering through Realtor Distortion Fields: check out this story from BusinessWeek and the associated commentary on calculatedrisk.blogspot.com. Specifically, read and understand the chart called Option ARM Reset Schedule, showing the upcoming wave of negative amortization loans resetting their payment schedules. Then consider what that means to real estate markets that already have 6-11 months of outstanding inventory.

Below is the link to the story I refer to.
1 vote Thank Flag Link Wed Jun 25, 2008
Hi Ravi,

The price will be in the rage of $650,000 to $790,000 varies on different factors. Please go to my website at http://www.HomesByCharo.com and go to MLS search. You can do property search and find it for your self.

At this time of the market we have large inventory. With the supply and demand ratio, you have a great negotiation power now. If you are renting and buying this home for your prime residence, you can't find a better time to buy. Please read some articles on my website it can help you decide should you wait or buy now.

For more information and no obligation meeting give me a call.
If you are looking for a great deal you need a negotiator to represent you.
If interested please call me 510-381-2105 or
Email me at CharoBhatt@gmail.com

Charo Bhatt
Web Reference: http://www.HomesByCharo.com
1 vote Thank Flag Link Thu May 22, 2008
Ravi -

There are a few nice homes in the Fairlands/Pleasanton Meadows area for sale. A four bedroom over there is going to range from the mid-$700k's to the mid-$800k's. The variance has to do with age, location, updates, etc. The lowest priced homes are either right on W. Las Positas or off of Kirkcaldy Cir where they're real close to I580 (3577 Brent Ct for $690,000 - backs right up to the freeway). As a rule it looks like $380 - $400 per sqft. Most of those 4br are 2000 - 2200 sqft.

I sold a 4/2.5 on Ascot Ct. in March for $780,000. It's a Ditz-Crane built in 1986 - it had an original kitchen but new windows and roof. It was right on the corner of W. Las Positas.

I have a 4/2 coming on the market at the end of the month on Berkshire Ct. It'll go on around $849,000 - over 2200sqft totally remodeled with a granite kichen, all hardwood floors and so forth. Really nice house. We're basing our price off of the house that recently sold over on Churchill that was very similar.

You should also look at the one at 3460 Park Place - I think it's a pretty good deal at $829k. The one across the street just closed at $810,000, so maybe there's some room in that price? The house is pretty nice.

I've talked to a couple of other potential sellers in that area - one with a four bedroom on Gulfstream that's probably right around $800k. So I believe there will be plenty continuing to come on the market in there - it's a good part of Pleasanton and the Fairlands Elementary is a top-notch school. The Cabana Club swimming pool is also a nice feature, but not all the homes over there have access, so you have to know where the dividing lines are.

You may wait until the end of the year, maybe prices drop another 5%? But unless you're a cash buyer, the risk of interest rates going up will have a greater affect on your payment. In fact, with the new Conforming-Jumbo rates having just come out (5.875% up to $729,950 on a 30 yr fixed!) I think it's a good time to be looking - especially if you want to get moved-in before another school year starts.
Web Reference: http://tomsreblog.com
1 vote Thank Flag Link Wed May 14, 2008
Hello Ablarg,

Thanks for the Web reference.

Here is what I like to say....

Our local market is simply phenomenal because prices are down and interest rates are historically low.

“I stress the fact that it won’t be any easier to qualify for a mortgage loan a year from now. If you can qualify, you can do it now at favorable rates.”

“There is an excess of housing inventory right now and that makes it a good time for buyers to get into the market. Lower prices mean lower monthly payments."

Charo
Web Reference: http://www.HomesByCharo.com
0 votes Thank Flag Link Wed Jun 25, 2008
Cindy...Please read carefully, it's $650,000 to $790,000 that's what I wrote
and not 650-700K that you read
Web Reference: http://www.HomesByCharo.com
0 votes Thank Flag Link Tue Jun 10, 2008
2 of 2 posting

Hello Ravi

and a home buyer who said.... I wonder.. Does Charo ever think it might not be a good time to buy?
The smell of excrement overpowers the air on Trulia Voices.

Cont. 2 0f 2

Yun said the underlying fundamentals point to a pent-up demand. “Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs,” he said. “The housing market has been underperforming by historical standards, partly because buyers were hampered by mortgage availability issues, but that’s improved and an upturn is more likely. On the other hand, it’s unclear what role consumer confidence will play in the coming months.”
Existing-home sales should increase from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. For all of this year, existing-home sales are expected to total 5.40 million, and then rise 6.3% to 5.74 million in 2009. “Sales gains will be greatest in areas that underwent sharp price declines,” Yun said.
After unprecedented home price declines in the first half of the year, many markets can anticipate stabilizing price trends in the second half. The aggregate median existing-home price is likely to decline 8.4% in the first half of this year, and then begin to stabilize in the second half before rising 4.4% next year to $213,900.
“Policymakers need to be attentive to the fact that many homeowners have seen a reduction in housing equity, or are in an ‘underwater’ situation. More needs to be done on the policy front to alleviate hardships and bring fence-sitters back into the marketplace,” Yun said.
A great mix of conditions continues around the country. “We’re seeing healthy price gains in moderately priced areas like Erie, Pa., and Corpus Christi, Texas, and double-digit gains in others,” Yun said. “Our most recent data shows sales rising strongly from a year ago in some areas that experienced sharp price drops, including Detroit and Las Vegas.”
New-home sales will probably fall 31.7% to 529,000 in 2008 before rising 12.5% to 595,000 next year. Housing starts, including multifamily units, are projected to drop 27.2% to 987,000 this year, and then slip 0.6% to 980,000 in 2009.
“Rising construction costs will provide less room for price cuts on new homes,” Yun said. The median new-home price is forecast to decline 3.1% to $239,500 in 2008, and then rise 5.4% next year to $252,400.
Yun sees an improving economy. Growth in the U.S. gross domestic product (GDP) should be 1.7% in 2008 and 2.0% next year. The unemployment rate is estimated to average 5.3% this year and 5.6% in 2009.
Inflation, as measured by the Consumer Price Index, is expected to be 3.6% this year and 2.4% in 2009. Inflation-adjusted disposable personal income should grow 1.4% in 2008 and 2.5% next year.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.


I hope this article help you understand that my experience in this market selling homes to several buyers/sellers is parallel to what NAR's chief economist thinks. I am with media
and also my own experience, the marketing meetings, brokers tours and networking with other agents.
It's the idication that this is a very good market to buy. Find a home from several choices, negotiate your terms, negotiate the work (maintenance) required in the property, choose from several loan options available to you.

Please feel free to call me at 510-381-2105
or email me to discuss more at CharoBhatt@gmail.com
http://www.HomesByCharo.com
Web Reference: http://www.realtor.com
0 votes Thank Flag Link Tue Jun 10, 2008
1 of 2 Posting

Hello Ravi

and a home buyer who said.... I wonder.. Does Charo ever think it might not be a good time to buy?
The smell of excrement overpowers the air on Trulia Voices.


NAR - Home Sales May Rise Modestly before Broader Upturn in Second Half of 2008

RISMEDIA, June 10, 2008-A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3% to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1% lower than April 2007 when it stood at 101.5.
Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said. “Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts.”
The PHSI in the West rose 8.3% to 98.8 in April and is 4.0% higher than April 2007. In the Midwest, the index jumped 13.0% to 83.7 in April but remains 13.1% below a year ago. The index in the South increased 4.6% to 88.8 but is 22.5% below April 2007. In the Northeast, the index declined 1.9% in April to 79.3 and is 12.2% below a year ago.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the market may be breaking its holding pattern. “It appears that more buyers are realizing they can take advantage of a favorable combination of mortgage interest rates, home prices and family income,” he said. “Overall affordability conditions are the best we’ve seen since the middle of the housing boom in 2004, but with far more choices and much less pressure than buyers experienced four years ago to make an investment in their future. Recent declines in mortgage rates on conforming jumbo loans and a return to sound but not overly stringent underwriting standards will permit more people to qualify for a loan.”
NAR’s housing affordability index has been trending up this year and is projected to rise 15 percentage points to 128.0 for all of 2008.
“Although mortgage interest rates will remain historically favorable, they will start to steadily inch up,” Yun said. The 30-year fixed-rate mortgage should rise gradually to 6.3% by the end of this year, and then hold at that level for most of 2009.
Yun said the underlying fundamentals point to a pent-up demand. “Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs,” he said. “The housing market has been underperforming by historical standards, partly because buyers were hampered by mortgage availability issues, but that’s improved and an upturn is more likely. On the other hand, it’s unclear what role consumer confidence will play in the coming months.”
Existing-home sales should increase from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. For all of this year, existing-home sales are expected to total 5.40 million, and then rise 6.3% to 5.74 million in 2009. “Sales gains will be greatest in areas that underwent sharp price declines,” Yun said.
After unprecedented home price declines in the first half of the year, many markets can anticipate stabilizing price trends in the second half. The aggregate median existing-home price is likely to decline 8.4% in the first half of this year, and then begin to stabilize in the second half before rising 4.4% next year to $213,900.
“Policymakers need to be attentive to the fact that many homeowners have seen a reduction in housing equity, or are in an ‘underwater’ situation. More needs to be done on the policy front to alleviate hardships and bring fence-sitters back into the marketplace,” Yun said.
A great mix of conditions continues around the country. “We’re seeing healthy price gains in moderately priced areas like Erie, Pa., and Corpus Christi, Texas, and double-digit gains in others,” Yun said. “Our most recent data shows sales rising strongly from a year ago in some areas that experienced sharp price drops, including Detroit and Las Vegas.”
New-home sales will probably fall 31.7% to 529,000 in 2008 before rising 12.5% to 595,000 next year. Housing starts, including multifamily units, are projected to drop 27.2% to 987,000 this year, and then slip 0.6% to 980,000 in 2009.

Please read 2nd part of it in the next posting
Web Reference: http://www.HomesByCharo.com
0 votes Thank Flag Link Tue Jun 10, 2008
I wonder.. Does Charo ever think it might not be a good time to buy?
The smell of excrement overpowers the air on Trulia Voices.
0 votes Thank Flag Link Mon Jun 9, 2008
Hi Ravi,

There are no single family homes listed in Fairlands Park at this time. But the last sales were in November, 2007 for a 3 Br home at $658K and October, 2007 for a 5 Br home at $750K.

There are 4 Townhouses listed in the area between 323K-$423K.

So even if you were thinking of buying today, there is nothing on the market right now.

The prices in 2006 were between $800K-$965K and as you can see they have come down to
$650K-$750K in 2007, but then again pretty much every area has seen a decline, some more than others.

Hope this information is helpful. Please let me know if I can help further.

Meena Gujral
Help-U-Sell Achievers Realty
510-279-9580
925-425-9491
0 votes Thank Flag Link Tue May 13, 2008
650k - 750k. it is still going down, if you can wait till year end, then yes. Best of luck! The Coach
Web Reference: http://askPCR.com
0 votes Thank Flag Link Tue May 13, 2008
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