7048 Cherry Chase Way - $500,000

Welcome home to this beautifully updated and customized foothill home. This fine home boast 2 good size bedrooms including two generous Master bed room 2, and 2.5 baths. Newer central A/C & heating make this home warm in the winter and cool in the summer. Cozy and warm fireplace in the family room. Good size 2 car garage, with extra storage is an added bonus. The landscaping theme lends it’s self to so many possibilities for peaceful activities for you and your family. Great schools, neighbors, shopping, dining, with access to nearby 2500 acre Santa Teresa country park & Golf course. The separate living, room / kitchen areas, make for a wonderful floor plan for the young family or anyone that just likes living in style.
Recap of features:
Updated and remodeled with custom kitchen and master bath, guest bath & double pane widows on the eastern side of the home.
2 large master bedrooms.
2.5 updated and custom baths, and jetted tub in Eastern side Master bedroom.
Newer Central Heating & Air conditions.
2 car garage with roll up door and opener plus extra storage.
1,656 Sq. Ft. per builder & county records,
Good sized 1,742 Sq. Ft. lot per county records, “S.F . not confirmed by agent.”
Separate living, kitchen/dining, areas.
Located on one of the finest Home owners association Santa Teresa 1 near Santa Teresa Park, and Golf course.
Asking price is $500,000
Call or write to make an appointment to see this fine home.
Rick Funk Century 21 Alpha (408)629-6099
WWW.RickFunk.com C21Funk@aol.com

10 Places with Fiercest Buyer Competition:

While home sales moderated in most of the country this year, in some neighborhoods competition proved fierce for home buyers, with bidding wars and escalating prices.

1. Sunset District (San Francisco)
• Median sales price: $955,000
• 2014 price growth: 12.5%
• Multiple offers: 54.2%
• Sold above asking price: 87.9%

2. Castro (San Francisco)
• Median sales price: $1,294,500
• 2014 price growth: 7.9%
• Multiple offers: 52.9%
• Sold above asking price: 84.6%

3. Bernal Heights (San Francisco)
• Median sales price: $1,050,000
• 2014 price growth: 13.5%
• Multiple offers: 58.1%
• Sold above asking price: 78.1%

4. Jamaica Plain (Boston)
• Median sales price: $457,000
• 2014 price growth: 8.8%
• Multiple offers: 72.9%
• Sold above asking price: 60.9%

5. Silver Lake (Los Angeles)
• Median sales price: $822,000
• 2014 price growth: 14.2%
• Multiple offers: 71.9%
• Sold above asking price: 55.6%

6. Almaden Valley (San Jose)
• Median sales price: $1,080,000
• 2014 price growth: 15.1%
• Multiple offers: 56.7%
• Sold above asking price: 65.7%

7. Ardenwood (Oakland)
• Median sales price: $780,000
• 2014 price growth: 11.3%
• Multiple offers: 44.7%
• Sold above asking price: 75.7%

8. Cambrian Park (San Jose)
• Median sales price: $812,000
• 2014 price growth: 11.1%
• Multiple offers: 52.5%
• Sold above asking price: 67.9%

9. Ravenna (Seattle)
• Median sales price: $582,500
• 2014 price growth: 11.5%
• Multiple offers: 62.9%
• Sold above asking price: 57.3%

10. Allston/Brighton (Boston)
• Median sales price: $336,225
• 2014 price growth: 8.5%
• Multiple offers: 70%
• Sold above asking price: 49.5%

Source: “The Most Competitive Neighborhoods for Homebuyers in 2014,” Redfin (Dec. 22, 2014)

Rick Funk Century 21 Alpha WWW.RickFunk.com
C21Funk@aol.com
(408)629-6099

 

Will Recovery Be Steadier in 2015?

The housing market this year has been on a roller coaster. According to the National Association of REALTORS®, existing-home sales are expected to fall short of 2013's total, and price gains have slowed ...significantly. However, builder confidence in the new-home market has been on the rise, even as new-home sales have barely budged — at just a 1.8 percent increase in October compared to a year earlier.

Economists say the housing market is showing mixed signals because it's normalizing, leveling off after a much more rapid recovery last year that was unsustainable.

Forbes.com recently highlighted several 2015 predictions from housing experts:
1. Home appreciation will continue to slow. Prices didn't increase as fast this year, and they are expected to stick to that trend into the new year. "Easing housing inventory levels and the exit of investors from the market are helping to put the brakes on home-price escalation," Forbes.com reports. "At a deeper level, this change represents a fundamental shift in the market: We've moved out of rapid recovery phase and into a new normal." Gone are the double-digit gains of 2013. Realtor.com® predicts an annual gain in home prices of 4 percent to 5 percent next year.
2. Buying frenzy becomes more muted. The home-buying process is expected to be less chaotic in the new year, with for-sale inventories easing and credit loosening, which could make it easier for first-time home buyers to enter the market. Investors have also pulled back in many markets. NAR statistics from October show that individual investors purchased 15 percent of homes, a drop from 19 percent year-over-year. Also, as more homes come on the market, buyers will have more choices and sellers may face more of the competitive pressure. Housing analysts note that this can help create a more balanced market for everyone: buyers in search of a competitive advantage and sellers who turn around and become buyers themselves.
3. Mortgage interest rates will finally be on the rise. The Mortgage Bankers Association still predicts that mortgage rates will increase to 5 percent by the end of 2015. Freddie Mac expects a 4.5 percent average in 2015. However, in 2013, economists had predicted mortgage rates to reach 5 percent by the end of this year. The 30-year fixed-rate mortgage has averaged below 4 percent in recent weeks. But with the end of the Federal Reserve's quantitative easing, MBA believes that a short-term fund rate hike is more likely by mid-2015, which would then push interest rates up.
4. Rent rises will outpace home value growth. Rents likely will continue to keep rising in the new year, and many housing analysts predict that an increase in rental costs in 2015 will outpace annual home-price gains. The rental market will likely remain a "landlord's market" in 2015, with vacancy rates expected to stay below 5 percent in the new year, according to NAR forecasts. That should lead to demand pushing rents up even higher and keeping them above inflation, NAR Chief Economist Lawrence Yun notes. Apartment rents are projected to increase 4 percent in 2014 and 4.1 percent in 2015. The rise in rents could push more Millennial renters to become home owners. Realtor.com® analysts predict that households headed by Millennials will drive household formations in the new year. Millennials are expected to drive two-thirds of household formations over the next five years, according to realtor.com®'s predictions. "Next year's addition of 2.75 million jobs and increased household formation will be the two key factors driving first-time buyer sales," realtor.com® notes.
5. Builders shift to building less expensive homes. In the last few years, builders have been building fewer, more expensive homes. But that trend may change in the new year, as more builders look to target less-expensive markets. New-home sales are expected to top the 500,000 mark in 2015, but in order to do that, builders may have to sell less expensive homes, housing analysts note. Earlier this year, representatives from D.R. Horton, the nation's largest home builder, said they planned to capture more of the entry-level market with its newly launched brand called Express Homes. The properties will be priced between $120,000 and $150,000, and they will be concentrated in Texas, Georgia, and Florida. "We wouldn't be getting into Express Homes if we didn't think it was the next segment of the market to recover," D.R. Horton CEO Donald Tomnitz told CNBC in April.
6. Foreclosures fall back to pre-recession levels. Foreclosure filings have been on the decline this year and are expected to continue their descent well into 2015. From January through November, foreclosure filings fell about 172 percent compared to the same period one year prior, according to RealtyTrac. "Every month so far this year, we've been down from a year ago," says Daren Blomquist, vice president of RealtyTrac. The only uptick has been in foreclosure auctions, which are up 5 percent in November compared to one year earlier. Foreclosures will likely fall to pre-crisis levels in 2015, Blomquist predicts.Source: “Housing Outlook 2015: 11 Predictions From the Experts,” Forbes.com (Dec. 18, 2014)

Rick Funk and Century 21 Alpha for over 34 years of Real Estate Excellence!
WWW.RickFunk.com
C21Funk@aol.com or Call me at: (408)629-6099

 

8 Things People Say Their Homes Don't Have:

The majority of Americans say they are living in less-than-ideal housing and neighborhoods. The Demand Institute recently polled more than 10,000 households — both renters and home owners — acro...ss income levels to find their top unfulfilled housing needs and desires.

"The biggest overarching thing is that when it comes to their homes, there are still a lot of things that Americans want to improve," says Jeremy Burbank, vice president of the The Demand Institute, about its report, "The Housing Satisfaction Gap: What People Want But Don't Have." "There's a desire for things like more space, privacy, and safe neighborhoods that are often attributed to single-family homes and ownership."

According to the households polled, here's what they don't have that they wish they did:

Energy efficiency: Seventy-one percent of respondents ranked it as important, but only 35 percent are satisfied with their current home's energy efficiency. Utility costs are rising, and Americans' spending on electricity has surged 56 percent since 2000. More home owners are seeking ways to lower their utility costs. Energy-use monitors, smart home thermostats, high-efficiency appliances, and greater smart-home technology may pave the way for change in this area.

Renovation-ready: More than three-quarters of households say their homes require repairs. The recession caused many home owners to delay major projects. The top five major home-improvement jobs identified among households are painting; replacing carpet/flooring; remodeling a bathroom; remodeling a kitchen; and replacing windows and doors.

Updated kitchens and finishes: Many households say their kitchens could use an upgrade. Sixty-two percent of households say an updated kitchen with modern appliances and fixtures is important; only 38 percent are satisfied with their current home's kitchen.

Accessibility: Americans have more needs for accessibility features in their homes that will allow them to age in place. Seventy-six percent of Americans surveyed believe a home they can stay in as they get older is important, but only 53 percent think their home meets that criteria. Baby boomers are increasingly interested in single-story homes, but they aren't necessarily interested in slimming down the home's square footage, Burbank notes.

Affordability: One in five Americans surveyed say they are unsatisfied with the cost of their current living situation. Twenty-six percent of owners and 40 percent of renters are spending more than 30 percent of their income on housing expenses. Eighty-one percent say it's important that their housing costs fit their budget without requiring sacrifices. However, 60 percent say they've achieved this, while the rest say they do have to make sacrifices to afford their home. "There's certainly a well-documented shortage of affordable housing, particularly when it comes to renters, and the situation is only getting worse," says Burbank.

Safety: Twenty-two percent of those surveyed say they're unsatisfied with the safety in their current home. About one-fifth of that group — most of whom live in non-urban areas — say they feel their neighborhood has become less safe in recent years. Home security systems and other technology may be the key to providing home owners with more peace of mind, Burbank says.

Privacy: More households desire privacy from their neighbors. Sixty-three percent consider privacy important, but only 42 percent say they're satisfied with their current home's privacy.

Greater storage: Nearly half of people planning to move say they want more space than they have in their current home. A home with ample storage space is an important feature households identified, and it's one of the key reasons they want to renovate, too. Fifty-five percent of households say a home with storage space is important, but only 35 percent are currently satisfied with their home's storage space.

Rick Funk Century 21 Alpha C21Funk@aol.com (408)629-6099
WWW.RickFunk.com

 

279 N. Creek Drive San Jose CA 95139 link to 21 Online

http://www.century21.com/property/279-n-creek-drive-san-jose-ca-95139-C2122953414

There has never been a better time to buy a home!

 Mortgage Rates at Lowest Point Since May 2013: 

The 30-year fixed-rate mortgage sunk to a 3.89 percent average this week, its lowest level since May 30, 2013. That translates to more mortgage savings for home buyers and refinancers.



Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 4:
• 30-year fixed-rate mortgages: averaged 3.89 percent, with an average 0.5 point, dropping from last week's 3.97 percent average. Last year at this time, 30-year rates averaged 4.46 percent.
• 15-year fixed-rate mortgages: averaged 3.10 percent, with an average 0.5 point, dropping from last week's 3.17 percent average. A year ago, 15-year rates averaged 3.47 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.94 percent, with an average 0.5 point, dropping from last week's 3.01 percent average. Last year at this time, 5-year ARMs averaged 2.99 percent.
• 1-year ARMs: averaged 2.41 percent, with an average 0.4 point, dropping from last week's 2.44 percent average. A year ago, 1-year ARMs averaged 2.59 percent.
Source: Freddie Mac

Rick Funk Century 21 Alpha
C21Funk@aol.com or (408)629-6099
WWW.RickFunk.com

More Builders Find the Sun Is a Selling Point

 

 

 

 

 

 

Builders are looking for ways to make it easier and cheaper for home owners to generate their own electricity and lower their utility costs, and they’re increasingly turning to solar panels as t...he answer.

Residential solar installations are on the rise, at a time when costs for installation have moved lower and government incentives further improve the affordability.

Solar-power systems can be even cheaper to install during a home’s construction than adding them afterward. Some builders are offering a cheaper option to lease a system than to buy one (which can run from $10,000 to $20,000).

“Up to this point, retrofits have been by far the largest portion” of homes with solar power, Rhone Resch, chief executive of the trade group Solar Energy Industries Association, told The Wall Street Journal. But as more builders step in to offer solar options, that could change, she says.

Lennar, the nation’s second-largest home builder, is adding solar panels to many of its homes in several of its developments in California, Colorado, and Nevada.

“We aren’t offering homes with solar as an option — it’s a standard feature” in certain communities, says David Kaiserman, president of Lennar Ventures, which oversees the builder’s solar project. Company officials say they plan to soon offer solar options to more states, particularly ones that have programs that encourage renewable energy.

Other builders like KB Home and Meritage Home Corp. are selling solar options to buyers in many of their communities.

Lennar is allowing home buyers to purchase the system completely or lease the system from a Lennar subsidiary. If they lease, the subsidiary retains ownership of the equipment and then sells the power to the home owner. Lennar promises buyers that utility prices will be 20 percent cheaper than the local utility prices.

Leasing the solar-power system tends to be a more popular choice, but buyers may end up paying more over the long-term for the system from being locked into contracts for decades, WSJ reports. What’s more, if the home owner sells the house before the contract expires, the new buyer must be willing to assume the remainder of the lease.

“It’s a trade-off,” says Robert Margolis, a senior energy analyst at NREL. “A lot of people don’t want to put all of the money out up front,” even if it means they “break even several years down the road.” Source: “Home Builders Tap the Sun,” The Wall Street Journal (Dec. 2, 2014)

This new trend requires a Realtor trained and well versed in Solar Transfers. I am one such agent.

Rick Funk Century 21 Alpha
C21Funk@aol.com Or call (408)629-6099 WWW.RickFunk.com

 

 

5 Reasons Housing Markets Are Thankful:

 

 

The housing market has seen plenty of challenges the last few years, but could brighter days be ahead? Based on recent housing reports, some markets are reporting a rosier picture now than for the firs...t half of the year — and growing optimism heading into next year for a lasting turnaround.

Reason for Good Cheer?

Here are five market gauges that many in the real estate industry are thankful for this holiday season:

1. Mortgage rates are still low. Home buyers can take advantage of borrowing costs that remain near historical lows. Last week, the 30-year fixed-rate mortgage averaged 3.99 percent nationwide, marking the sixth consecutive week of averages near 4 percent. In October, the 30-year fixed-rate mortgage reached its lowest average of the year at 3.97 percent.

“If you are planning to buy a home in the next year, it’s better to do it sooner rather than later,” Frank Nothaft, Freddie Mac’s chief economist, said in a recent video commentary.

Still, many economists aren’t expecting the rate surge in the new year to be quite as drastic as previously seen. Fannie Mae recently revised its forecast for 2015, expecting low mortgage rates to stick around longer into the year. Fannie Mae now projects rates will average 4.3 percent next year, a drop of about two-tenths of percentage points from its forecast earlier in the year.

2. Home sales have been inching up. In many markets, more sales are being reported. Existing-home sales in October were above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®' latest report. Sales are at their highest annual pace since September 2013.

The job market may be a big contributor behind that increase, says Lawrence Yun, NAR’s chief economist. “This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases,” Yun said in a recent statement.

3. Buyers are getting more choices. Home buyers are finally getting more selection in homes for-sale. Unsold inventory is 5.2 percent higher than a year ago, representing a 5.1 month supply at the current sales pace.

“The growth in housing supply this year will likely prevent the drastic sales slowdown and coinciding spike in home prices we saw last winter due to low inventory,” Yun says. “However, more housing starts are needed to increase supply, meet current demand and keep price growth in check.”

New-home construction is gradually picking up in the latter half of the year, also bringing more inventory into many markets. Single-family housing starts rose 4.2 percent month-over-month in October to 696,000 units, reaching the highest level since November 2013, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported. What’s more, the future looks bright that the increase will stick around for the time-being: Building permits -- a gauge for future building activity -- increased 4.8 percent in October to an annual rate of 1.08 million units.

“The rise in single-family starts is more proof that the economy is firming and consumer confidence is growing,” says Kevin Kelly, chairman of the National Association of Home Builders. ‘We expect continued momentum into next year.”

4. Foreclosures are falling. In October, distressed home sales dropped into the single digits for the third month this year. Distressed sales, which include foreclosures and short sales, fell to 9 percent in October, compared to 14 percent a year ago, NAR reports. Foreclosures and short sales typically sell at a discount — 15 percent or 10 percent below market value, respectively — and can place downward pressure on overall home prices in an area. The decrease in foreclosures is helping more home values to stabilize in communities.

Still, while distressed sales are trending downward overall, several pockets across the country are still battling elevated levels, particularly in judicial states like Florida, Maryland, and New York, NAR President Chris Polychron recently said in a statement.

5. Home prices are stabilizing. The median existing-home price for all housing types in October was $208,300 — 5.5 percent above October 2013, according to NAR’s latest report. It marks the 32nd consecutive month of year-over-year price gains. The double-digit gains in prices from last year have mostly faded away.

“Many of the fastest-appreciating real estate markets last year have now settled into a more sustainable pattern of single-digit appreciation,” Daren Blomquist, vice president of RealtyTrac, a real estate data provider, said at the end of October.

Still, the gains in home prices over the past year have made home owners feel more optimistic about selling. Forty-four percent of about 1,000 home owners surveyed in Fannie Mae’s October 2014 National Housing Survey said now is a good time to sell, marking an all-time survey high. By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Rick Funk Century 21 Alpha for over 34 years of Thankfulness.
C21Funk@aol.com (408)629-6099
WWW.RickFunk.com

 

 

The New Year is almost here!........

 5 Real Estate Predictions for 2015:

Expect the home-purchase market to strengthen along with the economy in 2015, according to Freddie Mac's U.S. Economic and Housing Market Outlook for November.
...
"The good news for 2015 is that the U.S. economy appears well-poised to sustain about a 3 percent growth rate in 2015 — only the second year in the past decade with growth at that pace or better," says Frank Nothaft, Freddie Mac's chief economist. "Governmental fiscal drag has turned into fiscal stimulus; lower energy costs support consumer spending and business investment; further easing of credit conditions for business and real estate lending support commerce and development; and consumers are more upbeat and businesses are more confident, all of which portend faster economic growth in 2015. And with that, the economy will produce more and better-paying jobs, providing the financial wherewithal to support household formations and housing activity."

Freddie Mac economists have made the following projections in housing for the new year:
1. Mortgage rates: Interest rates will likely be on the rise next year. In recent weeks, the 30-year fixed-rate mortgage has dipped below 4 percent. But by next year, Freddie projects mortgage rates to average 4.6 percent and inch up to 5 percent by the end of the year.
2. Home prices: By the time 2014 wraps up, home appreciation will likely have slowed to 4.5 percent this year from 9.3 percent last year. Appreciation is expected to drop further to an average 3 percent in 2015. "Continued house-price appreciation and rising mortgage rates will dampen affordability for home buyers," according to Freddie economists. "Historically speaking, that's moving from 'very high' levels of affordability to 'high' levels of affordability."
3. Housing starts: Homebuilding is expected to ramp up in the new year, projected to rise by 20 percent from this year. That will likely help total home sales to climb by about 5 percent, reaching the best sales pace in eight years.
4. Single-family originations: Mortgage originations of single-family homes will likely slip by an additional 8 percent, which can be attributed to a steep drop in refinancing volume. Refinancings are expected to make up only 23 percent of originations in 2015; they had been making up more than half in recent years.
5. Multi-family mortgage originations: Mortgage originations for the multi-family sector have surged about 60 percent between 2011 and 2014. Increases are expected to continue in 2015, projected to rise about 14 percent.
Source: Freddie

Call me, Rick Funk Century 21 Alpha and take advantage of my 34 years of experience in Real Estate and how these predictions may effect you.
(408)629-6099 or write me at: C21Funk@aol.com
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