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