Category Archives: economics

Market Snapshort for Contra Costa and Alameda County Real Estate Market Based on Closings From 3/14/13

I get a lot of questions about real estate, but right now the number one question I am getting is what is going on with the market, I understand that it is a pretty hot sellers market?

Uh… yep.

Here is just how hot it is:

Out of 54 homes recorded on 3/14/13 as sold listings only 11 of them were sold for under asking… and I bet you ANYTHING that if I investigate why there will be reasons such as issues with the home that were discovered which required some negotiations, like section 1 damage from a pest report or perhaps roof repair issues that may have been discovered, etc.

Take a look at the closed data and see for yourself:

For an overview of the data in spreadsheet format CLICK HERE

For actual pictures of the homes CLICK HERE

Snapshot of closed home sales in Contra Costa and Alameda counties for 1 day (3/8/13)

Sorry for not being diligent about posting… it has been a while. I have more recent postings on my FB business page should anyone be curious (go there and “like” me!)

David’s FaceBook business page

I wanted to give people an idea of what the current real estate market is like and one of the best ways to illustrate this is just by some data… you will find the link below, and I suggest that when you take a look at the individual properties that have sold (and this is just the closings from Friday 3/8/13) that you pay careful attention to the list price to actual sold price… for the most part there is a LOT of over bidding and people are pay way over the asking price. I have a lot of people who are diligently putting in offers and doing their very best with what they can afford, but with so much competition out there it is a real battle. Feel free to contact me about the factors facing the home buyer today, or even better… if you or anyone you know of is considering selling a home, I would love to help them with the process.

Click Here to see the current sold listings for 1 day in Contra Costa and Alameda Counties

Call me or e-mail me for any questions you might have concerning the current real estate market!


Rents Are On The Rise


Renting vs Owning — a no brainer.

If you have a rental that costs you $1500 per month over 1 year you’ve just spent 18K. Multiply that by 7 years and you’ve spent 126K. That money is GONE. If instead you had a mortgage even if it was a higher amount than your rental, at say $2000 per month and you have to pay for taxes and insurance — with the tax benefits of home ownership (providing you didn’t buy in the last real estate bubble and pay 150K over the value of the home just to get it in the multiple offer arena) do you think you might be at least break even? Once we get back to a historic curve equity gain becomes more predictable, but the chances that you could be up by 126K over a 7 year period vs being down for sure seems to me like good incentive to start thinking about getting approved for a loan and makin’ a call to yours truly to go out and take a look at a few properties.

Foreclosure Timeline

One question that comes up a lot is how does the foreclosure process work as far as the homeowner defaulting on their loan and the bank taking the property into their portfolio of REO’s (“Real Estate Owned”) — Here is a quick breakdown of how the process will proceed once the mortgage is in default after missing 3 or more payments:

Day 1
Notice of Default is filed with the county recorder, along with a signed
Declaration (if required). This Declaration is to acknowledge that
appropriate steps to contact the borrower were made at least 30 days
prior to recording the Notice of Default.


Within 10 Business Days

Mail Notice of Default to borrower(s) at the property address and any
additional addresses.

Notice of Default also sent to those who recorded a Request for
Notice (normally junior lienholders).

Within 1 Month

Mail Notice of Default to any parties that have a recorded interest in the property.


After 3 Months

Set Trustee Sale date.

25 Days Prior To The Trustee Sale Date

Send notification to the I.R.S (if applicable)

20 Days Prior To The Trustee Sale Date

Property is posted with a copy of the Notice of Sale.
Mail Notice of Sale to any parties that have a recorded interest in the property.
Resident/Occupant of the property is sent notification and property is posted
with “Danger/Warning Notice” in five languages, advising of the Notice of Sale.
Begin publication of Notice of Sale. Must be published in newspaper of general
circulation where property is located. Publication runs once a week for 3 consecutive


5 Business Days Prior To Sale Date

Expiration of the borrower’s right to reinstate the loan. The Beneficiary
can deny reinstatement and require payment in full to stop the foreclosure.

Sale Date

Public auction is held. The foreclosing lender generally opens the bidding for an
amount less than or equal to the outstanding debt. The property is sold to the
highest bidder, which will be the lender if there are no third party bidders.
Third party bidders must have certified or cashier’s checks up to the total
amount that are bidding. The trustee will require the total amount at the sale,
all cash (or equivalent).
Sales can be postponed by the Trustee or the lender for up to 365 days
from the original sale date.


(I want to thank Linda Moss from First American Title for clearly breaking down this timeline for me so that I could effectively share it.)