The Dublin, CA real estate market continues to heat up more than the surrounding communities. Dublin has a lot of condo inventory and new home inventory that developers and builders are motivated to discount. Is this continued pressure on home values along with the rising foreclosure rate affecting the resale market? It must be one of major factors in the rising activity in the Dublin market.

The blue line indicates Active Listings and the green line Pending Sales according to the local MLS. Dublin CA is the only community in the TriValley area where we see this continued trend of the gap closing. The closer the lines get, the more the local market moves toward a buyer's market. You can see some of the other MLS trends here.

San Ramon, CA is the only other market where we see continued significant improvement in this gap. The rise in active real estate listings in surrounding communities continues to out pace the rise in pending sales.

RealtyTrac is showing 151 properties in Pre-Foreclosure, 44 homes at Auction and 92 real estate owned properties (bank owned).

It's a great time to buy Dublin CA real estate. There are many great deals on the market. If you are interested in  new home construction contact Tracey (925) 984-1890. She has over 8 years of new home sales experience working for Standard Pacific Homes as a sales manager. She knows how to get you the best bang for your buck in new home sales. 

If you are interested in foreclosures, bank owned, or distressed properties contact Craig (925) 984-4910, our specialist in that area. 

According to DataQuick, foreclosures accounted for 25% of Bay Area homes purchased in April. We’ve seen a lot of press over the last year on foreclosure activity in Conta Costa County and the Greater Bay Area. This is the first report, I have seen on the impact foreclosure purchases are having on home sales.

We’ve reported on foreclosure activity in San Ramon & Danville, Dublin, and Concord CA. We also noted how investor activity is increasing with foreclosure purchases. And, we have have also been reporting on how lenders are trying to help expedite the purchase of REOs (bank owned properties).

It is no surprise to us to read this news from DQ. In fact, it’s not really news to those who have been following the local real estate markets except for the actual figure.

Every week at the local Realtor marketing meetings in San Ramon, Pleasanton and Concord, we hear reports from our fellow professionals on increased home sales activity in Contra Costa County.

Craig, our foreclosure expert, has been talking with as many past clients as he can about the investment opportunity that exists today with all of the available REOs on the market. We are also noticing more buyers approaching us with an interest in bank owned properties.

We expect this 25% figure to rise. It will come as no surprise to us to see foreclosure sales account for 40% of all home sales in Contra Costa County by the end of the year.

If you have an interest in purchasing a foreclosed property (REO, bank owned), contact Craig – (925) 984-4910

Related Article:

One Sign That Markets Are At Bottom…

Here are a few facts and pointers for first-time homebuyers in San Ramon and Dublin CA:

• More and more innovative mortgage packages are being created, offering the borrowers options between 3% and 5% down. Some lenders offer zero down, if you have excellent credit. For first-time
  buyers, it's in your best interest to do some serious comparison-shopping.
• Every lender works with its own rates, based on their standards as well as the type of loan being considered. Rates change every day, so once you've made the decision to buy a house, check rates
  with more than one lender, and check on a daily basis. 
• Job stability is important, but the five-year rule is merely a myth. For example, if you have worked in public relations or some other industry for 10 years but have had three jobs in that time, because you've stayed within the same business, lenders will often consider this as continuous employment, especially if you've made advancements. In addition, solid credit and a larger down payment can compensate for work history in some instances. 
• It's true that credit is very important when qualifying for any loan. However, if you have been out of a bankruptcy for two years and can provide a good letter of explanation to the lender, it will usually be
  accepted. If your credit is in bad shape, consider a credit counseling service to help you get back on track. Generally, this can be done in as little as 12 to 18 months. 
• As you make financial comparisons between renting versus owning, be sure to consider tax deductions. When you buy a home, the closing costs, mortgage interest, and points are all tax deductible.

The wisest moves a first-time homebuyer can make are conduct research and ask questions. Purchasing a house is never easy for anyone. However, interest rates are currently lower than they've been since the 1960's, so if you can buy a house, this is probably a great time.

Of course, this information is just as valid for first-time buyers in Concord, Martinez, Walnut Creek and the rest of California. 

The Dublin CA real estate market is an interesting blend of dynamics. RealtyTrac is showing 428 properties in Pre-Foreclosure, 98 homes being Auctioned and 247 REOs (bank owned properties) in Dublin.

An article in yesterday’s Contra Costa Times on foreclosures mentioned that having a bank owned property next to yours could lower your property value $50,000. A non-profit study conducted a couple of years ago says every foreclosure within an 1/8^th of a mile of your home could reduce the value of your home by up to 1.1% each!

In addition to the rising foreclosures and REOs in Dublin, there is the downward pressures on home values being brought by some builders as we noted here.

Giiven all of this, it’s interesting to see the chart of this weeks MLS stats for Dublin CA. Declining inventory of resale homes and increasing pending sales usually mean a market shifting in favor of the seller, but this is not the case in Dublin where there is just too much new home inventory on the market competing with homes for resale.

You don’t need to go any further than the weekend paper to see how much pressure new home builders are putting on Dublin prices. The big builders are discounting prices, offering incentives and financing assistance that is forcing homeowners to get aggresive with their pricing to compete or take their home off the market and wait for better times.

I believe this is what is happening in Dublin – inventory is dropping and the competitive pricing is leading to an increase in resale homes. Many buyers still like homes with a yard in established neighborhoods not so highly congested as the newer developments.

It’s still a buyers market in Dublin and a great time to make a good deal on a home purchase.

If you’re interested in exploring bank owned properties, call Paul @ 925–963–4246

If you are looking for new construction, call Tracey (she has over 8 years of experience in new home sales and knows how to get you the most bang for your buck) 925–984–1890.

Ginny can help you explore the best deals available on resale homes in Dublin – 925–699–3328

We have a client that would love to sell their home and move up or move on. BUT, the builder wants to move on too and they don’t care one iota about devaluing the value of their former customers’ existing homes.

Imagine trying to sell your home when the builder is dumping two similar models with more upgrades for $100K less than you paid. As a seller, you can’t compete with that. AND it doesn’t end when the builder finally sells the remaing two units and moves on.

Those two units will set the appraisal comps in that neighborhood and it will probably be two years before prices recover from the dumping sale.

This is going on in two communities we know of. One in San Ramon and the other in Dublin, CA.

Some builders are taking a kinder, gentler approach to the situation that doesn’t hammer the housing prices and upset the neighbors (their former customers). These builders are keeping the prices stable, but offering to make payments for a period.

If you are in a situation like this in San Ramon or Dublin, we’d love to hear from you.