🏡 Insider Report - Wed, Feb 9
🏡 Insider Report - Wed, Feb 9
10 regions with the best real estate prospect for investors. Plus, judicial foreclosure explained.
TRENDS
Market Movement
13 new listings were posted in the past day, a slight increase from 11 new homes at the same time last week, but dropping from 15 homes in the week prior to that. Home prices for most counties are rising, with the exception of San Mateo, San Francisco, and Marin counties.
MARKET UPDATES
Quick Clicks
Price drops (452 today in the Bay):
49 price drops in Contra Costa County, 142 in San Francisco, 85 in Alameda County, and others.
Last week in the Bay Area:
Most expensive home listed: 890 Mountain Home Road, Woodside for $110,000,000
Cheapest home listed: 12 Bradley Dr #12, Antioch for $79,000
Oldest home listed: 1037 Dolores Street, San Francisco built in 1880
Home with the most beds: 209 Macdonald Avenue, Daly City with 11 bedrooms
Home with the most baths: 302 Atherton Avenue, Atherton with 8.5 bathrooms
OUTSIDE INSIDER
😍 A once-in-a-lifetime home that literally has it all!
With 150+ acres of unparalleled beauty featuring private nature trails and two log cabins for guests, this estate combines seclusion and grandeur that’s second to none.
3084 George Williams Road, Monroe is on the market for $19,800,000...
Highlights: European inspired architecture, jaw-dropping front entry foyer, a grand chef’s kitchen, a private theater with state-of-the-art technology, game room, bar, and a tasting room/wine cellar with an Italian setting, a dedicated gym space, racquetball/volleyball/basketball court, a zero-entry pool, spa, water slide, putting/chipping golf area, fire pits/places, and more.
The estate also features five heated and cooled outbuildings/garages ideal for car enthusiasts, with the possibility of being used as a helicopter hanger, horse stables, or warehouses.
When we say this one has it all, we mean ALL. Check out the complete listing here.
GET SMARTER
Judicial foreclosure
A foreclosure happens when a lender takes ownership of a property after the homeowner repeatedly fails to make mortgage payments on their home, known as defaulting on a mortgage. If a mortgage contract is missing a ‘power of sale’ clause, the foreclosure typically happens through judicial proceedings and is thus a judicial foreclosure.
Foreclosure proceedings usually start after 3 missed mortgage payments. The lender has to send a letter to the homeowner reminding them about the missed payments and allowing them some time to either make up for the missed payments or pay the entire amount immediately. After 30 days, the judicial foreclosure process begins with the court wherein the owner has 20 to 30 days to file an answer with the court after receiving a notice. If the court does not receive any answer from the owner, the lender receives a default judgment in their favor and allows them to sell the property to recover the debt amount.
In states which allow for nonjudicial foreclosure, a lender is able to sidestep the judicial process through a power of sale clause in the mortgage contract. This clause allows the lender to auction off a home after a warning and waiting period and is typically faster to complete than a judicial foreclosure.
MARKET WATCH
Hottest market of the week - Martinez, CA
Our hottest market this week is Martinez, with sales volume up by 67% this week! Average days on market were 108 days this month, up from 82 days last month and 16 days last year. The median sale price this week of $724k is close to the bottom of the range since the mid-November, and lower than the last monthly high of $859k in October 2021; at $483, the price per square foot is also lower than the last monthly high of $529 in October last year. The number of new homes coming on the market each month in Martinez decreased by 28.85%, while the number of homes sold each month increased by 5.56% over the past 12 months. Popular home searches include an updated kitchen, swimming pool, and a big yard.
HOME ADDICTION
These 10 regions have the best real estate prospects for investors
The national housing market has been hotter than ever over the last couple of years, with markets across the country facing housing shortages and price increases that have made it tough for average buyers to compete. A perfect storm of low mortgage interest rates, a nationwide shift to remote work culture, and other pandemic-related factors have only added fuel to the fire in most markets. In other words, it’s tough to find hidden real estate gems for buyers.
While it may be more difficult to buy investment properties these days, it’s certainly not impossible. These 10 markets offer unique factors, from excellent schools to high walkability scores and other regional perks, that will likely attract residents to them for years to come.
Total households in 2021: 962,500 (five-year projected annual change: 0.3%)
2020 median home price: $460,000 (14.1% more than 2019)
Housing Opportunity Index: 53.5 out of 100
Walk score: 95 out of 100
Rent as a percent of household income: 23.2%
2021 total employment: 1,230,000 (five-year projected annual change: 2.6%)
Real GDP per capita: $59,812 (five-year projected annual change: 2.1%)
Total households in 2021: 1,876,800 (five-year projected annual change: 0.6%)
2020 median home price: $500,000 (4.2% more than 2019)
Housing Opportunity Index: 45.5 out of 100
Walk score: 81 out of 100
Rent as a percent of household income: 25.6%
2021 total employment: 2,614,000 (five-year projected annual change: 3.1%)
Real GDP per capita: $65,677 (five-year projected annual change: 2.2%)
#8. Washington, D.C.–Northern Virginia
Total households in 2021: 1,121,500 (five-year projected annual change: 1.3%)
2020 median home price: $422,000 (7.1% more than 2019)
Housing Opportunity Index: 67.1 out of 100
Walk score: 69 out of 100
Rent as a percent of household income: 20.6%
2021 total employment: 1,531,000 (five-year projected annual change: 2.5%)
Real GDP per capita: $62,289 (five-year projected annual change: 1.7%)
#7. Salt Lake City, Utah
Total households in 2021: 856,600 (five-year projected annual change: 1.2%)
2020 median home price: $381,000 (5.1% more than 2019)
Housing Opportunity Index: 58.0 out of 100
Walk score: 30 out of 100
Rent as a percent of household income: 13.9%
2021 total employment: 759,000 (five-year projected annual change: 2.2%)
Real GDP per capita: $52,225 (five-year projected annual change: 1.5%)
#6. Tampa/St. Petersburg, Florida
Total households in 2021: 1,296,500 (five-year projected annual change: 1.2%)
2020 median home price: $240,000 (9.3% more than 2019)
Housing Opportunity Index: 63.6 out of 100
Walk score: 65 out of 100
Rent as a percent of household income: 23.1%
2021 total employment: 1,380,000 (five-year projected annual change: 2.9%)
Real GDP per capita: $45,987 (five-year projected annual change: 1.1%)
Total households in 2021: 1,016,200 (five-year projected annual change: 1.5%)
2020 median home price: $280,000 (10.7% more than 2019)
Housing Opportunity Index: 70.4 out of 100
Walk score: 26 out of 100
Rent as a percent of household income: 13.5%
2021 total employment: 1,225,000 (five-year projected annual change: 3.6%)
Real GDP per capita: $53,438 (five-year projected annual change: 1.5%)
Total households in 2021: 2,807,600 (five-year projected annual change: 1.6%)
2020 median home price: $322,000 (3.7% more than 2019)
Housing Opportunity Index: 49.9 out of 100
Walk score: 46 out of 100
Rent as a percent of household income: 17.7%
2021 total employment: 3,790,000 (five-year projected annual change: 2.5%)
Real GDP per capita: $52,934 (five-year projected annual change: 1.3%)
Total households in 2021: 769,100 (five-year projected annual change: 1.4%)
2020 median home price: $360,000 (6.7% more than 2019)
Housing Opportunity Index: 51.4 out of 100
Walk score: 28 out of 100
Rent as a percent of household income: 19.3%
2021 total employment: 1,044,000 (five-year projected annual change: 2.8%)
Real GDP per capita: $58,512 (five-year projected annual change: 1.3%)
#2. Austin, Texas
Total households in 2021: 819,300 (five-year projected annual change: 2.3%)
2020 median home price: $335,000 (3.7% more than 2019)
Housing Opportunity Index: 59.3 out of 100
Walk score: 40 out of 100
Rent as a percent of household income: 16.5%
2021 total employment: 1,128,000 (five-year projected annual change: 3.2%)
Real GDP per capita: $55,589 (five-year projected annual change: 1.3%)
#1. Raleigh-Durham, North Carolina
Total households in 2021: 1,049,900 (five-year projected annual change: 1.5%)
2020 median home price: $328,000 (7.3% more than 2019)
Housing Opportunity Index: 68.7 out of 100
Walk score: 53 out of 100
Rent as a percent of household income: 15.1%
2021 total employment: 1,231,000 (five-year projected annual change: 3.7%)
Real GDP per capita: $53,427 (five-year projected annual change: 1.4%)
Get the complete details here.
INSIDER INSIGHT
👀 Alameda County: Market update
Let’s check in again with how a couple of markets in Alameda county have been doing. Let’s start with Berkeley.
The median days on market (DOM) for homes in Berkeley, 120 days, is the same as that for Alameda County as a whole. The median price per square foot rose by $236.62 while the median sale price increased by $660,559.65 last week. Overall inventory recovered in January as the number of new listings rebounded while the number of homes sold plummeted.
meanwhile had a median DOM of 120 days as well. Inventory grew in January as the number of new listings rebounded while the number of homes sold dropped back below the new listings. Looking at the median price per square foot, that rose by $173.65 while the median sale price dropped by $24,673.47 last week.
GET IN TOUCH
Have a Great Day
Want to talk to someone about data on homes or have suggestions for this email? Great, our data science team is starved for human contact. Ping us at data-team@zerodown.com.