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Your Neighborhood Buzz ☕️
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Hi neighbors, welcome to Your Neighborhood Buzz hosted by the Ridge Real Estate Group.
Twice a month we will keep you up to date on the local happenings in your communities.
This Week We Cover:
✅HOA dues...Why?
✅Mothers Day plan local suggestions
✅Did You Know/Market Updates
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📈 Median asking rent rose 1.1% on an annual basis in March to $1,463/month across the country’s 50 largest markets. As the COVID vaccines take effect and cities roar back to life, rent prices recover. As more people are priced out of the for-sale market, they flock to the only other option: renting. Which could further escalate rental prices which were escalation over 3% a year ago in March 2020. San Francisco's rents rose 3.4% in March over the month prior. (WSJ)
*📊The US economy grew at an impressive 6.4% rate in the first quarter as the US economy rebounds from mass shutdowns in 2020 and a deep recession. Jobless claims now are approaching a third of where they were in July 2020.
*🚀March's new single-family US home sales jumped a stunning 20.7% month-over-month in March to 1.02 million units. In comparison, February’s revised rate of sales was 846,000 units. (Census)
*🌉San Francisco's Golden Gate Bridge’s color is called “International Orange"....if you want to replicate this color at home—a common question on Facebook pages all over the city--give these ratios to your local paint store and see if it matches: Cyan: 0%, Magenta: 69%, Yellow: 100%, and Black: 6%. Start with a quart, not a gallon, of course.
* Mortgage application volume fell 2.5% last week from the previous week, according to the Mortgage Bankers Association. Mortgage applications to purchase a home fell 5% last week. Applications to refinance a home loan fell 1% for the week,📉despite the lowest interest rates since February. (CNBC)
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Welcome to Steve's Corner! Steve is a wealth of knowledge when it comes to Real Estate and we want to give you the opportunity to ask him anything. Every newsletter we will address one of your questions. No question is out of bounds, we promise. Real Estate, local wine/beer bar favorites, skiing spots, you name it...all questions will be addressed!
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This week our questions comes from Brandon L. from Benicia, CA.
BRANDON L: Hi Steve, I'm a first time home buyer and I've been looking at a lot of different Condos and Townhomes as those tend to pop up in my price range. But it seems like everyone has an HOA fee that'd adds $350-$400 on my monthly mortgage, am I really getting my moneys worth on this?
STEVE RIDGE: Hi Brandon, so the idea around an HOA is it's a governing board for a group of homes that mandates the rules, guidelines and regulations for that group. If you live in an HOA you're going to have benefits, that cover certain expenses that would normally be for a home owner such as a blanket cover policy for your fire hazard insurance, the reason for this is in most cases the homes are connected, so they need all the units to be covered.
HOA's
will sometimes also cover the maintenance on the exterior of the home as well as the grounds, and roof so every house house looks nice and well maintained. HOA can also cover some of the basic utilities like trash, water and in certain instances you get access to a pool and clubhouse. Every HOA is different.
So as you see you can get a lot of benefits under an HOA, the value of that is really dependent on the home buyer. One negative about HOA's that I hear from home buyers is that it can be restrictive, you are locked into the do's and don'ts of the HOA. For example you may not be able to paint the inside of your unit and any upgrades and remodeling of the inside of your home sometimes needs HOA approval.
I hope this helps clear a little bit of the concern some may have with HOA dues. You also mentioned you're a first time home buyer... do you have an agent yet? 😁
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If you have any questions for Steve click the button below to submit ❗️
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Provisions Benicia
300 Virginia,
Vallejo
$29.00
Spoil all those special mamas in your life and enjoy a lovely meal at Provisions, indoor and outdoor dining are available. Reservations are made once your order is placed, no need to call!
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Sherry's Kitchen
2634 Pleasant Hill Rd, Pleasant Hill
Sherry's Kitchen is a hodgepodge of globally inspired recipes. From a Hawaiian Loco Moco, to an Irish Benedict or just a classic Chicken & Waffles. The mom in your life is sure to find a satisfying meal with wonderful company.
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Bridges
Mother’s Day Brunch or Dinner
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Brunch 10:00am – 2:00pm
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Dinner 4:00 – 7:00pm
Bridges will be doing a 3 course Mother's Day prix fixe menu all day.
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Experience, integrity, results.....
Your goals come first, welcome to the family
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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