Twin Creeks a San Ramon neighborhood with homes ranging in size from 1200 to 3000 square feet, 3,4 and 5 bedrooms.  Single family detached homes, duets, town homes and condos offer a variety of choices for buyers based on their specifications and finances. There are several sections to Twin Creeks identified as Twin Creeks Hills, Twin Creeks South, Twin Creeks Views, Twin Creeks and Twin Creeks Gardens (condos).

Two elementary schools are located in Twin Creeks: Bollinger Canyon Elementary located at 2300 Talavera Dr. and Twin Creeks Elementary at 2785 Marsh Dr. To determine which elementary school your child will be attending you can either call the school district (advisable) or access on the on line school locator . Twin Creeks Elementary School Park is composed of 3 acres which is enough room for all the family to enjoy. The park includes full sized basketball courts, a baseball diamond, soccer field, playground equipment such as monkey bars, swings and slides.

Twin Creeks subdivision is centrally located, close to I-680, restaurants, movie theater, shopping, San Ramon library, Central Park, San Ramon Community Center and the soon to be developed San Ramon City Center complex.

Because of the different sections in Twin Creeks there is more than one HOA and dues vary based on amenities.

 

 

I am starting a new project. A weekly overview of the different neighborhoods in San Ramon and Danville.   The purpose is three fold. Number one to help me stay sharp on the market dynamics in the neighborhoods. Number two  is for potential buyers who want to learn about a specific area. And number three, for homeowners who just want to know what is going on with home sales in their neighborhood.

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Crow Canyon Country Club is the first in the series.

Crow Canyon is a popular destination for people who are downsizing and want a one story home with minimal maintenance. As Crow Canyon is a gated community that is also a plus. The community is close to just about everything, the post office,grocery stores, Safeway, Sprouts, Costco. Restaurants, Starbucks, Peets, movie theater,other retail shops. Easy access to 680, which is about a mile from the complex.

In addition to on site security, the complex has six pools for use by all the residents.

The mixture of homes are:

  • 556 town homes and many refer to these as quads  comprised of 2 and 3 bedrooms ranging in size from 1400 to 1600 sq. ft.
  • 238 Manor houses, these are detached homes with similar size lots as those of the town homes. These are 3 and 4 bedroom ranging in size from 1600 to 2200 square feet
  • 108 estate homes, 3, 4 and 5 bedroom, 2000 to 3000 sq. ft. on larger lots

Crow Canyon Country Club is a private club,  with a variety of memberships available.

 

Buying A Home – Is There Ever A Right Time

Here is  a great article that appeared in Realtor Mag – Daily Real Estate News July 2015. This article provides advice for those home buyers still sitting on the fence waiting for the market to go down.

“Prices are higher, inventory is tight, and buyers are being shut out of homes in many areas. Rents are higher than mortgage payments across the country. So buying a home is tougher than it’s been in years. Some home buyers may be wondering if they should wait for a better deal.

There are valid arguments to waiting and to jumping in the market. Either choice has its risks. If you don’t buy, prices can go up even more. You’ll pay more in rent and when you decide to buy, homes that you could have afforded now will be more expensive, possibly out of your range.

If you do buy a home, prices could go down, which will put you underwater longer, and possibly leaving you with an expensive asset that’s harder to sell.

But consider this – what if you buy and prices go up? You’ll accumulate instant equity, a savings account of a kind, all while receiving considerable tax breaks and other incentives. Would you feel just as weighed down by owning a home if it were appreciating in value instead of losing value?

There are no guarantees that home prices will turn in your favor. Local markets rise or fall based on their own micro-economies, but there is one truth that never changes — you’ll never know if you could have had a better deal unless you commit to making one.

In January 2015, Kiplinger’s predicted a 3.5 percent increase in national home prices. By June, prices were already up 3.2 percent, according to the National Association of REALTORS.

At the least, you should run the numbers. Document what you spend in rent VS what you can afford as a house payment. On the conservative side, you should spend no more than 28 percent of your income on your mortgage payment, taxes and hazard insurance. Your other debts should be no more than seven to 14 percent of your income.Factor in other costs, such as moving, commutes, schools, and, of course, your down payment.

Buying a home isn’t just about the money. It’s about lifestyle, safety, comfort, and easy access to the people and amenities you want to be close to.

You have to do what’s comfortable for you and your family, whether that’s remaining on the sidelines or buying a home. But here’s a tip — if you buy the home that best meets the needs of your household and budget, chances are that you’ll be pleased with your decision for years to come.”

As this article points out there are no guarantees of which way the market will go. And even if you do wait til prices come down, it is certain that interest rates are going up.

Get A Mortgage – 15% Down – 680 Credit Score

Considering that most of the homes in the San Ramon Valley area are over the jumbo loan classification, this is good news for anyone purchasing a home priced over $625,000. Chase Mortgage is making it easier for more people to qualify for a jumbo loan (a mortgage over $625,000). With the average price of homes in San Ramon  at $900,000 and up, meeting the 20% down payment requirements is out of reach for many would be home buyers. And while many buyers coming back into the market may not have reached the 740 credit score requirement, they do have the down payment.

Here is an excerpt of the article in Realtor Mag dated August 6, 2015
“Recently announced the bank is lowering its minimum credit score and down payment requirements for mortgages up to $3 million. J.P. Morgan plans to lower its minimum FICO credit scores for jumbo mortgages from 740 to 680 for loans on primary single-family purchases, second homes, and some refinances. The bank is also allowing a 15 percent down payment for loans up to $3 million. That is less than other banks such as Bank of America and PNC Financial Services Group Inc. which allow a 15 percent down payment for jumbo loans up to $1 million and $1.5 million, respectively.

The housing recovery has been strong in the higher-priced tier. Existing single-family home sales priced between $750,000 and $1 million rose 21 percent in June from a year prior, according to the National Association of REALTORS®. Meanwhile, sales of homes priced between $100,000 and $250,000 rose 12.5 percent. Homes priced lower saw sales fall 3 percent.”

Are We In A Housing Bubble?

CoreLogic reported that home prices in 33 states are at or within 10 percent of record highs. Home prices increased 6.3 percent year over year and with limited inventories across the country, some economists are starting to worry about localized bubbles. (Source: C.A.R. Market Matters)

Investopedia’s Explanation for Housing Bubble

“Traditionally, housing markets are not as prone to bubbles as other financial markets due to large transaction and carrying costs associated with owning a house. However, a combination of very low interest rates and a loosening of credit underwriting standards can bring borrowers into the market, fueling demand. A rise in interest rates and a tightening of credit standards can lessen demand, causing a housing bubble to burst. Other general economic and demographic trends can also fuel and burst a housing bubble. “

We have definitely seen the increase of home prices in the San Ramon Valley upwards of 10% to 15% annually for the past three years in some areas. Much of the run up in prices is due to limited inventories of homes for sale and low interest rates. There is more demand than supply. Let’s look at the average median prices from 2013 thru the first half of 2015 for San Ramon, Danville, Dublin, Pleasanton, Alamo, Walnut Creek.

Comparison of Median Sales Prices

2013 2014 2015
Alamo $1,305,000 $1,477,500 +12% $1,525,000 +3%
Danville $955,000 1,080,000 +12% $1,140,00 +5%
Dublin $740,000 $830,000 +11% $915,000 +9%
Pleasanton $851,000 $915,000 +  7% $983,500 +7%
San Ramon $845,650 $900,000 + 6% $1,042,494 +14%
Walnut Creek $790,000 $875,000 +10% $928,000 +6%

 

 

Lending standards are still tight unlike the last run up. And most people buying today are not doing so on speculation. Their goal is to own a home. These buyers are not highly leveraged as a good portion are making sizeable down payments or even paying cash. The San Ramon area is very strong and has always been due to schools, location, companies in the area and quality of life.

 

Will we see a slowdown in the market – I believe so. As prices keep going up affordability along with an increase in interest rates will certainly decrease demand but nothing like the bubble burst of 2008.  As more than one person stated…the only time we know for sure if it is a bubble is when it pops.

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