New Survey Shows Retirees Want to Stay in Homes

An overwhelming number of people nearing or in retirement want to remain in their current home as long as possible, according to the results of a new survey released by The American College of Financial Services. The Home Equity and Retirement Income Planning Survey found that 83 percent of the respondents do not want to relocate in retirement. “One very interesting notion was that the desire to age in place increases significantly as you get older,” says survey author Jamie Hopkins, Professor of … [Read more...]

Fed Considering Rate Hike in June

According to recently released minutes, most of the Federal Reserve’s interest-rate committee members are ready to raise rates in June, so long as the economy continues to show spark. The financial community has been on the edge of their seats since rates ticked up in December, moving from 0.25 percent to 0.5 percent. Now, it looks like the next rate could be nearing. According to the minutes: “Most participants judged that if incoming data were consistent with economic growth picking up in the second … [Read more...]

Number of Contracts to Buy Homes at Highest Level Since May 2015

WASHINGTON -- More Americans signed contracts to buy homes in March as the spring home buying season got underway.  The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index rose 1.4 percent to 110.5, the highest level since May 2015. Pending sales rose 3.2 percent last month in the Northeast and 3 percent in the South. After rising sharply over the past three years, states in the West registered a 1.8 percent decline in pending home sales last month and a … [Read more...]

Kelly McCormick Group featured on CBS 5 News – 10/3/2013

Bay Area Luxury Home Sales Up Signficantly.  In the Bay Area, 273 homes priced at $1 million and up were sold this past August, up 74% from last time this year. Ryan Takeo inverviews Kelly McCormick. Video Clip: CBS 5 Interviews Kelly McCormick Group on Bay Area Real Estate … [Read more...]

Rates on a 30-year fixed mortgage are currently averaging 4.6%, up from 3.35% in early May

Prospective buyers who have been shying away from the housing market due to rising rates may have reason to start shopping again. On Wednesday, the Federal Reserve surprised market watchers when it announced that it would not start tapering its purchases of mortgage-backed securities and Treasury bonds. Mortgage rates have risen significantly amid concerns that the Fed would cut back on its $85 billion a month bond-buying program. Rates on a 30-year fixed mortgage are currently averaging about 4.5%, up … [Read more...]

Promising Signs for More Improvement in Housing Market in 2013

Happy New Year! The housing market, both in the Bay Area and across the country, certainly showed impressive gains in 2012 with sales and median sale prices up in most markets and distressed sales and foreclosures down. In fact, the biggest challenge many of our local markets faced last year was not having enough homes to sell in order to satisfy the growing demand from buyers. How far we've come in just a few short years! As we kick off 2013, there are a number of positive signs out there that the … [Read more...]

Mixed Economic Signals: Better GDP & Housing vs. Worse Corporate Earnings

By now it's clear that this will not be an easy economic recovery. For every two steps forward we take one step back, as this week's mixed economic signals show. On one hand, it was good to see improved GDP growth figures announced Friday. The U.S. economy grew at a better-than-expected 2 percent annual rate in the third quarter, the Commerce Department announced. That's up from a 1.3 percent growth rate in the second quarter. The improvement was driven in part by greater consumer spending, but also … [Read more...]

Existing Home Sales Rise 2.3 Percent on Pent-Up Demand

U.S. existing home sales rose 2.3 percent in July to 4.47 million from 4.37 million in the previous month but missed analysts' estimates, according to the National Association of Realtors. "It's pretty much in line with market forecasts," said Omer Esiner, chief analyst at Commonwealth Foreign Exchange. "It's encouraging to see the inventory of unsold homes come down and median price continue to rise, though I think there are technical issues involved in that. The homes that are selling tend to be higher … [Read more...]

Why Drop in Foreclosures Is Bad for Housing Market

Ia normal housing market, lack of supply is generally considered a good thing. When demand outweighs supply, home prices rise and homeowners gain equity. Like so many things in this historic economic recovery, that premise doesn’t exactly apply. Fuse | Getty Images This housing market has been running on distress for the past year, as investors rush to buy foreclosed properties in order to take advantage of today’s hot rental market. Sales of millions of foreclosed homes … [Read more...]

Housing market gaining momentum – sales and prices up across the country

  More "green shoots" sprung up for the nation's housing market this week. On Tuesday, the National Association of Realtors reported that existing home sales rose in April and remain above year-ago levels, and home prices nationwide continued to rise as well. And on Wednesday, the Commerce Department said that sales of new homes rose 3.3 percent in April from March to a seasonally adjusted annual pace of 343,000. That was slightly more than what most analysts had expected. Both reports are just the … [Read more...]

Las Lomas, Northgate Among Nation’s Top Schools

Las Lomas and Northgate were both named top high schools by U.S. News & World Report today. The publication released its 2012 list of the nation's best public high schools today, which includes information on nearly 22,000 schools from 49 states and the District of Columbia, according to the publication's website. In addition to ranking the schools, U.S. News & World Report awarded 4,850 bronze, silver, and gold stars to top performing schools. Of those, 500 were gold stars, with 97 … [Read more...]

Existing Home Sales – April Report

Last Updated: 3/30/2012 Home Sales Pace After a slight uptrend, sales of existing U.S. homes slipped in February, according to the National Association of Realtors. Total existing home sales dipped 0.9 percent in January to a seasonally adjusted annual rate of 4.59 million units from an upwardly revised 4.63 million in January. Sales were 8.8 percent higher than February 2011 figures, however. "The market is trending up unevenly, with record high consumer buying power and sustained job gains … [Read more...]

Existing home sales up, inventory down — for now

(MoneyWatch) The sale of existing homes rose 4.3 percent last month, the third rise in the last four months, according to the National Association of Realtors. Sales are being spurred by the continued fall in home prices and historically low mortgage rates. These sales put a small dent in the inventory of unsold houses. However, that inventory is expected to rise sharply as banks increase foreclosure activity in the coming year. If the January pace holds, the U.S. would see 4.57 million homes … [Read more...]

Welcome to the New Home of Walnut Creek Real Estate!

Welcome to the new Kelly McCormick Group website! We hope you will enjoy the ability to search by specific neighborhoods, learn more about some of our local neighborhoods, schools, etc. We will continue to add more resources to our site over the next several months, so please bookmark us and keep checking back for all the latest in Walnut Creek real estate! … [Read more...]

Mortgage Relief Plan Aims at Refinancing

President Obama, in announcing new mortgage relief on Wednesday, acknowledged that previous efforts to help homeowners had fallen short of expectations. And he tried to explain how his new effort, much of which would require Congressional approval, would fare significantly better. In making his case, Mr. Obama framed the changes as a round of improvements that would build on previous efforts to make it easier to refinance mortgages. “I am sending Congress a plan that will give every responsible … [Read more...]

It’s the Little Things when Selling your Home…

Don't get Steve Somogyi wrong. He doesn't hate all brass finishes -- just the really shiny, yellow-toned stuff that he thinks screams "Cheap!" when homebuyers notice it in light fixtures, switch plates, doorknobs, etc. That brass tone was fashionable a couple of decades ago, but its day is done and it has to go if it's in a house you're trying to sell, according to Somogyi, a real estate agent and interior designer. In prepping a small house for the market recently, he switched out every single brass … [Read more...]