FAQ

Here are nine categories you let us know are important regarding your real estate journey. Click on the link to the Q&A under each category to review the series of questions and answers for that specific topic. We know you will find it helpful.
 

I am a Home Buyer

  • How much will I need to pay for a home in the East Bay?

    This is a very common question, and the answer is, “It depends on the zip code." For example, if you are searching for a single family home in Dublin, California with 4-bedrooms and 2.5-baths, the typical price is $1.7 million. If you were looking for the same home in Danville, It may cost $1.9 million or more.

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I am a Home Seller

I am a First-Time Home Buyer

  • What programs exist for first-time buyers?

    There are up to ten programs in California, and some Federal assistance programs for first time home buyers. A qualified lender will be your best source in explaining the ones that may apply to your financial situation. If you are not currently connected to a lender we would be glad to make introductions for you. There are also title and escrow companies who provide discounts of up to 25% of title insurance for first time home buyers. Reach out to us to learn more. 

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Market & Timing Questions

  • Are home prices dropping in the East Bay?

    The answer to your question if home prices are dropping in the East Bay is a mixed bag. There are certain communities where home prices have declined a few percentage points in the last 12 months, and some communities where the home values have risen slightly. An appropriate answer is the the home values in the East Bay are balanced today as opposed to high appreciation during the pandemic. If you compare the East Bay home prices to 2022, there has been a general decline since then by 15% to 20%. So, if you purchased your home in 2022, you will likely need to keep the home a few more years in order to have the appreciation catch up.

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Financing & Costs

  • How does a mortgage rate buy-down work?

    There are two different categories of mortgage rate buy-downs. The first one is when a buyer pays a fee at the close of escrow that permanently lowers the interest rate of the loan. A formula that is easy to use is 1% of the amount being borrowed is paid at the closing which reduces the mortgage interest rate by 0.25%. A second form of an interest rate buy down is sometimes provided by new home builders. They would create a fund that subsidizes your mortgage payments for the first three years. For example, your mortgage payment would be 2% lower the first year, 1% lower the second year, and go back to your original mortgage payment rate in three years. This allows the home buyer to transition into a higher monthly payment over time. Each situation needs to be evaluated to determine if the upfront cost is worth the monthly savings before you resell your home or refinance it.

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Inherited Properties & Life Transitions

  • What happens when I inherit a home in California?

    When you inherit a home in California, you typically go through probate, unless home you are inheriting was in a trust, become responsible for debts and maintenance, and face significant property tax changes due to Proposition 19, which often triggers reassessment unless you move into the home within a year and claim an exclusion as your primary residence. Key steps involve securing the property, handling mortgage/liens, understanding the "stepped up basis" rules for capital gains tax, and deciding whether to sell, rent, or live in the home, all while navigating new tax rules. It is important for you to seek professional tax and legal advice when making decisions on what to do with inherited real estate.

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Living In The East Bay

  • What neighborhoods have the most demand?

    The neighborhoods in the East Bay that have the most demand are ones that are located in close proximity to highly ranked Blue Ribbon school districts. In addition, neighborhoods that are conveniently located close to town are highly sought after. In the San Ramon Valley it is very desirable to live near the Iron Horse Trail. Check out our Communities page to learn more about the neighborhoods in the East Bay. 

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Working With A Real Estate Advisor

  • What should I expect from my real estate agent during escrow as a home seller?

    Once a purchase agreement has been accepted and signed by the home seller, the work of their agent is to be the “project manager” of the many documents and decisions needed before the title is transferred to the new owners. This includes assisting with completing all of the seller disclosures required, reviewing any inspections and deciding if there are repairs that would be fair for the home seller to complete on behalf of the buyer, reviewing and explaining all of the contracts related to the purchase including the title and escrow documents, and to resolve any issues that show up. It is expected your real estate agent will have a detailed communication system set up throughout the process in order to deliver a smooth and stress free experience. Check out The Bay Area Team Seller's Guide

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Why Compass?

  • What is the benefit of working with a Compass agent as a buyer?

    As a buyer, when you work with a Compass advisor you are automatically at an advantage to your competition. Your advisor has access to off-market properties called Compass Private Exclusives. This means that you have access to homes that are not even on the market yet. They can not be viewed on Zillow, Homes.com, other third party websites, etc. 

    Another tool you have access to as a Compass buyer is Collections. Your agent will set the criteria you are searching for and the Compass platform will automatically compile all the homes that match the criteria you are looking for. When a new home matches, you’ll be notified immediately (including the off-market ones). 

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