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Wood Real Estate Agents Cheryl Wood, Chris Boothe, and Al Morton

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Testimonials

"If I could give Cheryl Wood more than five stars, I would. We have used Cheryl for three separate real estate transactions, and each one was handled with such detail before, during and after. Cheryl's knowledge of the history of Rio Vista and, specifically, Trilogy is amazing. Her caring and attentive personality makes her an A+ realtor." Sherry K.
"Chris was a real pleasure to deal with. Very enthusiastic! We felt at all times she was acting in our best interest. Chris was always available and stayed on top of everything in the process, making sure everything happened as quickly as possible and done properly. Major repairs to the roof were requested by us from the seller, and Chris made it happen at no cost to us. Chris made the buying process a pleasant experience! This was our 10th real estate transaction using a real estate agent, and there are no better real estate professionals than Chris!" Raymond Allum
"Cheryl was wonderful. She sold our home in one day. She was there for us through the whole process making it easy and stress free. I would recommend her to anyone who is selling their home in the area. She has excellent knowledge of the community, people who can do work with excellent results and at reasonable prices. I am so happy we chose Cheryl as our realtor." Marnie D.
"We had a wonderful experience searching and buying a home from Chris Boothe. She took her time to show us what was available on the market, from Rio Vista to Discovery Bay, Oakley, and Brentwood. The home buying process went smoothly, and she always explained to us what was coming next. Cheryl, her Broker, brought us our keys to our new home- had to come all the way to Brentwood just for us! Would highly recommend them to you, and we would definitely use them again! They are so sweet." Elaine & Otto Ganter
"Today we became homeowners in Trilogy. Cheryl made that happen. She has been with us every step of the way. She is very patient, very informative, and is happy to answer even the silly questions. I must say every time we got together with Cheryl, she made us feel as if we were her only clients. I know that is not true, but we certainly felt like all of her attention was on us. Being listened to was important to me and Cheryl is good at listening and addressing any concerns. I would definitely use Cheryl's service again and whole-heartedly recommend her." Teresa W.
"I have had numerous real estate dealings with Cheryl Wood and she is a true professional! She is sensitive to your needs and is also very knowledgeable of the real estate market and laws. I would recommend Cheryl without hesitation to any buyer or seller and be confident they would be very happy working with her. She is a delight and my family has grown to care for her very much, too!" Michael P.
"One hopes they will choose a competent realtor when it comes time to buy or sell a home. In our case, luck was with us and brought us Cheryl Wood. We met Cheryl at an open house. From Day One we have enjoyed a rewarding relationship with her. She is calm, knowledgeable, responsive, reassuring and gracious. Whenever you need something, she's already done it. She provides everything you need/want and can answer any question. Cheryl promised she would find us the perfect home and she did! Then she gave us a seamless, smooth escrow...and a new friend!" Jeanne and Robert C.
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Real Estate News

Latest Realty News from NAR

May 2018 Housing Affordability Index

At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.71 percent this May, up 17.5 percent compared to 4.01 percent a year ago.

  • Housing affordability declined from a year ago in May moving the index down 10.2 percent from 157.2 to 141.2. The median sales price for a single family home sold in May in the US was $267,500 up 5.2 percent from a year ago.
  • Nationally, mortgage rates were up 70 basis point from one year ago (one percentage point equals 100 basis points), while median family incomes rose 2.7 percent.

  • Regionally, the West recorded the biggest increase in home prices at 7.0 percent. The South had an increase of 5.8 percent while the Midwest had a gain of 3.2 percent. The Northeast was the only region with a drop in price of 3.0 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The West had the biggest drop in affordability of 11.2 percent. The South had a decline of 10.2 percent followed by the Midwest that fell 9.9 percent. The Northeast had the smallest drop of 2.2 percent.
  • On a monthly basis, affordability is down from last month in three of the four regions. The Northeast had a modest gain of 0.6 percent. The South had a decline of 3.0 percent followed by the West with a dip of 2.1 percent. The Midwest, which had the biggest dip in affordability of 5.7 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 175.5. The least affordable region remained the West where the index was 100.2. For comparison, the index was 143.8 in the South, and 161.1 in the Northeast.

  • The economy is doing well and job creation is solid. Mortgage applications are currently down 8.8 percent and mortgage rates are continuing to rise. The price for building a home is increasing combined with a shortage in labor is contributing to higher home prices. New homes are currently increasing and this trend will ease the lack of inventory. Home prices are up 5.2 percent while median family incomes are only growing 2.7 percent.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

Selling Your Home Solo to Save Money? You’ll Actually Make Less Than You Think

Some homeowners opt to sell their residence without a real estate agent to get around paying a commission and make more of the profit. Forty-three percent of people (down from 48 percent last year) who sell without a real estate agent think that if they sell themselves, they’ll end up doing a little extra work in exchange for not paying a commission or closing fee. According to the research, however, what they actually get is a lot of time spent hustling to make the sale and a final selling price that is less than what the market can bear.

Do you have a lot of extra time to market your home and do all the work to meet and greet properly? Are you versed in local trends on the housing market and know the latest regulations for closing a sale? Do you have a list of potential buyers ready to view your home? Eighty-nine percent of all homes sold in 2017 were sold with the assistance of an experienced real estate professional, according to the 2017 Profile of Home Buyers and Sellers. Most leave it to the professionals, yet there is still a small group of people who prefer to do it themselves. Eight percent of home sellers chose to list themselves, known as For-Sale-By-Owners (FSBO) home sales. That number has steadily declined since 2004 where only 82 percent of all home sales were agent-assisted and 14 percent of homes were listed FSBO. FSBO sales are currently at an all-time low since data collection began in 1981.

Picture This: are you a single female seller, early sixties, selling a single-family home or mobile in a suburban or rural area? If so, you might want to consider working with a real estate agent.

Let’s break it down further. Thirty-eight percent of all FSBOs—that’s only three percent of the total home sales in 2017—were homes sold to people where the buyer knew the seller selling to a friend, neighbor, or family member. However, 62 percent of FSBO home sales—five percent of total homes sold—were sold by the owner to someone they didn’t know. According to the 2017 Home Buyers and Sellers Profile report, sellers cited creating yard signs, listing their homes online on multiple websites, spreading the news through word of mouth, putting out classified ads, displaying on social media, hosting an open house, and registering with the Multiple Listing Service (MLS) database. That’s a lot of work just on marketing and finding potential buyers.

The time it takes to sell a home on the market was a median of two weeks for FSBO sellers and three weeks for agent-assisted homes, but again many of the sales are arms-length transactions. Forty percent of all homes were sold in less than two weeks last year. Most FSBO homes sales were located rural areas (22 percent), urban area or central cities (19 percent), or small towns (16 percent). Sixty-six percent of FSBO sales were detached single-family homes, compared to 81 percent of all homes sold. Thirteen percent were mobile or manufactured homes, compared to three percent of all homes sold. FSBO sellers typically had lower incomes than those who worked with an agent. The median income of all FSBO sellers was $86,500 and for those who sold only through an agent was $102,900. Those who sell themselves have the perception that they have less money to pay for assistance when selling their home and opt to go it alone.

As it turns out, FSBO make less money on their home sales than buyers who work with a real estate agent. According to the report, the median selling price for all FSBO homes was $190,000 last year. When the buyer knew the seller in FSBO sales, the number plunges to the median selling price of $160,300. For homes sold with the assistance of an agent, the median selling price was $250,000 ̶ that’s $60,000-90,000 more for the typical home sale. According to NAR’s 2017 Member Profile, seventy-five percent of all real estate agents get paid by a percentage commission split between two agents representing the buyer and seller.

Talk to an agent and find out what they suggest for the commission and then do the math yourself. The closing price for the agent-assisted seller is likely going to be way above an FSBO. In reality, homes sold by the owner make less money overall. Based on these closing numbers, why not save yourself time and make more money by working with a real estate agent that is excited to sell your home?

Home Purchase Contracts Are Increasingly Being Settled on Time

More contracts are being settled on time, according to a survey of REALTORS® in the  May 2018 REALTORS® Confidence Index Survey.  The monthly survey asks REALTOR® respondents: “Think of your most recent sales contract in the past 3 months that was either closed or terminated. Please explain how the deal concluded.”

Among respondents who either closed a sale or terminated a sales contract in the past three months (March, April, May), 76 percent reported that their most recent sales contract[1] was settled on time, 19 percent reported a delay, and five percent reported the most recent contract ended in a termination. Broadly, the fraction of contracts that are settled on time has increased since October 2016.

Among contracts that had a delayed settlement, obtaining financing and appraisal-related issues were the major reasons. Among contracts that were delayed, 33 percent had issues related to the buyer obtaining financing, and/or 22 percent had issues related to the appraisal.[2]

Home inspection was cited as a cause in 15 percent of delayed settlements, and titling/deed issues was cited in 11 percent.

Home/flood insurance issues was cited as a cause for two percent of the delayed contracts.

The median days to close a contract has also hovered at 30 days since August 2017, a decrease from about 40 days since NAR tracked this information in July 2015. Fannie Mae and Freddie Mac have been implementing programs to streamline and make the process easier for borrowers, which may account for the increase in contracts being settled on time.[3]


 

[1] Responses about the most recent sales contract can be viewed as a random sample of all sales contracts during the three -month period.

[2] The respondent can cite several issues that caused the delayed settlement.

[3]Fannie Mae introduced the Desktop Underwriter Validation Service and Property Inspection Waiver, and Freddie Mac introduced the Automated Collateral Valuation for certain Loan Product Advisor mortgages, both in 2017.

TRILOGY® is a registered trademark of Shea Homes. Wood Real Estate is an independent resale brokerage firm and not affiliated with Shea Homes.

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