Berkeley, CA (PRWEB) May 15, 2013
Brett Weinstein real estate broker in Berkeley, CA comments on the California Association of Realtors® (CAR) first quarter 2013 housing affordability report which states that higher home prices caused a drop in the number of families that can afford to purchase a median-priced, existing single-family home in California. The index is down to 44 percent, from 56 percent in the first quarter in 2012. Weinstein’s reasoning for the higher home prices has been the scarcity of inventory on the market. Weinstein expects the inventory to improve during the spring and summer months, which is usually a time when more homes come on the market. One of the Berkeley homes for sale is 644 Vincente Ave.
Weinstein notes that according to CAR’s Traditional Housing Affordability Index (HAI), home buyers need to earn a minimum annual income of $66,800 to qualify for the purchase of a $350,490 statewide median-priced existing single-family home in the first quarter of 2013. In the first quarter of 2012, the median home price was $279,190, and an annual income of $56,320 was needed to purchase a home at that price. In the San Francisco Bay Area, only 32 percent of the residents can afford to purchase a home. Of the Bay Area counties, San Francisco and San Mateo counties had the lowest affordability rate at only 23 percent, and Solano county had the highest at 67 percent. Alameda county matches the Bay Area at 32 percent. One of the recent closed sales in Berkeley was 915 Fresno Avenue, listed at $849,000 and sold for $1,052,000.
About Brett Weinstein
Brett Weinstein started his real estate career in 1983, buying, renovating and renting/selling houses in the East Bay. Working closely with the Realtors® who were part of his team, he saw the possibility of creating a real estate agency that combined highly professionalized service with lower commissions. In 1986, he co-founded Realty Advocates to bring a new ethos to residential real estate: providing premier service and greater bottom-line value.
Weinstein enthusiastically takes the role of a true advocate for his clients. With refreshing candor, he demystifies the real estate world and makes the whole process feel effortless. He taps his background in architecture and his extensive knowledge of current construction costs to help sellers make smart upgrades to their home before selling and to help buyers budget for repairs and improvements as they prepare to make an offer. Brett Weinstein can be reached via email at brett(at)realtyadvocates(dot)com, by phone at 510-428-0757, or via his website at realtyadvocates.com.