Buyers in Berkeley should budget 2% to 3% of the purchase price for closing costs — typically $20,000 to $60,000 depending on purchase price, plus a Berkeley-specific transfer tax that can add $9,000 to $31,000 or more. When my clients start running the numbers on a...
After a few months away from this newsletter, I’m back and there’s a lot to cover. The year started with a national housing market hangover from December’s strong finish, a fresh round of economic data, and a Federal Reserve that remains in...
For years, accessory dwelling units—ADUs—have been one of the few ways Berkeley homeowners could expand their homes without dramatically altering the character of a neighborhood. Backyard cottages, garage conversions, and lower-level units have allowed families to...
When most homebuyers calculate whether they can afford a new home, they focus almost exclusively on one number: the monthly mortgage payment. It’s the figure lenders qualify them for, the number discussed during showings, and the benchmark used to determine...
Uncertainty about the job market is also making prospective buyers nervous about making a big purchase. “Buyers are being really choosy,” said Megan Micco, a real-estate agent in Berkeley, Calif. “Buyers are saying, ‘If I lose my job, we need to be able to cover this...
