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September 2016 Almaden Valley Real Estate Market Update

September 2016 Almaden Valley real estate market update… Market data for Almaden Valley real estate indicates that we are experiencing our seasonal cooling. The number of single family homes on the market, under contract and sold has decreased from August to September in the normal, predictable pattern we see during the fall/winter holidays.

When we compare September 2016 with September 2015, we see a couple notable details. Although the number of homes offered for sale remained virtual unchanged from last year, the number of homes under contract is up a whopping 68.4%, from 19 a year ago to 32 last month. This number is likely due in large part to the dramatic upswing we saw last month in homes that went under contract as well as the number of sales.

The price per square foot for Almaden Valley single family homes edged downward a little over 1% from August and is down about 2% from the previous year. Although this might sound concerning, it is most likely nothing more than the dance of supply and demand. Up until spring of this year, buyers dominated the market for a long time due to the relative scarcity of homes offered for sale, driving up home prices as buyers competed to buy. Around April 2016, we saw a sudden increase in the number of homes offered for sale, which peaked in July. This sudden influx of inventory swung the proverbial pendulum from favoring sellers due to low inventory, to favoring buyers who now had a much larger pool of possible homes to purchase and create downward pressure of price.

Although buyers and sellers tend to withdraw from the market during the holiday season (which is why we see a cooling trend this time of year), this can be a perfect time to purchase a home. Competition is less keen and prices are attractive.  If you are thinking about purchasing a home in Almaden Valley, contact me and let me show you how I can help make your dream home a reality.

September 2016 Almaden Valley Real Estate Market

August 2016 Almaden Valley Real Estate Market Update

August 2016 Almaden Valley real estate market update… The Almaden Valley single family home market experienced an upswing in August. The number of homes that sold increased almost 12% from July, while the number of homes that went under contract increased a dramatic 39.3% from the previous month. When we look at inventory, we can see a possible explanation. The number of homes on the market dropped 30%, from 70 in July to 49 in August. As we are in the early stages of the holiday cool down we see every year, some of this decrease may be due to normal seasonal fluctuations, but it could also indicate buyers’ interest in concluding home purchases before the school year and holiday season starts.

The average price per square foot retracted a little over 4% from July, from $615 to $588, which may explain in part why there was so much buyer interest. Still, the price per square foot in August 2016 was 8.5% higher than the same time last year.

If you are thinking about buying or selling a home, give me a call and I’ll show you how to make the most of the current Almaden Valley real estate market!

August 2016 Almaden Valley real estate market

July 2016 Almaden Valley Real Estate Market Update

Update on the July 2016 Almaden Valley real estate market… Almaden Valley single family home sales ended on a quiet note in July, with the number of sold homes down almost 30% from June and down over 8% from July 2015. The number of listings for sale was up almost 17% from last month, and a dramatic 55.6% from the same time last year. The last two months have seen increases in the number of single family homes offered for sale to levels we haven’t seen in several years, indicating that the market may be reaching an equilibrium between supply and demand.

Although the volume numbers indicate a balancing between buyers and sellers as well as entering our seasonal holiday cooling cycle, the price per square foot indicates there is plenty of buyer interest. July closed out at $616/sqft, up from $591 the previous month, and $581 in July 2015.

If you are thinking about buying or selling a home, give me a call and I’ll show you how to make the most of the current Almaden Valley real estate market!

July 2016 Almaden Valley real estate market

June 2016 Almaden Valley Real Estate Market Update

The Almaden Valley real estate market ended June 2016 on a high note. The number of single family homes that sold in June was up a whopping 51.6% from the previous month, and up a respectable 6.8% over the same time last year. The number of homes on the market increased over 11% from May figures, and a healthy 27.7% from June 2015. Prices cooled slightly, from $602/sqft in May to $591 in June. Historically, June/July heralds the start of a cooling trend that will continue through the end of the year. With school starting soon and summer vacation time rolling to a close, it is not surprising to see a suspended interest in purchasing and selling homes, and I am anticipating this year to be no different.

However, the “summer doldrums” can be great news for buyers who are willing to make a purchase during this timeframe. Fewer buyers looking for homes can translate into more selection and the possibility of motivated sellers who want to complete their sales prior to the start of fall. If you are thinking about purchasing a home, give me a call and let me show you how I can help make the most of the current market!

Almaden Valley real estate market

May 2016 Almaden Valley Real Estate Market Update

Sellers are coming out in force in the Almaden Valley real estate market. As of Thursday, June 9, there are 65 single family homes listed for sale on the MLS, a number we haven’t seen on our weekly tracking report since 2012!

Sales are up as well. Although the number of sold single family homes is down from last month by about 33% and from April 2015 by about 24%, pending sales is up significantly; over 34% since last month, and a whopping nearly 46% from the same month last year!

We are also seeing prices increasing as well, with a jump from $566/sq.ft. last month to $605/sq.ft. Prices are up from the same time last year, when they were $592/sq.ft.

May 2016 Almaden Valley real estate market

8 Tips for Finding Your New Home

Finding your new home

 

Article From BuyAndSell.HouseLogic.com
By: G. M. Filisko
Published: February 10, 2010

 

 

A solid game plan can help you narrow your homebuying search to find the best home for you.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

1. Know thyself.

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look.

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com (http://REALTOR.com) to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order.

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline.

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term.

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR.

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS?, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS?. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic.

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues — like noise levels — that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit.

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.


G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR? Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Almaden Valley Real Estate Market Update – November 21, 2011

This week’s Almaden Valley real estate market numbers are virtually unchanged from last week. The total number of available properties on the market dropped from 65 last week to 64 this week, while the percentage under contract dropped slightly, from 38% to 37%.

Traditional (ie non-distressed) properties remained unchanged, with 54 available properties and 30% under contract. As we enter the last month of the year, it is likely that this trend will continue through December as we pass through our traditional, anticipated holiday market cooling period.

Happy Thanksgiving!

Almaden Valley Real Estate Market Update – November 14, 2011

The number of listings on the market in Almaden Valley dropped from 72 last Monday to 65 this Monday, while listings under contract increased from 34% to 38% during the same time frame. Traditional (ie non-distressed) listings dropped from 63 to 57 and the percentage under contract increased from 28% to 30% from last Monday.

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Almaden Valley Real Estate Market Update – November 7, 2011

The Almaden Valley real estate market continued to decrease slightly in what is most likely the normal seasonal slow-down we see every year at this time. The total number of single family homes for sale decreased from 74 last week to 72 this week, while the percentage of properties under contract dropped from 35% to 34% over the same time. Traditional (ie non-distressed) homes experienced the same trend, from 65 single family home for sale last Monday to 63 today, and the percentage under contract dropping from 29% to 28% over the same time. The interest rates offered by some banks dropped slightly. Although buyers are still being lured by the historically low interest rates, it remains to be seen if the rates will motivate buyers to act during the holiday season when we usually see a slowdown in sales.

Almaden Valley Real Estate Market Update – October 24, 2011

This past week saw a slight improvement in the Almaden Valley real estate market from the previous week. The total number of single family homes currently for sale decreased from 80 to 77, while the percentage of properties that are under contract increased slightly, from 35% to 36%. The number of traditional (ie non-distressed) single family homes currently for sale dropped from 71 to 68, and the number under contract remained at the 30% we saw last week.

Interest rates from some banks edged upward slightly, but still remain an attractive incentive for buyers to make the jump from looking at homes to purchasing them.