Therese Swan, Realtor

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December 2021 Almaden Valley Real Estate Market Update

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The year 2021 was, by all accounts, a banner year for Almaden Valley real estate. Extremely high demand due to low interest rates, the migration of tech employees from the office to the home, and San Jose’s approval of Google’s 80-acre campus in downtown San Jose helped push Almaden Valley’s prices up. The median sales price for a single family home was $2,080,000 in December 2021, a whopping 25% over December 2020’s figure of $1,660,000. TrendGraphix shows a similar 25% increase in Almaden average price per square foot, from $737 in December 2020 to $924 in December 2021.

Inventory remains tight, though we generally tend to see an increase as we move into spring. Interest rates have already inched up each week for the past month, and predictions are that rates will continue to rise in 2022. It remains to be seen if the predicted increase in rates will stimulate more buyers to enter the market sooner in order to take advantage of current rates. Even with rates going up, though, they still remain quite attractive, and we don’t believe they will have a significant dampening effect on our market, at least not for the next few months. If you’re thinking now might be the right time for you to buy or sell, give me a call!

Almaden Valley Real Estate Market 2017-2021

October 2021 Almaden Valley Real Estate Market Update

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Almaden Valley single family real estate appears to be easing into its annual holiday slowdown… or at least elements are. Sellers have pulled back on putting their homes on the market as we would expect with the holiday season upon us, with only 10 homes added in October (which is, if not a record low for inventory in our market, pretty close to it). 31 sales closed in October, up over 40% from the 22 closings in September.

When we compare 2021 numbers with those of the same time last year, we can see that tight inventory is running the proverbial show. This October’s data is across the board lower in three key factors: number of homes put on the market (10 this year versus 19 same time last year); number of sold listings (31 versus 39); and number of pending sales (25 versus 30). In 2020 October saw about half a month’s inventory, while this year we’re seeing not much over a week’s worth. In looking at the price per square foot, we can see just how tight inventory is. Last month we saw $868/sq ft, up from $825 in September. The average price per square foot in October 2020 was $712, representing an almost 30% increase.

There is no question that Almaden Valley real estate is highly competitive, even going into the holiday season. If you are thinking about selling your home, call/email/text me and let me show you how selling now can help you take advantage of the high buyer demand we’re seeing!

October 2021 Almaden Valley Real Estate Market

September 2021 Almaden Valley Real Estate Market Update

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Mortgage interest rates have been inching up but buyers are still keen on Almaden Valley real estate. Perhaps the rising mortgage rates are why we saw a dramatic increase of 80% in the number of pending homes last month as buyers may have hastened their purchases in order to lock in lower rates.

August/September is when we usually see the market cool for the holidays, and if it weren’t for this flurry of home purchasing we might be seeing it this year. Inventory is edging upwards and sales were slowing down in a predictable seasonal pattern. However, I anticipate the sold numbers for the next month or so will increase as the pending contracts close.

Average price per square foot has retracted a bit, to $825/sqft from August’s $866/sqft. Still, when compared to the same time last year we’ve still seen an almost 20% increase from $688/sqft in 2020.

Negotiating our unpredictable market requires a high level of experience. If you are thinking of buying or selling, call, text or email me and let me show you how I can help make the best deal!

September 2021 Almaden Valley Real Estate Market

August 2021 Almaden Valley Real Estate Market Update

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Leading real estate information news site Inman recently released their 2021 Fall Housing Market Outlook in which they predict that prices will cool but inventory will remain tight. We are seeing this general trend in the Almaden Valley market, which we tend to see as the year progresses towards the holiday season.

When examining the average price per square foot, we can see that the Almaden Valley real estate market for single family homes has remained pretty stable over the last several months. In April 2021, the average price per square foot was $885 and August ended with $866/square foot. We ARE seeing prices retract a bit, but this is very likely due to fact that inventory has risen and that we are entering the holiday season when the market tends to cool a bit. In May of this year, we were at about .3 months’ worth of inventory, which has gradually climbed to about .5 for August. Although this increase in inventory has relieved some pressure on the upward pricing trend we were seeing earlier in the year, as Inman suggests inventory is still tight.

These are unusual times, with factors affecting our real estate market that we haven’t seen before. If you are looking to buy or sell a home in Almaden Valley, contact me and let me show you what I can do to help get the best deal in this unusual market.

August 2021 Almaden Valley Real Estate

July 2021 Almaden Valley Real Estate Market Update

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After over a year of almost meteoric growth, it seems that the Almaden Valley real estate market is taking a slight breather. The current price per square foot of $852 has retracted a bit from the high of $888 we saw in May. The number of homes on the market remained virtually unchanged from June to July, while the number of sold homes dropped from 50 to 42 and the number of pending contracts decreased from 51 to 30 during that time frame. Nationally, most markets are experiencing a similar cooling; in addition, we are approaching the fall/winter holiday season and activity starts to slow this time of year.

Although the Almaden Valley market is still quite active, sales data indicates that inventory is increasing to the point of satisfying buyer demand a bit more than it has in the past. In June, the average days on market for a home was 8 days, which in July crept up to 12 days. When the days on market increase, it can mean that sellers might have to make their homes stand out in order to get that quick sale. However, interest rates remain at bargain prices and all but assure that we will see buyers in the market. If you are thinking about selling your home and want to take advantage of the robust market, call, text or email and let me show you how I can help!

July 2021 Almaden Valley Real Estate

Almaden Valley Home Prices Reach New High

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Hope everyone had a wonderful holiday season and a great time ringing in the New Year. But don’t put away those champagne glasses just yet. We have more to celebrate as Almaden Valley home prices have once again reached a new record high!

I have included a couple of graphs showing trends for Almaden Single Family Homes since 2008. Data was obtained from MLSListings Inc. The first graph shows that the Median Sales Price reached a new high for the year in 2017 of $1,462,500, up 6.9% from 2016. While this figure and the graph incorporate all sales throughout the year, the Median Sales Price for December 2017 was a whopping $1,547,250, up 17.9% from $1,312,500 in December 2016. In fact, we had an amazing 4th Quarter as many buyers rushed to beat the signing in of the new tax law and the threat of rising interest rates. October 2017 was up 13.4% from October 2016, and November was up 10.2%. However, some months in 2017 saw a price decline from the prior year.

The second graph shows the number of new listings compared to the number sold. As we closed 2017 just about all the inventory was gobbled up, and by the beginning of 2018 there were only 8 single family homes on the market in Almaden.

We had the good fortune this week of having Oscar Wei, Senior Economist from California Association of Realtors, speak at our office meeting. He forecasts that we will continue to see prices increase at least through this year. Zillow is a bit less optimistic and forecasts a slight decrease for Almaden Valley home prices over the next year.

If you have any questions, feel free to contact me directly and I’ll be glad to help you out!

 

 

 

Finding the Perfect Neighborhood for You

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Finding the Perfect Neighborhood for You…

Finding the perfect neighborhoodThe New Year is often a time for changes and new beginnings. For many, that means a new home in a new neighborhood. As exciting as this may be, choosing the right neighborhood requires a lot of thought. Here are some things to think about when finding the perfect neighborhood for you.

Evaluate your requirements

If you have kids, a friendly suburban neighborhood close to schools may be right for you. Or, if you spend long hours at work and would like to cut the commute or socialize after hours, staying closer to the city might be just the thing. Whatever your situation, start with a needs assessment that includes a checklist of must-haves and must-avoids.

Think about your lifestyle

If you are tired of living in the city, moving to the suburbs may be appealing, or vice versa. But think carefully about your needs. Do you need to hit the stores regularly, dine out, be close to the freeways, or perhaps be near medical facilities? Give it serious thought ahead of time to save yourself a lot of inconvenience later.

Consider your finances

You’ve just found the perfect neighborhood, but can you really afford it? Budget-wise there is a lot to consider besides just the mortgage. Look at taxes, upkeep costs, commute expenses, and any other recurring costs which may add on. The perfect place may not be so perfect if it causes a strain on your resources.

Crime and safety

While considering neighborhoods, safety is of utmost importance. Spend some time researching the crime rate of an area. For a crime map, go to www.crimemapping.com. Find out if the area has a Neighborhood Watch group, and talk to friends or colleagues that live nearby.

Research schools

If you have kids, considering schools is critical. Even if you don’t have school age kids, a good school district increases the potential value of your home and any rental prospects. To research schools, go to www.greatschools.org. If you’re considering a new home within Santa Clara County or the Almaden Valley in particular, almadenvalleyrealestate.com offers a full list of Almaden Valley schools as well as a comprehensive overview of Almaden Valley neighborhoods and their associated schools.

Visit the neighborhood at different times

Visit the desired neighborhood at different times of the day and week to get a better perspective. For example, drive through during rush hour to check out traffic, and late at night to see how well the street is lit up. You can also learn a lot about a neighborhood through social networks like Nextdoor.com.

Talk to neighbors

Talk to prospective neighbors to find out more about the area. They are the best resource. At the same time, you can also assess if you would be comfortable with them. Nothing can mar the charm of a new home as undesirable neighbors. If they are unfriendly and unapproachable or leave their home and yard unkempt, these may be some tell-tale signs to watch out for. Messy neighbors could adversely affect your lifestyle as well as the future value of your property.

Think of the future

Try to picture yourself and your family a few years down the line. A change of residence is a long-term thing. If the prospective neighborhood will not meet your needs a few years ahead, think again. Finally, close your eyes and picture yourself actually living there. Does the thought make you smile? Do you like the neighborhood overall? Your instinct will give you the answer.

You can find more on choosing a new neighborhood in this guide found on RISMedia. And when you’re ready to buy, give me a call!

Are You a First Time Home Buyer?

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First time home buyerWith the real estate market recovery on its way, many people who did not have an opportunity to own a home before now are likely to become homeowners in 2015. I frequently meet people in their early 30s who are shopping for their first home and they all face similar learning curves. Here are a few of the most important things first time home buyers need to know to make that all important decision the right one.

  1. Choosing a Location – Location of the property is probably the most important factor to consider while buying a home. In fact, choosing the right location is more important than the general condition of the house since one can always upgrade or remodel later, but the location cannot be changed. In general, single family homes in quiet, serene neighborhoods are more desirable than those on larger streets because of noise and traffic. Homes which offer a view of the hills, a lake, or a golf course hold their value because of the visual appeal as do homes that afford privacy. However, if you have a busy lifestyle, enjoy evenings out or want to save on commute, a townhome or a condo near the downtown areas may be just the thing for you.
  2. School District Matters – Look for a home which is in the neighborhood of good schools. This is important even if you don’t have school going children, since homes in good schools areas are more in demand and have better potential for both selling and renting out in the long run. For school information you can check the local school district website or go to GreatSchools.com. If you’re considering a home in Almaden Valley, take a look at my Almaden Valley Schools page, which has a list of all the schools plus school locator links if you want to know what school is associated with a particular address.
  3. Neighborhood Amenities – Look for a vibrant community with good amenities for the entire family in the vicinity. Shopping, libraries, community centers, sports and recreational clubs, medical care and senior citizen facilities should be ideally within a five mile radius. Access to freeways and other arterial highways is also important; ideally not too close and yet not too far. If you’re considering the Almaden Valley, I offer this comprehensive overview of all of the Almaden Valley neighborhoods.
  4. Neighborhood Crime Rate – This is another aspect to investigate. The local police station will have statistics on crime or go to crimereports.com, enter your zip code and find the relevant information.
  5. Comparing Similar Homes – While choosing a home, ask your agent to do a comparative analysis of at least three similar homes in the neighborhood which have sold recently. This will give you a realistic indication of the market situation and what kind of amenities you can expect to have in a house in that price range.
  6. Independent Home Inspection – It is important to verify all details about the house – i.e. size, age, condition of the structure, from foundation to roof, and all other amenities. Check for potential water concerns – this includes, but is not limited to, wetness in the crawl space/ basement, grading around the house, signs of roof leaks – and pest or termite infestations. All of the above can be verified by having a thorough home inspection independently done.
  7. Permits of Remodeling Jobs – Ask for permits of any remodeling work that’s been done on the house. You can save yourself a lot of headache and expense later on dealing with construction that may be deemed illegal by the county authorities.
  8. Having a Buyer’s Agent – You will also benefit from engaging the right real estate agent who will represent you, the buyer. A buyer’s agent has access to all the properties on the market as well as some not yet on the market. The agent will, first and foremost, safeguard the buyer’s interests. Once you zero in on a desired location, it is best to engage an agent who specializes in that area and can quickly scout out the best home deals.

While touring properties, do not dismiss one because you think the listed price is too high or some features are not up to the standards you desire. Remember, the listed price is only a starting point and it is possible to redo a bathroom, the kitchen or even the yard. Offers can be made after factoring in any potential expenses towards upgrading the home.

I am happy to provide any consultation to both sellers and buyers. Feel free to call me on 408.656.8240, or email me at: tswan@tswan.com. In 2014, I closed $75million in sales and was among the Top 10 agents in Santa Clara County.

8 Tips for Finding Your New Home

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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®.

Selling Your Home During the Holidays Can be a Savvy Move

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As summer winds to an end, so too winds down the increase in number of single family homes being put on the market in Almaden Valley. And so begins the holiday slowdown we see every year.

The number of homes on the market as of now is 42, down from 50 about a month ago. The number of homes under contract have decreased from 61 to 44 during this same time frame. If we look back at around the same time this year, we had 65 homes on the market and 55 under contract.

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