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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 – 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.

Almaden Valley Real Estate Market Update – October 31, 2011

This past week in Almaden Valley saw the market staying virtually the same as it has been the past few weeks. The number of single family homes listed as available on the market dropped from 77 last week to 74 this week, but the percentage of listings under contract remained almost the same, dropping from 36% to 35% over the same time frame. Traditional (ie non-distressed) single family homes experienced much the same trend, dropping from 68 available homes to 65 this week, and a drop in listings under contract from 30% to 29% over the same time frame. As we pass through the holiday season, I anticipate we will continue seeing the gradual cooling of the market that we see every year at this time.

Interest rates have drifted up and down slightly, but remain an attractive incentive for buyers to make the jump from looking at homes to purchasing them.

The number of distressed properties in the pre-foreclosure/auction/bank owned portion of the report increased for the third week in a row, after several weeks of gradual decrease.

Almaden Valley Real Estate Market Update – October 10, 2011

The number of single family properties in Almaden Valley that are on the market crept up slightly, from 74 last Monday to 76 today. However, the number of pending escrows also increased, from 37% last week to 38% this week. Traditional (ie non-distressed) properties experienced similar changes, with the number of properties on the market increasing from 66 to 67 and the percentage of pending escrows increasing from 31% to 32%. Although the number of active listings increased, the percentage of pending escrows has pretty much recovered from the dip we saw last week.

Interest rates are remaining stable, though some banks posted a slight increase. Even so, rates are so low that buyers who are contemplating purchasing are being lured into acting by the historically low interest.

Almaden Valley Real Estate Market Update – September 26, 2011

The Almaden Valley real estate market continued its post-summer improvement. The total number of single family residences that are currently for sale dropped from 83 last week to 77 this week, and the percentage of homes under contract remained at 38%. The number of traditional (ie non-distressed) homes that are on the market decreased from 76 last week to 68 this week, and the percentage under contract increased from 31% to 33%.

As we approach the holiday season, we anticipate that the number of homes put on the market will drop somewhat. However, the number that I concentrate most on is the percentage of homes that are under contract. This number indicates whether inventory is in over supply, under supply, or balance . Generally speaking, the larger the percentage is, the healthier the market.