Palo Alto 3 Bedroom Homes Under $1,500,000 Are Like Dodo Birds

One and a half million dollars is a lot of money to spend on a home almost anywhere except if you are buying a home in Palo Alto. If that is your budget, then I suggest you look somewhere else. 

The chart above is a breakdown of all homes sold in Palo Alto from June through November of 2013 with at least three bedrooms and at least 2 baths. There were a total of 187 sales of these homes during this time period. Of these 187 homes a total of 8 sold under 1.5 million, and a total of 17 sold for 1.6 million or less. so as you can see if you want to buy a home in Palo Alto your chances are slim if you your budget is less than 1.5 million. The bulk of the homes sold in Palo Alto were over 2 million, 63 homes. What is interesting is that there were more homes sold over 3 million, 36 of them, than between 1.8 and 2 million 31 homes.

So if you want to buy a home in Palo Alto with at least 3 bedrooms and 2 baths and your budget is 1.5 million or less what should do? Here is my advice:

Examine very carefully why you want to buy a home in Palo Alto and look for those attributes in another city. In other words, cast a broader net. Buying a home in Palo Alto will get you a lot of wonderful things, but maybe you can get what you want somewhere else.

1. Schools: Many people want to buy a home in Palo Alto for the great schools. There are other excellent school districts including Menlo Park, San Carlos, Mountain View, Sunnyvale, Cupertino.

2. A vibrant downtown area: Many people want to buy in Palo Alto to be close to University Ave. There are also thriving downtown areas in San Carlos, Sunnyvale, Mountain View, Burlingame.

3. Charming older homes: If you want to buy in Palo Alto because of the character of homes in Professorville or Old Palo Alto you can also find this type of home in Willow Glen, the Rose Garden, or Burlingame.

I am not saying to stop looking to buy a home in Palo Alto, but if you want to buy a home in the next few months, you will need to expand your search because the numbers are not in your favor if you limit your search to just buying a home in Palo Alto.

If you have any questions about buying a home in Palo Alto or any of the surrounding areas please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

http://www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

How Much Should I offer on A Palo Alto Home With Multiple Offers?

Anyone trying to buy a home in Palo Alto right now knows that it is tough out there. There are many more buyers than sellers and many Palo Alto homes sell with multiple offers way over list price. Some homes go as much as 40% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Palo Alto multiple offer situation and not overpay?

The answer is not simple, and sometimes it not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Palo Alto home in a multiple offer situation,

1. In my opinion the most import thing is, how much is this home worth to you? In other words, what price would you offer so so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variable, and the market is a moving target, but a good Palo Alto real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Palo Alto listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Palo Alto real estate agents like to do.

In the end, the final offer price and terms will be your decision, but if you have a great Palo Alto real estate agent he or she can help guide you through the murky waters of Palo Alto multiple offers.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

- See more at: http://activerain.com/blogsview/3724323/how-much-to-offer-on-a-palo-alto-home-with-multiple-offers-#sthash.WSHTf7jm.dpuf

Palo Alto Ca How Much Over Asking Do I Need to Pay?

Anyone trying to buy a home in Palo Alto right now knows that it is tough out there. There are many more buyers than sellers and many Palo Alto homes sell with multiple offers way over list price. Some homes go as much as 40% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Palo Alto multiple offer situation and not overpay?

The answer is not simple, and sometimes it not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Palo Alto home in a multiple offer situation,

1. In my opinion the most import thing is, how much is this home worth to you? In other words, what price would you offer so so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variable, and the market is a moving target, but a good Palo Alto real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Palo Alto listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Palo Alto real estate agents like to do.

In the end, the final offer price and terms will be your decision, but if you have a great Palo Alto real estate agent he or she can help guide you through the murky waters of Palo Alto multiple offers.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

Anyone trying to buy a home in Palo Alto right now knows that it is tough out there. There are many more buyers than sellers and many Palo Alto homes sell with multiple offers way over list price. Some homes go as much as 40% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Palo Alto multiple offer situation and not overpay?

The answer is not simple, and sometimes it not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Palo Alto home in a multiple offer situation,

1. In my opinion the most import thing is, how much is this home worth to you? In other words, what price would you offer so so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variable, and the market is a moving target, but a good Palo Alto real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Palo Alto listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Palo Alto real estate agents like to do.

In the end, the final offer price and terms will be your decision, but if you have a great Palo Alto real estate agent he or she can help guide you through the murky waters of Palo Alto multiple offers.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

How Much to Offer on A Palo Alto Home With Multiple Offers

Anyone trying to buy a home in Palo Alto right now knows that it is tough out there. There are many more buyers than sellers and many Palo Alto homes sell with multiple offers way over list price. Some homes go as much as 40% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Palo Alto multiple offer situation and not overpay?
The answer is not simple, and sometimes it not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.
But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Palo Alto home in a multiple offer situation,
1. In my opinion the most import thing is, how much is this home worth to you? In other words, what price would you offer so so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.
2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variable, and the market is a moving target, but a good Palo Alto real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.
3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Palo Alto listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Palo Alto real estate agents like to do.
In the end, the final offer price and terms will be your decision, but if you have a great Palo Alto real estate agent he or she can help guide you through the murky waters of Palo Alto multiple offers.

How To find Your Dream Home In Palo Alto In a Seller's Market

Anyone shopping for a home in Palo Alto knows that it is a seller's market. The inventory is low, and there are a lot of other buyers out there looking for the perfect home at a great price.

 

 The market is still active and you may only have a week to find a home, make a decision about whether you want to make an offer, and then try to make a strategy to make the offer for your dream home in Palo Alto.

 

This fast paced real estate market in Palo Alto can cause a great deal of stress and angst. Feeling pressure to make quick decisions can be frightening. Loosing offers on homes can be frustrating. 

 

I can't tell you what home deserves your offer, or how much it will take to for sure get your dream home in Palo Alto, but I can give you a little perspective that will helpfully help bring down the stress level while buying a home in Palo Alto.

 

When you find the right house you will know it and it will not be a huge struggle to make a decision. You will want that house, and be willing to do what you are capable of doing to get that home in Palo Alto. However, in order to get that feeling you need to have an open mind about the homes you go to see in Palo Alto. For example homes near Alma will almost always have noise, but there may be a house that is so good for you in many other ways so that noise from the road or train is less important than at a house that isn't "your house"  If you find a home in down town Palo Alto the lot may be very small or the house may be smaller than homes in other areas, but if it is "your house" you will know it. So, in the end, it does not really matter why you reject a house, or if you reject one home and pick another home that has the same problem. If it is "your" house you will know it.

 

So go see everything for sale in Palo Alto in your price range. Don't rule a house in or out because of pictures on the internet or where it is on the map. Keep an open mind, don't worry about rejecting or losing a home, another one will come along. Try to stay calm and relaxed, and when the right home comes along, make a great offer and act like you want to buy this house in Palo Alto. If you don't REALLY want to buy it, don't, but if you do then be willing to meet or exceed the seller's expectations.

Palo Alto Buyers, Don't Let the Home Warranty Contractors Say No

When buying or selling a home in Palo Alto many people are advised by their agents to purchase a home protection plan. These plans are insurance policies against breakage of many systems and fixtures in the home. The executive summary is if something breaks during the term of the policy, (one year which can be renewed) you can call the insurance company and they will send an independent contractor out to fix or replace the broken item. The owner just pays a $50-$60 fee for the service, and all other expenses for that item are covered. Sound great right?

Well, there can be some problems. The most common one happens if the person who purchased the plan did not get the code upgrade. This is essential, and if you do not purchase it and your home (like almost all homes in Palo Alot is more than 15 years old) then the plan becomes almost useless. Building codes change all the time, so you must get a policy that pays for the the repair to include upgrading to current code or the contractor will not make the repair. For example, if your water heater breaks, and the installation of a new one requires a code upgrades like on a higher platform or with more ventilation, the contractor will not install a new water heater because they will not perform work that is not up to code. The owner would have to pay for the upgraded installation and the insurance company would pay the cost of the new water heater, which is only a small portion of the total charge. If you buy a code upgrade the entire replacement would be covered.

However, sometimes your new Palo Alto home will have problems when you first move in. This is not that common, but it happens. If something breaks when you first move into your Palo Alto home and you call the home warranty company, the contractor may say it is a pre existing condition and want you to pay. This just happened to one of my clients and I was able to solve the problem.

My client just bought a Palo Alto condo and right after moving in one of the shower heads stopped getting water from the spigot. There was a property inspection done by the seller which stated that all the plumbing fixtures were in working order. We did a final walk through and tested all the shower heads and they were all working. I purchased a home warranty plan from Fidelity which I have found to be the most responsive company. My client called the insurance company, they sent out a plumber who said this is pre-existing and she had to pay for it. I called my service rep at fidelity, Michelle Bolgna, and she had me send her the property inspection. The plumber was over ruled, and they paid for the repair.

Since most homes in Palo Alto right now are being sold with no contingencies after the seller has ordered and paid for the inspections getting a home protection plan is even more important than ever. The buyer does not have to prove they did their own inspection, just that there was an inspection. That way, if there is a needed repair shortly after moving into a new home in Palo Alto, as long as the repair is in the contract and the home inspection did not find it broken, you can get it covered.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

Don't Be Afraid to Sell Your Palo Alto Home Even if It Is Different

A few weeks ago I spent some time at my aunt and uncles house in Great Falls, Virginia. It is a beautiful place, that reminds me a little of Portola Valley or West Atherton. Big lots, big houses, rolling hills. Most of the homes in Great Falls are traditioal. That is they have brick exteriors, but also the insides have a lot of rooms and do not have the open kitchen family rooms or walls of windows. The kitchens, family rooms, and living rooms are all separate and very distinct rooms.

When my aunt designed their house 7 years ago she wanted fewer bedrooms (only 4 in 7000 square feet) but an open feeling, and came up with a floor plan that looks very much like the homes being built today in and around Palo Alto. As a Palo Alto resident and REAL ESTATE AGENT I feel very much at home in their house.

So, I was very shocked when they said that they knew that since their house was so different from the other homes in Great Falls they would have trouble selling it. Well, as a PALO ALTO REAL EASTATE AGENT of course I know better. People come here from all over the country as well as the world and universally they almost all say the same thing.


I WANT OPEN SPACES! So, I know that the same demographic of buyers on the other side of the country wants my aunt and uncle's floor plan.

Ok, so why am I wasting your time talking about a home 3000 miles away? There actually is a point. If you are worried about selling your home because it is not like all the other homes in Palo Alto, don't be.

1. You may be surprised that your home is actually appealing to home buyers even if you think it has a fatal flaw or 2.

2. The inventory is still so low buyers are willing to compromise on many issues just to get a home in our great town and are often willing to spend the time and money to make the changes they want.

So, if you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E.  01191194

It's Perfect But My Table Won't Fit in This Palo Alto Home

After 17 years as a Palo Alto real estate agent I have heard more times than I can count the house is perfect but.....

Today I got a call from another agent on my beautiful listing in Almaden at 1523 Oak Canyon. She said she has clients who are looking for a home where they can park their RV and she wanted to show this listing in case they could drive their RV through one of the 3 car garages to the back yard. Then she said the most profound thing I heard all day. "If they would just find a place to store the RV I would have so many more choices to show them."


So to cut to the chase, inventory is at historic lows all over the Silicon Valley. There are just not enough homes for all the people who want to buy them. If you find a home that meets your needs and is great in many respects, then if there is one or two aspects that do not fit your expectations, maybe you should think about a compromise. If your furniture won't fit would it be less expensive to buy new furniture, or a bigger house? If the RV won't fit, maybe you should store it some place. If the living room sofa is the wrong shape should you maybe buy a new sofa?

I am not saying you should buy a house that is a bad investment or that you do not like because the inventory is low, but I am suggesting that it is easier to change furniture than it is to change a floor plan.

So if you want to buy a home in Palo Alto, or most other areas of the Silicon Valley, maybe you need to be flexible about some of the details while not compromising on what is really important, like the condition, floor plan, and neighborhood.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

Marcy Moyer
Keller Williams Realty Palo Alto
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E.  01191194