Palo Alto Real Estate Market Update 3/16/2014

As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:

Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.

There are currently 25 single family Palo Alto homes for sale, up from 21 last week

.

There are currently 3 Palo Alto town homes/condos for sale, down from 6 last week.

There are currently 20 pending sales of Palo Alto single family homes down from 21 last week.

There are currently 10 pending sales of Palo Alto Town homes/Condos up from 9 last week.

Last week there were 11 new Palo Alto single family home listings and 1 new Palo Alto condo listings. That is a jump over the last 2 weeks and hopefully a tred.

In Feb. of 2014 there were 17 single family Palo Alto homes sold.  The prices ranged from $1,225,000  to $6,0000,000. The lot on the 1.2 mil sale was less than 3000 square feet. Of the 17 sales only 9 were all cash which is not a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors. However, most of the cash sales were wither at the very high end or tear downs so that is not too unusual. 

In Feb. of 2014 there were 4 Palo Alto Town Homes/Condos sold,   The prices ranged from $1,255,000 to $1,410,000. Two of these sales were financed and 2 were cash. One of the cash sales was for a condo in a senior development so it is typical for there not to loans on those.

Traditionally the market picks up in March and April and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market.   As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation.   If you would like to search for Palo Alto homes for sale please click here.

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

Ca B.R.E. 01191194

650-619-9285

Menlo Park Real Estate Market Update March 9, 2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 27 single family Menlo Park homes for sale up from 21 last week.

There are currently 8 Menlo Park town homes/condos down from 9 last week.

There are currently 23 pending sales of Menlo Park single family homes up from from 20 last week.

There are currently 6 pending sales of Menlo Park homes/Condos  down from 4 last week.

This week there were 15 new Menlo Park single family home listings and 2 new Menlo Park condo listings. Not  enough to satisfy demand but hopefully more are on the way and the biggest increase we have had all year.

In Feb. of 2014 there were 17 single family Menlo Park homes sold ranging in price from $1,041,000 to $3,650,000.  In Feb of 2013 there were 4 Menlo Park Town Homes/Condos sold.   The prices ranged from $545,000 to $1,551,000. 

Of the 17 Menlo Park sales in January of 2014 only 6 were sold with all cash, the other 11 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Palo Alto Ca Real Estate Market Update 3/9/2014

As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:

Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.

There are currently 21 single family Palo Alto homes for sale, up from 18 last week

.

There are currently 6 Palo Alto town homes/condos for sale, down from 8 last week.

There are currently 21 pending sales of Palo Alto single family homes up from 17 last week.

There are currently 9 pending sales of Palo Alto Town homes/Condos down from 10 last week.

Last week there were 10 new Palo Alto single family home listings and 1 new Palo Alto condo listings. That is a jump from the last few weeks and hopefully a tred.

In Feb. of 2014 there were 17 single family Palo Alto homes sold.  The prices ranged from $1,225,000  to $6,0000,000. The lot on the 1.2 mil sale was less than 3000 square feet. Of the 17 sales only 9 were all cash which is not a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors. However, most of the cash sales were wither at the very high end or tear downs so that is not too unusual. 

In January of 2014 there were 4 Palo Alto Town Homes/Condos sold,   The prices ranged from $1,255,000 to $1,410,000. Two of these sales were financed and 2 were cash. One of the cash sales was for a condo in a senior development so it is typical for there not to loans on those.

Traditionally the market picks up in March and April and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market.   As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation.   If you would like to search for Palo Alto homes for sale please click here.

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

Ca B.R.E. 01191194

650-619-9285

How Much Should I Offer For that Mountain View Condo?

Anyone trying to buy a condo in Moutain View right now knows that it is tough out there. There are many more buyers than sellers and many Mountain View condos sell with multiple offers way over list price. Some homes go as much as 30% 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 Mountain View condo multiple offer situation and not overpay?

The answer is not simple, and sometimes it is 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 Mountain View condo in a multiple offer situation.

1. In my opinion the most important thing is, how much is this condo worth to you? In other words, what price would you offer 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 condo 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 variables, and the market is a moving target, but a good Mountain View 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. In Feb the average was 10.5% over list price, but some went more and osme less.

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 Mountain View 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 Mountain View 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 Mountain View real estate agent he or she can help guide you through the murky waters of Mountain View condo multiple offers.

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

If you would like to search for Mountain View condos for sale click here.

Marcy Moyer

Keller Williams Realty 

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285v

Menlo Park Ca Real Estate Market Update 3/2/2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 21 single family Menlo Park homes for sale down from 29 last week.

There are currently 9 Menlo Park town homes/condos up from 3 last week.

There are currently 20 pending sales of Menlo Park single family homes up from from 15 last week.

There are currently 4 pending sales of Menlo Park homes/Condos  the same as last week.

This week there were 2 new Menlo Park single family home listings and 6 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way.

In Feb. of 2014 there were 17 single family Menlo Park homes sold ranging in price from $1,041,000 to $3,650,000.  In Feb of 2013 there were 4 Menlo Park Town Homes/Condos sold.   The prices ranged from $545,000 to $1,551,000. 

Of the 17 Menlo Park sales in January of 2014 only 6 were sold with all cash, the other 11 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings.  If you would like to search for homes for sale please click here.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Palo Alto Ca Real Estate Market Update 3/2/2014

As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:

Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.

There are currently 18 single family Palo Alto homes for sale, the same as last week

.

There are currently 8 Palo Alto town homes/condos for sale, up from 6 last week.

There are currently 17 pending sales of Palo Alto single family homes down from 18 last week.

There are currently 10 pending sales of Palo Alto Town homes/Condos up from 8 last week.

Last week there were 8 new Palo Alto single family home listings and 6 new Palo Alto condo listings. that is a jump from the last few weeks and hopefully a tred.

In Feb. of 2014 there were 17 single family Palo Alto homes sold.  The prices ranged from $1,225,000  to $6,0000,000. The lot on the 1.2 mil sale was less than 3000 square feet. Of the 17 sales only 9 were all cash which is not a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors. However, most of the cash sales were wither at the very high end or tear downs so that is not too unusual. 

In January of 2014 there were 4 Palo Alto Town Homes/Condos sold,   The prices ranged from $1,255,000 to $1,410,000. Two of these sales were financed and 2 were cash. One of the cash sales was for a condo in a senior development so it is typical for there not to loans on those.

Traditionally the market picks up after Super Bowl week-end and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market.   As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation.   If you would like to search for Palo Alto homes for sale please click here.

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

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca Real Estate Market Update 2/22/2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

Not enough inventory, plenty of buyers.

There are currently 29 single family Menlo Park homes for sale up from 26 last week.

There are currently 3 Menlo Park town homes/condos the same as last week.

There are currently 15 pending sales of Menlo Park single family homes down from 19 last week.

There are currently 4 pending sales of Menlo Park homes/Condos  down from 6 last week.

This week there were 6 new Menlo Park single family home listings and 10 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are ont he way.

In January of 2014 there were 12 single family Menlo Park homes sold ranging in price from $255,000 to $3,000,000. For a Menlo Park home with Menlo Park schools the prices ranged from $1,510,000 to $3,000,000.  In January of 2013 there were 2 Menlo Park Town Homes/Condos sold.   The prices ranged from $1,160,000 to $1,168.000. 

Of the 14 Menlo Park sales in January of 2014 only 4 were sold with all cash, the other 10 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties.

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. Hopefully now that we are past Super Bowl, and more importantly Puppy Bowl, there will be more homes coming on the market.  If you would like to search for homes for sale please click here.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Palo Alto Ca Real Estate Market Update 2/22/2014

As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:

Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.

There are currently 18 single family Palo Alto homes for sale, the same as last week

.

There are currently 6 Palo Alto town homes/condos for sale, up from 6 last week.

There are currently 18 pending sales of Palo Alto single family homes up from 16 last week.

There are currently 8 pending sales of Palo Alto Town homes/Condos the same as last week.

Last week there were 5 new Palo Alto single family home listings and 2 new Palo Alto condo listings. I was hoping for a few more after the Holiday Week-end, but at least there is still a trickle.

In January of 2014 there were 11 single family Palo Alto homes sold.  The prices ranged from $1,601,444  to $4,100,000. A low of 1.6 million is a historic high for Palo Alto single family home sales. Of the 11 sales only 4 were all cash which is a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors.

In January of 2014 there were 2 Palo Alto Town Homes/Condos sold,   The prices ranged from $740,000 to $1,150,000. Both of these sales were also financed.

Traditionally the market picks up after Super Bowl week-end and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market.   As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation.   If you would like to search for Palo Alto homes for sale please click here.

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

Ca B.R.E. 01191194

650-619-9285

Menlo Park Ca REal Estate Market Update 2/16/2014

As a Menlo Park Real Estate Agent I am always being asked, "How's the market in Menlo Park?" The answer is simple:

 

Not enough inventory, plenty of buyers.

 

There are currently 26 single family Menlo Park homes for sale up from 25 last week.

 

There are currently 3 Menlo Park town homes/condos the same as last week.

 

There are currently 19 pending sales of Menlo Park single family homes the same as last week.

 

There are currently 6 pending sales of Menlo Park homes/Condos  the same as last week.

 

This week there were 7 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but it is aholiday week-end so I will take this as a victory.

 

In January of 2014 there were 12 single family Menlo Park homes sold ranging in price from $255,000 to $3,000,000. For a Menlo Park home with Menlo Park schools the prices ranged from $1,510,000 to $3,000,000.  In January of 2013 there were 2 Menlo Park Town Homes/Condos sold.   The prices ranged from $1,160,000 to $1,168.000. 

 

Of the 14 Menlo Park sales in January of 2014 only 4 were sold with all cash, the other 10 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties.

 

The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. Hopefully now that we are past Super Bowl, and more importantly Puppy Bowl, there will be more homes coming on the market.  If you would like to search for homes for sale please click here.

 

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

 

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Palo Alto Ca Real Estate Market Update 2/16/2014

As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:

Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.

 

There are currently 18 single family Palo Alto homes for sale, up from 14 last week

.

There are currently 5 Palo Alto town homes/condos for sale, down from 7 last week.

 

There are currently 16 pending sales of Palo Alto single family homes down from 17 last week.

 

There are currently 8 pending sales of Palo Alto Town homes/Condos up from 6 last week.

 

Last week there were 6 new Palo Alto single family home listings and 3 new Palo Alto condo listings. Considering that this is a holiday week-end I will take this as a pretty good sign. Many holiday week-ends see a drop in new listings not an even keel.

 

In January of 2014 there were 11 single family Palo Alto homes sold.  The prices ranged from $1,601,444  to $4,100,000. A low of 1.6 million is a historic high for Palo Alto single family home sales. Of the 11 sales only 4 were all cash which is a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors.

 

In January of 2014 there were 2 Palo Alto Town Homes/Condos sold,   The prices ranged from $740,000 to $1,150,000. Both of these sales were also financed.

 

Traditionally the market picks up after Super Bowl week-end and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market.   As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation.   If you would like to search for Palo Alto homes for sale please click here.

 

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

Ca B.R.E. 01191194

650-619-9285

Ms Seller You Should Not Accept an Emerald Hills Non Contingent Offer

Emerald Hills is a beautiful neighborhood of homes in the hills above Redwood City. There are both older and newer homes that stud the Emerald Hills hillside. Many have beautiful views, many are relatively newly built, and the area is blessed with great weather and great schools.

The real estate market in Emerald Hills is often not as robust as in some of the flatter neighborhoods, but due to the many newer homes it is still popular. On average the sales to list price ratio in Emerald Hills is less than 5% for the last 6 months which is considerably lower than in communities like San Carlos, Palo Alto and Menlo Park.

This being true for the last 6 months, but the market is even tighter now than it was last year. As a result, there are more demands for homes for sale in Emerald Hills than ever before.

I recently had a buyer make an offer in a multiple situation for a hillside home in Emerald Hills. There were 3 offers. The seller had done property, roof, and termite inspections. She disclosed there was a drainage problem with water from homes from behind her, up hill, dumping excessive water into the yard. There was no soil or drainage inspection.

My client made an excellent offer with the only contingency being 7 days for a drainage inspection. I thought we had a great chance to get it.  The first evening we were told the seller was deciding between my client's offer and one other. The seller wanted some time to think it over. 12 hours later we were told that the seller decided to take another offer which was lower, but had no contingencies. So the seller left money on the table because we wanted more information of a known defect on a Hillside Emerald Hills the house.

This of course is the seller and successful buyer's right, but they are both putting themselves in potentially very expensive jeopardy. We had no way of knowing if the drainage was keeping the water away from the house. We had no way of knowing if the extensive retaining walls were doing what they were supposed to do. They might be. 

But without knowing for sure the cost to the new buyer could be hundreds of thousands of dollars. Do you think the seller will be off the hook just because she said there was water in the back yard from neighbor's property? I don't.

So a word to the wise. If you are selling a hillside home in Emerald Hills get the land inspected not just the house. That way if someone gives you a non contingent offer,  you can accept it with more more confidence that you have disclosed all you can.

If you have any questions about selling a hillside home in Emerald Hills please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca BRE 01191194

650-619-9285