Let me summarize the reality mentioned by others below. There are 3 main challenges when you wish to buy into this market:
1) Low to non-existent inventory at all times, and only a small subset of that will likely meet anyone's criteria and qualifications.
2) High prices is no exaggeration. Unless you are looking for projects, I suggest you make $2M as your minimum price target (after bidding)
3) Extremely high competition is also no exaggeration. Be prepared to bid against at least a dozen competitors.
If you need to stick to $1.5M as your price range, you need to consider other cities.
A final thought: You need a broker who well give you personal attention. Some of the bigger names will meet with you once and send you a junior staff to work with.
I would be happy to sit down with you and your family to discuss with you the "Process of Purchase" and then take you through it step by step. I am very familiar with All the Cities in this Area, and will take exceptional care of you and your family!
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Be well and safe, have a Safe & Happy holiday!
Most of Palo Alto is within easy commuting range of Google. Your biggest challenge is your $1.5M price. The median price in Palo Alto is about $2.1M. The average price per square foot is about $1,100. Your $1.5M price could be very roughly expected to buy a 1,350 sf home if you can find one.
A location in Palo Alto to consider would be the Ventura neighborhood. The lots are typically a little smaller than other neighborhoods in Palo Alto. Builders make the greatest profits by building large houses and have not built very many new homes in the neighborhood. The average size of the homes sold is about 1,350 sf.
The commute along Oregon Expressway towards Google would be in the opposite direction of the slowly moving traffic jam called typical commute traffic. Your commute would be easy.
My strongest and best advice is interview top local agents and commit to working with one. Buying a house isn't like finding the best item on a grocery store shelf. It is very competitive and results are heavily dependent upon the people working with you. Your agent is key but your lender, property inspector, and others can make a big difference in being able to buy a home.
Give me a call and we can chat or come to one of my buyer seminars.
#1 Palo Alto agent - most homes bought & sold in Palo Alto according to local MLS
Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
As you know right now it is not easy to find a home in this price range in Palo Alto. Currently the lowest price home in Palo Alto is listed at $1,7 million. since June there have only been a total of 8 homes that have sold for under 1.5 million with at least 3 bedrooms and 2 baths. This trend does not appear to be getting better. So the question becomes what compromises are you willing to make?
Finding a home in Palo Alto is not likely given the small numbers and incredible competition for them. Are you willing to look in Sunnyvale or Mountain View. There is still a lot of competition in the neighborhoods with great schools, but but at least there are more in this price range. Mountain View had 93 homes sell under the 1.5 mil in the same time period that Palo Alto had 8 sales. Cuesta Park is a great neighborhood with excellent schools and had 20 of those 93 sales. Waverley Park, another neighborhood with fantastic schools had 10 sales, more than all of Palo Alto.
If you go to Sunnyvale in the 94087 zip code there were 161 sales of homes under 1.5 million in this same time period. Even Menlo Park had 31 sales under 1.5 since June.
So my advice to you is to cast a wider net. If you confine your search to Palo Alto you may meet with nothing but frustration. If you look in other areas like Menlo Park, Mountain View, and Sunnyvale you may find what you are looking for in the next few months.
My website has a easy to use search feature where you can filter by neighborhoods and schools and is easy to set up:
Keller Williams Realty Palo Alto
Cal BRE 01191194
If you have not selected your agent drop me a note or phone call an schedule your consultation. You will learn about the process, the market, and determine whether or not we are a good fit. It is no obligation and you owe it to yourself.
If you have not already done so, begin your search by finding a great agent to help you. You can work with a full commission agent or a discount agent, like me, and get a sizeable, tax free rebate to use in closing costs or moving and repair charges for your home. So start first with an agent. Second, get a loan preapproval from a major bank as this will help demonstrate to the seller that you can and will purchase the home once in contract.
As for housing availability, we have had and continue to have housing shortages in almost all cities, so buyers are still fiercely competing for homes. The competition may have lessened, but the pricing continues to be more than the listing price in some of the more desired school districts and neighborhoods. If your search has been only in Palo Alto and Mountain View, in your price range, I would also consider Sunnyvale, parts of West San Jose and Cupertino as areas that fit your stated housing needs.
Why not give me a call in the morning and we can look at homes that might serve well as your next address!
Allison James Estates