After a super aggressive Spring that brought our home values up to where they were before the crash if not higher, I believe we're starting to fade into a more normalized market where we'll see some fluctuation throughout the year. If you take a look back 10 or even 15 years ago, our area had a natural pattern of a super crazy spring, slow summer, fairly active fall, and very slow winter; we haven't seen normal fluctuations since the crash for a variety of reasons. Now that home values are back, buyers are sitting back and choosing to be a bit more discerning although aggressively (low) priced homes are still getting a fair amount of attention.
As an agent, we need to really focus on marketing our seller's homes and making sure they're priced perfectly during this time of year to get the attention of the buyers who are still out there and haven't gotten burned out by a tough market. As a seller's agent, I also make sure that my listings are open at least 2 weekends in a row before we'll consider offers. This allows buyers ample time to see the home and review the disclosures to make an informed decision because statistics have shown that buyers who are rushed by offer dates set 3 or 4 days after a property hits the market are most likely to get cold feet.... more
It's a tough market to be a home buyer especially a first time buyer in the Bay Area, I not only say this as an agent who's helped many first time buyers over my career but also as a recent first time buyer myself.
Driving down 101 or 280, I'm seeing an influx of out of state plates; it's pretty obvious that even though the nation is showing signs of recovery, we still have one of the strongest employment markets anywhere. When you add this to the rising rents ($6k for an apartment near the airport?) it doesn't make sense for anyone not to try to own a piece and get locked in. Now many buyers are seeing that rates are rising and with rising prices, they've got be aggressive before they miss out. You're going up against someone who's lost 6 or 10 properties and they're tired of getting that depressing call also so not only do you need to be aggressive, you also need an agent who will make your offer stand out as more than just a number.
The list price is also a factor, there are lots of sellers pricing for excitement. They have to. I've seen plenty of homes this summer priced close to what they should sell for languish on the market; after significant reductions, the price often gets bid up to over that initial list price. The homes priced fairly are actually an opportunity to negotiate, I've seen and helped buyers get great deals this way. Part of this is the buyer; they want the low priced perfect home but that's what every buyers wants then it gets into the crazy bidding war while the more average home down the street is getting no attention and those sellers are getting a little desperate.
A team member of mine just sold a brand new home in the best neighborhood of San Carlos for $100k under asking. The deals are out there, you just need to make sure you're working with someone who can spot them and guide you.... more
We have two kids who go to Fox Elementary (Belmont) and we are extremely happy with it. Being immigrants to the Bay Area, we got to learn so much about the school system over the last few years as our kids grew up.
To answer is short, the Belmont school district is top-notch; thats why you will notice an inflow of families with small kids as they want to be in a school district with good elementary, middle & high schools.... more
hey, i am willing to rent your garage. I need to place to sleep for 2 days a week. I work as a live-in caregiver. I need a place to sleep during my day off. here's my number 6509210341. pls contact me... more
Have you considered how you will be financing your new home? I am a lender based out of California and I have done plenty of loans throughout the state. I would be more than willing to speak with you to help you get the loan that you need for your new home! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 email@example.com... more
If you wish to make it available to buyers with the most financial choices, you may need to convert it back to a garage. If you don't convert it back, be prepared for issues when your buyers try to get financing.... more
The reason home prices go up more rapidly in San Carlos and Belmont are because of the schools and also the location of both cities. San Carlos has one of the best communities and a nice downtown area for dining. Drive by on the weekend and you will see many families at the parks and ballgames with their children.
I don't think anyone on this panel is qualified to predict the future, but if we had to make an educated guess, every market or product has to do wth supply and demand. One huge advantage is the job sector is very strong here with Silicon Valley as the leader. Many companies on the Peninsula are hiring and will continue to hire. Remember, the job and housing market starts here and then spreads to other counties and states. Not vice versa.
If you are looking to own long term, say 7 years plus, I would say real estate is a pretty safe place to park your money. It's not always how much you pay, it's how long you plan on investing in it. No matter where or what the market is, I don't beleive in paying someone elses mortgage.
Now, if rates go up 1 %, buyers will lose approx 10% of their buying power, so there are a lot of variables that come into play. The best advice I can give is to focus on finding the "right" home and negotiating the best you can. After that, sit back and relax and enjoy your new home. You don't profit or lose money when the market moves up or down, only when you sell.
I don't know enough about the market in Mission San Jose to be able to offer you advice, but here is a suggestion. Why not hire two agents, one in MSJ and one in the Belmont/ SC area and whoever finds you the home earns your business. If you decide to do this, make sure to disclose this so both agents know where they stand from day one. I doubt any agent will know both markets, well.
There are also a few other areas that may work for you and your family if you would like to discuss it at a later time.
In almost all instances, the impact will be negative. If there is limited parking in the surrounding neighborhood and/or the conversion undoes the functionality of the garage, the negative impact will be even more severe.
If you choose to convert a garage for any sort of use other than it's intended purpose of storage, try to make the changes minimal and easy to undo.... more
Thanks for all the help. we will have a drive around the area this weekend and have a good look. Basically anywhere north of Palo alto up to Millbrae would suit us. we will look around also and pick a realtor to help us try and find something.
Thanks for all the helpful answers, we really appreciate them... more
If lead is a real concern and the owner insists it be remediated, then test each area of the home to find out where lead is actually present. As stated below, just because a home is old does not automatically contains lead-based paint. Vice versa: itâ€™s always possible that a newer section of a home was painted with an old can of paint that contained lead.
Test the entire home and remove lead only in those areas where it is actually located. And make sure you use a licensed contractor with a lead removal certification.
Congrats on deciding to buy a home, DJ. If you feel like you have lived her long enough to know the areas where you will be comfortable purchasing a home in the areas you mentioned, you need to find an agent that you are comfortable with who can help you find both homes that are currently on the market, as well as network with other agents in the area who can share information about homes coming on the market or pocket listings because your price point is extrely competitive right now.
San Mateo will most likely be the city of the 3 you mentioned where you may have a chance to purchase a 3 bed/ 2 bath because the homes in Belmont and San Carlos are more expensive. A 2-3 bed/ 1 bath is more likey to be found in San Carlos and Belmont.
Are prices for these houses (Northampton Ln) driven by elementary schools or proximity to Oracle? We have just heard from the Belmont-Redwood shores school district that from next year, there will be no elementary school district boundaries for Belmont-Redwood shores district. So does buying an expensive house make sense when an elementary school is not guaranteed? What if our kid ends up going to Nesbit elementary which has poor rating and API scores compared to Sandpiper elementary?... more