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Amazing how homes purchased a few years ago for just a few hundred thousand can now ring up sales of over $1,000,000!! If ever there's been a time in history to sell, this is it!! Multiple offers continue to roll in with homes selling above list price. How do you price in this market? Past sales help very little. Current listings show the trend plus market "tightness" in certain areas/zip codes, plus a "modification" method that encourages more interest that in turn generates more offers that then pushes a price to the limit. It's rather "fun" for sellers, though a bit overwhelming at times.
For a very unique home, I suggest driving by my $3 million listing at 1190 Emory, just off The Alameda in San Jose! Check my listings for more information.
20 Years of Price Increases
And the leaders in this area, shown as percentage increases this past year, are:
| 1. Los Gatos | 27% | |
| 2. Evergreen | 23.5% | |
| 3. Saratoga | 23% | |
| 4. Cupertino | 22% |
What's My Forecast?
I believe the peak was reached in mid-April. Many more listings have come online since and we're at a plateau that is bobbing a bit. Multiple offers are fewer. Some listings have been on the market awhile and will remain until the overpriced ones are reduced.
In the past (before the high-tech frenzy) economic cycles (insurance rates & real estate prices) were generally 7-year cycles. Does this mean the present plateau will take a downturn for 7 years? No, the economy in California is strange (different). We'll see some prices being reduced a bit, sellers willing to negotiate more, and not the upward spiral of the past 3 years.
As long as the Tech Industry continues strong, bringing more people into the state, I see no real downturn in prices, just plateaus along the way, especially in the Fall to February.
You're Over 50 if ...
- You think the Internet is the control panel on pantyhose.
- Using the remote to change TV channels is your idea of aerobic exercise.
Before You Hire a Contractor
Call the Contractors' State License Board (CSLB) at 1-800-321-2752 and an automatic phone response system will tell you if a license is valid, in good standing, and whether any disciplinary actions have been taken. All you need to do is enter the contractor's license number. You can also check in real-time on the Internet. Or check out CSLB's main website.
Where are Sellers Going?
Mostly, it seems, to areas east of Sacramento, such as to Rocklin, Folsom, Lincoln, Placerville, Auburn, etc. Many of these areas have gated communities and cater to retirees. A few go to northern California as well as to southern Oregon. Few go south except to Palm Desert, or east to Arizona and New Mexico. If anyone is considering looking into any such areas, I'll be happy to introduce you to qualified Realtors there.
Traffic Alert Information
Just dial 817-1717 for up-to-the-minute traffic info in the Bay Area. For example, for Highway 17, dial the above #, then push 2, 2, 1, & 17#.
Be sure to check out my links page for traffic information sites on the Internet.
Do Buyers Have a Chance?
There are many ways to purchase and the inventory is rising! Far from being discouraged, consider it a bit of a challenge, rely on your Realtor to lead you more than ever, and be flexible. There are areas you may not have considered that are highly desirable. Above all, be pre-approved for a loan or you may as well forget submitting an offer! Looking at homes should be your last priority! Preparing yourself should be your first! With more listings on the market, I see sellers being more willing to negotiate and the future now looks much better for buyers!
- A shark is the only fish that can blink with both eyes.
- An ostrich's eye is bigger than its brain.
- Camel's milk does not curdle.
Restaurant Scene
Tourist Trap or OK?
Within a National Seashore Monument at a beautiful promontory in San Francisco resides The Cliff House. Since 1865, it has been a popular tourist stop and undoubtedly its food fare has see-sawed. And now? Very good! Try the shrimp or crab. Their "extras" push it above average. The petrale sole with special veggies & condiments is super. Take a look at the decor while there!
And be sure to visit the Camera Obscura, down the stairs beside the Ocean! Very different!!
Highly Unique
At South First St. and San Fernando in San Jose is E & O Trading Co. First note the interior design, then ask for a route map to food choices, then ask how to eat. Different? True. And you'll not regret trying this Pacific Rim food oasis. Be prepared not to try "ordinary" food, but be adventuresome!
Into the Mother Lode
Jamestown is a quaint old town of antique shops, restaurants, and their famous railroad & museum, where many Hollywood movies have been filmed. Hankering for a real fine dinner in yesteryear surroundings? Visit The Jamestown Hotel & enjoy one of their pork specialties or pink trout along with gracious service. Finish with creme bruleé.
Iris Gardens
Remember the beautiful Maryott Iris Gardens on Bird Avenue in San Jose? They are now a subdivision of homes, but the gardens are alive & well & larger in Freedom, California. Call 1-831-722-1810 for their beautiful full-color catalog ($5, refundable toward first purchase).
Anatomy of Your Home
- Q: Do most California homes have aluminum wiring? A: Yes - it's best for internal
wiring, especially permanently-wired apppliances, like a stove.
- Rule of thumb for water heater capacity: 10 gallons per bedroom, minimum.
Most wear out in 10-12 years.
- Q: What is the primary purpose for gutters? A: To direct water away
from the foundation.
- Q: Do most California homes have an electrical main source of 30, 60, or 100
amps? A: 100, but most should be upgraded to 200.
- Are deck railings required if the deck is 24, 30, or 36 inches off the ground? A: 30 inches, with vertical bars close enough to prevent a 6-inch ball from going through.
Mortgage Payoff
If you pay your mortgage twice a month, your 30-year mortgage will be paid off in 22 years.
Clothes Call
Teenagers are children who can dress themselves if they could only remember where they last saw their clothes.
Newspaper Headlines
... Actual examples from U.S. papers ...
- Man Struck by Lightning Faces Battery Charge
- War Dims Hope for Peace
- Local High School Drop-Outs Cut in Half
- Red Tape Holds Up New Bridges
- Typhoon Rips Thru Cemetary, Hundreds Dead
- Two Sisters Reunited After 18 Years in Checkout Counter
Please contact me! And thanks for reading my newsletter.
