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Palo Alto area

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What’syourhome reallyworthin today’smarket?

That's the question you should be asking yourself.

Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home.

So, do you know what your home is worth in today's market?

Icanhelp...

Contact me for a confidential, no obligation assessment of your home's value.

UnderstandingtheBenefitsof OwningYourFirstHome

Are you considering buying your first home? If so, it can be helpful to know what led other people to make that decision. According to a recent survey of first-time homebuyers by PulteGroup:

“When asked why they purchased their first home recently, the answer was simple: because they wanted to. Either the desire to stop renting or recognition that homeownership is a smart financial investment was the main motivator for 72% of respondents.”

While that survey looked specifically at first-time homebuyers buying newly built homes, the same sentiment is true for just about anyone buying their first home. Here’s a bit more information to help you think about those two benefits of homeownership to see if they’re a key factor for you, too.

When You Buy a Home, You Have More Stability than When You Rent

You might want to stop renting because rents keep going up. If you’re a renter, that means there’s a chance your payment will increase each time you sign a new rental agreement or renew your current one.

On the other hand, when you buy your home with a fixed-rate mortgage, your monthly housing payment is predictable over the length of that loan. This stability can give you peace of mind that renting just can’t provide. Jeff Ostrowski, real estate journalist, breaks it down:

“With a fixed-rate mortgage, your monthly principal and interest payment is set for as long as you keep the loan. Sign a rental lease, however, and you could see your rent rise the following year, the year after that, and so on.”

When You Buy a Home, You Grow Your Wealth as Home Values Climb

Beyond that, owning a home can also be a great long-term investment. While renting may be the more affordable option right now, it doesn’t provide an avenue for you to grow your wealth over time. Mark Fleming, Chief Economist at First American, explains that’s an important distinction to consider:

“Given current dynamics, more young households may choose to rent in the near term as the cost to own, excluding house price appreciation, has unequivocally increased. Yet, accounting for house price appreciation in that cost of homeownership, whether to rent or buy will depend on where, and if, a home is likely to cost more or less in the near future.”

Basically, renting doesn’t allow you to build equity. In contrast, homeownership can help you grow your net worth as your home’s value appreciates. That’s a significant perk you can’t get if you keep renting.

When you take that into account, it may make better financial sense to buy. Most experts project home prices will continue to appreciate over the next few years at a pace that’s more normal for the market. That means when you buy a home, not only are you investing in a place to live, but you’re also investing in your financial future.

Source: Keeping Current Matters

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Get Pre-Approved Online In Minutes without affecting your credit score! Our Fast Digital Loan Process... Buying a home should be painless. Find your financing right here! Contact me, your Real Estate Expert, for support and to learn more about REMA. Get pre-approved online in minutes! Your personal Finance Manager is there to help! Your Finance Manager sources a vast array of wholesale & retail lenders for your best rate. Your Finance Manager does the heavy lifting. So you get to funding quickly & easily. Get Fast Loan Pre-Approval Find A Great Rate Quickly Stop Worrying

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WHY YOU NEED A HOME WARRANTY

There are many compelling reasons to join American Home Shield. Simply put — a home warranty protects your budget and provides peace of mind.

HOME WARRANTY BENEFITS

Here are just a few of the advantages of having coverage:

Budget protection when systems and appliances like your A/C and fridge inevitably stop working.

Peace of mind because you have a plan in place and know exactly who to call when something goes wrong.

The time-saving convenience of not having to search for someone to get the job done. We do that for you.

With our 30-day workmanship guarantee, if you have an issue with your completed repair within 30 days of service, we’ll send a contractor back out for free.

READY TO GET STARTED?

Contact me, your Real Estate Expert, for support and to learn more about AHS.

CLICK HERE TO LEARN MORE

Considering living in your house during a remodel?

FOUR Essential Tips

Opting to stay in your home during a remodel can feel like a stressful and cramped arrangement. It can be frustrating to live amidst subcontractors coming and going, noise levels, dust and debris, and rotating schedules.

If you ’ re considering staying in your home during a remodel, we have a handful of tips that will help you master your planning (and muster your patience):

F E T

Protect kids, elderly, and pets

Be sure to contain and clean the areas that you will be using to ensure that your children, seniors, and pets are out of harm's way and breathing clean air

Move any food, supplies, and belongings

Identifying essential items that you’ll need throughout the project and moving them to a room that will remain utilized throughout the process. Organize boxes of items by category so that they’re easy to locate and keep tidy.

Designate your work, living, and play areas

Get a kitchen and bathroom strategy in place

Temporary barriers, substitute facilities, and alternate routes can be set up to help keep you and your family clear of dust, noise, and any dangers from the active worksite. Strategize renovating one bathroom at a time so others can stay in use throughout the process. Planning a daily schedule helps everyone get their needs met without creating a traffic jam and thereby minimize stress.

Four Essentia Tips!

Want

CLICK HERE TO LEARN MORE

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BroughtToYouBy: Click here for your mortgage needs Click here for your home warranty needs

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PaloAlto

What's in the Palo Alto data?

There were 89 single-family homes for sale, providing 1.3 months of inventory. There were 43 new listings, and 24 homes sold at a median price of $3.2m. The median overbid percentage was 98.5%, with an average of 28 days on the market.

There were 23 condo and townhome units for sale, providing 1.5 months of inventory. There were 15 new listings and 6 units sold at a median price of $1.6m. The median overbid percentage was 95.7%, with an average of 19 days on the market.

SFH Single-Family Homes

43 New Listings

24 Sold Listings

1.3 Months of Inventory

$3.2M Median Sale Price

98.5% Median Sale vs List

28 Avg Days on Market

The data, sourced from InfoSparks and Broker Metrics, includes all single-family homes, condos and townhomes in the California Area above from September 2022 to September 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01511642. Copyright KW Advisors Palo Alto 2023. Each office is independently owned and operated.

CONDO

Condo & Townhomes

15 New Listings

6 Sold Listings

1.5 Months of Inventory

$1.6M Median Sale Price

95.7% Median Sale vs List

19 Avg Days on Market

SEPTEMBER 2022 - SEPTEMBER 2023

Single-Family Homes

Last 12 months, year-over-year.

Condos & Townhomes

Last 12 months, year-over-year

oAlto

Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Jun2023 Jul2023 Aug2023 Sept2023 125 100 75 50 25 0 Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Jun2023 Jul2023 Aug2023 Sept2023 30 20 10 0 LISTINGS FOR SALE SOLD LISTINGS

Median SalesPrice

Single-Family Homes

The median sales price has remained at $3 2m since September 2022

Condos & Townhomes

The median sales price has increased from $1 3m last September 2022, to $1 5m as of September 2023

Overbids

Single-Family Homes

The overbid percentage has decreased from 98 7% last September 2022, to 98 5% a year later

Condos & Townhomes

The overbid percentage has decreased from 96.8% last September 2022, to 95.7% a year later.

AVGDays OntheMarket

Single-Family Homes

The average time spent on the market went up from 21 days last September 2022, to 28 days as of September 2023

Condos & Townhomes

The average time spent on the market went down from 27 days in September 2022, to 19 days as of September 2023.

Back to Table of Contents Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 Jun2023 Jul2023Aug2023Sept2023 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Sep2022 Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023 Apr2023May2023 Jun2023 Jul2023Aug2023Sept2023 150 100 50 0 Sep2022 Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023 Apr2023May2023 Jun2023 Jul2023Aug2023Sept2023 125% 100% 75% 50% 25% 0%

Redwood City

What's in the Redwood City data?

There were 101 single-family homes for sale, providing 1 month of inventory. There were 58 new listings, and 31 homes sold at a median price of $1.8m. The median overbid percentage was 101 5%, with an average of 24 days on the market

There were 22 condo and townhome units for sale, providing 2 months of inventory. There were 9 new listings and 3 units sold at a median price of $1m. The median overbid percentage was 108.7%, with an average of 23 days on the market.