Behind the Real Estate Scenes in Silicon Valley

Lunar New Year Events - 2012

2012-01-19T14:59:00.001-08:00

Famous people born in the Year of the Dragon include: Joan of Arc, Susan B. Anthony, Florence Nightingale, Sigmund Freud, Mae West, John Lennon, Bruce Lee, Keanu Reeves, Orlando Bloom, Colin Farrell, and Sandra Bullock.

Here are selected local events celebrating the Lunar New Year in Santa Clara and San Francisco counties.

Silicon Valley/Santa Clara County:

Saturday, January 28, 10:00am-5:00pm - Children's Discovery Museum, San Jose (www.cdm.org/)

Sunday, January 29, 12:00pm-5:00pm - Children's Discovery Museum, San Jose (www.cdm.org/)

Saturday, February 18, 1:00-4:00pm - Chinese New Year Celebration, Santana Row Park, San Jose (http://www.santanarow.com/events/item/chinese_new_year_celebration/)

San Francisco/San Francisco Chinatown:

Saturday, February 4, 10:00am-4:00pm - Basketball Jamboree, Francisco Middle School - San Francisco (http://www.chineseparade.com/parade_events.asp?pEvent=basketball_jam)

Saturday, February 4, 7:30pm - Miss Chinatown USA Pageant, Palace of Fine Arts, San Francisco (http://www.chineseparade.com/pageant.asp)

Saturday, February 11, 10:00am-4:30pm - Chinatown Community Street Faire, Chinatown - San Francisco (http://www.chineseparade.com/parade_events.asp?pEvent=community_fair)

Sunday, February 12, 9:00am-5:00pm - Chinatown Community Street Faire, Chinatown - San Francisco (http://www.chineseparade.com/parade_events.asp?pEvent=community_fair)

San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the remaining night illuminated parades left in the country. Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.

Sunday, February 12, 5:15pm-8:00pm - 2012 Chinese New Year Festival and Parade, Market and Second Streets to Kearney and Jackson. Check out "Gum Lung", the 201-foot-long Golden Dragon! (http://www.chineseparade.com/)

Sunday, February 19, 7:00am, run starts at 8:00am at Sacramento and Grant, YMCA Chinese New Year Run (http://www.chineseparade.com/parade_events.asp?pEvent=10k)
This event raises funds for the YMCA's youth and teen programs. This year's proceeds will benefit the Chinatown YMCA Community Center, which serves more than 1,200 youth and their families from Chinatown and the surrounding neighborhoods. The event expects 2,000 participants and 300 volunteers. For more information or to register, please go to http://www.ymcasf.org/Chinatown) or call 415.576.9622

More Thank A Hundred Years of the Chinese Calendar (1924 to 2031) --

The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.

Rat: 1924 1936 1948 1960 1972 1984 1996 2008 2020

Ox: 1925 1937 1949 1961 1973 1985 1997 2009 2021

Tiger: 1926 1938 1950 1962 1974 1986 1998 2010 2022

Rabbit: 1927 1939 1951 1963 1975 1987 1999 2011 2023

Dragon: 1928 1940 1952 1964 1976 1988 2000 2012 2024

Snake: 1929 1941 1953 1965 1977 1989 2001 2013 2025

Horse: 1930 1942 1954 1966 1978 1990 2002 2014 2026

Ram: 1931 1943 1955 1967 1979 1991 2003 2015 2027

Monkey: 1932 1944 1956 1968 1980 1992 2004 2016 2028

Rooster: 1933 1945 1957 1969 1981 1993 2005 2017 2029

Dog: 1934 1946 1958 1970 1982 1994 2006 2018 2030

Boar: 1935 1947 1959 1971 1983 1995 2007 2019 2031

Gung Hey Fat Choy! Happy Year of the Dragon!

Chúc Mừng Năm Mới! Happy Year of the Dragon!

See the full gallery on Posterous

Lunar New Year Events - 2012

2012-01-18T19:26:00.000-08:00

Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2600 B.C., this year marks the lunar year 4710 -- Year of the Dragon. The first day of the lunar year is January 23, 2012. For the Tet Vietnamese New Year it will be the same, Year of the Dragon!

Famous people born in the Year of the Dragon include: Joan of Arc, Susan B. Anthony, Florence Nightingale, Sigmund Freud, Mae West, John Lennon, Bruce Lee, Keanu Reeves, Orlando Bloom, Colin Farrell, and Sandra Bullock.

Here are selected local events celebrating the Lunar New Year in Santa Clara and San Francisco counties.

Silicon Valley/Santa Clara County:

Saturday, January 28, 10:00am-5:00pm - Children's Discovery Museum, San Jose (www.cdm.org/)

Sunday, January 29, 12:00pm-5:00pm - Children's Discovery Museum, San Jose (www.cdm.org/)

Saturday, February 18, 1:00-4:00pm - Chinese New Year Celebration, Santana Row Park, San Jose (http://www.santanarow.com/events/item/chinese_new_year_celebration/)

San Francisco/San Francisco Chinatown:

Saturday, February 4, 10:00am-4:00pm - Basketball Jamboree, Francisco Middle School - San Francisco (http://www.chineseparade.com/parade_events.asp?pEvent=basketball_jam)

Saturday, February 4, 7:30pm - Miss Chinatown USA Pagent, Palace of Fine Arts, San Francisco (http://www.chineseparade.com/pageant.asp)

Saturday, February 11, 10:00am-4:30pm - Chinatown Community Street Faire, Chinatown - San Francisco (http://www.chineseparade.com/parade_events.asp?pEvent=community_fair)

Sunday, February 12, 9:00am-5:00pm - Chinatown Community Street Faire, Chinatown - San Francisco (http://www.chineseparade.com/parade_events.asp?pEvent=community_fair)

San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the remaining night illuminated parades left in the country. Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.

Sunday, February 12, 5:15pm-8:00pm - 2012 Chinese New Year Festival and Parade, Market and Second Streets to Kearney and Jackson. Check out "Gum Lung", the 201-foot-long Golden Dragon! (http://www.chineseparade.com/)

Sunday, February 19, 7:00am, run starts at 8:00am at Sacramento and Grant, YMCA Chinese New Year Run (http://www.chineseparade.com/parade_events.asp?pEvent=10k)
This event raises funds for the YMCA's youth and teen programs. This year's proceeds will benefit the Chinatown YMCA Community Center, which serves more than 1,200 youth and their families from Chinatown and the surrounding neighborhoods. The event expects 2,000 participants and 300 volunteers. For more information or to register, please go to http://www.ymcasf.org/Chinatown) or call 415.576.9622

More Thank A Hundred Years of the Chinese Calendar (1924 to 2031) --

The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.

Rat: 1924 1936 1948 1960 1972 1984 1996 2008 2020

Ox: 1925 1937 1949 1961 1973 1985 1997 2009 2021

Tiger: 1926 1938 1950 1962 1974 1986 1998 2010 2022

Rabbit: 1927 1939 1951 1963 1975 1987 1999 2011 2023

Dragon: 1928 1940 1952 1964 1976 1988 2000 2012 2024

Snake: 1929 1941 1953 1965 1977 1989 2001 2013 2025

Horse: 1930 1942 1954 1966 1978 1990 2002 2014 2026

Ram: 1931 1943 1955 1967 1979 1991 2003 2015 2027

Monkey: 1932 1944 1956 1968 1980 1992 2004 2016 2028

Rooster: 1933 1945 1957 1969 1981 1993 2005 2017 2029

Dog: 1934 1946 1958 1970 1982 1994 2006 2018 2030

Boar: 1935 1947 1959 1971 1983 1995 2007 2019 2031

Gung Hey Fat Choy! Happy Year of the Dragon!

Chúc Mừng Năm Mới! Happy Year of the Dragon!

January Silicon Valley Real Estate Market Comments

2012-01-17T15:14:00.001-08:00

> General Market Observations and Comments -- The amount of homes (single family and condos and townhouses) available for sale continued their downwards trend in December. The most interesting thing about this trend toward fewer homes on the market is twofold: one, this occurs every year but this time the level is at its lowest since 2005; and two, the portion of lender-controlled homes (short sale and bank-owned) has diminished. Inventory, or the number of homes available for sale (supply) resembles what it was in December 2005. Many of will recall that the real estate market was super active then with almost no lender-controlled listings.

Still the case is a bifurcated market condition. Homes available for sale have a median days on market of about 70 days whereas those homes that closed escrow have a median days on market of less than 35 days. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition (bank-owned or short sale homes are mainly in this category) stay on the market far longer.

Mortgage rates remain very favorable for buyers in the range in the high 3% to low 4% area. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers to purchase. Even with lowered sales figures, escrow companies seem to be busy with loan refinance or refi activity. I've advised those buyers who purchased last year to refinance their "low" 4 3/4% loans and lock in a high-3% loan rate for the long haul.

For December, median price for single family residences, half above and half below or the middle transaction, stood at $530,000, a slight decrease from November and down about 1% from December 2010. Not too much you can make of this as the mix of homes is in constant change mode. Better to look at a smaller area or even neighborhood to get an idea of the price trends. When you do this analysis of various areas, we find prices actually increased a bit in a range of 4-8%!

Got that "love" note from your landlord or property manager yet? Rents have been impacted by demand from those who lost homes to foreclosure, new family formations and an improved employment picture in Silicon Valley. So much so that rents have increased about 12-15% from last year. Any end in sight? I don't think so as available homes to rent which has been steady in recent times will go up a bit as there are some developments of apartments going. The amount is insufficient to offset the increased demand that has and is taking place. Time for investors? That's what I've been saying for a while now.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

January Silicon Valley Real Estate Market Comments

2012-01-17T14:31:00.000-08:00

Here are my observations of the most recent December transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> General Market Observations and Comments -- The amount of homes (single family and condos and townhouses) available for sale continued their downwards trend in December. The most interesting thing about this trend toward fewer homes on the market is twofold: one, this occurs every year but this time the level is at its lowest since 2005; and two, the portion of lender-controlled homes (short sale and bank-owned) has diminished. Inventory, or the number of homes available for sale (supply) resembles what it was in December 2005. Many of will recall that the real estate market was super active then with almost no lender-controlled listings.

Still the case is a bifurcated market condition. Homes available for sale have a median days on market of about 70 days whereas those homes that closed escrow have a median days on market of less than 35 days. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition (bank-owned or short sale homes are mainly in this category) stay on the market far longer.

Mortgage rates remain very favorable for buyers in the range in the high 3% to low 4% area. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers to purchase. Even with lowered sales figures, escrow companies seem to be busy with loan refinance or refi activity. I've advised those buyers who purchased last year to refinance their "low" 4 3/4% loans and lock in a high-3% loan rate for the long haul.

For December, median price for single family residences, half above and half below or the middle transaction, stood at $530,000, a slight decrease from November and down about 1% from December 2010. Not too much you can make of this as the mix of homes is in constant change mode. Better to look at a smaller area or even neighborhood to get an idea of the price trends. When you do this analysis of various areas, we find prices actually increased a bit in a range of 4-8%!

Got that "love" note from your landlord or property manager yet? Rents have been impacted by demand from those who lost homes to foreclosure, new family formations and an improved employment picture in Silicon Valley. So much so that rents have increased about 12-15% from last year. Any end in sight? I don't think so as available homes to rent which has been steady in recent times will go up a bit as there are some developments of apartments going. The amount is insufficient to offset the increased demand that has and is taking place. Time for investors? That's what I've been saying for a while now.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Sunnyvale Community Services - Annual Christmas Center Auction

2011-11-20T14:40:00.001-08:00

Dear Friend,
As you may know, I serve on the Board of Directors and am Treasurer of Sunnyvale Community Services. Our mission is to prevent homelessness and hunger in our local community.

I’d like to personally invite you to:

· Sunnyvale Community Services’ (SCS) annual holiday auction

· 5-7:30 p.m. Thursday, December 1^st

· Location at SCS, 725 Kifer Road, Sunnyvale

The SCS auction features delicious food and beverages, as well as the chance to bid on exciting gifts, all donated by local businesses and friends of SCS! Auction items include platters of home-made cookies; gift certificates to local restaurants and businesses; gift baskets in diverse themes; tickets to A’s, Giants, and Sharks games; vacations in Cancun and Sonoma County; wine and olive oil tastings; a red Radio Flyer wagon filled with toys; Leslie Lawton’s Luscious Limoncello; a hiking and camping adventure; jewelry; electronics; and group dinners hosted by community leaders!

100% of all proceeds go to provide food and financial support during the holidays and throughout the year. You can do your holiday shopping and help others at the same time by joining in this fun community event!

For a list of auction items, please visit our website: www.svcommunityservices.org

Admission is free, but we ask that you bring a bag of non-perishable food or a new unwrapped gift to donate. SCS is especially in need of canned meals, peanut butter, gift cards for teens, and gifts for children ages 7-11. This is a festive night of food, friends, helping out, and having fun, and I would personally love to see you there!

If you can’t make it to the holiday auction, you can still help local families by making a financial gift to SCS. We’re striving to raise more than $500,000 during the holiday season to serve more than 7,000 individuals in the coming year. Every dollar donated makes a difference, helping to keep struggling families housed and fed. For example, a gift of $50 keeps a family sheltered for one night, and $1,000 buys 300 jars of protein-rich peanut butter!

To donate to SCS or learn more about our services, our clients, or how our funds are used, please visit www.svcommunityservices.org . I would be delighted to talk with you further about our work. You may also contact Marie Bernard, Executive Director at Sunnyvale Community Services, at 408-738-0121.

Best Wishes for a healthy and happy Holiday Season!

To life's best,

Tom

Tom McEvoy, MBA

Realtor® / Seniors Real Estate Specialist® / Broker Associate

408-830-0092

RE/MAX Santa Clara Valley

1530 Parkmoor Avenue, Suite B

San Jose, CA 95128

DRE #01275853

email: Tom.McEvoy@remax.net

web: www.ThomasMcEvoy.com

blog: http://behindtherealestatescenes.blogspot.com/ - Market updates and more!

Member, Board of Directors and Treasurer, Sunnyvale Community Services (www.svcommunityservices.org ) – A non-profit dedicated to preventing hunger and homelessness.

November Silicon Valley Real Estate Market Comments

2011-11-14T15:43:00.000-08:00

Here are my observations of the most recent October transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> General Market Observations and Comments -- Closings as well as the number of homes available for sale have decreased these past few months in both counties. Inventory, or the number of single family homes available for sale (supply) has stood at 2,200 in Santa Clara and 1,203 in San Mateo County. These figures are substantially less than those in the year prior. 73% of the inventory in Santa Clara County are traditional and the balance are lender-controlled (short sales 19%; bank-owned/REO's 8%); San Mateo County saw these figures at 77% for traditional, 16% for short sales and 7% for bank-owned/REO's.

Much different with condos/townhouses where 55% in Santa Clara County and 48% in San Mateo County are lender-controlled. Demand continues to point to single family residences (SFR) and away from condos/townhouses so my advice for buyers: if you prefer the life-style of a condo or townhouse, there are better buys possible. Yes, they have homeowner association dues but those often cover additional ownership features and benefits (e.g., some utilities, pool/spa, exercise rooms, and the like). One thing about it is that the owner doesn't have to worry about these items.

As for the available homes for sale -- we're seeing a bifurcated market. How I can tell is that homes available for sale have a median days on market of 69 whereas those homes that closed escrow have a median days on market of just 31. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition (bank-owned or short sale homes are mainly in this category) stay on the market far longer.

Days of unsold inventory (DUI) for Santa Clara County stands at 57 for SFR's, 48 for condos/townhouses. San Mateo County stands at 83 for SFR's and 72 for condos/townhouses.

Days of Unsold Inventory is a calculation I use to gauge whether the market is a Buyer's market, Seller's market or what we call a Balanced market and is the intersection of supply and demand. In Santa Clara County, the Buyer's market exists for those areas above 90 DUI, a Seller's market would have a DUI reading under 45 and a Balanced market exists in between those numbers.

Mortgage rates remain very favorable in the range in the low 4% area. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers to purchase. Even with lowered sales figures, escrow companies seem to be busy with loan refinance or refi activity.

For October, SFR median prices, half above and half below, stood at $550,000 and $675,000 for Santa Clara and San Mateo counties, respectively. Condos/townhouses stood at $316,500 and $355,000, respectively.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Perfect First Home in Serene Santa Clara Neighborhood

2011-11-11T15:34:00.001-08:00

See the full gallery on Posterous

1746 Oswald Place, Santa Clara, CA 95051

3 Bedrooms, 2 Full Baths, 1,283 SF Living Space on 5,670 SF lot

Offered at: $552,000

Home features several improvements but waiting for your personal touch/décor. Formal entry opens to great room, open floor plan with hardwood floors and cozy, wood-burning fireplace. Fresh interior paint and newer updates in kitchen, baths. Backyard with spacious patio, perfect for entertaining and your family gatherings. Peaceful, away from San Tomas and El Camino traffic. Santa Clara Schools: Bowers Elementary; Cabrillo Middle; Wilcox High School.

SEE OUR VIRTUAL TOUR AT: http://www.circlepix.com/home/ 8X32FE

Open Houses:

Saturday, November 12, 2011 -- 1:00pm to 4:00pm

Sunday, November 13, 2011 -- 1:00pm to 4:00pm

For more information, call or email:

TOM McEVOY, MBA

REALTOR® / BROKER ASSOCIATE /

SENIORS REAL ESTATE SPECIALIST®

RE/MAX Santa Clara Valley

408-830-0092

Tom.McEvoy@remax.net

Information believed to be accurate but not guaranteed.

Each office is Independently Owned and Operated

39th Annual Sunnyvale Community Services Holiday Affaire

2011-10-12T13:05:00.000-07:00

WHERE: Sunnyvale Community Services, 725 Kifer Road, Sunnyvale, CA 94086

WHEN: Saturday, October 22nd from 9:30am to 3:30pm

Sunnyvale Community Services is a non-profit organization who's mission is to prevent homelessness and hunger in Sunnyvale. I am a proud member of the Board of Directors and Treasurer of SCS.

Wonderful Birdland Sunnyvale Home with Cupertino Schools

2011-09-30T16:09:00.001-07:00

New on Market...

1657 Heron Avenue, Sunnyvale, CA 94087 // List price: $758,000

Open Houses: Saturday, October 1st and Sunday, October 2nd --

both days 1:30pm - 4:30pm

Features: 3 bedrooms, 2 full baths, 1,417 SF of living space, lot 6,300 SF

Home features several improvements but ready for your personal touch/décor. Living room with freshly finished hardwood floor and cozy, wood-burning fireplace. Step-down family room with fireplace. Fresh paint, flooring and some new windows. Professionally landscaped new front yard. Large backyard with spacious patio, perfect for entertaining and your family gatherings. Award winning Cupertino schools including Stocklmeir Elem., Cupertino Middle; Fremont HS.

For additional information or to arrange a showing, please call:

Tom McEvoy, MBA

Realtor / Seniors Real Estate Specialist / Broker Associate

RE/MAX Santa Clara Valley

408-830-0092

DRE#01275853

Copy this link and Take a Virtual Tour: http://www.circlepix.com/home/N4BHJK

See the full gallery on Posterous

July Silicon Valley Real Estate Market Comments

2011-07-14T14:23:00.000-07:00

Here are my observations of the most recent June transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> General Market Observations and Comments -- Closings continue to increase in both counties but the level remains below the average of the past ten Junes. The "market" seems like it is bipolar. There is one portion of well-priced, good condition homes that sell quickly and those others which are over-priced or have other issues like poor condition that linger on the market for a long time. Inventory, or the number of homes available for sale (supply) has increased but it, too, continues to grow at a slower rate than the ten-year average.

Buyer demand continues to point to single family residences (SFR) and away from condos/townhouses. This is especially evident for First Time Buyers as well as Investors. About a third of all transactions are for all cash. I continue to advise buyers that if there is a preference for the life-style of a condo or townhouse, there are better buys possible and buyers can have more advantages than sellers. Yes, condos and townhouses have homeowner association dues, of course, that often cover additional ownership features and benefits (e.g., utilities, pool/spa, exercise rooms, and the like) but the owner doesn't have to worry about mowing the lawn!

Of the 1,128 Santa Clara County single family homes that closed escrow in June, 50% sold in 22 days! One of my closings last month was a Sunnyvale home on the market just six days. It sold comfortably above list price. Another of my closings, a Santa Clara home in a nice neighborhood sold in about a month for 6% under list price.

The northwest quadrant of Santa Clara County continued to be the hottest market area, as was the case last month. The area comprises the cities of Mountain View, Los Altos and Palo Alto. This area had the lowest DUI reading in Santa Clara County of just 37 days, clearly a seller's market. Next door, Sunnyvale and Cupertino had a DUI of 50, balanced to seller's market. Some of us are calling this the "Facebook" effect. By contrast, the DUI for the expensive Los Altos Hills is 153, clearly indicating a buyer's market.

Days of unsold inventory (DUI) for Santa Clara County by price range is interesting. Overall, the DUI reading was 60, up slightly from last month of 58. The DUI for homes priced under $450,000 was just 35 days; those priced from $450,000-600,000 was 59 days; those priced from $600,000-750,000 was 74 days; from $750,000 to $1 million was 66 days; from $1.0 million to $2.5 million was 74 days; from $2.5 million to $5.0 million jumped to 225 days and finally, those priced above $5.0 million was 1,330 days! Clearly, the higher priced homes in both counties may have to undergo more aggressive price concessions to move in this bipolar market environment. One of my clients leased a new, never-been-lived-in Hillsborough home a bit more than two years old that the owner tried to sell ever since he completed the construction. List price was $4.8 million and the home never had a price adjustment during the entire time on the market!

Days of Unsold Inventory is an indicator I use to gauge whether the market is a Buyer's market, Seller's market or what we call a Balanced market. In Santa Clara County, the Buyer's market are for those areas above 90 DUI a Seller's market would have a DUI reading under 45. Balanced markets are those in between.

Mortgage rates remain very favorable in the range in the high 4% to about 5% range. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers to purchase.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

June Silicon Valley Real Estate Market Comments

2011-06-20T10:33:00.000-07:00

Here are my observations of the most recent May transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> General Market Observations and Comments -- Closings increased a bit more in May than in April but continues to be less than the average May over the past ten years. Inventory, or the number of homes available for sale (supply) has increased but it, too, continues to grow at a slower rate than the ten-year average.

Demand continues to point to single family residences (SFR) and away from condos/townhouses. My advice for buyers: if you prefer the life-style of a condo or townhouse, there are better buys possible. Yes, they have homeowner association dues that often cover additional ownership features and benefits (e.g., utilities, pool/spa, exercise rooms, and the like) but the owner doesn't have to worry about it.

As for the available homes for sale -- we're seeing a bipolar market. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition (bank-owned or short sale homes are mainly in this category) stay on the market far longer and eventually sell with lower prices or as "fixer uppers" or "fix and flips".

As was the case last month, one of the hot markets was the area comprising the cities of Mountain View, Los Altos and Palo Alto. This area had the lowest DUI reading in Santa Clara County of just 37 days, clearly a seller's market. Next door, Sunnyvale and Cupertino had a DUI of 50, balanced to seller's market. Some of us are calling this the "Facebook" effect. By contrast, the DUI for Los Altos Hills is 153, clearly indicating a buyer's market.

Days of unsold inventory (DUI) for Santa Clara County by price range is interesting. Overall, the DUI reading was 58. The DUI for homes priced under $450,000 was just 35 days; those priced from $450,000-600,000 was 59 days; those priced from $600,000-750,000 was 74 days; from $750,000 to $1 million was 66 days; from $1.0 million to $2.5 million was 74 days; from $2.5 million to $5.0 million jumped to 225 days and finally, those priced above $5.0 million was 1,330 days! Clearly, the higher priced homes may have to undergo more aggressive price concessions to move in this bipolar market environment.

Days of Unsold Inventory is an indicator I use to gauge whether the market is a Buyer's market, Seller's market or what we call a Balanced market. In Santa Clara County, the Buyer's market are for those areas above 90 DUI a Seller's market would have a DUI reading under 45. Balanced markets are those in between.

Reversal for Reverse Mortgages -- Wells Fargo, following Bank of America's lead a couple of months ago, announced they were leaving this market. This means that the two large banks controlling 50% of this market left! This does not bode well for the future as less competition means even higher rates and fees, something not pleasant for the consumer. Reverse mortgages were inherently high-cost items to begin with and in the past I've recommended clients being extremely careful of them. In theory reverse mortgages were good but more difficult certainly in practice.

Mortgage rates remain very favorable in the range in the high 4's. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers to purchase.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

May Silicon Valley Real Estate Market Comments

2011-05-16T13:04:00.001-07:00

> General Market Observations and Comments -- Closings increased a bit more in April than in March, indicating continued strength in the various real estate markets in Silicon Valley. Inventory, or the number of homes available for sale (supply) has increased but it continues to grow at a slower rate than the average of the past ten years.

Demand continues to point to single family residences (SFR) and away from condos/townhouses. My advice for buyers: if you prefer the life-style of a condo or townhouse, there are better buys possible. Yes, they have homeowner association dues that often cover additional ownership features and benefits (e.g., utilities, pool/spa, exercise rooms, and the like) but the owner doesn't have to worry about it.

As for the available homes for sale -- we're seeing a bipolar market. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition stay on the market far longer and eventually sell with lower prices or as "fixer uppers" or "fix and flips".

Last month, I stated that one of the hot markets was the area comprising the cities of Mountain View, Los Altos and Palo Alto. For April, this continued to occur but the market with the fewest days of unsold inventory was Sunnyvale and Cupertino. The DUI reading was only 34, clearly a Seller's market! My most recent Sunnyvale listing in the Cupertino Schools attendance area garnered about 200 people in a single weekend of open houses and sold in six days, above list price. This home listed above $1 million.

Days of unsold inventory (DUI) by price range is interesting. The DUI for homes priced under $450,000 was just 32 days; those priced from $450,000-600,000 was 56 days; those priced from $600,000-750,000 was 75 days; from $750,000 to $1 million was 67 days; from $1.0 million to $2.5 million was 73 days; from $2.5 million to $5.0 million jumped to 325 days and finally, those priced above $5.0 million was 443 days. Clearly, the higher priced homes may have to undergo more aggressive price concessions to move in this bipolar market environment.

Days of Unsold Inventory is an indicator I use to gauge whether the market is a Buyer's market, Seller's market or what we call a Balanced market. In Santa Clara County, the Buyer's market are for those areas above 90 DUI a Seller's market would have a DUI reading under 45. Balanced markets are those in between.

Mortgage rates remain in a very favorable range in the high 4's, actually decreased from last month. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers.

Since there were continued problems obtaining accurate detailed statistical information on April transactions, I thought to at least provide you some of my observations. I'm available for consultation if you are seeking marketing intelligence and strategies as you firm up your real estate plans.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

May Silicon Valley Real Estate Market Comments

2011-05-15T15:55:00.000-07:00

Here are my observations of the most recent April transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website at www.thomasmcevoy.com .

> General Market Observations and Comments -- Closings increased a bit more in April than in March, indicating continued strength in the various real estate markets in Silicon Valley. Inventory, or the number of homes available for sale (supply) has increased but it continues to grow at a slower rate than the average of the past ten years.

Demand continues to point to single family residences (SFR) and away from condos/townhouses. My advice for buyers: if you prefer the life-style of a condo or townhouse, there are better buys possible. Yes, they have homeowner association dues that often cover additional ownership features and benefits (e.g., utilities, pool/spa, exercise rooms, and the like) but the owner doesn't have to worry about it.

As for the available homes for sale -- we're seeing a bipolar market. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition stay on the market far longer and eventually sell with lower prices or as "fixer uppers" or "fix and flips".

Last month, I stated that one of the hot markets was the area comprising the cities of Mountain View, Los Altos and Palo Alto. For April, this continued to occur but the market with the fewest days of unsold inventory was Sunnyvale and Cupertino. The DUI reading was only 34, clearly a Seller's market! My most recent Sunnyvale listing in the Cupertino Schools attendance area garnered about 200 people in a single weekend of open houses and sold in six days, above list price. This home listed above $1 million.

Days of unsold inventory (DUI) by price range is interesting. The DUI for homes priced under $450,000 was just 32 days; those priced from $450,000-600,000 was 56 days; those priced from $600,000-750,000 was 75 days; from $750,000 to $1 million was 67 days; from $1.0 million to $2.5 million was 73 days; from $2.5 million to $5.0 million jumped to 325 days and finally, those priced above $5.0 million was 443 days. Clearly, the higher priced homes may have to undergo more aggressive price concessions to move in this bipolar market environment.

Days of Unsold Inventory is an indicator I use to gauge whether the market is a Buyer's market, Seller's market or what we call a Balanced market. In Santa Clara County, the Buyer's market are for those areas above 90 DUI a Seller's market would have a DUI reading under 45. Balanced markets are those in between.

Mortgage rates remain in a very favorable range in the high 4's, actually decreased from last month. Since most buyers need a loan to purchase a home, mortgage rates are a major consideration in the decision and ability of the buyers.

Since there were continued problems obtaining accurate detailed statistical information on April transactions, I thought to at least provide you some of my observations. I'm available for consultation if you are seeking marketing intelligence and strategies as you firm up your real estate plans.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

April Silicon Valley Real Estate Market Comments

2011-04-17T17:26:00.001-07:00

> General Market Observations and Comments -- Closings turned up sharply in March, indicating much stronger markets in Silicon Valley. Additionally, the amount of homes available for sale (supply) has increased as it usually does in the last winter, early spring. However, what's different is that the rate of increase is lower than the average over the last ten years.

Demand continues to point to single family residences (SFR) and away from condos/townhouses. My advice for buyers: if you prefer the life-style of a condo or townhouse, there are better buys possible. Yes, they have homeowner association dues that often cover additional ownership features and benefits (e.g., utilities, pool/spa, exercise rooms, and the like) but the owner doesn't have to worry about it.

As for the available homes for sale -- we're seeing a bipolar market. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition stay on the market far longer and eventually sell with lower prices or as "fixer uppers" or "fix and flips".

Last month, I stated that one of the hot markets was the area comprising the cities of Mountain View, Los Altos and Palo Alto. This continues to occur but has spilled out to include some adjacent areas. One case involves Sunnyvale, where homes in the Cupertino school attendance area are selling rather quickly with multiple offers if they are good values and in good condition. These include those with list prices above $1 million.

Mortgage rates remain in the high 4 to low 5% range. Certainly this is positive inducement for buyer's home affordability. If rates go to 5 1/2%, that would be equivalent to a 10% increase in the price in terms of affordability. Those buyers needing financing could be forced to "buy down" or not buy at all if rates should seek higher ground.

Since there were problems obtaining accurate detailed statistical information on March transactions, I thought to at least provide you some of my observations. I'm available for consultation if you are seeking marketing intelligence and strategies as you firm up your real estate plans.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

April Silicon Valley Real Estate Market Comments

2011-04-16T15:47:00.001-07:00

Here are my observations of the most recent March transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> General Market Observations and Comments -- Closings turned up sharply in March, indicating much stronger markets in Silicon Valley. Additionally, the amount of homes available for sale (supply) has increased as it usually does in the last winter, early spring. However, what's different is that the rate of increase is lower than the average over the last ten years.

Demand continues to point to single family residences (SFR) and away from condos/townhouses. My advice for buyers: if you prefer the life-style of a condo or townhouse, there are better buys possible. Yes, they have homeowner association dues that often cover additional ownership features and benefits (e.g., utilities, pool/spa, exercise rooms, and the like) but the owner doesn't have to worry about it.

As for the available homes for sale -- we're seeing a bipolar market. Homes priced well and in good condition, sell quickly and get the most activity (i.e., higher prices, quicker sale). Overpriced homes or those in poor locations or in poor condition stay on the market far longer and eventually sell with lower prices or as "fixer uppers" or "fix and flips".

Last month, I stated that one of the hot markets was the area comprising the cities of Mountain View, Los Altos and Palo Alto. This continues to occur but has spilled out to include some adjacent areas. One case involves Sunnyvale, where homes in the Cupertino school attendance area are selling rather quickly with multiple offers if they are good values and in good condition. These include those with list prices above $1 million.

Mortgage rates remain in the high 4 to low 5% range. Certainly this is positive inducement for buyer's home affordability. If rates go to 5 1/2%, that would be equivalent to a 10% increase in the price in terms of affordability. Those buyers needing financing could be forced to "buy down" or not buy at all if rates should seek higher ground.

Since there were problems obtaining accurate statistical information on March transactions, I thought to at least provide you some of my observations. I'm available for consultation if you are seeking marketing intelligence and strategies as you gel your real estate plans.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

March Silicon Valley Real Estate Market Highlights

2011-03-10T17:22:00.001-08:00

> Market Overview -- The decrease in the amount of closed sales in both counties continues, an indicator of slowing markets. Closings of single family residences (SFR) in Santa Clara County decreased slightly from last month to 632 at match the level of the same month a year ago. For San Mateo County, SFR closings were 221, down from 234 last month and down from 230 from the same month a year ago. My analysis of the transactional information reveals:

* The supply of single family residences available for sale (inventory) in Santa Clara County, increased to 2,417 from 2,335 and is 10.1% higher than the same month a year ago. Similarly, we saw San Mateo County's inventory jump to 1,158 from 1,088 last month and was 18.2% higher than the same month a year ago. Keep in mind that many sellers remove their homes from the marketplace at the end of the year so this is not unexpected to see an increase into the first part of a year. The rate of increase is not too steep so that portends a more positive market environment. Generally, inventory is about on track with the ten-year average -- not too high or not too low. Against this backdrop, the market continues more positive in Santa Clara County than in San Mateo County.

* 46.5% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is 43.9%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have perked up a bit in each county.

* Days of Unsold Inventory (DUI), continues to move lower making for a more positive market in both counties. We watch this important indicator closely to provide insight into how the market is handling demand and supply. DUI is a calculation using both supply and demand so is not an opinion. A higher figure for DUI, then, means the market is becoming weaker. For February, Santa Clara County had a DUI of 56 for SFR's, down from 62, 58 for condos/townhouses, down from 64 and 99 for multi-unit properties, up slightly from 95. San Mateo County had a DUI for SFR's of 71 down from 85 last month, 87 for condos/townhouses down from 103. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are Santa Teresa, South San Jose, and East Valley portions of San Jose followed by the market area comprising Mountain View, Los Altos and Palo Alto. For San Mateo County, there were again NO hot markets! A seller's market has characteristics of a shorter time on the market, fewer number of homes available for sale, higher demand by buyers along with a tendency for multiple offers and sale prices generally exceeding list prices. A seller's market area has a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in the Willow Glen area of San Jose and Campbell. Willow Glen is currently my "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Foster City/Redwood Shores and especially the San Mateo Coast cities. The "Bay Cities" of San Mateo County like San Mateo, Redwood City, etc. are a bit cool. What makes a buyer's market is the relationship of supply to demand -- simply put as higher supply relative to demand, the area will have the characteristics of a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation. We see buyer's market areas have price reductions before a buyer makes an offer.

Where do I get "Seller's" and "Buyer's" market information? This is not based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara County but increased in San Mateo County -- The median price for SFR's in Santa Clara County has decreased for the last several months. It now stands at $530,000, versus $532,000, or a 0.4% decrease from last month and a decrease of 4.0% from the same month a year ago. The median price for condos/townhouses was unavailable due to incomplete data. San Mateo County's median price for SFR's was $640,000, up 8.5% from $590,000 last month and down 2.3% from the same month a year ago. The median price for San Mateo County condo/townhouses was $372,500, up 1.4% from $367,500 last month and down 1.7% from the same month a year ago. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. For instance, I see divergences in the different market areas in each county so these are general statements. Ask me to provide you with how your area compares.

> $5+ million sales return! -- More rare is the fact that there are now some high end transactions that have taken place in Santa Clara and San Mateo counties. Matter of fact, there were 7 sales in each county last month. I use this as a leading indicator of market conditions which have swung to positive in other price ranges as well.

Need help with understanding the market in your area? For instance, how can there be a difference between the relatively hot market conditions in Los Altos and Palo Alto but very cool market conditions in Campbell? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

March Silicon Valley Real Estate Market Highlights

2011-03-10T11:24:00.000-08:00

Here are the highlights of February transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The decrease in the amount of closed sales in both counties continues, an indicator of slowing markets. Closings of single family residences (SFR) in Santa Clara County decreased slightly from last month to 632 at match the level of the same month a year ago. For San Mateo County, SFR closings were 221, down from 234 last month and down from 230 from the same month a year ago. My analysis of the transactional information reveals:

* The supply of single family residences available for sale (inventory) in Santa Clara County, increased to 2,417 from 2,335 and is 10.1% higher than the same month a year ago. Similarly, we saw San Mateo County's inventory jump to 1,158 from 1,088 last month and was 18.2% higher than the same month a year ago. Keep in mind that many sellers remove their homes from the marketplace at the end of the year so this is not unexpected to see an increase into the first part of a year. The rate of increase is not too steep so that portends a more positive market environment. Generally, inventory is about on track with the ten-year average -- not too high or not too low. Against this backdrop, the market continues more positive in Santa Clara County than in San Mateo County.

* 46.5% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is 43.9%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have perked up a bit in each county.

* Days of Unsold Inventory (DUI), continues to move lower making for a more positive market in both counties. We watch this important indicator closely to provide insight into how the market is handling demand and supply. DUI is a calculation using both supply and demand so is not an opinion. A higher figure for DUI, then, means the market is becoming weaker. For February, Santa Clara County had a DUI of 56 for SFR's, down from 62, 58 for condos/townhouses, down from 64 and 99 for multi-unit properties, up slightly from 95. San Mateo County had a DUI for SFR's of 71 down from 85 last month, 87 for condos/townhouses down from 103. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are Santa Teresa, South San Jose, and East Valley portions of San Jose followed by the market area comprising Mountain View, Los Altos and Palo Alto. For San Mateo County, there were again NO hot markets! A seller's market has characteristics of a shorter time on the market, fewer number of homes available for sale, higher demand by buyers along with a tendency for multiple offers and sale prices generally exceeding list prices. A seller's market area has a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in the Willow Glen area of San Jose and Campbell. Willow Glen is currently my "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Foster City/Redwood Shores and especially the San Mateo Coast cities. The "Bay Cities" of San Mateo County like San Mateo, Redwood City, etc. are a bit cool. What makes a buyer's market is the relationship of supply to demand -- simply put as higher supply relative to demand, the area will have the characteristics of a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation. We see buyer's market areas have price reductions before a buyer makes an offer.

Where do I get "Seller's" and "Buyer's" market information? This is not based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara County but increased in San Mateo County -- The median price for SFR's in Santa Clara County has decreased for the last several months. It now stands at $530,000, versus $532,000, or a 0.4% decrease from last month and a decrease of 4.0% from the same month a year ago. The median price for condos/townhouses was unavailable due to incomplete data. San Mateo County's median price for SFR's was $640,000, up 8.5% from $590,000 last month and down 2.3% from the same month a year ago. The median price for San Mateo County condo/townhouses was $372,500, up 1.4% from $367,500 last month and down 1.7% from the same month a year ago. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. For instance, I see divergencies in the different market areas in each county so these are general statements. Ask me to provide you with how your area compares.

> $5+ million sales return! -- More rare is the fact that there are now some high end transactions that have taken place in Santa Clara and San Mateo counties. Matter of fact, there were 7 sales in each county last month. I use this as a leading indicator of market conditions which have swung to positive in other price ranges as well.

Need help with understanding the market in your area? For instance, how can there be a difference between the relatively hot market conditions in Los Altos and Palo Alto but very cool market conditions in Campbell? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

World Class Chocolates in the Valley of Hearts Delight

2011-02-10T19:19:00.000-08:00

You've made dinner reservations at a romantic restaurant (I did at Birk's Restaurant in Santa Clara, CA) and you might have picked up a little something for her at her favorite store, perhaps even some nice long-stems. Of course, there's always sweets for your sweets for Valentine's Day.

Here is a selection of some world class chocolatiers from Palo Alto, Sunnyvale, Saratoga, Los Gatos and Santa Cruz:

Chocolate Dream Box - Handcrafted European style chocolates specializing in gifts for holidays such as Valentine's Day

* 710 Blossom Hill Road, Los Gatos. 408-356-2626

Fleur e Cocoa Patisserie Chocolaterie - Offering cakes, pastries, chocolates, light lunch & more

39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574

Richard Donnelly Chocolates - Handmade, award winning chocolates

* 1509 Mission Street, Santa Cruz. 888-685-1871

Saratoga Chocolates
* 14572-B Big Basin Way, Saratoga. 408-872-1431

Chocolatier Desiree - Featuring Belgian chocolates

* 165 South Murphy Avenue, #C, Sunnyvale, CA 94086 408-289-1562

Shokolaat - Fine dining with a special Valentine's Day menu

* 516 University Avenue, Palo Alto. 650-289-0719

Sugar Butter Flour - Desserts, chocolates & more

* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597

How About Wine with Chocolate? Selections from Los Gatos and San Jose...

Testarossa Vineyards
Testarossa Vineyards (formerly Novitiate Winery) is hosting a wine and chocolate pairing event on Saturday, February 12th and Sunday, February 13th from 12:00pm to 4:00pm. Check their details on their website.

J. Lohr Winery
Brunch Sunday, February 13th catered by Jeffreys 11:00am - 1:00pm

Happy Valentine's Day!

February Silicon Valley Real Estate Market Highlights

2011-02-10T10:42:00.001-08:00

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the holiday and winter season. Closings of single family residences (SFR) in Santa Clara County decreased from last month to 640 from 951 but was 7.9% higher than the same month a year ago. For San Mateo County, SFR closings were 234, down from 370 last month and up 0.9% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of single family residences available for sale (inventory) in Santa Clara County, jumped to 2,335 homes from 2,228 and is 23.7% higher than the same month a year ago. Similarly, we saw San Mateo County's inventory jump to 1,088 homes from 983 and was 33.8% higher than the same month a year ago. Keep in mind that many sellers remove their homes from the marketplace at the end of the year so this is not unexpected to see an increase into January. Generally, inventory is about on track with the ten-year average. Against this backdrop, the market continues more positive in Santa Clara County than in San Mateo County.

* More than 40% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is a bit over 37%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower but perked up a bit in January in each county.

* Days of Unsold Inventory (DUI), after a recent upswing has resumed a move lower. If this positive trend continues, it could portend a market that is gaining strength and could point to more positive market conditions later in the year. We watch this important indicator closely. As we have discussed, DUI is a calculation using both supply and demand so not an opinion. A higher figure for DUI, then, means the market is becoming weaker. For January, Santa Clara County had a DUI of 60 for SFR's, down from 77, 64 for condos/townhouses, down from 88 and 94 for multi-unit properties, down from 128. San Mateo County had a DUI reading of 85 (down from 106) for SFR's, 107 (down from 140) for condos/townhouses. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, Santa Teresa and East Valley portions of San Jose. For San Mateo County, there were NO hot markets! A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Los Gatos, Saratoga and Campbell. Los Gatos is currently my "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Foster City/Redwood Shores and especially the San Mateo Coast cities. The "Bay Cities" of San Mateo County like San Mateo, Redwood City, etc. are a bit cool right now. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara and San Mateo counties -- The median price for SFR's in Santa Clara County has decreased for the last several months. It now stands at $532,000, versus $558,000, or a 4.7% decrease from last month and an increase of 0.1% from the same month a year ago. The median price for condos/townhouses decreased to $271,500 from last month's $335,000, and is down 15.4%from the same month last year. San Mateo County's median price for SFR's was $590,000, down from $719,500 last month, down 9.2% from the same month a year ago. The median price for San Mateo County condo/townhouses was $367,500, down from $370,000 last month and 20.9% from the same month last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. For instance, I see divergences in the different market areas in each county so these are general statements. Ask me to provide you with how your area compares.

> 80 days and no offer! -- One of the indicators I review closely is the median days on market (median DOM) for available homes. For Santa Clara County it stands at 79 and for San Mateo County it is at 86. This means that half of the homes on the market are over this figure and half under. The homes that sold are at just 54 and 48, respectively, in Santa Clara and San Mateo counties.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

February Silicon Valley Real Estate Market Highlights

2011-02-09T12:59:00.000-08:00

Here are the highlights of January transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the holiday and winter season. Closings of single family residences (SFR) in Santa Clara County decreased from last month to 640 from 951 but was 7.9% higher than the same month a year ago. For San Mateo County, SFR closings were 234, down from 370 last month and up 0.9% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of single family residences available for sale (inventory) in Santa Clara County, jumped to 2,335 homes from 2,228 and is 23.7% higher than the same month a year ago. Similarly, we saw San Mateo County's inventory jump to 1,088 homes from 983 and was 33.8% higher than the same month a year ago. Keep in mind that many sellers remove their homes from the marketplace at the end of the year so this is not unexpected to see an increase into January. Generally, inventory is about on track with the ten-year average. Against this backdrop, the market continues more positive in Santa Clara County than in San Mateo County.

* More than 40% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is a bit over 37%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower but perked up a bit in January in each county.

* Days of Unsold Inventory (DUI), after a recent upswing has resumed a move lower. If this positive trend continues, it could portend a market that is gaining strength and could point to more positive market conditions later in the year. We watch this important indicator closely. As we have discussed, DUI is a calculation using both supply and demand so not an opinion. A higher figure for DUI, then, means the market is becoming weaker. For January, Santa Clara County had a DUI of 60 for SFR's, down from 77, 64 for condos/townhouses, down from 88 and 94 for multi-unit properties, down from 128. San Mateo County had a DUI reading of 85 (down from 106) for SFR's, 107 (down from 140) for condos/townhouses. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, Santa Teresa and East Valley portions of San Jose. For San Mateo County, there were NO hot markets! A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Los Gatos, Saratoga and Campbell. Los Gatos is currently my "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Foster City/Redwood Shores and especially the San Mateo Coast cities. The "Bay Cities" of San Mateo County like San Mateo, Redwood City, etc. are a bit cool right now. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara and San Mateo counties -- The median price for SFR's in Santa Clara County has decreased for the last several months. It now stands at $532,000, versus $558,000, or a 4.7% decrease from last month and an increase of 0.1% from the same month a year ago. The median price for condos/townhouses decreased to $271,500 from last month's $335,000, and is down 15.4%from the same month last year. San Mateo County's median price for SFR's was $590,000, down from $719,500 last month, down 9.2% from the same month a year ago. The median price for San Mateo County condo/townhouses was $367,500, down from $370,000 last month and 20.9% from the same month last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. For instance, I see divergencies in the different market areas in each county so these are general statements. Ask me to provide you with how your area compares.

> 80 days and no offer! -- One of the indicators I review closely is the median days on market (median DOM) for available homes. For Santa Clara County it stands at 79 and for San Mateo County it is at 86. This means that half of the homes on the market are over this figure and half under. The homes that sold are at just 54 and 48, respectively, in Santa Clara and San Mateo counties.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Lunar New Year Events - 2011

2011-01-24T16:18:00.000-08:00

Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2600 B.C., this year marks the lunar year 4709 -- Year of the Hare or Rabbit. The first day of the lunar year is February 3, 2011. For the Tet Vietnamese New Year it will be the Year of the Cat!

Famous people born in the Year of the Rabbit include: Albert Einstein, Leon Trotsky, Frank Sinatra, Pope Benedict XVI, Angelina Jolie, Brad Pitt, Johnny Depp, David Beckham, Tiger Woods, Whitney Houston

Here are selected local events celebrating the Lunar New Year in Santa Clara and San Francisco counties.

Silicon Valley/Santa Clara County:
Saturday, February 12, 1:00-4:00pm - Performances, cooking demos & more, Santana Row Park, Santana Row, San Jose
Gung Hey Fat Choi! Santana Row celebrates Chinese New Year with a festival of live performances, cooking demos and more to usher in the Year of the Rabbit.
http://www.santanarow.com/events/item/santana_row_celebrates_chinese_new_year/

San Francisco/San Francisco Chinatown:
Thursday, January 27, 6:30 - 9:00pm - Fine Arts Exhibit Art, People Gallery - San Francisco

Saturday, January 29, 10:00am-10:00pm, also Sunday, January 30, 9:00am-6:00pm - Flower Fair San Francisco Chinatown
Celebration of Chinese New Year in San Francisco kicks off with the Chinese New Year Flower Fair. Each year, the Chinese New Year Flower Fair takes place the weekend before the lunar new year holiday so that families can come to the flower fair and purchase their traditional holiday plants, flowers and fruits.
http://www.chineseparade.com/parade_events.asp?pEvent=flower_fair

Saturday, January 29, 3:00pm - Chinese New Year Symphony, San Francisco Symphony, Davies Symphony Hall - San Francisco http://www.sfsymphony.org/season/Event.aspx?eventid=43474

Thursday, February 10, 7:30pm - Miss Chinatown USA Pageant, Palace of Fine Arts Theater - San Francisco http://www.chineseparade.com/pageant.asp

Sunday, February 13, 7:00am registration, run starts at 8:00am at Sacramento and Grant, YMCA Chinese New Year Run.
This event raises funds for the YMCA's youth and teen programs. This year's proceeds will benefit PEP, the Physical Education Program serving more than 1,200 youth in Chinatown with weekly physical fitness programs and expects 2,500 participants and 300 volunteers. Registration must be postmarked by 2/1/11. http://www.active.com/running/san-francisco-ca/chinese-new-year-run-year-of-the-hare-2011

Saturday, February 19, 10:00am - 4:30pm, also Sunday, February 20, 9:00am-5:00pm - Chinatown Community Street Faire, SF Chinatown http://www.sanfranciscochinatown.com/events/communityfair.html

San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the remaining night illuminated parades left in the country. Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.

Saturday, February 19, 5:15pm-8:00pm - 2011 Chinese New Year Festival and Parade, Market and Second Streets to Kearney and Jackson. Check out "Gum Lung", the 201-foot-long Golden Dragon! http://www.chineseparade.com/

A Hundred Years of the Chinese Calendar (1924 to 2024) --
The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.

Rat: 1924 1936 1948 1960 1972 1984 1996 2008 2020

Ox: 1925 1937 1949 1961 1973 1985 1997 2009 2021

Tiger: 1926 1938 1950 1962 1974 1986 1998 2010 2022

Rabbit: 1927 1939 1951 1963 1975 1987 1999 2011 2023

Dragon: 1928 1940 1952 1964 1976 1988 2000 2012 2024

Snake: 1929 1941 1953 1965 1977 1989 2001 2013

Horse: 1930 1942 1954 1966 1978 1990 2002 2014

Ram: 1931 1943 1955 1967 1979 1991 2003 2015

Monkey: 1932 1944 1956 1968 1980 1992 2004 2016

Rooster: 1933 1945 1957 1969 1981 1993 2005 2017

Dog: 1934 1946 1958 1970 1982 1994 2006 2018

Boar: 1935 1947 1959 1971 1983 1995 2007 2019

Gung Hey Fat Choy! Happy Year of the Rabbit!

Chúc Mừng Năm Mới! Happy Year of the Cat!

Cost vs. Value Report - 2010-2011

2011-01-13T19:34:00.001-08:00

What do the latest numbers have to say? Continued downward home prices (nationwide) have brought the overall cost-to-value ratios down to their lowest levels in the last ten years. So, the best rule of thumb is to be pragmatic as lowered home values have moved remodelers to those projects which don't require, in most instances, large outlays of capital. Of the top five projects, only one (minor kitchen remodel), involves costs of more than $14,000.

The least expensive of the 35 projects, an entry door replacement, actually had the highest return on investment nationally at 102.1% and 112.1% in the Pacific region. Generally, the replacement projects like entry door and garage door (improves curb appeal), have a much higher percentage of cost recouped.

Higher cost estimates for projects coupled with lower resale prices have tipped the percentages to below 100% with one exception -- the previously mentioned entry door replacement (steel). The report's findings underscored the fact that the percentage of cost recouped on upscale additions and remodels were significantly lower than mid-range additions, remodels and replacements. As you might suspect, many upscale projects are not undertaken using an investment return mentality and so I recommend against them if the project(s) are contemplated for resale of a home.

If interested, check out the full national Cost vs. Value Report. A map on the site shows cost comparisons by region. You may click on the region to make the information more relevant to your needs and even peruse past reports. For instance, click for the Pacific region report.

Here are selected 2010-2011 remodel and replacement projects for the Pacific region along with its average percentage of cost recouped (last year's report values in parentheses):

* Bathroom addition - 63% (68%)
* Deck addition (wood) - 76% (91%)
* Family room addition - 71% (73%)
* Master Suite addition - 67% (72%)
* Bathroom remodel - 79% (77%) (Only one to have increased from 2009-2010 report)
* Home office remodel - 54% (56%)
* Major kitchen remodel - 77% (84%)
* Minor kitchen remodel - 84% (94%)(project I have advised my clients to consider)
* Roof replacement - 65% (68%) (recommended sometimes to improve curb appeal)
* Siding replacement (fiber cement) - 72% (92%)
* Windows replacement (vinyl) - 80% (88%) (project I have advised my clients to consider)
* Entry door (steel) 112% (not in last year's report) (recommended to improve curb appeal)
* Garage door 77% (not in last year's report) (recommended to improve curb appeal

Hope this information is of help to you as you decide on remodeling projects to either enhance the value of your home for immediate reselling or to enjoy the lifestyle benefits of the improvements and have no plans to sell. Please remember that not all remodeling projects will result in higher resale values. Many folks think that someone will want to pay $100,000 more for their remodeled home that costs them $50,000 to complete. Not too likely as it depends upon on the project, the neighborhood, the likely market conditions upon completion, and other factors. If you are considering remodeling for a sale or just want to see what projects may cost and understand the process, I recommend reading the book "Remodel or Move?" by Dan Fritschen available at Amazon.com or his website. His website also has a handy remodel or move calculator to help you with your decision.

If you want a professional opinion of how the market will react to your proposed project and as a way to save time, money and hassle, please contact me. I would provide you a market assessment of your contemplated remodeling project and if you want, a referral to a licensed trades-person who can provide free estimates or just to talk it over with as you firm up your plans, please let me know. I would do this whether or not you would be doing the project for resale as I work exclusively by referral so regularly provide referrals to my clients to help them maintain or improve their homes. By the way, these referrals are from the heart, not the wallet as the only thing I get for a referral of this type is the satisfaction that you will be well-cared for by a licensed professional.

Thanks for reading Tom McEvoy's blog! Post your comment here or send me an email through my website.

January Silicon Valley Real Estate Market Highlights

2011-01-12T18:34:00.000-08:00

Here are the highlights of December transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the fall and holiday season. Closings of single family residences (SFR) in Santa Clara County jumped a bit from last month to 904 but was 3.6% lower than the same month a year ago. For San Mateo County, closings were 370, up 3.9% from November 2009. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory), which was increasing later in the year (far longer than in most years), has now reversed course and is following historical trends in both counties. We did see a significant drop this month as many listings have expirations dated in December, especially December 31st! Having a listing expire so late in the year is a poor strategy that will likely set sellers up to lose (more?) money. Against this backdrop, the market remains more positive in Santa Clara County than in San Mateo County. However, inventory levels were about 41%higher in Santa Clara County and 36% higher in San Mateo County than the same month a year ago.

* 40% of sellers in Santa Clara County get at least list price for their single family homes! In San Mateo County, the corresponding percentage is a bit over 31%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties -- usual though for this time of year.

* Days of Unsold Inventory (DUI), after a recent upswing has resumed a move lower. If this trend continues, it could portend a market that is gaining strength and could point to more positive market conditions next year. We watch this important indicator closely. As we have discussed, DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For December, Santa Clara County had a DUI of 77 for SFR's, 88 for condos/townhouses and 128 for multi-unit properties. San Mateo County had a DUI reading of 106 for SFR's, 140 for condos/townhouses and an even higher number of 358 for multi-unit properties. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are East Valley, Central San Jose and South San Jose, and the South County area comprising the cities of Morgan Hill and Gilroy. For San Mateo County, there were NO hot markets! A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Saratoga, Los Gatos/Monte Sereno, Almaden Valley (SJ) and Sunnyvale. Saratoga is my current "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Menlo Park, Atherton, Belmont, Burlingame, Redwood City, Foster City/Redwood Shores and especially the San Mateo Coast cities. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara and San Mateo counties -- The median price for SFR's in Santa Clara County which has mainly remained flat to slightly nudging upwards for several months has decreased again. It now stands at $559,000, versus $590,000, or an 5.3% decrease from last month and a decrease of 0.9% from the same month a year ago. The median price for condos/townhouses climbed to $335,000, up 6.0%from last month but decreased 6.2% from the same month last year. San Mateo County's median price for SFR's was $719,500, down 0.5% from last month and down 4.1% from the same month a year ago. The median price for San Mateo County condo/townhouses was $370,000, down 10.8% from last month and down 18.9% from the same month last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. Ask me to provide you with how your area compares.

> Buyers now paying 10% higher prices! -- Since the rate of which buyers will receive from mortgage lenders has risen of late to 5%, that's the equivalent of at least a 10% increase in the price of the home! To put another way, if a buyer was preapproved for a purchase of $500,000 a few months ago and decided to wait, they would now be looking at something closer to a $450,000 home because of the increase in the monthly payment.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Cost vs. Value Report - 2010-2011

2010-12-22T13:09:00.000-08:00

Remodeling Magazine, published by Hanley-Wood, LLC, Washington, D.C., has been publishing the "Cost vs. Value Report" annually for more than twenty years. The 2010-2011 version compiles information for 80 markets, same as last year on 35 home improvement projects included in the analysis by HomeTech Information Systems , which publishes estimating software for professional remodelers. This information is collected and compiled from their national network of remodeling contractors and suppliers. Adjustment factors are employed to account for regional pricing differences.

What do the latest numbers have to say? Continued downward home prices (nationwide) have brought the overall cost-to-value ratios down to their lowest levels in the last ten years. So, the best rule of thumb is to be pragmatic as lowered home values have moved remodelers to those projects which don't require, in most instances, large outlays of capital. Of the top five projects, only one (minor kitchen remodel), involves costs of more than $14,000.

The least expensive of the 35 projects, an entry door replacement, actually had the highest return on investment nationally at 102.1% and 112.1% in the Pacific region. Generally, the replacement projects like entry door and garage door (improves curb appeal), have a much higher percentage of cost recouped.

Higher cost estimates for projects coupled with lower resale prices have tipped the percentages to below 100% with one exception -- the previously mentioned entry door replacement (steel). The report's findings underscored the fact that the percentage of cost recouped on upscale additions and remodels were significantly lower than mid-range additions, remodels and replacements. As you might suspect, many upscale projects are not undertaken using an investment return mentality and so I recommend against them if the project(s) are contemplated for resale of a home.

If interested, check out the full national Cost vs. Value Report. A map on the site shows cost comparisons by region. You may click on the region to make the information more relevant to your needs and even peruse past reports. For instance, click for the Pacific region report.

Here are selected 2010-2011 remodel and replacement projects for the Pacific region along with its average percentage of cost recouped (last year's report values in parentheses):

* Bathroom addition - 63% (68%)
* Deck addition (wood) - 76% (91%)
* Family room addition - 71% (73%)
* Master Suite addition - 67% (72%)
* Bathroom remodel - 79% (77%) (Only one to have increased from 2009-2010 report)
* Home office remodel - 54% (56%)
* Major kitchen remodel - 77% (84%)
* Minor kitchen remodel - 84% (94%)(project I have advised my clients to consider)
* Roof replacement - 65% (68%) (recommended sometimes to improve curb appeal)
* Siding replacement (fiber cement) - 72% (92%)
* Windows replacement (vinyl) - 80% (88%) (project I have advised my clients to consider)
* Entry door (steel) 112% (not in last year's report) (recommended to improve curb appeal)
* Garage door 77% (not in last year's report) (recommended to improve curb appeal

Hope this information is of help to you as you decide on remodeling projects to either enhance the value of your home for immediate reselling or to enjoy the lifestyle benefits of the improvements and have no plans to sell. Please remember that not all remodeling projects will result in higher resale values. Many folks think that someone will want to pay $100,000 more for their remodeled home that costs them $50,000 to complete. Not too likely as it depends upon on the project, the neighborhood, the likely market conditions upon completion, and other factors. If you are considering remodeling for a sale or just want to see what projects may cost and understand the process, I recommend reading the book "Remodel or Move?" by Dan Fritschen available at Amazon.com or his website. His website also has a handy remodel or move calculator to help you with your decision.

If you want a professional opinion of how the market will react to your proposed project and as a way to save time, money and hassle, please contact me. I would provide you a market assessment of your contemplated remodeling project and if you want, a referral to a licensed trades-person who can provide free estimates or just to talk it over with as you firm up your plans, please let me know. I would do this whether or not you would be doing the project for resale as I work exclusively by referral so regularly provide referrals to my clients to help them maintain or improve their homes. By the way, these referrals are from the heart, not the wallet as the only thing I get for a referral of this type is the satisfaction that you will be well-cared for by a licensed professional.

Thanks for reading Tom McEvoy's blog! Post your comment here or send me an email through my website.

December Silicon Valley Real Estate Market Highlights

2010-12-08T16:02:00.000-08:00

Here are the highlights of November transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the fall and holiday season. Closings of single family residences (SFR) in Santa Clara County jumped a bit from last month to 820 but was 8.8% lower than the same month a year ago. For San Mateo County, closings were 330, virtually the same level as November 2009. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory), which was increasing later in the year (far longer than in most years), has now reversed course and is following historical trends in both counties. As usual for this time of year, inventory tends to drift lower. I'm sure we'll again see a major drop-off at the end of the year as many listing agreements expire on 12/31 of each year. Ask me why this is an extremely poor strategy that will set sellers up to lose money. Still, the market overall remains more positive in Santa Clara County. However, inventory levels were 37% higher in Santa Clara County and 33% higher in San Mateo County than the same month a year ago.

* 40% of sellers in Santa Clara County get at least list price for their single family homes! In San Mateo County, the corresponding percentage is a bit over 34%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties -- usual though for this time of year.

* Days of Unsold Inventory (DUI) continues to move lower. If this trend continues, it could portend a market that is gaining strength and could point to more positive market conditions next year. We watch this important indicator closely. As we have discussed, DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For November, Santa Clara County had a DUI of 70 for SFR's, 84 for condos/townhouses and 140 for multi-unit properties. San Mateo County had a DUI reading of 94 for SFR's, 122 for condos/townhouses and an even higher number of 487 for multi-unit properties. Once again, notice that all readings were lower, hence more positive, for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are Milpitas, the area comprising the cities of Mountain View, Los Altos and Palo Alto, East Valley (SJ), Evergreen Valley (SJ), South San Jose. For San Mateo County, we see hot markets in Foster City and Redwood Shores. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Saratoga, Willow Glen (SJ), Los Gatos/Monte Sereno, Almaden Valley (SJ). Saratoga is my current "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Menlo Park, Atherton, Belmont, Burlingame, Redwood City and especially the San Mateo Coast cities. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median price situation has changed in Santa Clara County -- The median price for SFR's in Santa Clara County which has mainly remained flat to slightly nudging upwards for several months has turned down. It now stands at $590,000, versus $641,500, or an 8.0% decrease from last month and a decrease of 2.5% from the same month a year ago. The median price for condos/townhouses was $315,975, down 4.25% from $330,000, last month a 10.4% drop from last year. San Mateo County's median price for SFR's was $723,000, up from $675,000 last month but a decrease of 0.3% from the same month a year ago. The median price for San Mateo County condo/townhouses was $415,000 or 9.2% higher than the $380,000, last month and decreased 6.5% from last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market. To formulate an effective strategy, I recommend the use of the supply-demand characteristics for the neighborhood under consideration.

> Buyers get going -- I've mentioned that buyers need to think about a time of year when there is historically less activity and a good time of the year to do that is when we approach and are in the holiday period of the year -- like NOW. We're seeing the inventory of available homes decrease and those homes remaining on the market, in all likelihood, have sellers that have a higher motivation to sell. In Santa Clara County currently there is a tendency for buyers to search for single family residences but there are better deals in condos/townhouses due to greater supply compared to demand in the $450,000 to $750,000 price range. Same goes for San Mateo County -- good deals are probable in all price ranges but the lowest price range ($450,000 and below).

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Sunnyvale Community Services Annual Christmas Holiday Auction

2010-11-26T14:26:00.000-08:00

As you may know, I serve on the board of directors for Sunnyvale Community Services (SCS), a nonprofit organization since 1970 that works to prevent hunger and homelessness for thousands of local community members. Matter of fact, I was just named its Treasurer and volunteer my time and talents.

Unfortunately, the number of struggling families and individuals in Sunnyvale has grown as the recession continues as people lost their jobs or have had their hours cut back. In fact, last year we served three times as many people as we did in 2005.

I’m contacting you today to invite you to:

• Sunnyvale Community Services Annual Christmas Holiday Auction
• 5-7:30 p.m., Thursday, December 2nd
• 725 Kifer Road, Sunnyvale, CA 94086
• Please bring an unwrapped toy or gift for a child, teen or household

The auction features delicious food and beverages as well as a chance to bid on wonderful gifts and vacation packages, all donated by local businesses and friends of SCS! Of course, all proceeds go to SCS, enabling us to provide food and financial support during the holidays and throughout the year. You can do your holiday shopping and help others at the same time by joining in this fun community event! (For a list of auction items, please visit our website.)

The auction also doubles as a Sunnyvale Chamber of Commerce mixer, so you can do your business some good as well! Remember to bring your business cards. This is a festive night of food, friends, helping out, and having fun, and I would personally love to see you there! Remember, the price of admission is a toy or gift.

If you can’t make it to the holiday auction, you can still help local families by making a financial gift to SCS. We’re striving to raise more than $500,000 during the holiday season to serve more than 8,000 individuals in the coming year. Every dollar donated makes a difference, helping to keep struggling neighbors housed and fed. (For example, a gift of $50 keeps a family sheltered for one night, and $1,000 buys 300 jars of peanut butter for hungry families.)

To donate to SCS or learn more about our services, our clients, or how our funds are used, please visit our website. You may also call me directly at 408-830-0092. I would be delighted to talk with you!

Thanks for reading!

November Silicon Valley Real Estate Market Highlights

2010-11-10T19:31:00.000-08:00

Here are the highlights of October transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets. Closings of single family residences (SFR) in Santa Clara County decreased and were at 780, 24.0%lower than the same month a year ago. Even though the amount of sales in San Mateo County rose a bit from September, the same general decline exists. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory), which was increasing later in the year (far longer than in most years), has now reversed course and is following historical trends in both counties. As usual for this time of year, inventory tends to drift lower. We'll see, I'm sure, a major drop-off at the end of the year as many listing agreements seem to expire on 12/31 of each year. Still, the market overall remains more positive in Santa Clara County.

* 44% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is a bit over 39%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties -- usual for this time of year.

* Days of Unsold Inventory (DUI) has turned the corner and is now heading down. this could portend a market that is gaining strength and could point, if it continues, to a more positive market condition in 2011. We shall keep an eye on this important indicator. As we have discussed, DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For October, Santa Clara County had a DUI of 70 for SFR, 87 for condos/townhouses and 193 for multi-unit properties. San Mateo County had a DUI reading of 99 for SFR's, 136 for condos/townhouses and a whopping 395 for multi-unit properties. Once again, notice that all readings were lower, hence more positive, for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley (SJ), Milpitas, North Valley (SJ) and the area comprising the cities of Mountain View, Los Altos and Palo Alto. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Almaden Valley (SJ) and Willow Glen (SJ). Almaden Valley is my current "Best Buy" area in the county. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median price situation -- Santa Clara County median price for SFR's has mainly remained flat to slightly nudging upwards. It now stands at $641,500, an increase of 8.1% from the same month a year ago. The median price for condos/townhouses was $330,000, a 8.6% drop from last year. San Mateo County's median price for SFR's was $675,000 and represented a 3.8% decrease from the same month a year ago. The median price for San Mateo County condo/townhouses was $380,000, a drop of 5.0% from last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market. To formulate an effective strategy, I recommend the use of the supply-demand characteristics for the neighborhood under consideration.

> Short Shift? -- REO's (bank-owned homes) and short sale listings are termed "lender-controlled" transactions. Bottom line is that short sale homes sell but are a lot less apt to close. Here's a chart of the latest breakdown to illustrate my point:

You can see that short sales, comprise 25% of the available inventory and 35% of the pendings, only comprise 16% of the closings.

> Buyers get ready -- Last month I mentioned that buyers need to think about a time of year when there is historically less activity and a good time of the year to do that is when we approach and are in the holiday period of the year. We're seeing the inventory of available homes decrease and those homes remaining on the market, in all likelihood, have sellers that have a higher motivation to sell.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Real Eats -- Tommy Toy's Restaurant, San Francisco, CA

2010-11-04T17:21:00.001-07:00

My wife's uncle chose his favorite restaurant and not having been to the restaurant before, we followed his lead and joined in having Tommy Toy's Signature Dinner.

Now, where do I start? First, we began with an appetizer and then embarked on a culinary adventure in the six-course, famous Tommy Toy's Signature Dinner. An extravaganza of excellent food, all were well prepared and expertly presented and served.

My wife's uncle is a well-known patron here which was a benefit to all of us as we were served a complimentary appetizer of deep-fried won tons filled with crab mousse served with plum sauce.

The first course of the Signature Dinner was squab and pine nuts wrapped in iceberg lettuce leaves. Delicious and crisp. This was followed by their Seafood Bisque soup served in an open coconut shell, oven-baked and covered with a flaky pastry. Simply marvelous! Then came a fresh whole Maine Lobster! This was served on a platter with a small amount of mixed greens with a vinaigrette dressing. The lobster was chopped and cooked with red and green pepper and served over a bed of delicious vermicelli noodles. Our next course was Medallions of Filet Mignon. This was served over fried rice with asparagus spears. Whole Peking Duck was presented to the table and then carved table side and served with lotus buns.

Our dessert, complimented the various flavors, textures and tastes, a Peach Mousse served in a strawberry sauce was light, cool and refreshing.

One of our guests chose two very nice wines to accompany our meal. One, a Bordeaux and the other, a Riesling, slightly sweet. Both were well-paired and enjoyed with the Signature Dinner.

Wow, if you ever get a chance to experience a fusion of Chinese and French cuisines, consider Tommy Toy's in The City!

Tommy Toy's Cuisine Chinoise
655 Montgomery Street
San Francisco, CA 94111
415-397-4888
Tommy Toy's Website

Thanks for reading!

Real Eats -- Tommy Toy's Restaurant, San Francisco, CA

2010-11-03T15:54:00.000-07:00

It's not often that I my wife and I are completely impressed with all aspects of a dining experience. This happened at Tommy Toy's Cuisine Chinoise in San Francisco. There recently for a birthday celebration dinner for my wife's uncle, who turned 84, we've been raving about it ever since.

My wife's uncle chose his favorite restaurant and not having been to the restaurant before, we followed his lead and joined in having Tommy Toy's Signature Dinner.

Now, where do I start? First, we began with an appetizer and then embarked on a culinary adventure in the six-course, famous Tommy Toy's Signature Dinner. An extravaganza of excellent food, all were well prepared and expertly presented and served.

My wife's uncle is a well-known patron here which was a benefit to all of us as we were served a complimentary appetizer of deep-fried won tons filled with crab mousse served with plum sauce.

The first course of the Signature Dinner was squab and pine nuts wrapped in iceberg lettuce leaves. Delicious and crisp. This was followed by their Seafood Bisque soup served in an open coconut shell, oven-baked and covered with a flaky pastry. Simply marvelous! Then came a fresh whole Maine Lobster! This was served on a platter with a small amount of mixed greens with a vinaigrette dressing. The lobster was chopped and cooked with red and green pepper and served over a bed of delicious vermicelli noodles. Our next course was Medallions of Filet Mignon. This was served over fried rice with asparagus spears. Whole Peking Duck was presented to the table and then carved table side and served with lotus buns.

Our dessert, complimented the various flavors, textures and tastes, a Peach Mousse served in a strawberry sauce was light, cool and refreshing.

One of our guests chose two very nice wines to accompany our meal. One, a Bordeaux and the other, a Riesling, slightly sweet. Both were well-paired and enjoyed with the Signature Dinner.

Wow, if you ever get a chance to experience a fusion of Chinese and French cuisines, consider Tommy Toy's in The City!

Tommy Toy's Cuisine Chinoise
655 Montgomery Street
San Francisco, CA 94111
415-397-4888
Tommy Toy's Website

Thanks for reading!

38th Annual Sunnyvale Community Services Holiday Affaire

2010-10-19T18:41:00.001-07:00

WHERE: Sunnyvale Community Services, 725 Kifer Road, Sunnyvale, CA 94086

WHEN: Saturday, October 23rd from 9:30am to 3:30pm

Sunnyvale Community Services is a non-profit organization who's mission is to prevent homelessness and hunger in Sunnyvale. I am a proud member of the Board of Directors of SCS.

38th Annual Sunnyvale Community Services Holiday Affaire

2010-10-19T17:51:00.001-07:00

Please join us at this special annual event sponsored by Sunnyvale Community Services (SCS). Many items including ornaments, quilts, baked goods, jams, knit and crocheted items, jewelry and more will be available. 100% of the proceeds benefit SCS. We thank the SCS Auxiliary for donating their time, energy and creativity to make this happen each year!

WHERE: Sunnyvale Community Services, 725 Kifer Road, Sunnyvale, CA 94086

WHEN: Saturday, October 23rd from 9:30am to 3:30pm

Sunnyvale Community Services is a non-profit organization who's mission is to prevent homelessness and hunger in Sunnyvale. I am a proud member of the Board of Directors of SCS.

October Silicon Valley Real Estate Market Highlights

2010-10-14T10:31:00.000-07:00

Here are the highlights of September transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- The last four months has shown a general decline in the amount of sales. Closings of single family residences (SFR) in Santa Clara County decreased and are at levels just below those seen in either September of 2009 and September 2008 but above the level seen in September 2007. Same holds true for San Mateo County which saw a lower level for the past three months. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) is trending upwards in both counties these past nine months which is usual for this time of the year. However, the rate of increase has slowed significantly in Santa Clara County and is well below record levels. San Mateo County inventory, while also trending higher for the past nine months, is close to record levels. The market overall remains more positive in Santa Clara County.

* More than 40% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is a bit over 30%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties -- usual for this time of year.

* Days of Unsold Inventory (DUI) continues an upward trend translating into a slowing market. However, as we enter October, we've seen a reversal of direction so we'll have to see if it continues. As we have discussed, DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For September, Santa Clara County had a DUI of 74 for SFR, 88 for condos/townhouses and 172 for multi-unit properties. San Mateo County had a DUI reading of 104 for SFR's and 140 for condos/townhouses. Notice that all readings were more positive for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley (SJ), Milpitas, Evergreen Valley (SJ) and Cupertino. I very-recently listed a Cupertino home in the Monta Vista High School attendance area and had some 250 people through for the two open houses. It generated multiple offers with a sale price exceeding list price. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Los Gatos, Almaden Valley (SJ), Saratoga, Campbell, and Willow Glen (SJ). Los Gatos is my current "Best Buy" area in the county. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices drop a bit -- Santa Clara County median price for SFR's decreased slightly after five months of increase this year. It stands at about $625,000. The median price for condos/townhouses dipped a bit more in percentage terms. San Mateo County's median price for SFR's has dropped to just above $700,000 from the $790,000 level. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration.

> Boo! Buyers get ready -- Historically, a good time to buy is approximately at the time of Halloween or a bit after. I don't see it any different this year. As we enter the early holiday period just before Thanksgiving, those homes on the market, in all likelihood, have to be sold by their owners.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

September Silicon Valley Real Estate Market Highlights

2010-09-08T20:30:00.000-07:00

Here are the highlights of August transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- Since the March-April 2009, we've seen a general improvement in market conditions but lately the market has slowed. Closings of single family residences (SFR) in Santa Clara County decreased to 864 from 1,008 last month and was down 11.7% from the same month a year ago. San Mateo County saw a slightly higher SFR closings level of 395 versus 387 last month and up 8.2% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) is trending upwards in both counties these past six months which is usual for this time of the year. However, the rate of increase has slowed significantly. Inventory in both counties are higher than the same month a year ago.

* 48.7% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is 41.3%. This is an indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties.

* Days of Unsold Inventory (DUI) continues an upward trend translating into a slowing market. DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For August, Santa Clara County had a DUI of 81 for SFR, 87 for condos/townhouses and 176 for multi-unit properties. San Mateo County had a DUI reading of 106 for SFR's and 133 for condos/townhouses. Notice that all readings were more positive for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose and Santa Teresa parts of San Jose, Cupertino, and East Valley and Evergreen Valley parts of San Jose. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Almaden Valley, Willow Glen, Campbell and Cambrian. Willow Glen, Campbell and Cambrian are my current "Best Buy" areas in the county. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices flatten out -- Santa Clara County median price for SFR's increased 12.4% to $629,500 from $560,000 in August 2009. The median price for condos/townhouses was $347,500 or 5.3% higher than the same month a year ago. San Mateo County's median price for SFR's was $790,000, 15.3% higher than the same month a year ago, whereas condos/townhouses was $443,750, 8.5% lower. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks so that they can sell more newspapers! However, I advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy they should employ to maximize their dollars if they are selling and maximize their house if they are buying.

> Boo! Buyers get ready -- Historically, a good time to buy is approximately at the time of Halloween. I don't see it any different this year. I recommend sellers sell now and buyers buy later in the fall.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

August Silicon Valley Real Estate Market Highlights

2010-08-13T09:18:00.000-07:00

Here are the highlights of July's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- It's been over a year since we called the bottom of the real estate market in Santa Clara County -- March-April 2009. Since then we've seen a general improvement in market conditions and this remains more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County decreased to 1,008 from 1,084 last month and was down 18.2% from the same month a year ago. San Mateo County also saw lower SFR closings at 387 from 446 last month and was down 1.5% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) is trending upwards in both counties these past six months which is usual for this time of the year. What is not usual is that while the inventory in Santa Clara County is 18.5% higher than the same month a year ago, the inventory in San Mateo is 31.7% higher!

* 55.4% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is 43.7%. This is an indicator that the overall market remains stronger in Santa Clara County.

* Days of Unsold Inventory (DUI) starts an upward move -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A lower figure for DUI, then, means improvement. For July, Santa Clara County had a DUI of 75 for SFR, 80 for condos/townhouses and 199 for multi-unit properties. San Mateo County had a DUI reading of 101 for SFR's and 103 for condos/townhouses and 325 for multi-unit properties. Notice that all readings were more positive for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, North Valley, East Valley, Evergreen Valley parts of San Jose, Cupertino, Sunnyvale. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- We call them buyer's markets but everything is relative, right? For Santa Clara County, we see buyer's markets in Los Gatos/Monte Sereno, Willow Glen part of San Jose, Saratoga. Los Gatos/Monte Sereno and Willow Glen are my current "Best Buy" areas in the county. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices continue upward trend -- Santa Clara County median price for SFR's increased 7.6% to $650,000 from $590,000 in July 2009. The median price for condos/townhouses was $345,000 or 4.5% higher than the same month a year ago. San Mateo County's median price for SFR's was $820,000, 6.9% higher than the same month a year ago, whereas condos/townhouses was $435,000, 4.5% lower. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks so that they can sell more newspapers! However, I advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy they should employ to maximize their dollars if they are selling and maximize their house if they are buying.

> Distress Sales Watch -- Santa Clara County's real estate market has changed over the past year. Last year there were more bank-owned listings, this year more short sale listings. Both categories are what we call "lender-controlled". However, the surprising thing is that last year there were 56% of the closings were normal but this year normal transactions have jumped to 71% of the total.

> Why shorts take a long time to close! -- Bank-owned transactions are similar to normal transactions as to length of escrows but short sales can try a buyer's patience. Matter of fact, they try all parties patience. Banks tell us they are working to reduce the process time for short sales but with a number of decision makers involved in a short sale, its anybody's guess. Here's some details as to why they take much longer AND there's no guarantee that they close! The ultimate decision rests with the Investor or owner of the loan. Most people think that if they get a loan through Wells Fargo or Bank of America, the bank owns the loan. Not true, as most of the loans have been sold to other investors (e.g., Fannie, Freddie, FHA, private investor groups, etc.). With this situation, the bank services the loan (collecting payments, producing statements, etc.) but does not own the loan, earning a fee for doing so. Each loan they sold, freed up funds to loan to someone else! Each Investor (and there could be more than one), tries to minimize their losses, each has their unique contractor guidelines (FHA requires TWO appraisals) and there are other interested parties (e.g., mortgage insurance company, Second lien mortgage holder. In fact, where there’s more than one loan, they could easily be held by different banks complicating the process even more. All the parties must be in alignment before a home can be sold. Banks or Investors don't give away properties and when they decide to sell, they are considered sophisticated sellers.

> Back to the Future with Mortgage Rates! -- Remember the movie, Back to the Future, which took place in the 1950's? Well, mortgage rates have fallen to levels not seen since that time. Recent rates are hovering in the low to mid-4% range. Many of today's buyers couldn't believe that mortgage rates hit 18.5% in 1981! With the loan payment being the carrying cost of a purchase and with price adjustments that have already taken place, the affordability of homes is higher.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Rubio's Fresh Mexican Grill - Sunnyvale - Pre-Opening Celebration

2010-08-07T10:37:00.000-07:00

“Doing good never tasted so good!”

Where: Rubio’s Fresh Mexican Grill; 108 E. El Camino Real at Sunnyvale-Saratoga Road, Sunnyvale, CA 94087

When: Wednesday, August 18th, 5:00-8:00pm

How Much: $10 donation requested per person, $5 per child 12 and younger

How to Participate: By Monday, August 16th, please RSVP by email with number to ccasebeer@rubios.com

Proceeds Benefit: 100% of proceeds will go to the Sunnyvale Community Services (SCS)

Why this from me: I volunteer my time as a member of the Board of Directors of SCS to help the organization continue its mission of working to prevent homelessness and hunger in Sunnyvale.

“Doing good never tasted so good!”

July Silicon Valley Real Estate Market Highlights

2010-07-15T15:29:00.000-07:00

Here are the highlights of June's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- It's been over a year since we called the bottom of the real estate market in Santa Clara County -- March-April 2009. Since then we've seen a steady improvement in market conditions and this remains more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County decreased to 1,084 from 1,230 last month and was down 8.9% from the same month a year ago. San Mateo County actually saw higher SFR closings at 446 from 418 last month and was up 6.2% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) is trending upwards in both counties these past six months which is usual for this time of the year. What is not usual is that while the inventory in Santa Clara County is 2.9% higher than the same month a year ago, the inventory in San Mateo is 25.8% higher!

* 53% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is 43.7%. This is another indicator that the overall market remains stronger in Santa Clara County.

* Days of Unsold Inventory (DUI) continues a positive trend -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A lower figure for DUI, then, means improvement. For June, Santa Clara County had a DUI of 68 for SFR, 78 for condos/townhouses and 216 for multi-unit properties. San Mateo County had a DUI reading of 97 for SFR's and 92 for condos/townhouses and 332 for multi-unit properties. All readings were more positive for Santa Clara County.

> HOT Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley, Evergreen Valley, Santa Teresa areas of San Jose. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices and the potential of price appreciation.

> Cool Markets? -- We call them buyer's markets but everything is relative, right? For Santa Clara County, we see buyer's markets in Saratoga, Los Gatos/Monte Sereno, and the Almaden Valley and Willow Glen portions of San Jose. Saratoga and Willow Glen with Los Gatos/Monte Sereno are my current "Best Buy" areas in the county. What makes a "buyers" market is the relationship of supply to demand -- higher supply and lower demand. The characteristics of a buyers market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices continue upward trend -- Santa Clara County median price for SFR's increased to $637,500 versus $550,250 or 15.9% increase from June 2009. The median price for condos/townhouses was $360,000 or 3% higher than the same month a year ago. San Mateo County's median price for SFR's was $792,000, 2.9% higher than the same month a year ago, whereas condos/townhouses was $451,000, 3% lower. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! However, I advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.

> Distress Sales Watch -- Santa Clara County's real estate market has changed over the past year. Last year there were more bank-owned listings, this year more short sale listings. Both categories are what we call "lender-controlled". However, the surprising thing is that last year there were 56% of the closings were normal but this year normal has jumped to 69% of the total.

> Shorts are Long! -- Bank-owned transactions are similar to normal transactions as to length of escrows but short sales can try a buyer's patience. Matter of fact, they try all parties patience. Banks tell us they are working to reduce the process time for short sales but with a number of decision makers involved in a short sale, its anybody's guess. Here's some details as to why they take much longer AND there's no guarantee that they close! The ultimate decision rests with the Investor or owner of the loan. Most people think that if they get a loan through Wells Fargo or Bank of America, the bank owns the loan. Not true, as most of the loans have been sold to other investors (e.g., Fannie, Freddie, FHA, private investor groups, etc.). With this situation, the bank services the loan (collecting payments, producing statements, etc.) but does not own the loan, earning a fee for doing so. Each loan they sold, freed up funds to loan to someone else! Each Investor (and there could be more than one), tries to minimize their losses, each has their unique contractor guidelines (FHA requires TWO appraisals) and there are other interested parties (e.g., mortgage insurance company, Second lien mortgage holder. In fact, where there’s more than one loan, they could easily be held by different banks complicating the process even more. All the parties must be in alignment before a home can be sold. Banks or Investors who hold mortgages are sophisticated sellers.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

June Silicon Valley Real Estate Market Highlights

2010-06-17T13:54:00.000-07:00

Here are the highlights of May's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- It's been over a year since we called the bottom of the real estate market in Santa Clara County -- March-April 2009. Since then we've seen a steady improvement in market conditions and this remains more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County increased to 1,230 from 975 last month and was up 23.7% from the same month a year ago. San Mateo County also saw higher SFR closings at 418 from 344 last month and was up 28.6% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) is trending upwards in both counties these past few months which is usual. What is not usual is that while the inventory in Santa Clara County is 12.7% lower than the same month a year ago, the inventory in San Mateo is 10.1% higher.

* Headline you don't see in the San Jose Mercury News -- "HALF OF HOME SELLERS GET MORE THAN LIST PRICE FOR THEIR HOMES!" The sale price to list price ratio continues above 100% and stands at 100.9% in Santa Clara County and 100.0% for San Mateo County. Big news continues in the percent of closings where sale price exceeded list price -- Santa Clara County was 48.2% and San Mateo County increased to 40.9%. This indicates that the overall market remains stronger in Santa Clara County.

* Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A lower figure for DUI, then, means improvement. For May, Santa Clara County had a DUI of 61 for SFR, 73 for condos/townhouses and 167 for multi-unit properties. San Mateo County had a DUI reading of 89 for SFR's and 100 for condos/townhouses.

> HOT Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley, Santa Teresa, North Valley and Evergreen Valley areas of San Jose. For San Mateo County, the hottest markets are those bay-side cities of Belmont, San Carlos, Redwood City and San Mateo. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices and the potential of price appreciation.

> Cool Markets? -- We call them buyer's markets but everything is relative, right? For Santa Clara County, we see buyer's markets in Los Gatos, Saratoga and the Willow Glen portion of San Jose. Saratoga and Willow Glen with Los Gatos/Monte Sereno are my current "Best Buy" areas in the county. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities like Pacifica and Half Moon Bay. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices jump in Santa Clara County -- Santa Clara County median price for SFR's jumped to $630,000 versus $490,000 or 29% increase from May 2009. The median price for condos/townhouses was $383,500 or 24% higher than the same month a year ago. San Mateo County's median price for SFR's was $750,000, 2.9% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! However, I advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.

> Friday Before Memorial Day -- What's so significant about that date? Well, looking back over the last 15 years or so, Santa Clara County's real estate market usually peaks for the year in terms of activity levels and also generally in prices, as well. So far, we have a May peak this year as activity levels have eroded into June thus far so we'll see.

> What a change from a year ago in the market! -- Last year at this time saw 49% of the closings in Santa Clara County being distress sales (bank-owned and short sales or lender-controlled transactions). This year, just 28% are that type! Normal transactions accounted for 51% of the total last year and 72% this year.

> Why do newspapers always report lower prices for the area? They use DataQuick services which scans ALL transactions even though there's no money changing hands like in the case of family to family transfers, divorce settlements, etc. My calculations are based solely on arm's-length transactions through our Multiple Listing Service or MLS.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

May Silicon Valley Real Estate Market Highlights

2010-05-13T15:51:00.000-07:00

Here are the highlights of April's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- It's been over a year since we called the bottom of the real estate market in Santa Clara County -- March-April 2009. Since then we've seen pretty much a steady improvement in market conditions and this is more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County increased to 975 from 917 last month and was up 7% from the same month a year ago. San Mateo County also saw higher SFR closings at 344 compared to 294 in the same month a year ago. Higher activity levels and more buyers willing to make the decision to purchase is what we're finding. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) has trended upwards these past few months after more than a year of continual decline. This is taking place in both counties. However, the levels still remain substantially below the year ago levels. Santa Clara County inventory of available SFR's increased 7% from last month and San Mateo County's inventory increased 16%.

* Headline you don't see in the San Jose Mercury News -- "HALF OF HOME SELLERS GET MORE THAN LIST PRICE FOR THEIR HOMES!" The sale price to list price ratio continues above 100% and stands at 101.0% in Santa Clara County and 99.2% for San Mateo County. Big news continues in the percent of closings where sale price exceeded list price -- Santa Clara County was 48.6% and San Mateo County was 37.8%. This indicates the overall market is stronger in Santa Clara County.

* Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio, where a higher number means improvement. Whereas a lower figure for DUI means improvement. For April, Santa Clara County had a DUI of 43 for SFR, 48 for condos/townhouses and 72 for multi-unit properties. San Mateo County had a DUI reading of 44 for SFR's, 57 for condos/townhouses and 83 for multi-unit properties.

> HOT Markets? -- You bet and there are more of them, too! For Santa Clara County the hottest (seller) market areas are Santa Teresa, Cupertino, North Valley, East Valley, South San Jose, Santa Clara, Milpitas, and Sunnyvale. For San Mateo County, the hottest markets are those bay-side cities of Belmont, San Carlos, Redwood City and San Mateo. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher demand by buyers which translates into a higher probability of multiple offers, sale prices generally exceeding list prices and a tendency towards price appreciation.

> Cool Markets? -- Yes, but there are fewer of them. For Santa Clara County, we see buyer's markets in Los Gatos/Monte Sereno, Willow Glen, Saratoga. Los Gatos/Monte Sereno is my current "Best Buy" area in the county. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices jump in Santa Clara and San Mateo Counties -- Santa Clara County median price for SFR's jumped to $630,000 versus $470,000 or 34% increase from April 2009. The median price for condos/townhouses was $342,500 or 28% higher than the same month a year ago. San Mateo County's median price for SFR's was $754,000, 24% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! However, I advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.

> Crazy Silicon Valley! -- If you told someone in most areas of the country that one-half of all closings are sold above list price, AND that the average sold price to list price ratio is 101% AND that 50% of closings sold within 20 days, they'd think you were crazy!

> Two-thirds of closings are regular transactions -- last year the figure was just 45%. Those REO-only agents have seen an average overall drop of about 65% in their business activity in a year.

> Bottom-Line Santa Clara County Market Analysis -- When you have about 1,000 closings of SFR homes out of an available inventory of about 2,500 or 40%, that's a HOT market!

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to help you make a better, more-informed decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

April Silicon Valley Real Estate Market Highlights

2010-04-14T15:52:00.000-07:00

Here are the highlights of March's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- It's been a year since we saw the bottom of the real estate market in Santa Clara County. Since then we've seen pretty much a steady improvement in market conditions and this is more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County were 917 versus 633 last month and 721 in March 2009. San Mateo County also saw higher SFR closings at 322 compared to 250 in the same month a year ago. Higher activity levels and more buyers willing to make the decision to purchase is what we're finding. Buyers seeking low prices AND a chance to garner a tax credit or two are a little late to the scene. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. This is taking place in both counties. However, the levels are still substantially below the year ago levels. Santa Clara County inventory of available SFR's increased 8% from last month and San Mateo County's inventory increased 12%.

* Headline you don't see in the San Jose Mercury News -- "HALF OF HOME SELLERS GET MORE THAN LIST PRICE FOR THEIR HOMES!" The sale price to list price ratio continues above 100% and stands at 100.9% in Santa Clara County and increased a bit to 99.6% for San Mateo County. Big news continues in the percent of closings where sale price exceeded list price -- Santa Clara County was 49.7% and San Mateo County was 39.9%. This indicates the overall market is stronger in Santa Clara County.

* The Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio, where a higher number means improvement. A lower figure for DUI means improvement. For March, Santa Clara County had a DUI of 44 for SFR, 41 for condos/townhouses and 68 for multi-unit properties. San Mateo County had a DUI reading of 45 for SFR's, 45 for condos/townhouses and 105 for multi-unit properties.

> HOT Markets? -- You bet and there are more of them, too! For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley, Evergreen, North Valley, and Milpitas with Cupertino not far behind. For San Mateo County, the hottest markets are those bay-side cities of Belmont, San Carlos, Redwood City and San Mateo, followed by more expensive areas of Menlo Park, Woodside, and Portola Valley. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher demand by buyers which translates into a higher probability of multiple offers, sale prices generally exceeding list prices and a tendency towards price appreciation.

> Cool Markets? -- Yes, but there is fewer of them. For Santa Clara County, we see buyer's markets in Los Gatos Mountains and Los Gatos/Monte Sereno. Los Gatos is my current "Best Buy" area in the county. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). Additionally, this is not based on price levels or my opinion but a supply-demand relationship.

> Median prices jump in Santa Clara and San Mateo Counties -- Santa Clara County median price for SFR's jumped to $600,000 versus $450,000 or 33% increase from March 2009. The median price for condos/townhouses was $375,000 or 57% higher than the same month a year ago. San Mateo County's median price for SFR's reached $800,000, 38% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! I advice my clients NOT to use an entire county's median price level to decide whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.

Need help with understanding the market in your area? Contact me at Tom.McEvoy@remax.net for a no-obligation consultation and research to help you make a better decision.

Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

March Silicon Valley Real Estate Market Highlights

2010-03-11T13:45:00.000-08:00

Here are the highlights of February's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market Overview -- March 2009 saw the trend change to improve in Santa Clara County. It's been almost a year of improved market conditions and is more apparent in Santa Clara County than San Mateo County. Closings in Santa Clara County were 633 versus 593 in January and above February 2009 figure of 579. San Mateo County also saw higher closings. Higher figures are expected as the seasonal aspects point to higher levels of activity in the late winter/early spring. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. This is taking place in both counties. Part of this is seasonal as sellers are rushing to get their home listed in the early part of the year after trying to sell unsuccessfully last year (did someone say "overpriced"?). Santa Clara County inventory of available single family residences increased 16% from last month and San Mateo County's inventory increased 20%.

* The sale price to list price ratio continues above 100% and remains at 101.3% in Santa Clara County and increased a bit to 99.5% for San Mateo County. Big news is the percent of closings where sale price exceeds list price -- Santa Clara County was 49.8% and San Mateo County was 36.6%. This indicates the overall market is stronger in Santa Clara County.

* The Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. For February, Santa Clara County had a DUI of 39 for single family homes, 37 for condos/townhouses and 80 for multi-unit properties. San Mateo County had a DUI reading of 42 for single family homes, 45 for condos/townhouses and 121 for multi-unit properties.

> Super-heated Seller's Markets? -- We will always have some market areas performing better than others. For Santa Clara County the hottest (seller) market areas are South San Jose, Blossom Valley, North Valley, East Valley, Evergreen (lower priced homes only!) and Cambrian. For San Mateo County, Foster City remains the hottest market followed by the Bay-side communities of Belmont, San Carlos, Redwood City and San Mateo, followed by the expensive areas of Woodside, Portola Valley, Hillsborough and Atherton. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- Yes, there's a couple of them, too. For Santa Clara County, we see buyer's markets in Los Gatos Mountains, Saratoga, Los Gatos/Monte Sereno and Almaden Valley. Saratoga exhibits the highest Days of Unsold Inventory in the county at 144 due mostly to low demand and is my current "Best Buy" area in the county, followed by Los Gatos/Monte Sereno. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers and a tendency for price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). Additionally, this is not based on price levels or my opinion but a supply-demand relationship.

> Median prices -- Santa Clara County median price for single family homes now stands at $550,000 versus $450,000 or 22.2% increase from February 2009. The median price for condos/townhouses was $352,000 or 10.0% higher than the same month a year ago. San Mateo County's median reached $600,000, 4.4% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks! I advice my clients to NOT use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients to use an appropriate strategy to maximize their dollars if they are selling and maximize their house if they are buying.

Need help with understanding the market in your area? Contact me at Tom.McEvoy@remax.net for a no-obligation consultation and research to help you.

Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

February Silicon Valley Real Estate Market Highlights

2010-02-11T15:18:00.000-08:00

Here are the highlights of January's transactions and market actions for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market steady improvement with seasonal swings -- March 2009 saw the trend change in Santa Clara County -- a trend that continues to date, interrupted only by the seasonal aspects of the holiday season from Mid-November through early January. Closings in Santa Clara County were 593 versus 938 in December 2009, but an increase over 568 in January 2009. Even though median prices continued to decrease from December, seasonal factors outweigh the direction as smaller homes sell this time of year -- fully 7% smaller since last month and 8% smaller in San Mateo County. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. Part of this is seasonal as sellers are rushing to get their home listed in the early part of the year. Santa Clara County inventory of available single family residences increased 19% from last month and San Mateo County's inventory has increased 12%.

* The sale price to list price ratio continues above 100% and stands at 101.3% in Santa Clara County and stands at 99.3% for San Mateo County.

* The Days of Unsold Inventory (DUI) continues to show improvement with minor fluctuations. Current levels show a vast improvement from year ago levels -- as readers will remember that a lowering of this amount translates into a faster market. For January, Santa Clara County had a DUI of 58 for single family homes, 44 for condos/townhouses and 100 for multi-unit properties. San Mateo County had a DUI reading of 72 for single family homes, 67 for condos/townhouses and 107 for multi-unit properties.

> Super-heated Seller's Markets? -- Still! For Santa Clara County the hottest market areas are East Valley, South San Jose, Milpitas, North Valley, Evergreen (lower priced homes only!) and Cupertino. For San Mateo County, Foster City remains the hottest market followed by the Bay-side communities of Belmont, San Carlos, Redwood City and San Mateo. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- Yes, there's a couple of them, too. For Santa Clara County, we see buyer's markets in Los Gatos/Monte Sereno and Saratoga, with them both improving. Los Gatos/Monte Sereno exhibits the highest Days of Unsold Inventory in the county at 149 due mostly to low demand and is my current "Best Buy" area in the county, followed by Saratoga and the very high priced areas of Palo Alto and Los Altos Hills. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). Additionally, this is not based on price levels but a supply-demand relationship. Generally, we see that the hottest markets are currently those in the more affordable price areas but Cupertino and the Cupertino Schools area of Sunnyvale which have much higher prices are extremely hot.

> Median prices -- Santa Clara County median price for single family homes now stands at $531,650 versus $450,000 or 18.1% increase from December 2009. The median price for condos/townhouses was $321,000 or 16.7% higher than December 2009. San Mateo County's median reached $640,000, 15.3% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! I advice my clients to NOT use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration.

> Sellers Be Sooner Still -- I continue to maintain my recommendation for sellers of higher-priced homes, especially those above $1 million that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we get into the winter season. Sellers need to be positioned properly otherwise they risk languishing on the market.

For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, an opportune time for negotiating is upon us! Some motivated sellers are reducing their list prices but as you may know, not all sellers have to sell. Some sellers have "sticky" prices and some sellers have to sell and are highly motivated, thus reducing their list prices more aggressively. Some sellers can't believe their home has fallen in value from what they thought it was worth. As many of my consistent readers and subscribers know, markets are not made between agents.

Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

World Class Chocolates in the Valley of Hearts Delight

2010-02-10T17:47:00.000-08:00

You've made dinner reservations at a romantic restaurant (I did at Birk's Restaurant in Santa Clara, CA) and you might have picked up a little something for her at her favorite store, perhaps even some nice long-stems. Of course, there's always sweets for your sweets for Valentine's Day.

Here are some world class chocolatiers from Silicon Valley to Santa Cruz:

Chocolate Dream Box

* 710 Blossom Hill Road, Los Gatos. 408-356-2626

Pictured are hand-crafted chocolates in beautiful boxes by Chocolate Dream Box

Fleur e Cocoa Patisserie Chocolaterie

39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574

Pictured are selected handmade chocolates from Fleur de Cocoa

Richard Donnelly Chocolates

* 1509 Mission Street, Santa Cruz. 888-685-1871

Saratoga Chocolates

* 14572-B Big Basin Way, Saratoga. 408-872-1431

Chocolatier Desiree

* 165 South Murphy Avenue, #C, Sunnyvale, CA 94086 408-289-1562

Shokolaat

* 516 University Avenue, Palo Alto. 650-289-0719

Sugar Butter Flour

* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597

Pictured is Dark Chocolate Ganache Truffle from Sugar Butter Flour

How About Wine with Chocolate?

Testarossa Vineyards

Testarossa Vineyards (formerly Novitiate Winery) is hosting a wine and chocolate pairing event on Saturday, February 13th and February 14th from 12:00am to 4:00pm. Check their details on their website. Cost is $10.00 per person.

J. Lohr Winery

Saturday, February 13th at 7:30pm

Explore different tastes, textures and aromas of Snake & Butterfly homemade, organic chocolate paired with six different J. Lohr wines. Tickets must be paid for in advance, check details on their website. Cost is $10.00 per person.

Happy Valentine's Day!

Lunar New Year Events - 2010

2010-02-09T10:17:00.000-08:00

Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2600 B.C., this year marks the lunar year 4708 -- Year of the Tiger. The first day of the lunar year is February 14, 2010. Wow, same day this year as Valentine's Day.

Famous people born in the Year of the Tiger include: Agatha Christie, Alanis Morissette, Beatrix Potter, Bill Murray, Buddy Holly, Chuck Berry, Dwight D. Eisenhower, Enya, H.G. Wells, Hugh Hefner, Jay Leno, Jodie Foster, John Bon Jovi, Kenny Rogers, Leonardo DiCaprio, Lionel Richie, Ludvig Van Beethoven, Marco Polo, Marilyn Monroe, Paula Abdul, Penelope Cruz, Phil Collins, Sheryl Crow, Stevie Wonder, Tom Cruise, Tony Bennett, Wesley Snipes. Guess what? I also was born in the Year of the Tiger!

Here are selected local events celebrating the Lunar New Year in Santa Clara, San Mateo and San Francisco counties.

Silicon Valley/Santa Clara County:

* Spring Festival Silicon Valley 2010 - Chinese New Year Gala. Featuring San Jose Taiko, Ballet San Jose, Ustad Farida Mahwash. Saturday, February 20th at 7:30pm. San Jose Center for the Performing Arts, San Jose

*Lion Dancing. Enjoy traditional dim sum or dinner at a Year of the Tiger celebration featuring The Young Lion Dancers. 12:30pm, February 21st, Ming's Chinese Cuisine & Bar, 1700 Embarcadero Road, Palo Alto.

San Mateo/San Mateo County:

* Chinese New Year Celebration. Features several performances on the Amphitheater Stage and Chinese food. Thursday, February 11th from 12:30pm to 2:00pm, Free. Cañada Community College, Redwood City

San Francisco:

San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the remaining night illuminated parades left in the country. Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.

* 2010 Chinese New Year Festival and Parade, Saturday, February 27th. 5:15-8:00 pm, Market and Second Streets to Kearney and Jackson. Check out "Gum Lung", the 201-foot-long Golden Dragon!

• YMCA Chinese New Year Run. This event raises funds for the YMCA's youth and teen programs. This year's proceeds will benefit PEP, the Physical Education Program serving more than 1,100 youth in Chinatown with weekly physical fitness programs. Sunday, February 21st, 7:00am starts at Grant and Clay, San Francisco

A Hundred Years of the Chinese Calendar (1924 to 2024) --

The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.

Rat: 1924 1936 1948 1960 1972 1984 1996 2008 2020

Ox: 1925 1937 1949 1961 1973 1985 1997 2009 2021

Tiger: 1926 1938 1950 1962 1974 1986 1998 2010 2022

Rabbit: 1927 1939 1951 1963 1975 1987 1999 2011 2023

Dragon: 1928 1940 1952 1964 1976 1988 2000 2012 2024

Snake: 1929 1941 1953 1965 1977 1989 2001 2013

Horse: 1930 1942 1954 1966 1978 1990 2002 2014

Ram: 1931 1943 1955 1967 1979 1991 2003 2015

Monkey: 1932 1944 1956 1968 1980 1992 2004 2016

Rooster: 1933 1945 1957 1969 1981 1993 2005 2017

Dog: 1934 1946 1958 1970 1982 1994 2006 2018

Boar: 1935 1947 1959 1971 1983 1995 2007 2019

Gung Hey Fat Choy! Happy Year of the Tiger!

Chúc Mừng Năm Mới! Happy Year of the Tiger!

Client Appreciation Dinner Party - 2010

2010-01-31T13:05:00.000-08:00

This past week, I held my annual, private Client Appreciation Dinner Party. To be invited to the party, invitees must have either referred me to a prospective client (closed transaction or not) or have been a recent client that I represented on a purchase or sale that closed escrow. So, you too, can be invited by referring someone you care about for expert advice on the purchase or sale of residential or commercial real estate.

As in the past, we had a dinner party at Midori Japanese Restaurant in Sunnyvale. The manager of the restaurant, Jeff, made sure we wouldn't go about disturbing other patrons by reserving their tatami room for us. Food was excellent and included a selection of tasty sushi and sashimi appetizers, soup, salad with miso dressing, a wide variety of entree combinations, dessert and beverages (including adult beverages).

Each invitee was allowed to bring an adult guest and those that attended received a gift bag with a wonderful bottle of Steven Bannus Russian River Sauvignon Blanc wine, bag of chocolate truffles from Harry and David's and a gift card to use on their next visit to Elephant Bar Restaurant. Each attendee was eligible for drawings of wonderful gifts from Crate & Barrel that were specially chosen and wrapped by my lovely wife, Carol.

A second special gold gift bag was presented to those that had referred someone to me and those clients had closed on a transaction. The gold bag included a bottle of superb Beaulieu Vineyard's BV Rutherford Napa Valley Cabernet Sauvignon and their very own Passport Unlimited unrestricted gold membership card to save them money when dining at a great selection of fine restaurants!

Some of the invitees were attending their second or even third Client Appreciation Party!

The variety of invitees ran the gamut from first time home buyers to those referring prospective clients and came from as far away as San Francisco and included such occupations as a financial planning firm officer, architectural photographer, registered nurse, attorney, software engineer, residential mortgage and commercial loan professionals, insurance sales representative, stay-at-home mom, comedy club owner/operator along with my sons, David and Kevin, and wife, Carol. Just so you know -- she's my COO - Chief Organizing Officer! There were multiple, interesting conversations going on up and down the table on a variety of topics.

Everybody had FUN and didn't go away hungry! I know this because absolutely nobody complained!

I can't wait to have another Client Appreciation Party because I get to thank some of those that are the heart of my business. And, getting close to Valentine's Day, it makes perfect sense!

Thanks for reading my blog!

Cost vs. Value Report -- 2009-2010

2010-01-18T15:52:00.000-08:00

Remodeling Magazine, published by Hanley-Wood, LLC, Washington, D.C., has been publishing the "Cost vs. Value Report" annually for more than twenty years. The 2009-2010 version compiles information for 80 markets, (up from 79 in the last report) on 33 home improvement projects included in the analysis by HomeTech Information Systems (www.hometechonline.com), which publishes estimating software for professional remodelers. This information is collected and compiled from their national network of remodeling contractors and suppliers. Adjustment factors are employed to account for regional pricing differences.

What do the latest numbers have to say? Being pragmatic seems to rule the day as lowered home values have moved remodelers to those projects which don't require, in most instances, large outlays of capital. Six of the top ten projects involve home maintenance that costs less than $14,000. A couple of more pricey projects made the list involving the expansion of livable space within and around the home.

The least expensive of the 33 projects, a mid-range entry door replacement, actually had the highest return on investment nationally at 128.9% and 128.0% in the Pacific region. Mid-range projects had the best returns overall so the if the objective is to have the possibility of a good return on money invested, the best approach is foregoing the expensive and going with the mid-range. Owners stand a better chance with mid-range projects to reap incremental value.

Higher cost estimates for projects coupled with lower resale prices have tipped the percentages to below 100% with one exception -- the previously mentioned the mid-range entry door replacement. The report's findings underscored the fact that the percentage of cost recouped on upscale additions and remodels were lower than mid-range additions and remodels. As you might suspect, many upscale projects are not undertaken using an investment return mentality.

If interested, check out the full national Cost vs. Value Report. A map on the site shows cost comparisons by region. You may click on the region to make the information more relevant to your needs. For instance, click for the Pacific region report.

Here are selected 2009-2010 mid-range projects for the Pacific region along with its average percentage of cost recouped (last report values in parentheses):

* Bathroom addition - 68% (76%)
* Deck addition (wood) - 91% (97%)
* Family room addition - 73% (75%)
* Master Suite addition - 72% (74%)
* Bathroom remodel - 77% (76%)
* Home office remodel - 56% (65%)
* Major kitchen remodel - 84% (87%)
* Minor kitchen remodel - 94% (96%)(project I have advised my clients to consider)
* Roof replacement - 68% (79%)
* Siding replacement (fiber cement) - 92% (84%)
* Windows replacement (vinyl) - 88% (94%) (project I have advised my clients to consider)

Hope this information is of help to you as you decide on remodeling projects to either enhance the value of your home for immediate reselling or to enjoy the lifestyle benefits of the improvements and have no plans to sell. Please remember that not all remodeling projects will result in higher resale values. Many folks think that someone will want to pay $100,000 more for their remodeled home that costs them $50,000 to complete. Perhaps, but it depends upon on the project, the neighborhood, the likely market conditions upon completion, and other factors. If you are considering remodeling for a sale or just want to see what projects may cost and understand the process, I recommend reading the book "Remodel or Move?" by Dan Fritschen. His website at www.remodelormove.com has a remodel or move calculator to help you with your decision.

For more information and to view the entire Cost vs. Value Report online, please visit www.realtor.org/realtormag. Of particular note, this article includes a section devoted to the 10 Big-Impact, Low-Cost Remodeling Projects that I highly recommend you check out.

If you want a professional opinion of how the market will react to your proposed project and as a way to save time, money and hassle, please contact me. I would provide you a market assessment of your contemplated remodeling project and if you want, a referral to a licensed trades-person who can provide free estimates or just to talk it over with as you firm up your plans, please let me know. I would do this whether or not you would be doing the project for resale as I work exclusively by referral so regularly provide referrals to my clients to help them maintain or improve their homes. By the way, the only thing I get for a referral of this type is the satisfaction that you will be well-cared for by a licensed professional.

Thanks for reading Tom McEvoy's blog! Post your comment here or send me an email to Tom.McEvoy@remax.net.

Silicon Valley Martin Luther King Day Events & Holidays Closings Information

2010-01-16T10:07:00.000-08:00

This is a partial list of area events celebrating Dr. Martin Luther King Jr. Day on Monday, January, 18st.

* Annual Dr. Martin Luther King Jr. Luncheon. Keynote speaker will be Bryan Monroe, CEO of Monroe Media Group and former editorial director of Ebony magazines, speaks. 11:00am to 2:00pm, Monday, January 18st, Parkside Hall, 180 Park Avenue, San Jose. $55. 408-292-3157. www.mlksantaclaravalley.com

* MLK Freedom Train. Join King devotees aboard the San Francisco-bound Freedom Train on Monday for a trip to the Bill Graham Civic Auditorium. Leaves Diridon Station at 9:30am and makes stops in Sunnyvale, Palo Alto and San Mateo. Tickets, $10, must be purchased in advance. 408-861-5352. www.brownpapertickets.com/event/86924

* Freedom March. Public participation encouraged in a re-enactment of a civil rights march supporting King's ideals. Noon-2:00pm, February 6th, Dr. Martin King Library, 150 E. San Fernando St., San Jose. 408-808-2183. www.sjlibrary.org.

* Treading the Dream. Live music, art and fashion shows celebrating the dream of Dr. Martin Luther King Jr. Includes wine tasting and appetizers. 6:00pm-9:00pm, Sunday, January 17th. X Studio, 2147 S. 10th St., San Jose. $10-15. 408-826-2498.

* Birthday celebration. Storyteller Diane Ferlatte leads a program of stories and songs about King. 12:30, 2:00 and 3:30pm, Monday. Children's Discovery Museum, 180 Woz Way, San Jose. 408-298-5437. www.cdm.org.

* Community cleanup. Join others removing graffiti and litter from neighborhoods, parks and along Coyote Creek, 8:30am - 12:30pm, Monday. Meet at Happy Hollow Park & Zoo, 1300 Senter Road, San Jose. Must be age 12 and older. Ages 12-18 must be accompanied by an adult chaperone. 408-794-6400.

Holiday Closings: Federal, State offices will be closed. County offices in Santa Clara, San Mateo, Alameda, Santa Cruz, Monterey, San Benito all will be closed. City offices in the above counties will be closed. No mail delivery. Libraries will be closed. Schools in the above counties will be closed. Banks, title & escrow firms will be closed.

Thanks for reading!

January Silicon Valley Real Estate Market Highlights

2010-01-13T19:31:00.000-08:00

Here are the highlights of December's transactions and market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market continues to show improvement -- March 2009 saw the trend change in Santa Clara County -- a trend that continues to date. Closings in Santa Clara County were 938 versus an anemic 676 in December 2008, an increase of 38.8%. Even though median prices decreased from November, seasonal factors outweigh the direction as smaller homes sell this time of year -- fully 5% smaller since last month! My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) continues to trend lower in each of the four counties without exception. This trend has been virtually uninterrupted since February 2009 and it is still more pronounced in Santa Clara and Monterey counties. Santa Clara County available homes inventory has fallen 59.7% from December 2008.

* The sale price to list price ratio continues above 100% in Santa Clara County and stands at 101.0%, continuing an upward trend; whereas, San Mateo County stands at 99.1%.

* The Days of Unsold Inventory (DUI) continues to improve generally in each county for single family residences and condos/townhouses, respectively. For December, however, we saw an uptick as the rate of sales decreased faster than the decrease in inventory. This is a normal seasonal factor that should reverse in the near future.

> Super-heated Seller's Markets? -- You bet! South San Jose, North Valley, Milpitas, Santa Teresa, East Valley, Evergreen (lower priced homes only!) are all hot markets. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Saratoga, Los Gatos and Los Gatos Mountains. Saratoga exhibits the highest Days of Unsold Inventory in the county at 238 due mostly to low demand and is my current "Best Buy" area in the county. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). Additionally, this is not based on price levels but a supply-demand relationship. Generally, we see that the hottest markets are those in the more affordable price areas.

> Median prices -- Santa Clara County median price for single family homes now stands at $564,000 versus $512,450 or 10.0% increase from December 2008. The median price for condos/townhouses was $357,000 or 14.2% higher than December 2008. San Mateo County's median reached $682,500, 13.1% higher than the same month a year ago. I coach my clients to not use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration.

> Sellers Be Sooner Still -- I continue to maintain my recommendation for sellers of higher-priced homes, especially those above $1 million that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go move into the winter/holiday season. Sellers need to be positioned properly otherwise they risk languishing on the market.

For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, an opportune time for negotiating is upon us! Some motivated sellers are reducing their list prices but as you may know, not all sellers have to sell. Some of the prices we term "sticky" on the way down as some sellers can't believe their home has fallen in value from what they thought it was worth. As many of my consistent readers and subscribers know, markets are not made between agents.

Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

Haiti -- From A Personal View

2010-01-13T15:42:00.000-08:00

A couple of years ago I wrote a post that mainly involved itself with a movie review. That movie, La Bamba, was interesting because they used antique cars owned by a special friend of mine. Click here if you want to take another look at it. The movie review, in my humble opinion, was good and viewing the movie brought back memories of my childhood, growing up in Los Altos.

However, later in the review, I mentioned the name of the owner of the antique cars, Donald Skow. Don, part of a delightful family, is Pastor of the Hollister Christian Fellowship Church in Hollister, California.

One of Don's passions, has been and continues to be, the care he provides to the people of Haiti. He regularly travels from California to Haiti to help those in abject poverty improve their lives and get a leg up, so to speak.

If there were ever a time to help those in Haiti, it is now.

Sketchy news accounts of the devastation from yesterday's 7.0 magnitude earthquake which rocked this impoverished country, especially around the populous capital city of Port-Au-Prince, seem almost unbelievable and certainly terrifying. Just today, it was reported that early estimates of death rates were going to be above 100,000!

Don's work -- his passion really -- is helping those people who live in an area not too far away from the Haitian capital, yet close to the epicenter of yesterday's quake. He is constantly on a quest for donations of either financial aid or basic supplies and tools. Things like school supplies, basic items for families to enable them to better their living conditions are key. Don, as well as his son, often goes there to keep the program focused and to reach more people. If you can be of help, contact Don so he can let you know what is most needed and coordinate the efficient transfer of help to those in Haiti. He has told me before that for those in Haiti, "giving a little will help a lot". Especially true now.

He said about ten days ago that his church had seen its membership grow, something difficult to do during the economic mess we're in. When he told me this, I knew the reason for his ever-increasing congregation -- his steadfast resolve in caring for those in need. He also is a personally-engaging and kind individual.

Again, please help with what you can for the sake of those in Haiti, and contact Don. He'd love to bring additional help to the Haitian people, especially now.

Donald Skow, Pastor
Hollister Christian Fellowship Church
2350-A Technology Parkway
Hollister, CA 95023
831-637-1056
dpskow@gmail.com
www.hcfonline.com (Click on "Haiti Project" for more information)

Thanks for reading this important post. I'll update you as things progress.

December Silicon Valley Real Estate Market Highlights

2009-12-11T10:48:00.000-08:00

Here are the highlights of November's transactions and market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.

> Market continues to show improvement -- March 2009 saw the trend change in Santa Clara County. Market activity has continued to display improvement for seven months and saw closings in Santa Clara County reach 899 versus an anemic 613 in November 2008 or 46% more. For some perspective, this November 2009 level of closings represents just slightly under the ten year average. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory) continues to trend lower in each of the four counties without exception. This trend has been virtually uninterrupted since February 2009 and it is still more pronounced in Santa Clara and Monterey counties. Santa Clara County available homes inventory has fallen 58% from November 2008.

* The sale price to list price ratio continues above 100% in Santa Clara County and stands at 100.7%, continuing an upward trend; San Mateo stands at 99.5%.

* The Days of Unsold Inventory (DUI) continues to improve generally in each county for single family residences and condos/townhouses, respectively.

> Super-heated Seller's Markets? -- You bet! Blossom Valley, South San Jose, Evergreen, Santa Teresa, East Valley, Santa Clara, North Valley, Milpitas. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Los Gatos Mountains, Los Gatos and Saratoga. Saratoga exhibits the highest Days of Unsold Inventory in the county at 265 and is currently the "Best Buy" area in the county. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). Additionally, this is not based on price levels but a supply-demand relationship. For instance, the higher-priced area of Palo Alto/Mountain View/Los Altos exhibits a DUI of only 64 which translates into a balanced market.

> Median prices -- Santa Clara County median prices took another jump upwards last month and now stands at $605,000 versus $593,250 or 2.0% higher from October and $515,000 or 17.5% higher over November 2008. San Mateo County's median reached $725,000 and now stands 8.9% higher than November 2008. I coach my clients to not use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood, in most cases.

> Tale of Two Markets -- Sales of affordable homes in Santa Clara County less than $450,000 level have gotten even hotter than the past few months. There are just 24 days of unsold inventory for single family residences below $450,000 and 40 for homes with prices from $450,000 to $600,000. As the price ranges increase, the DUI increases in what we call a normal pattern. For Santa Clara County, high-priced homes in the $2,500,000 to $5,000,000 range showed a DUI of 206 or about seven months of supply whereas in San Mateo County showed a similar result of 150 or about five months of supply.

> Polarized Market -- Sales of higher-priced homes (above $1,000,000) are sluggish at best, depending upon area. Last month, there were just one sale of a $5+ million home in Santa Clara County (equivalent to about 3.5 years of unsold inventory!) and none in San Mateo County. With slow movements in higher-priced homes and a white-hot situation in lower-priced homes, I call this a polarized market.

> Phoenix Rising/Bay Area Falling -- Not necessarily a good thing is that the amount of homes listed for sale climbed in Phoenix and Tucson, AZ, Las Vegas, NV, Los Angeles and Orlando, FL. This according to the ZipRealty latest monthly survey.

The San Francisco Bay Area saw this number drop about 9%, exceeding all other metro areas in the country. Now, inventory usually drops every year at this time of year but the rate of decline has been greater than the average seasonal tendency.

> Sellers Be Sooner Still -- I continue to maintain my recommendation for sellers of higher-priced homes, especially those above $1 million that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go move into the winter/holiday season. Sellers need to be positioned properly otherwise they risk languishing on the market.

For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, an opportune time for negotiating is upon us! Some motivated sellers are reducing their list prices but as you may know, not all sellers have to sell.

> Investor's Corner -- Activity continues to trend upwards as more and more investors reenter the market, many of them are completing all cash purchases, especially in the more affordable price ranges. For Santa Clara County, there were 63 sales during the month with 41 of them in the less than $600,000 price range as that price range had a DUI of just 47 whereas the DUI for residential investment properties above $600,000 jumps to nearly a year. For investors who have the ability to purchase higher-priced properties (above $1,000,000), currently there is about 1.4 years of unsold inventory. This represents a BUYER'S market as I'm sure there are at least some motivated sellers in that range!

Thanks for reading my blog. I'm Tom McEvoy -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

November Silicon Valley Real Estate Market Highlights

2009-11-20T12:36:00.000-08:00

Here are my observations of October's transactions and market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood or area.

> Market continues showing strength and improvement -- Market activity has continued to display improvement for six months! For instance, in Santa Clara County, October saw an 18% increase in closings over the same month last year. My analysis of the transactional information reveals:

* Buyers continue to trip over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties. Many offers submitted are for all cash or have substantial down payments. There are still only 22 days of unsold inventory on single family residences in Santa Clara County with a price of under $450,000! For those in the range of $450,000 to $600,000, there is only 33 days of unsold inventory. It is similar in San Mateo County.
* The supply of homes available for sale (inventory) continues to trend lower in each of the four counties without exception. This trend has been virtually uninterrupted since February 2009 and it is still more pronounced in Santa Clara and Monterey counties.
* The sale price to list price ratio continues above 100% in Santa Clara County and stands at 100.8%, continuing an upward trend; San Mateo stands at 99.3%.
* The Days of Unsold Inventory (DUI) continues to improve generally in each county for single family residences and condos/townhouses, respectively. Santa Clara's DUI stands at 47 and 44, San Mateo's DUI is 69 and 77, Santa Cruz's DUI is 108 and 105 and Monterey's DUI is 70 and 83.

> Super-heated Seller's Markets? -- You bet! East Valley, South San Jose, Blossom Valley, Evergreen, Santa Teresa, Santa Clara, North Valley, Milpitas. To refresh you, characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Saratoga, Los Gatos, and Los Gatos Mountains. Los Gatos exhibits the highest Days of Unsold Inventory in the county at 141. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). Additionally, this is not based on price levels but a supply-demand relationship. For instance, the higher-priced area of Palo Alto/Mountain View/Los Altos exhibits a DUI of only 56 which translates into a balanced market.

> Median prices -- Took another jump upwards last month median price now stands at $593,250 for Santa Clara County and $702,000 for San Mateo County. These are UP about 8% from the same month a year ago in Santa Clara County and down 1% in San Mateo Ccounty. I coach my clients to no use an entire county's median price level to decide on whether to buy or sell. To formulate an effective strategy, I use analysis of the supply-demand characteristics on a much smaller area down to the neighborhood in most cases.

> Tale of Two Markets -- Sales of affordable homes in Santa Clara County less than $450,000 level have gotten even hotter than the past few months. There are just 21 days of unsold inventory for single family residences below $450,000 and 41 for homes with prices from $450,000 to $600,000. As the price ranges increase, the DUI increases in what we call a normal pattern. For Santa Clara County, high-priced homes in the $2,500,000 to $5,000,000 range showed a DUI of 242 or about eight months of supply whereas in San Mateo County showed a similar result of 192.

> Polarized Market -- Sales of higher-priced homes (above $1,000,000) are sluggish at best, depending upon area. Last month, there were no sales of $5+ million homes in Santa Clara County and just one in San Mateo County (4.2 years of unsold inventory). With slow movements in higher-priced homes and a white-hot situation in lower-priced homes, I call this a polarized market.

> Forbes Says We're Safe -- According to an article in the Silicon Valley Business Journal, Forbes Magazine reported that San Jose-Sunnyvale-Santa Clara was the 7th safest area in the country. Factors included were: violent crime, workplace fatality rates, traffic death rates and natural disaster risk. Silicon Valley was the second safest area behind the Twin Cities of Minneapolis-St. Paul.

> Sellers Be Sooner -- I continue to maintain my recommendation for sellers of higher-priced homes, especially those above $1 million that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go move into the holiday season. In any case, check with a Realtor knowledgeable about the technical aspects of the market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market.

For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, your time is getting closer! Be ready but I think we'll see list prices reduced and sale prices dropping as we get into the holiday season this year. Most years we experience more activity in the early spring and spring so the best time for a purchase is coming up soon!

> Investor's Corner -- Activity continues to trend upwards as more and more investors reenter the market, many of them are completing all cash purchases, especially in the more affordable price ranges. For Santa Clara County, there were 88 sales during the month with 47 of them in the less than $600,000 price range as that price range had a DUI of just 37 whereas the DUI for residential investment properties above $600,000 jumps to nearly a year. For investors who have the ability to purchase higher-priced properties (above $1,000,000), there is about one year of unsold inventory at current sales demand and represents a BUYER'S market as I'm sure there are at least some motivated sellers in that range.

Thanks for reading my blog. I'm Tom McEvoy -- Let me know your comments, questions, observations you may have.

Tastefully Updated Birdland Sunnyvale Home with Cupertino Schools

2009-11-13T19:36:00.000-08:00

Open House available this Saturday and Sunday, November 14 & 15
from 1:30pm to 4:30pm, sharp.

~ Established Birdland, Sunnyvale Neighborhood Home with Cupertino Schools ~

Beautiful hardwood floors highlight this tastefully-updated Lindsey home with expanded master suite, kitchen and bathrooms. Kitchen was extensively remodeled and offers expansive, Corian counter tops, upgraded cabinetry and top built-in appliances. Living room can be used as dining room. Step-down family room with gas fireplace and wet bar opens to patio with wood deck and spa — great for family gatherings. Recent upgrades include 40-year roof, gutters/downspouts, and fresh exterior paint. Stocklmeir Elementary, Cupertino Middle, Fremont High School.

Take a Virtual Tour and see more Slides

If you have any questions or comments, please contact me, Tom McEvoy, Realtor at 408-830-0092 or by leaving your comment here.

October Silicon Valley Real Estate Market Highlights

2009-10-15T10:49:00.000-07:00

Here are my observations of September's transactions and market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood or area.

> Market continues showing strength and improvment -- Market activity has continued to display improvement for five months. For instance, in Santa Clara County, September saw an 18% increase in closings over the same month last year. My analysis of the transactional information reveals:

Buyers continue to trip over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties. Many offers submitted are for all cash or have substantial down payments. There are still only 22 days of unsold inventory on single family residences in Santa Clara County with a price of under $450,000! For those in the range of $450,000 to $600,000, there is only 33 days of unsold inventory. It is similar in San Mateo County.
The supply of homes available for sale (inventory) continues to trend lower in each of the four counties without exception. The lower trend is still more pronounced in Santa Clara and Monterey counties.
The sale price to list price ratio is above 100% in Santa Clara County and stands at 101.2%, continuing an upward trend; San Mateo stands at 99.8%.
The Days of Unsold Inventory (DUI) continues to improve generally in each county for single family residences and condos/townhouses, respectively. Santa Clara's DUI stands at 49 and 42, San Mateo's DUI is 71 and 73, Santa Cruz's DUI is 107 and 154 and Monterey's DUI is 66 and 91.

> Super-heated Seller's Markets? -- White-hot markets are located in Santa Teresa, Blossom Valley, South San Jose, North Valley, East Valley, Evergreen, Milpitas. To refresh you, characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Los Gatos, Los Gatos Mountains with Saratoga the market that exhibits the highest Days of Unsold Inventory at 155. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI). This is not a price thing but a supply-demand thing. For instance, higher-priced area of Palo Alto/Mountain View/Los Altos exhibits a DUI of only 64 which translates into a balanced market.

> Median prices. Up sharply since March but declined from $590,000 last month, it stands at $565,000 for Santa Clara County, $699,250 for San Mateo County. These are down about 6% from the same month a year ago in Santa Clara County and down 7% in San Mateo Ccounty. An entire county's median price level should not be used to decide on whether to buy or sell. I recommend you work with a real estate advisor who can complete an analysis on a much smaller area (as small as a neighborhood!) to form the basis of a strategy.

> Tale of Two Markets -- Sales of affordable homes in Santa Clara County less than $450,000 level have gotten even hotter than the past few months. There are just 22 days of unsold inventory for single family residences below $450,000 and 33 for homes with prices from $450,000 to $600,000. As the price ranges increase, the DUI increases. For Santa Clara County, high-priced homes in the $2,500,000 to $5,000,000 range showed a DUI of 341 or almost one year of inventory whereas in San Mateo County showed a similar result of 331!

> Polarized Market -- Sales of higher-priced homes (above $1,000,000) are sluggish at best, depending upon area. Last month, we had one sale of a $5+ million home in Santa Clara County (4.3 years of unsold inventory!) and just two in San Mateo County (2.0 years of unsold inventory). With slow movements in higher-priced homes and a white-hot situation in lower-priced homes, I call this a polarized market.

> TFT PDQ -- A "TFT" stands for Transaction Fallen Through and has occurred much more frequently of late and is especially evident in short or bank-owned transactions which we call "lender-controlled" transactions. Many buyers walk away from short sales due to their extremely long escrows lasting months as banks sit on paperwork and do not make decisions in a timely manner. So, the short sale listing sells again and again, in many circumstances but does not close. For this reason, I advise buyers to steer away from short sales.

Lender-controlled transactions accounted for 43% of the closings last month in Santa Clara County. We're far better off. Monterey County saw 72% of their closings made up of lender-controlled transactions (short sales and bank-owned). I have anecdotal evidence that in some Central Valley locations the percentage is 90%!

> Sellers Be Sooner -- I continue to maintain my recommendation for sellers of higher-priced homes that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go move into the fall and the holiday season. In any case, check with a Realtor knowledgeable about the technical aspects of the market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market.

For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, your time is getting closer! Be ready but I think we'll see list prices reduced and sale prices dropping as we get into the holiday season this year. Most years we experience more activity in the early spring and spring so the best time for a purchase is coming up soon!

> Investor's Corner -- Activity continues to trend upwards as more and more investors reenter the market. For Santa Clara County, there were 71 sales during the month with 52 of them in the less than $600,000 price range as that price range had a DUI of just 40 whereas the DUI for residential investment properties above $600,000 jumps to nearly a year. For investors able to purchase higher-priced properties, there is about one year of unsold inventory at current sales demand with at least some motivated sellers.

Thanks for reading Tom McEvoy's Blog -- what are your thoughts, comments, questions, observations?

Robbing the Bank to Pay Back the Bank!

2009-09-25T14:21:00.000-07:00

Wow, a 69-yr old robs San Diego bank to pay for his 17% mortgage! The authorities should round up the loan officer, strip him of his license, place him in the clink and throw away the key! Seniors beware -- a lot of crooks are after you (us!). Work with someone you know AND trust.

Click on the link to view the source newscast but we here in Silicon Valley were not insulated from some of these crooks in the real estate and lending business who looked out for themselves and didn't place their client's best interest first and foremost. Some loan officers, many working for unscrupulous mortgage brokers, placed unsophisticated and unsuspecting borrowers into weird loans with prepayment penalties and the like to earn huge fees at the expense of the borrowers.

Probably most of the borrowers that were trapped by these crooks were not seniors but I think it is even more egregious when a senior is the victim.

Large, Move-in Condition, Feature-Rich Victorian Home -- San Jose, CA

2009-09-15T15:44:00.000-07:00

September Silicon Valley Real Estate Market Highlights

2009-09-09T16:38:00.000-07:00

Here are my observations of August's transactions and market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood or area.

> Market continues showing improvment -- Market activity continues to display improvement, something that we've been saying for the past four months. For instance, in Santa Clara County, July saw a 38% increase in closings over the same month last year. My analysis of the transactional information reveals:

Buyers continue to trip over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties. Many offers submitted are for all cash or have substantial down payments. There are still only 20 days of unsold inventory on single family residences in Santa Clara County with a price of under $450,000.
The supply of homes available for sale (inventory) continues to trend lower in each of the four counties without exception. The lower trend is more pronounced in Santa Clara and Monterey counties.
The number of closings have turned are now lower in each county as the seasonality takes hold as we see less closings in the late summer after a peak around Memorial Day.
The Days of Unsold Inventory (DUI) continues to improve generally in each county for single family residences and condos/townhouses, respectively. Santa Clara's DUI stands at 51 and 42, San Mateo's DUI is 74 and 70, Santa Cruz's DUI is 97 and 105 and Monterey's DUI is 65 and 80.

> Seller's Markets? -- Superheated Santa Clara County seller's markets are located in Santa Teresa, Blossom Valley, South San Jose, North Valley, Milpitas, East Valley, Santa Clara, Evergreen, Almaden Valley, Sunnyvale and Downtown San Jose. To refresh you, characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.

> Buyer's Markets? -- Far fewer than in the past, there are some buyer's markets located in Santa Clara County in Saratoga, Los Gatos and Los Gatos Mountains. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation under this market condition.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices. Up sharply since March but declined from $590,000 last month, it stands at $560,000 for Santa Clara County, $685,000 for San Mateo County. These are down 14% from the same month a year ago in each county. An entire county's median price level should not be used to decide on whether to buy or sell. I recommend your real estate advisor complete an analysis on a much smaller area (as small as a neighborhood!) to form the basis of a strategy.

> Tale of Two Markets -- Sales of affordable homes in Santa Clara County less than $450,000 level have gotten even hotter than the past few months. There are just 20 days of unsold inventory for single family residences below $450,000 and 39 for homes with prices from $450,000 to $600,000. As the price ranges increase, the DUI increases. For Santa Clara County, high-priced homes in the $2,500,000 to $5,000,000 range ended with a DUI of 359 or almost one year of inventory whereas in San Mateo County ended with a DUI of 222!

However, sales of higher-priced homes (above $1,000,000) are sluggish at best. For instance, we continue to have no sales of $5+ million homes in the last five weeks in Santa Clara County and just six in San Mateo County.

> Sellers Be Sooner -- I continue to maintain my recommendation for sellers of higher-priced homes that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go deeper into the late summer and into fall. In any case, check with a Realtor knowledgeable about the technical aspects of the market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market. .

For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, your time is getting closer! Be ready but I think we'll see list prices reduced and sale prices dropping as we get closer to the holiday season this year.

> Investor's Corner -- Activity continues to trend upwards as more and more investors reenter the market. For Santa Clara County, there were 71 sales during the month with 40 of them in the less than $600,000 price range as that price range had a DUI of just 59 whereas the DUI for residential investment properties above $1,000,000 showed more than one and a half years supply at current sales demand.

Thanks for reading Tom McEvoy's Blog -- what are your thoughts, comments, questions, observations?

August Silicon Valley Real Estate Market Highlights

2009-08-11T15:33:00.000-07:00

Here are my observations of the most recent market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood or area.

> Market continues improving! Market activity continues to display improvement, something that we've been saying for the past four months. For instance, in Santa Clara County, July saw a 38% increase in closings over the same month last year. My analysis of the transactional information reveals:

Buyers continue to trip over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties. Many offers submitted are for all cash or substantial down payments like 50%. There are only 20 days of unsold inventory on single family residences in Santa Clara County with a price of under $450,000.
The supply of homes available for sale (inventory) continues to trend lower in each of the four counties, except a flattening in Santa Cruz County. Normally, inventory is increasing at this time of the year. Lowered inventory and strong demand means HIGHER PRICES!
The number of initiated sales (in contract) have changed directions and heading lower as summer periods are normally less active in real estate. July initiated sales in Santa Clara County was still 18% higher than the same month a year ago.
The Days of Unsold Inventory (DUI) has generally improved (decreased) substantially in the last year in each county for single family residences. Santa Clara's DUI stands at 55 (47 for condos and townhouses), San Mateo's DUI is 75, Santa Cruz's DUI is 102 and Monterey's DUI is 64.
Median prices have increased in every county and is up 31% in Santa Clara County since March!

> Bank-owned and Short Sale Home Marketing -- Bank-owned homes are also called foreclosures or REO's for "real estate owned" (by a bank). Short sale homes are those still owned by the seller (not by the bank) but with the estimated proceeds of a sale not sufficient to cover the loan balance. For transactions with both types of homes, offers need the bank's approval. Now, the bank in each case has already lost money but their marketing has recently taken on a new look. They've given approval to the listing agents they hire to use an extremely low list price strategy to draw a huge number of offers and in a hurry too!.

Recently, I sold a bank-owned home in San Jose that generated 17 offers as my buyer's offer beat the other 16. As first time buyers who were pre-approved for an 80% loan, they are extremely pleased to be in contract. I employed my research on the fair market value of those in the same neighborhood to recommend an offer price range and my buyers accepted my recommendation.

> Seller's Markets? -- Yes! the hottest markets in Santa Clara County were Santa Teresa, South San Jose, Blossom Valley, North Valley, East Valley, Santa Clara, Cambrian, Evergreen, Milpitas and Downtown San Jose. To refresh you, characteristics of a seller's market are shorter marketing time, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices with added price appreciation.

> Buyer's Markets? -- OK, yes, there are some of those too! Areas of Santa Clara County experiencing a buyer's market condition are: Mountain View, Los Altos, Palo Alto, Willow Glen in San Jose, Saratoga and Los Gatos. To refresh you, characteristics of a buyer's market are longer marketing time, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price with price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) which results in days of unsold inventory (DUI).

> Median prices. Up 31% since March to $590,000, Santa Clara County was at $450,000 as recently as March! This is down 18% from the same month a year ago. Less lower-priced homes in the mix of what sold last month and a corresponding higher portion of moderate homes and higher-priced homes was the main culprit. I do repeat, though, that an entire county's median price level should not be used as part of a strategy for buying or selling -- analysis must be done on a much smaller area as small as a neighborhood to form the basis of a strategy.

> Lost Wages and Other Things -- For this, "lost wages" affectionately refer to Las Vegas. Sales in Las Vegas in June 2009 were 44% higher than in June 2008 - a welcome sign. Median price was 41% lower than the same month a year ago. Comparable numbers for Portland were a 6% drop in sales and a 13% drop in median price. For Phoenix, the number of sales spurted by 40% but the median price was 37% lower than the same month a year ago.

> Tale of Two Markets -- Sales of affordable homes in Santa Clara County less than $450,000 level have gotten even hotter than the past few months. There are just 20 days of unsold inventory for single family residences below $450,000. There are more homes in sales pending status than available for sale! The DUI was 38 for those less than $600,000. Even with adjustments made for the portion of transactions that do not close escrow, these figures represent seller's markets with one characteristic being price appreciation.

However, sales of higher-priced homes are sluggish at best. For instance, we are back to having no sales of $5+ million homes in the last five weeks in Santa Clara County. Last month, there were 90 sales of homes with a list price of at least $1,000,000 with the highest a home that sold in Palo Alto with a list price of $3,700,000. Sunnyvale saw four such sales, 13 in Cupertino. For closings, there were 62 that closed escrow last month in the county, a higher number than in previous months which help increase the median price.

> Sellers Be Sooner -- I maintain my recommendation for sellers of higher-priced homes that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go deeper into summer. In any case, check with a Realtor knowledgeable about the technical aspects of the market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market. There are more than ten months of unsold inventory in the $2.5 million to $5.0 million price range on the market in Santa Clara County.

For those considering a purchase of a home in an expensive area, your time is getting closer! Be ready but I think we'll see list prices reduced and sale prices dropping more before they are likely headed higher.

> Santa Clara County Foreclosure Ranking -- With all the "talk" about the amount of foreclosed homes in the county, here's a couple of things to think about. First, Sean O'Toole of ForeclosureRadar said recently that Santa Clara County ranks 45th among 54 counties in California in foreclosures per population. My yes, we have a lot of dwellings to house more than 1.6 million folks in the county as there are some 430,000 single family homes, condos and townhomes in the county according to the Santa Clara County Tax Assessor's office. Second, more than 30% of these have NO loan on them and are owned "free-and-clear" and have enjoyed their mortgage-burning parties. Of those that do have a loan, the rate of foreclosure based on the 591 homes that were foreclosed in the county in June would be about 2.25% or about one out of 44 homes.

> Investor's Corner -- Activity continues to trend upwards as more and more investors reenter the market. For Santa Clara County, there were 75 sale pending properties during the month with more than 50 of them in the less than $600,000 price range as that price range had a DUI of just 44, making it on the border between balanced and seller's market. Not so with higher priced multi unit properties.

Thanks for reading -- what are your thoughts, comments, questions?

July Silicon Valley Real Estate Market Update

2009-07-09T19:12:00.000-07:00

Here are my observations of the most recent market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood or area.

> Market continues in turnaround mode! My recent posts have mentioned that the market activity is turning around. Well, June's activity continues the trend and provides more evidence that we could have seen the bottom! My analysis of the transaction information reveals:

Buyers are all but tripping over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties.
The supply of homes available for sale (inventory) continues to trend lower in each of the four counties, except a slight uptick in Santa Cruz County. Normally, inventory is increasing at this time of the year. Lowered inventory and strong demand means HIGHER PRICES!
The number of initiated sales (in contract) have jumped in Santa Clara County and is trending higher in the other counties, too. Monterey County set a record in the number of closings!
The Days of Unsold Inventory (DUI) has improved (decreased) substantially in the last year in each county. Santa Clara's DUI stands at 56, San Mateo's DUI is 74, Santa Cruz's DUI is 92 and Monterey's DUI is 69.
Median prices have increased in every county.

> Bank-owned and Short Sale Home Marketing -- Bank-owned homes are also called foreclosures or REO's for "real estate owned" (by a bank). Short sale homes are those still owned by the seller (not by the bank) but with the estimated proceeds of a sale not sufficient to cover the loan balance. For transactions with both types of homes, offers need the bank's approval. Now, the bank in each case has already lost money but their marketing has recently taken on a new look. They've given approval to the listing agents they hire to use an extremely low list price strategy to draw a huge number of offers and in a hurry too!. One such case with a short sale listing, the listing agent received 175 offers! But, what did the home sell for? With a list price of $200,000, I estimated the home's fair market value range at $400,000 to $450,000. Sale price was $438,000. Yes, the come-on is too good to be true but please remember that list price doesn't mean anything in real estate.

> Seller's Markets? -- Yes! the hottest markets in Santa Clara County were Blossom Valley, Cambrian, North Valley and Milpitas. To refresh you, characteristics of a seller's market are shorter marketing time, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices with added price appreciation.

> Buyer's Markets? -- OK, yes, there are some of those too! Areas of Santa Clara County experiencing a buyer's market condition are: Los Gatos, Saratoga and Willow Glen. To refresh you, characteristics of a buyer's market are longer marketing time, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price with price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) which results in days of unsold inventory (DUI).

> Median prices. Stuck at $450,000 for Santa Clara County these past few months, moved up to $470,000 in April increased yet again to $490,000. Where are we now? The June median price (the middle transaction) for Santa Clara County jumped to $550,250! This is down 26.6% from the same month a year ago. Less lower-priced homes in the mix of what sold last month was the main culprit along with a slight awakening of those higher priced home sales. I do repeat, though, that an entire county's median price level should not be used as part of a strategy for buying or selling.

> Tale of Two Markets -- Sales of affordable homes mainly in the less than $450,000 level have gotten even hotter than last month. There are just 27 days of unsold inventory for single family residences below $450,000; 36 for those less than $600,000. Even with adjustments made for the portion of transactions that do not close escrow, these figures represent seller's markets with one characteristic being price appreciation.

However, sales of higher-priced homes are sluggish at best. For instance, there have been no sales of $5+ million homes in the last five weeks in Santa Clara County. Last month, there were 87 sales of homes with a list price of at least $1,000,000 with the highest a home that sold in Monte Sereno with a list price of $3,485,000. For a twist, Sunnyvale saw seven such sales, the same as Palo Alto!

> Sellers Be Sooner -- I maintain my recommendation for sellers of higher-priced homes that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we go deeper into summer. In any case, check with a Realtor knowledgeable about the technical aspects of the market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market.

For those considering a purchase of a home in an expensive area, your time is getting closer! Be ready but I think we'll see list prices reduced and sale prices dropping more before they are likely headed higher.

> Investor's Corner -- Activity continues to trend upwards as more and more investors reenter the market. For instance, there were 46 closings in Santa Clara County, more than double the activity in the last few months. There were just 13 closings in San Mateo County, a much smaller market than Santa Clara County.

Thanks for reading -- what are your thoughts, comments, questions?

June Silicon Valley Real Estate Market Update

2009-06-15T15:17:00.000-07:00

Here are my observations of the most recent market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood.

> Market continues in turnaround mode! My recent posts have mentioned that the market activity is turning around. Well, May's activity continues the trend and provides more evidence that we could have seen the bottom! How can this be?

Buyers are all but tripping over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties.
The supply of homes available for sale (inventory) continues to decline in each of the four counties. Normally, inventory is increasing at this time of the year. Lowered inventory and strong demand means HIGHER PRICES!
The number of initiated sales (in contract) have jumped in Santa Clara County and is trending higher in the other counties, too.
The Days of Unsold Inventory (DUI) has improved (decreased) substantially. The DUI for single family residences in Santa Clara County for under $450,000 is an astonishing 26 which means when freezing inventory, ALL homes would sell in less than month!. Anything less than 45 represents a Seller's market with market characteristics of multiple offers, high percentage selling above list price AND, price APPRECIATION.
Median prices have increased in each county except for Monterey.

> 2 Hot 2 Handle? -- How's 20 offers on a single family residence? Or, 81 or even 99 offers? Yes, those are real numbers of offers received on three listings that I'm familiar with. I coach my buyers that list prices don't mean a thing, especially when the list price is way under the fair market value of the home. Research must be done to determine, as best as possible, the fair market value so that an intelligent offer can be submitted otherwise you're just spinning wheels. No seller whether a bank or not is going to sell for less than it's market value. So what we have now is that sales are extremely high but closings (close of escrows) are running at the third worst month in the last ten years!

> Bank-owned homes offer the best deals? -- First, that's a myth in general as banks are actually sophisticated sellers. They've already lost money and maintaining a listing costs them even more so they hire listing agents, who in many cases, set list prices at ridiculously low prices to spur activity AND multiple offers. This sets up in the minds of potential buyers that they can actually buy the home at or even under the list price. Invariably, the home sells for it's fair market value.

Second, prices have adjusted tremendously in many areas so are a lot less than they were at the peak in real estate pricing which differs in each area.

> Seller's Markets? -- Yes, there are! Areas of Santa Clara County experiencing a seller's market condition are: Blossom Valley (hottest market in Valley), South San Jose, East Valley (Alum Rock), Santa Teresa, Cambrian and Evergreen. To refresh you, characteristics of a seller's market are fewer days on market, lower number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and some added price appreciation.

> Buyer's Markets? -- OK, yes, there are some of those too! Areas of Santa Clara County experiencing a buyer's market condition are: Saratoga (coolest market in Santa Clara County), Los Gatos, Almaden Valley, Mountain View, Los Altos, Los Altos Hills, Palo Alto. To refresh you, characteristics of a buyer's market are longer days on market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price with general price depreciation.

> Sales per Day -- The amount of average sales per day in May reached 56.7 for Santa Clara County. The last time this figure was this high was in May 2005 when the market activity was nearing a crescendo! The only other May that had higher sales per day was in 2004 which was over 64. The big difference between 2004 and 2005 and May of 2009 was that many transactions this year did not close!

> Median prices. Stuck at $450,000 for Santa Clara County these past few months, moved up to $470,000 in April increased yet again to $490,000. Median prices (the middle transaction) for an entire county are actually worthless to use as part of a strategy for buying or selling. Each area, down even to the neighborhood, has differing dynamics of supply and demand so needs to be looked at accordingly. We've observed that market mix has helped bring down median prices due to more low-priced homes closing as a percentage of total closings. With more of the lower-priced home selling briskly there will be a lot less of them available and buyers will have to buy some higher priced ones.

> Tale of Two Markets -- Sales of affordably-priced homes mainly in the less than $450,000 level are HOT. On the other hand, sales of higher-priced homes are virtually dead, as some would say, in the more expensive areas. For instance, there have been no sales of $5+ million homes in the last five weeks in Santa Clara County.

So keep this in mind that if you are considering a sale in an expensive area, you probably want to sell quickly rather than waiting but in any case check with a Realtor knowledgeable about current market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market. You really don't want to be on the market for a year or more.

And, if you are considering a purchase of a home in an expensive area, get ready to buy! Why, get ready? I think we'll see list prices reduced and sale prices dropping more before they are likely headed higher.

> Want to sell with multiple offers? The percent of completed sales or closings with a sold price greater than list price stands at 37.1%. This level, up a bit, means that fully one out of three sellers received more than their asking price. Oh, and another 8.1% of sellers received their full list price!

Want to hear a little secret? Some of those sellers receiving either their list price or something higher had to reduce their list prices to generate one or more offers. These figures don't calculate what the sale price to original list price ratio is but only what the current list price was at the time of sale.

> Loan Traffic Jam Lets Up! Last month, I mentioned that if you have applied to refinance your existing mortgage that lenders were clogged with loan applications. Well, what a difference a month of increasing mortgage rates makes. There's still a backlog but if you were trying to play the interest rate game and waiting for another 1/8th or 1/4 point drop, the mortgage rates shot up almost a full point!

Moral of this story is that if the current rate works (benefits you financially) then lock in the rate and close the loan!

> Investor's Reawaken Somewhat - A bit more activity in the multi-unit properties but wanted to mention that those properties with list prices less than $600,000 are seeing much more activity. The days of unsold inventory (DUI) for this type of property in this level has dropped to 54 versus an improved 122 overall.

Thanks for reading -- what are your thoughts and comments?

May Real Estate Market Highlights

2009-05-14T10:51:00.000-07:00

Here are my observations of the most recent market actions for Santa Clara, San Mateo, Santa Cruz, and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood.

> Market is in turnaround mode! My recent posts have mentioned that the market activity is turning around. Well, April's activity continues to provide more evidence that we could have seen the bottom! How can this be?

Buyers are all but tripping over each other to submit offers for homes in the more affordable areas of Santa Clara, San Mateo, Santa Cruz, and Monterey counties.
In Santa Clara County, there have been only four months in the past ten years where we've seen as many or more homes sold!
The number of initiated AND completed sales or closings are trending upwards in Santa Clara, San Mateo and Monterey counties. Only Santa Cruz County has relatively-flat transactions. Monterey County continues setting records.
The Days of Unsold Inventory (DUI) has improved (decreased) substantially. The DUI for single family residences in Santa Clara County for under $450,000 is an astonishing 28 which means when freezing inventory, ALL homes would sell in a month!. Anything less than 45 represents a Seller's market with market characteristics of multiple offers, high percentage selling above list price AND, price APPRECIATION.
Median prices have increased in all four counties.

> Seller's Markets? -- Yes, there are! Areas of Santa Clara County experiencing a seller's market condition are: Milpitas (hottest market in Valley) East Valley (Alum Rock), North Valley, South San Jose, Santa Teresa, Blossom Valley. To refresh you, characteristics of a seller's market are fewer days on market, lower number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and price appreciation.

> Buyer's Markets? -- OK, yes, there are some of those too! Areas of Santa Clara County experiencing a buyer's market condition are: Mountain View, Los Altos, Los Altos Hills, Palo Alto, Willow Glen Los Gatos, Los Gatos Mountains, Saratoga (coolest market in Valley). To refresh you, characteristics of a buyer's market are longer days on market, higher number of homes available for sale, lower probability of multiple offers with most sale prices below list prices and price depreciation.

> Mortgage Refinance Tips -- Some of you may know that I used to "do" mortgage loans and advised my clients on a couple of handy "rule-of-thumbs" as quick indicators to see if refinancing would be a financial benefit to the borrowers, not the loan officer!

First, the rate should be more than 10% difference, obviously lower, than your current rate. That means if your currently at 5.50%, the new rate should have a rate at least 10% under this or 4.95%. (For the math, you'd subtract 10% of 5.50 or 0.55 from 5.50 to equal 4.95%.) A rate lower than this level should benefit you and amortize the costs (no free lunch!) of the loan so you can more quickly start accruing the savings AFTER the cost of doing the loan, AND
Second, it matters most how long you plan on keeping the LOAN. If you plan a sale in a year or so, it probably does NOT make financial sense to refinance.

Finally, just about everyone knows that rates bounce all over the place so that a quote you receive one day or spot on the internet is probably gone the next. The only way you can guarantee a rate is to "lock" it in and that takes an application and commitment to a loan officer not 50 inquiries over the internet. Need a referral to a trusted loan professional? Please contact me.

> Sales per Day -- The amount of average sales per day in April reached 55.5 for Santa Clara County. The last time this figure was this high was in April 2005 when the market activity was nearing a crescendo! Inventory or the amount of available single family residences for sale has dropped 33% from the levels of April 2008. Normally, inventory levels trend higher this time of year but has been going the other way. This shows a "tightening" market and a swing toward a seller's market in many areas.

> Foreclosures up and NOD's down - How can that be? -- Recently, the San Jose Mercury News reported that the number of foreclosures rose but the number of Notice of Defaults (NOD's) issued have dropped. Remember, the moratoriums placed on banks during the holiday months? Well, there have been moratoriums in place for six of the past eight months. With those moratoriums relaxed, banks are back to foreclosing. Another artificial barrier has been the state of California where they will institute a lengthening of the process so banks have to wait about seven months instead of the current four. These governmental barriers actually prolong the pain as well as exacerbate the problems of separating those that can't make consistent mortgage payments with those who can. For current homeowners wishing to trade up or trade down, the impact on values in many neighborhoods continue.

> Median prices. Stuck at $450,000 for Santa Clara County these past few months, moved up to $470,000 in April. Median prices (the middle transaction) for an entire county are actually worthless to use as part of a strategy for buying or selling. Each area, down even to the neighborhood, has differing dynamics of supply and demand so needs to be looked at accordingly. We've observed that market mix has helped bring down median prices due to more low-priced homes closing as a percentage of total closings. We have also seen the opposite occur in 2007 when higher-priced homes sold and the lower-priced homes were engulfed with the sub-prime loan issues and didn't sell as frequently.

> Some are Hot, Some are Not -- Sales of affordably-priced homes mainly in the less than $450,000 level are HOT. On the other hand, sales of higher-priced homes are virtually dead, as some would say, in the more expensive areas. If you are considering a sale in an expensive area, you probably want to sell quickly rather than waiting but in any case check with a Realtor knowledgeable about current market conditions to guide you in positioning your home for maximum activity and price while minimizing time on market. And, if you are considering a purchase of a home in an expensive area, get ready to buy! Why, get ready? I think we'll see list prices reduced and sale prices dropping more.

> Want to sell with multiple offers? The percent of completed sales or closings with a sold price greater than list price stands at 33.4%. This level, back up a bit, means that fully one out of three sellers received more than their asking price. Oh, and another 7.7% of sellers received their full list price!

Want to hear a little secret? Some of those sellers receiving either their list price or something higher had to reduce their list prices to generate one or more offers. These figures don't calculate what the sale price to original list price ratio is but only what the current list price was at the time of sale.

> Traffic Jam! If your GPS unit has live traffic updates, it still won't be able to help with those lenders who are clogged with loan applications. With the lowest mortgage rates since the '60's continuing, the demand by borrowers trying to refinance has created an avalanche of work for the lenders. Things to remember are:

First, rates for refinance loans average about 1/4 point higher than similar program purchase loans.
Second, the process can take as much as 60-90 days as purchase loans get first priority due to the impending event of close of escrow.
Third, there's no cash-out refi's as that option effectively disappeared.

> Investor's Reawaken - We've mentioned that investors have not been doing much lately with multi-unit residential properties. A couple of reasons are more stringent loan application and increased down payment requirements lenders have imposed. But, there are now 83 investor properties in escrow in Santa Clara County -- much higher than in recent months. The days of unsold inventory (DUI) for this type of property has dropped to 148 from more than triple current levels. Two-thirds of the activity is in the less than $600,000 price range.

Thanks for reading -- what are your thoughts and comments?

April Real Estate Market Highlights

2009-04-09T10:20:00.000-07:00

Here are my observations of the most recent market action in Santa Clara, Santa Cruz, San Mateo and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood.

> Market turnaround? Remember I've said recently that the market activity is turning around? Well, March's activity has shown me more evidence that we could have seen the bottom! How can this be?

Buyers are willing to make offers as initiated sales (accepted offers) are up in Santa Clara, Santa Cruz, San Mateo and Monterey counties.
This isn't Thanksgiving but even the "turkeys" are selling. I've been caught using the term "turkeys" to denote an overpriced home. Some of these homes have been on the market for more than a year and may be located on an extremely busy street. Also, the median days on market, DOM, for those homes available for sale has dropped from 100 in January to 70 in March. Tells me that Thanksgiving is getting closer!
The number of initiated AND completed sales or closings are trending upwards in each county. Part of that is seasonal but part has to be market improvement. Levels are not quite breaking records, except in Monterey.
The Days of Unsold Inventory (DUI) has improved (decreased) substantially. The DUI for single family residences in Santa Clara County for under $450,000 is 42 which means freezing inventory, ALL homes would sell in 42 days. Anything less than 45 represents a Buyer's market! Characteristics of a buyers market is multiple offers, substantial percentage selling above list price AND, get this, price APPRECIATION.

> Myth Buster! "Lenders are not lending" -- Pure and simple, this is a myth cooked up to make bankers look even worse. Now, I don't have stock in any bank but these are the facts. After paring staff, lenders are flooded with applications for refinances now with mortgage rates in the mid-4% range. In addition, purchasers need loans, too. This huge sea change in demand for loans has caused lenders to push out the time necessary to complete refinances from 30 days to a range of 60-90 days. Purchase loans have an impending event tied to a close of escrow so these loans are given preferential treatment because of that. Those refinancing will have to be patient to begin to see savings.

> Mortgage Refinance Tips -- Some of you may know that I used to "do" mortgage loans and advised my clients on a couple of handy "rule-of-thumbs" as quick indicators to see if refinancing would be a financial benefit to the borrowers, not the loan officer!

First, the rate should be more than 10% difference, obviously lower, than your current rate. That means if your currently at 5.50%, the new rate should have a rate at least 10% under this or 4.95%. (For the math wizzes, you'd subtract 10% of 5.50 or 0.55 from 5.50 to equal 4.95%.) A rate lower than this level should benefit you and amortize the costs of the loan so you can more quickly start accruing the savings AFTER the cost of doing the loan, AND
Second, it matters most how long you plan on keeping the LOAN. If you plan a sale in a year or so, it probably does NOT make financial sense to refinance.

Finally, just about everyone knows that rates bounce all over the place so that a quote you receive one day is probably gone the next. The only way you can guarantee a rate is to "lock" it in and that takes an application and commitment to a loan officer not 50 inquiries over the internet. Need a referral to a trusted loan professional? Please contact me.

> Use Zillow.com? If you check out www.zillow.com for estimates of market value in an area, there are couple of potential pitfalls you should be aware of. First, be careful that the size of the home you're looking at compared to the average size in that area. If the home you are curious about is similar to the average sized home, the market estimate may be a reasonable start. If it is much larger or smaller, I've noticed a much larger departure from market value. Not every home sells each month, right? Second, believe it or not, zillow doesn't "see" into homes. They don't have a clue if you have hardwood floors, sloping floors, no floors, granite countertops or whatever. Their proprietary formula (only known by them) is in use and they apply it across all the homes in the area.

Some who used to trade stocks now think that real esate can be "quoted" in the same fashion. Hardly. Who can discern differences? Your friendly Realtor who stays on top of market changing conditions!

> Condos catching up with single family residences -- A couple of months ago, we witnessed the increase in sales of single family homes far exceeding the increase in sales of condos. Remember, I mentioned that there were better deals in condos and townhouses due to the improved affordability (read -- lower prices) of single family residences? Well, this is beginning to turn. Condo and townhouse closings were up 27% from March 2008 to March 2009, while the increase in closings of single family homes was 24%.

> Median prices. Stuck at $450,000 for Santa Clara County these past few months, median prices (middle transaction) for an entire county are worthless. "Warm to the touch" you might say when touching someone in the middle who is freezing on one side and boiling on the other. Each area, down even to the neighborhood, has differing dynamics of supply and demand so needs to be looked at accordingly. We've observed that market mix has helped bring down median prices due to more low-priced homes closing as a percentage of total closings. We have also seen the opposite occur in 2007 when higher-priced homes sold and the lower-priced homes were starting with the sub-prime loan issues and didn't sell as frequently.

> $5,000,000+ home buyers waking up? Sales of these higher-priced homes were virtually non-existent recently but that has changed. In the past month, four homes in Santa Clara County and three homes in San Mateo County have sold and are in escrow! Any interest? If so, you have plenty to choose from as the number of available homes for sale in this price range is 37 in Santa Clara County and 48 in San Mateo County.

> Want to sell with multiple offers? The percent of completed sales or closings with a sold price greater than list price stands at 31.0%. This level, down a bit, means that about one out of three sellers received more than their asking price. Oh, and 11.3% of sellers received their list price!

Want to hear a little secret? Some of those sellers receiving either their list price or something higher had to reduce their list prices to generate one or more offers. These figures don't calculate what the sale price to original list price ratio is but only what the current list price was at the time of sale.

> Traffic Jam! With the lowest mortgage rates since the '60's, the demand by borrowers trying to refinance have created an avalanche of work for the lenders. Yes, this is after they laid-off staff! First, rates for refinance loans average about 1/4 point higher than similar program purchase loans. Second, the process can take as much as 60-90 days! Third, there's no cash-out refi's as that option dissapeared.

> Investor's Corner - We've mentioned that investors have not been doing much lately with multi-unit residential properties. A couple of reasons are more stringent loan application and increased down payment requirements lenders have imposed. The other reason is, quite frankly, a less than optimistic outlook that many investors have. Closings have been enemic: 23 in Santa Clara County; and, 11 in San Mateo County. Most, about 80%, of the activity is in the less than $600,000 price range.

> Go, Monterey, go! Still setting records, Monterey County has seen record-breaking numbers of initiated sales (accepted contracts) and closings and even continues to out sell San Mateo County which is a larger market historically. As you might have guessed, most of the transactions in Monterey County are bank-owned or REO's after a flurry of affordable home building in the county a few years ago caused a tremendous over-supply of homes, especially along the 101 corridor. This has not occurred in Santa Clara, Santa Cruz or San Mateo counties. Still, this means that there are buyers, buyers with money and buyers with money who can get loans and lenders who are lending!

Thanks for reading -- what are your thoughts?

March Real Estate Market Highlights

2009-03-11T19:03:00.000-07:00

Here are my observations of the recent market action in Santa Clara, Santa Cruz, San Mateo and Monterey counties. You are encouraged to leave your comments and questions. Feel free to update us on what you are witnessing in your neighborhood.

> Increased Sales or Is It? -- Santa Clara County had higher single family residence closings in December than in November because of the calendar. Since the first of the year, closings have dropped into the higher 500 area with January at 568 and February at 579. Now the media states that sales increased 35% over the last year but that number is deceiving as it blends both single family and condos. First, single family residence sales increased by 37% and condos and townhouses increased by only 30%. This is significant in that it blurs the major shift towards single family residences. Second, the increase, though appreciated by some real estate agents, came off the slowest month since 2001. And third, while we're on this, a much higher level of transactions failed to close escrow than before. For these transactions we call "TFT's" for transactions fallen through, this means that all the paperwork entering escrow in these didn't fly!

> Auctions may cost you more! Many folks think that working with a Realtor as their buyer's agent will cost them money out of their pocket. In actuality, buyer's agents are paid out of the seller's proceeds at close of escrow. The gross commissions earned by the buyer broker and agent do not add to the sales price. Auctions, on the other hand, advertise that they'll sell you a home at 40-50% under market. The homes they sell have NEVER sold at that higher price they compare to, so there is absolutely no comparison! Furthermore, to add insult to injury, many auction houses ADD their fees to the price paid by the buyer. This can be as much as 10% or more. What a deal!

Last year, I represented a buyer interested in bidding on a condo at an auction in San Mateo County. I made sure that my buyer wouldn't have to pay the auction house extra and that I might be able to earn a small fee representing her, of course, paid out of the seller's proceeds. With that cleared up front, she was successful in her bid and purchased the condo she wanted. By the way, my wife doesn't allow me to work for free! Something like "we've got two kids in college on the Mom & Dad Scholarship Program".

> Property tax reviews -- Santa Clara County Tax Assessor, Larry Stone, stated that about 200,000 parcels (single family, condos, townhouses, multi-unit residential) will be reviewed for possible adjustments in their fair market values for property tax purposes. Well, with about 432,000 parcels in the county, that's nearly 50%! The estimated amount of these parcels which will actually be reduced is about 50% or about 100,000. Last year about 44,000 properties were adjusted.

> Free is better than well, not free -- Who wouldn't want to obtain a property tax adjustment? But, why pay extra for something that is essentially free. The county charges a standard filing fee of $30. I'm reminding you that some firms are charging $179 for something that you can do for the county standard filing fee of $30! When you receive a card from the county tax assessor in a few months and think the assessment is too high, go to the Santa Clara County Tax Assessor's website. You can click on Assessment Appeals under Quicklinks to read how to apply, important dates for homeowners, etc. You must file during the open period to qualify otherwise it's tough luck.

> The median prices for single family residences in the affordable areas of Santa Clara County are now below that of the median prices for condos and townhouses in the moderate price areas. If you don't like to mow lawns, in my professional opinion, there are currently better deals in condos/townhouses. Case in point, I just closed a transaction where my buyers purchased a San Jose bank-owned or REO condo for $377,000 which was under the list price even after it had been reduced. This same three-year old condo sold brand new in 2006 for $565,000.

> Buyers wait for sellers to reduce list price. One of the indicators I follow constantly is the average sales price to list price ratio. This ratio, currently standing at 97.8%, means that the average transaction sells at only a 2.2% discount to list price. For the most part, buyers will wait until sellers adjust their list prices rather than put in ridiculous offers. High list prices, relative to the current market, on some homes are one big reason that some buyers wait, and wait, and wait!

> Median prices, revisited. The calculation of median prices used to be a reliable "read" of the market. Not so since the sub-prime loan problems hit during summer 2007. Before, market mix (percent of total for different price levels) didn't vary much. Now we have a much higher percentage of low-priced homes closing as a percent of total closings. But just for the record, the Santa Clara County single family residence median price in February 2008 was $785,000 whereas the median for February 2009 was $450,000, a decrease of 42.7%. This does not mean ALL homes went down this much! Median price is the middle transaction and represents the level of those that closed during the month.

> Another revisit? Can't sell your $5,000,000+ home? There have been NO sales of any homes in Santa Clara County priced above $5,000,000 reported through the MLS since early November! There are 34 of them on the market as of 3/11/09. In San Mateo County, one sale has taken place in the same price range. We'll see if it closes escrow!

> Want to sell with multiple offers? The percent of completed sales or closings with a sold price greater than list price now stands at 33.0%. This means that one out of three sellers received more than their asking price. Oh, and 7.5% of sellers received exactly list price.

> What happened, Foster City? -- With 57 homes available to sell and only two sold during February that means the calculation of days of unsold inventory (DUI) exploded to 998! This means that it would take 998 days to sell the existing inventory in Foster City. The calculation is theoretical but it tells me there's no demand from buyers. This could change quickly but if it doesn't, I see lower prices ahead.

> Investors, where are the investors? Multi-unit investor marketplace has had very few transactions with only 26 closings in February. Tougher lender requirements have contributed to this situation and probably can't leave out the stock market, too! I look at activity in this arena as it is an indicator of investor confidence in the future.

> Go, Monterey, go! Monterey County continues to see more closings than San Mateo County. Most of the transactions in Monterey County are bank-owned or REO's after a flurry of affordable home building in the county a few years ago caused a tremendous over-supply. This has not occurred in Santa Clara, Santa Cruz or San Mateo counties. For Monterey County, the days of unsold inventory (DUI) stands at 89, close to the level we can start to see price appreciation. Shock! Actually, the price levels below $450,000 have already reached the point where we can see price appreciation with a DUI reading of 54! Multiple offers are common for homes priced in this range with final sales prices often going above the list price. Double shock!

Thanks for reading -- what are your thoughts?

World class chocolates in the Valley of Hearts Delight

2009-02-13T09:02:00.000-08:00

You've made dinner reservations at a romantic restaurant (I did at Pezzella's Italian Restaurant in Sunnyvale, CA) and you might have picked up a little something for her at her favorite store (I did that too. How about a beautiful orchid plant.) but then there's always sweets for your sweets for Valentine's Day.

Here are some world class chocolatiers from Silicon Valley to Santa Cruz:

Chocolate Dream Box

710 Blossom Hill Road, Los Gatos. 408-356-2626

Pictured are hand-crafted chocolates in beautiful boxes by Chocolate Dream Box

Fleur e Cocoa Patisserie Chocolaterie

39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574

Pictured are selected handmade chocolates from Fleur de Cocoa

Richard Donnelly Chocolates

1509 Mission Street, Santa Cruz. 888-685-1871

Saratoga Chocolates

14572-B Big Basin Way, Saratoga. 408-872-1431

Schurra's Fine Confections

840 The Alameda, San Jose. 408-289-1562

Shokolaat

516 University Avenue, Palo Alto. 650-289-0719

Sugar Butter Flour

669 S. Bernardo Avenue, Sunnyvale. 408-732-8597

Pictured is Dark Chocolate Ganache Truffle from Sugar Butter Flour

Testarossa Vineyards

Why mention a winery? Because they're hosting a wine and chocolate pairing event on Saturday, February 14th from 11:00am to 4:00pm. Five of their award-winning wines will be paired with delectable chocolates. Nominal tasting cost is refunded upon a purchase of Testarossa wines. They're located in the historic Novitiate Winery in Los Gatos. It happens to be the oldest continuously operated winery in the Bay Area dating from 1888. And, I just happen to own a bottle of Novitiate Cabernet from about 1970!

Happy Valentine's Day!

Thanks for reading! What do you do for Valentine's Day?

February Real Estate Market Highlights

2009-02-12T17:51:00.000-08:00

Here are my observations of the recent market action in Santa Clara, Santa Cruz, San Mateo and Monterey counties. You are encouraged to leave your comments and questions or even update us on what you are witnessing in your neighborhood.

> Blame it on November -- Remember I said last month that "The market activity is turning around." There is a theory that we experienced higher closings in December because of the calendar. In looking at November, we didn't have any time to close transactions after Thanksgiving Day as county workers are still stuffed after the holiday. Whereas, there was a full week after Thanksgiving Day 2007. Everybody knows that Thanksgiving Day falls on the fourth Thursday of the month, right?

Can we also blame the calendar for less Christmas and Holiday sales? Maybe. Just think of this. In 2007, there were 32 days between Thanksgiving Day and Christmas. Last year, there were only 27! That's more than 15% fewer selling days.

> Sucked in by the touts you've heard that you can make a killing in real estate by buying property 40-50% under market? There are free seminars you can attend that "teach" you to do this. The catch -- you'll have to sign up for their $3,000 course because, of course, there's too much to provide you in the seminar. Folks, prices have already adjusted in many areas by 40% or more from their recent highs. What a willing, able buyer pays IS the market price!

> Want a property tax adjustment? Well, who doesn't! But, hold the phone. There are now firms that will charge you a fee of up to $179 for something that you can do for the county standard filing fee of $30! Santa Clara County is one of only a few counties out of 58 in California that are proactive when it comes to adjusting fair market values so they make the property tax rolls as accurate as possible. You'll receive a card from the county in a few months and if you think the assessment is too high, go to the Santa Clara County Tax Assessor's website. You can click on Assessment Appeals under Quicklinks to read how to apply, important dates for homeowners, etc.

> Closings of condos and townhouses continue to take a beating due to the improved affordability (read -- lower prices) of single family residences. January saw increased closings of single family residences of 68% over the same month a year ago. Condo and townhouse closings were up a mere 7%. If you don't like to mow lawns, in my professional opinion, there are currently better deals in condos/townhouses.

> Buyers wait for sellers to reduce list price. One of the indicators I follow constantly is the average sales price to list price ratio. This ratio, currently standing at 98.7%, means that the average transaction sells at only a 1.3% discount to list price. Buyers will wait until sellers adjust their list prices rather than put in ridiculous offers. High list prices, relative to the current market, on some homes are one big reason that some buyers wait, and wait, and wait!

> Market mix plays with median prices, revisited. As we said last month, market mix has helped to bring down median prices due to more low-priced homes closing as a percent of total closings. For instance, closings in East, Central and South San Jose (the more affordable areas in Santa Clara County) made up 12% of the total a year ago compared to 32% in January 2008. What would have occurred if we were to adjust for this significant change in mix? Well, the median price would have decreased about $200,000 due to this factor alone and real price depreciation would have accounted for the other $100,000 of the decrease. For the record, the median price in January 2008 was $743,500 whereas the median for January 2009 was $450,000.

> Another revisit? Can't sell your $5,000,000+ home? With the risk of bringing up another point raised last month, there have been no sales of any homes above $5,000,000 in now over nine weeks! There are 35 of them on the market as of 2/11/09, up from 27 the month before.

> Want to sell with multiple offers? The percent of completed sales or closings with a sold price greater than list price increases again and now stands at 37.4%. This means that more than one out of three sellers received more than their asking price. Oh, and 8.3% of sellers received list price.

> Record of sorts. Homes that closed in January had a median days on market (DOM) figure of 67, a record high. Compare that to those that were available to purchase having a median DOM of 100! This means that homes priced aggressively, well, sell.

> Investors, where are the investors? Multi-unit investor marketplace has had very few transactions with only 20 closings in January. Tougher lender requirements have contributed to this situation and probably can't leave out the stock market, too!

> Go, Monterey, go! Monterey County has seen way more closings than San Mateo County and again set another record high. Most of the transactions in Monterey County are bank-owned or REO's after a flurry of affordable home building in the county a few years ago caused a tremendous over-supply. This has not occurred in Santa Clara, Santa Cruz or San Mateo counties. Still, this means that there are buyers, buyers with money and buyers with money who can get loans!

Thanks for reading -- what are your thoughts?

Client Appreciation Dinner Party - 2009

2009-02-07T20:48:00.000-08:00

This past week, I held my annual, private Client Appreciation Dinner Party. To be invited to the party, invitees must have either referred me to a prospective client (closed transaction or not) or have been a recent client that I represented on a purchase or sale that closed escrow. So, you too, can be invited by referring someone you care about for expert advice on the purchase or sale of residential or commercial real estate.

As in the past, we had a dinner party at Midori Japanese Restaurant (1066 E. El Camino Real, Sunnyvale, CA 94087; 408-985-1000) in Sunnyvale. The manager of the restaurant, Jeff, made sure we wouldn't go about disturbing other patrons and specially-reserved their tatami room. Food was excellent and included a selection of tasty sushi and sashimi appetizers, soup, salad with miso dressing, a wide variety of entree combinations, dessert and beverages (including adult beverages). Nobody went away hungry!

Each invitee was allowed to bring an adult guest and received a gift bag with a wonderful bottle of Beaulieu Vineyards BV Cabernet Sauvignon wine, bag of chocolate truffles from Harry and David's and a gift card to use on their next visit to Elephant Bar Restaurant (19780 Stevens Creek Blvd., Cupertino, CA 95014; 408-865-0701). Each invitee was eligible for drawings of wonderful gifts from Crate & Barrel that were specially chosen and wrapped by my lovely wife, Carol.

Some of the invitees were attending their second or even third Client Appreciation Party!

The variety of invitees ran the gamut from first time home buyers to those referring prospective clients and came from as far away as San Ramon and included such occupations as a financial planning firm officer, acupuncturist, in-home design consultant, sales executive, telecommunications technician, attorney, wholesale merchandiser, window and door company general manager, educational counselor along with my sons, David and Kevin and wife, Carol, COO - Chief Organizing Officer. There were multiple conversations going on up and down the table on a variety of topics.

Oh, I almost forgot! Everybody had FUN! I know this because absolutely nobody complained!

I can't wait to have another Client Appreciation Party because I get to thank some of those that are the heart of my business. And, getting close to Valentine's Day, it makes perfect sense!

Thanks for reading!

Got Granite? Got Radon?

2009-01-27T16:13:00.000-08:00

Just in time for January, I learn that this month is Radon Action Month. Governor Schwarzenegger has urged all Californians to test their home for radon gas. Why this month? The coldest months, when people keep their homes buttoned up, are when indoor radon concentrations are highest. Here in Santa Clara County, we have a county-wide average of "moderate" levels of radon but they can vary tremendously by area and depending upon the types of granite counter tops that may be in the home.

Low cost radon test kits are available from the California Department of Health.

Non-scientifically, most radon is emitted from the soil under a home. However, some granite counter tops emit substantial radon and gamma radiation. Red granite seems to be a culprit but testing in the only way to make sure.

For an Industrial Hygienist resource, check out Indoor Air Answers. An industrial hygienist can quickly determine whether granite is radioactive and likely the source of the radon.

For home test kits, you can expect results in a couple of weeks.

Free testing? Yes, there is but for only certain types of granite (Jupurana Bordeaux, Niagara Gold, Four Seasons granite). If you have one of these types of granite, the Free Testing resource can be used.

Hope this helps. Let me know what your thoughts are. Thanks for reading!