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Today's Housing Supply is a Sweet Spot for Sellers... with great opportunities for buyers

Buyers are out, but they don't have many options.

 Why are all these people gathered so merrily together?

San Mateo County Real Estate: 2024 Promises a Fast-Paced Market Fueled by Low Inventory and Surging Demand The San Mateo County real estate market, renowned for its dynamism and desirability, appears poised for an exciting year in 2024. While 2023 was certainly a year of change that brought balance unseen in our market for quite some time, key metrics point towards a significant acceleration in the coming months, driven by a potent combination of decreasing supply and burgeoning buyer appetite. The Inventory Enigma One striking indicator is the dramatic decline in available inventory. December 2023 saw a mere 1.3 months of inventory, compared to the 1.7 months recorded in the same period last year. While this is more inventory than our market usually sees at the end of each year – the typical year-end level is 1.1 months – inventory continues to shrink and new inventory is slow to arrive. This suggests we are approaching a more competitive landscape where properties will be more sought after and move swiftly off the market. Rising Buyer Demand We gauge demand in a few ways. The volume of new pending sales has seen a fourfold increase in just one week, highlighting a surge in buyer activity. Additionally, one of our recent listings in Foster City sold by a staggering 14% over-asking, far surpassing the county’s average of 1% during the same period. This illustrates buyer appetite for good inventory. We also are hearing anecdotal evidence from fellow agents who are seeing increased activity at open houses and for new buyers entering the market. Eye on the Fed External forces, like Fed announcements, could significantly shape the market’s trajectory. Should the Federal Reserve announce interest rate cuts, we could witness a surge in pent-up buyer demand eager to capitalize on lower borrowing costs. This influx of buyers would further tighten the already constrained inventory, potentially pushing prices even higher in the short term. Conversely, sustained high interest rates might keep a lid on buyer exuberance, stretching out the more balanced market dynamic we saw at the end of 2024. These trends offer insights into what we expect for the 2024 market: Sellers Advantage: For those contemplating selling, the landscape presents an opportune moment. The scarcity of available properties places them in a prime position to attract multiple offers and potentially secure exceptional sale prices. Buyer Agility: Prospective buyers must adopt a proactive and informed approach. Be prepared to move quickly, present competitive offers, and potentially adjust strategies to navigate a fast-paced environment. A Market to Watch: Regardless of your involvement, the 2024 San Mateo County real estate market promises to be a captivating spectacle. Stay informed, monitor trends, and prepare for a dynamic year ahead. While these predictions provide a clear direction, it’s crucial to remember that the market remains subject to external factors and fluctuations. Nevertheless, the current indicators paint a compelling picture of a vibrant and fast-paced 2024 for San Mateo County real estate. So, buckle up, engage your strategic minds, and embrace the exciting journey ahead! Ready to delve deeper? Feel free to reach out with your questions. I’m always happy to share my knowledge about the ever-evolving San Mateo County real estate landscape.

Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season? Every year, homeowners and home buyers contemplating a move face the decision: act now or wait until after the holidays? While some may pause or remove their listings, the holiday season can actually be an great time to sell. Plus, most buyers search for homes online. After family meals and gatherings when people are in a warm and fuzzy mood, browsing for homes, it could be an opportune time for you home to show up in their search. Buyers, too, can find opportunities during a time when many are on vacations and there is less competition compared to busier spring and fall markets. According to Dave Ramsey , “If you checked the numbers, you’d find that plenty of homes are sold during the coldest months of the year. From December 2022 to February 2023, nearly 800,000 homes sold in the U.S. That’s a lot of houses!” So if you’ve been wondering whether to put off buying or selling a home until spring, we recommend don’t wait, there are several advantages to buying or selling this winter. Here are four reasons why you should sell or buy your home during holidays! Less Inventory, Less Competition Winter really is a sweet spot. When spring time hits, the real estate market transforms into a crowded battleground with numerous options. This makes it difficult for sellers to stand out from the crowded marketplace, and puts buyers in a squeeze competing against potentially multiple other buyers. In winter though, there are fewer homes on market and fewer buyers out and about with the intent to purchase, so competition for both sides dwindles. As a seller, this is an ideal time to have your home standout, and as a buyer this is a great chance to shop for a new home in a less competitive environment. Appealing to Growing Families How many family gatherings have you been to that are just busting at the seams? Not enough chairs or space at the table, some people brave a cold patio or huddle on the couch. After a packed family event some may look to have more space for next year’s gathering. To add to the mix, more babies are born from July to October than any other time which sets the stage for more families looking to upgrade their homes later in the year. Melissa Temple shares with REALTOR.com , “Once baby is home and settled, these parents may want to start the year in a new, and more spacious, family home.” The Year End Brings out Serious Parties While some people go out casually looking at home in the spring and fall months, imagine how serious a potential buyer is navigating through freezing weather or taking a break from holiday festivities to explore your home. Winter buyers are often driven by pressing deadlines, such as expiring leases, relocations, or contracts on their current homes. This urgency increases the likelihood of a swift and serious purchase. San Francisco Real Estate Agent Nina Hatvaney shares that “the end of the year can be a good time to buy a home since some sellers may be motivated to offload their property before year’s end. If they’re going to take a loss, they can write it off on that year’s taxes…. the end of the year can weigh on a seller psychologically. They want to know it will be resolved by the end of the year,” she said. In short, in the winter, people want to get the deal done and have less time to fool around. Make the Most of Festive Free Time While the holiday season might seem like an unlikely time for home hunting, it unveils a unique opportunity. Contrary to the assumption that people are too busy, many individuals actually enjoy more time off during the holidays. This translates to increased moments for browsing through home apps, envisioning future decor, and even scheduling home showings. Don’t underestimate the power of holiday downtime when it comes to capturing the attention of potential buyers.

What we know, what we don’t, and other information we are sharing with clients Many people are asking about the consequences of the recent National Association of Realtors (NAR) lawsuit. The federal government prevailed against the real estate industry, with the penalty calculated to reach somewhere north of $5 Billion. Some are using this verdict to predict the doom of the industry, or at least the end of how we do business. As usual, headlines seek to stir up emotions so you will click and read their story. The reality is more mundane. For one thing, the decision is being appealed, and there is a good chance it will be overturned. And even if the suit ultimately does prevail, it is going to take several years. The industry will learn to adapt. Here is a little recap of the issue, and my particular take on it. What was the lawsuit? The lawsuit claims that the current standard, whereby sellers pay the buyer-agent’s commission, puts the buyers at a disadvantage. It asserts that the practice forces buyers to pay a commission (because the commission is built into the purchase price) and deprives buyers of their chance to find their own representation and negotiate their own commission -if any. The theory is that having sellers pay both sides of the commission has artificially jacked up the price of real estate. At first blush, I can understand how buyers might be inclined to agree with the headlines. The price of a home seems to bake in a 2.5-3% commission. But as you analyze the practice more fully, you’ll realize that buyers actually benefit from the current practice for a few reasons I am happy to outline here. Why is the judgment wrong? Brokerages do not conspire First, brokerages and agencies do not conspire on commission rates. Each brokerage is in competition with the others (and each agent within and between brokerages is in competition for your business). The commission rate has historically been about 6%, split between sellers and buyers agents. This has never been a firm number and is always negotiable. It stays at about this rate because sellers don’t want to spend more on their side, and offering less to the buyer’s agent is not fair to that party. Yet, you will see rates down to 1% from some brokerages that are eager to attract new business. And some even go higher than 6% (7% is the highest I have personally seen). It is negotiable. Who chooses the Buyer-Agent? Buyers always have their own choice of representation. The fact that the commission largely comes from the selling side means buyers don’t have to shop for a buyer-agent by price, but only by reputation and experience. Still, many buyer-agents will offer a kickback to buyers in order to attract more business, and other agents require their buyers to pay them even more commission than is being offered by the sellers. Again, it is always negotiable. Current California regulations require that listings display the commission being offered to the buyer-agent, so each buyer knows what their agent is being paid before writing an offer. They may negotiate around this point with their agent. Will this rule affect sales price? Have you ever looked at a Home Valuation, such as Zillow or Redfin? What is your home worth? Owners frequently inquire or research the price they may get from the sale of their home. The question of home value always precedes any thought about selling costs. The question is always, “What is my home worth.” Only later will sellers inquire, “What will I net in the sale.” When the home goes on the market, the List price is likely near the sellers’ goal, but the price will be buoyed or sunk by buyer demand. In good times, prices go 10-15% higher than the list price; in worse times, they may get 10-20% less than they hoped. The point is the selling price is the price buyers are willing to pay, not the price sellers want. The costs incurred are secondary to sellers, who always want the highest possible price. If sellers have a hard number they must attain on the net, they may decide whether or not to sell. There may be discussions about the commission in regard to their closing costs. Again, commission is always negotiable. If the lawsuit prevails and removes the standard for sellers to pay the buyer-agent commissions of 2.5% or 3%, sellers will net more money. The price of homes is not going to go down simply because sellers have lower closing costs. Sellers will end up netting more, and buyers will end up paying more for the home. Will buyers still get representation? Currently, business is continuing as usual, and buyers have the peace of mind that their choice of agent is being paid by the seller when escrow closes. Remember, buyer-agents can represent clients for every listing on the market. Buyers have a choice of buyer-agent, and unless they have a separate agreement to pay less (or more) commission, they can choose the best agent they can find and not worry about the cost. They can use their realtor-cousin, or the neighborhood expert – the cost to the buyer will be the same. If the lawsuit ultimately prevails, buyers may be hurt by a lack of representation. They will need to find a good agent, most of whom will likely continue to charge 2.5-3% (believe me, they deserve it!). Some buyer-agents may represent buyers for a flat fee or a lower commission. Whatever that is, it will be in addition to the purchase price. Buyers will be paying extra, on top of the sales price. Due to this, instead of choosing the best agent they know, buyers are likely to find the cheapest agent they can find. I don’t think I need to spell that out any further. How often do we learn that you get what you pay for? If you would like to read more about the NAR lawsuit, go ahead and check out these additional resources: SF Chronicle NAR Litigtaion FAQs NAR Article: $1.8 Billion Lawsuit Could Upend the Real Estate Industry Money.com Article: Here’s What’s Next for the Housing Market After a Massive Realtor Lawsuit Rumana is ready to discuss the current environment with you Transparency is a hallmark of Rumana’s business, and commission is always discussed as part of the listing agreement or buyer representation process. If you have additional questions, connect with Rumana to discuss.

Is the Bay Area Real Estate Market really going to burst?

Thanksgivi ng is a time of reflection on your life. These are local organizations that Rumana supports and, if so moved, they could use your support as we inch closer to the end of the year.

The Bay Area real estate market has been stabilizing in recent months, with slowing sales and homes staying on the market longer, all with slowly increasing inventory. This is due to a number of factors, including rising interest rates, inflation, and a limited supply of homes for sale that meet current buyer affordability. Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) .

Join us for games and photos and The Pumpkin Patch We will be at ABC Tree Farm in San Mateo on Tuesday, October 24 from 4:00p – 6:00p. Register below to join us!! We will be on site to take our fall photo, and can take a great fall photo of you and your loved ones. AND we are paying for children admissions to the play area plus purchasing a pumpkin for the first 5 registrations!

State of the Economy and Our Housing Market As 2023 moves forward, this is a good time to provide some insight on the current state of the economy for California and the United States, as well as what some factors signal about the future of our housing market. We have a couple of media clips to share, and then will break down factors like unemployment, inflation, timing the market, mortgage rates vs. home sales and home prices, and share a tale of two markets.

Free Online Seminar Series Of a certain age? Don’t miss this seminar, created just for you. We have expert guest speakers lined up to answer your most pressing questions about living your best life, in your later life.

The San Mateo County Real Estate Market Proves Resilient! According to a recent article in Palo Alto Online, San Mateo only Bay Area county to see increased sales activity compared to 2022 . The article notes that “San Mateo was the only county in the region whose sales increased both year-over-year (3.4%) and month-over-month (14.8%).” Comparatively, the California Association of REALTORS (CAR) notes “sales of single-family homes in the state during June were down 4.1% on a monthly basis compared to May and down 19.7% compared to the same time last year.”

My team and I will be leading an initiative on behalf of Meadow Heights Elementary School, a local target of much of my fundraising. School has just let out, it seems, and while most families are thinking about vacation, many teachers are trying to figure out how they are going to make it through the upcoming school year. Sufficient supplies are one of the basic concerns of school teachers. So I’ve inquired with the school teachers and administration and put together a list of supply items that will be impactful for the teachers and students. I committed myself to acquiring the necessary supplies to help alleviate some strain the school feels, and positively impact the teachers, students, and our community. I encourage you to browse the list. You may see that you already have some items and can drop them by my office in Burlingame! You can also use a link and purchase one or many items to help the school year start off on the right foot for the returning students. The list is a combined supply list from Meadow Heights Elementary and covers all grade levels. Whatever your heart leads you to contribute, from your well wishes to fully stocking the supply shelves, I thank you gratefully for your desire to ease the burden of our educators and to help make our local schools more beneficial.

There are many expenses to consider when it comes to selling your home. These expenses may include: capital gains tax, home preparation, various fees – including commission – mortgage payoff, etc. Many of the fees are negotiable. Some sellers would like to skip certain costs, like commission, altogether. Be careful though. Homeowners who go the FSBO (For Sale by Owner) route often struggle with tasks like preparing the home, pricing it accurately, and managing paperwork. One may believe they are saving by not owing commission, but real estate agents provide invaluable support in various ways: Managing Liability and Legal Considerations: Selling a house involves numerous mandatory disclosures and regulations. Handling all the paperwork and legal aspects without professional guidance exposes home sellers to potential liability risks and legal complications. Real estate agents are well-versed in the contracts, disclosures, and regulations necessary during a sale. Their expertise minimizes the risk of errors or omissions that could lead to costly legal disputes or expensive delays. Market Knowledge: Real estate agents possess comprehensive knowledge of pricing and the housing market. Determining the appropriate asking price for your property requires understanding local real estate market conditions, recent sales data, neighborhood trends, and current demand. Agents have access to comprehensive market data and the expertise to analyze it accurately. Selling your house without this information puts you at risk of overpricing or underpricing, leading to an extended time on the market or leaving significant money on the table. Marketing and Exposure: Effective marketing plays a vital role in attracting qualified buyers to your property. Real estate agents have access to various marketing tools and platforms, such as MLS listings, professional photography, virtual tours, and extensive professional networks. They can create compelling listings that showcase your home’s best features and reach a wider audience. Selling on your own may limit your exposure and ultimately result in fewer potential buyers, less opportunity to negotiate, and a lower sales price. My own marketing typically brings a home 6-8% over the list price. Negotiations and Contracts: Negotiating the terms of a home sale can be challenging, particularly when emotions are involved. Without an agent, you assume the responsibility of negotiating with the buyer, the buyer’s agent, the home inspection company, and the home appraiser. Rather than managing these interactions alone, real estate agents act as intermediaries, skillfully negotiating on your behalf and ensuring your best interests are protected. Their experience in handling tough negotiations, counteroffers, and contingencies is invaluable. After receiving offers, I typically negotiate another 2-4% higher (which my clients love). In conclusion, while selling a home on your own may initially seem appealing, the challenges that arise can quickly become overwhelming. The expertise that a real estate agent brings to the table is crucial for a successful sale. Instead of embarking on this journey alone, it is advisable to have an expert on your side. With the right agent, you will likely make much more money, avoid hassles, and keep yourself out of legal jeopardy.

In this market update, we are sharing a comparison with Q2 2023 and Q1 2023 to show changes in the market over this year. Read below to see the data and our analysis of what’s happened so far in the 2023 Baya Area Real Estate Market. Median Price vs Appreciation 2023 There are many in the media and even economists who confuse median home price with appreciation. Median price measures the middle-priced homes that were sold, while appreciation measures actual gains or decreases in the value of homes. The median home price can be influenced heavily by the mix of sales – Let’s look at an example. Let’s say in 2022 there were 5 homes that sold, $200k, $250k, $300k, $350k, and $400k. The median sale price would be the middle number or 300k. In 2022, we saw a 6% appreciation, which means all of those homes increased in value to the following in 2023: $212k, $265k, $318k, $371K, and $424k, respectively. However, in our example, let’s say that in 2023, only the first three homes sold, or the $212k, $265k, and $318k priced homes. This is a real-world example driven by higher rates, lack of inventory, and other factors that saw more homes on the lower end sold vs homes on the higher end sold. As a result of this, the median price is now $265k, and when compared to 2022, the median price is down 13%. However, all the homes are higher in price end appreciated by 6%. This is an example to show you how median price can be misleading and not measure true appreciation. The market dynamics are such that buyer’s affordability has decreased, and demand for homes on the lower-priced end of the market has increased. We have seen over the last several months the median sales price of condos and townhomes have increased, driven in part by demand for homes on the lower-priced end of the market. Mid-Year Review: Q2 2023 vs Q1 2023  As we reach the middle of the year, now is a good time to look back over the first half of the year. Below we are sharing some key data points as well as providing an explanation of what this means for our local San Mateo County real estate market. This data is focused on single-family home sales in San Mateo County for the period of January 2023 – June 2023.

It’s not all negatives!

There is about 1.5 months of inventory for both single family homes and condos/townhomes. In April, sales tended to be at asking price. The median sales price for single family homes was $1.8 million, while the median for condos/townhomes was $857,000. Median is the middle number, so as many homes sold below that price as above.

RTP just completed a successful fundraising event on May 11. A Night Together With The Stars was a combination “Thank You” to our generous donors, and a fundraiser to generate more capital for our multiple projects. The event was on the ‘Ohana floor of Salesforce Tower. Yes, the top floor. #61. The views were fabulous, as you can see. We could look upon all of the Bay Area from that vantage. The weather cooperated for a spectacular sunset over the distant Golden Gate Bridge. We had really nice food, wine, live piano and great company. And views forever! I was pleased that my husband Michael donated piano lesson as a raffle prize. He is looking forward to meeting his new student. All in all, my experiences with RTP have been truly rewarding! If you would like to donate or volunteer for RTP, please get in touch! P: 1.650.366.6597 E: info@RTPeninsula.org

In San Mateo County, there are 334 single family homes for sale, which equates to one month of inventory. 251 homes were sold in March, at a median sale price of $1.7M. Homes sold, on average, at asking price in 28 days. 334 new listings were added in the same period.  There is also one month inventory of condos and townhomes, 132. 98 units sold at a median price of $1M. Condos sold just slightly under asking price, and took an average of 36 days to sell.

Recently, CNBC spotlighted a Zillow poll in which 9/10 sellers claimed regrets over some aspect of their experience. Apparently, 84% of sellers believe they could have done better. Well, if they had chosen me as a listing agent, it’s likely they would have done better! My sellers are among that proud 16% who know they got the highest price and the best terms.

In February, San Mateo County had 296 Single Family Homes for sale. There were 264 new listings and a total of 176 homes sold, up from 219 new and 159 sold in January. The median sale price for homes was $2 million, compared to $1.48 million last month. The numbers are also up for condos/townhomes. There were 138 condos and townhomes for sale in February. New listings were up to 107, and a total of 7s sold, up from 93 and 46 respectively.

I had a great time, as always, at my client appreciation party. My 2022 buyers and sellers were invited to have a fabulous lunch prepared by Mike Gunn at Vivace Ristorante in Belmont. If you haven’t been, I hope you do go soon. You might have noticed me featuring them on my Instagram and Facebook feeds recently as well. Besides a fabulous regular menu, Vivace’s has a lot of special events, including wine pairings and special dinners (and a raging Halloween party!). Again, I really hope you will check them out. Tell Mike I sent you.

Valentine’s Day is a very busy day for restaurants, as you all are aware. Michael generally makes reservations for us at fancy restaurants (usually French). But sometimes, he would forget to make reservations early enough, and then have to scramble to find a place. He has always done well, but sometimes will ask… “so, what do you think of burritos this Valentine’s Day?” Um, no thank you. But he always find a great spot. Alternatively, we have also had Valentine’s evenings where we cook for each other, and we enjoy that a lot too. Champagne is involved.

The San Mateo county real estate market has seen a decrease in the available inventory of single family homes and condos/townhomes. Only 159 homes, with a median of $1,480,000 compared to December when 248 homes sold for a median of $1,539,000. Homes stayed on the market 40 days average. The median price for condos was actually up from $825,000 in December to $862,000 in January and took an average of 49 days to sell. View all the details below. 

Who will win $1000 to the Ritz Carlton?

January 2023 Market Report – San Mateo  San Mateo’s single-family housing market saw a decrease to a $1.5 million median sold price. There were 238 units sold and 124 new listings. The condo & townhome market declined month-over-month with 37 new listings, and 58 sales totaling approximately $819k. Buyers have remained aggressive with average offer prices remaining at around 100%. Due to only 6% of homes being completed, the market has seen a decrease in supply. Combine these factors with the surging demand, and the cost of buying only continues being pushed up. This is creating an imbalance between the pricing range and active options in the marketplace.

Sunday will be the official Lunar New Year. Are you ready to start the year again? While the day is commonly called Chinese New Year, the event is actually celebrated by many Asian countries, including South Korea, Vietnam, and Singapore. The customs vary from nation to nation. For those who follow the Zodiac, we bid farewell to the Tiger, and welcome the Year of the Rabbit. As anyone who’s examined the iconic placemats used in Chinese restaurants can tell you, there are twelve rotating zodiac creatures associated with the years. In Cantonese, the common way to say ‘Happy Lunar New Year’ is “Gong hei fat choy,” meaning: ‘Wishing you happiness and prosperity.’ To help usher in some of that prosperity, families will gather and often gift “lucky money” in red envelopes. Typically this would be crisp, new bills. It’s believed that whatever you do during the course of the Lunar New Year celebration will set the tone for the year ahead. Avoid cursing, swearing, or arguing with anyone during the celebration of the holiday; That could condemn you to a year of arguments and troubling relationships. A home will typically have wine on the table. It’s believed that the alcohol can protect from bad luck as well.

Short trips are nice. My husband and I really enjoy driving to small towns (might have mentioned that a thousand times already). We took one day trip a couple weeks ago that was memorable. We were planning to go wine tasting in Amador and El Dorado counties on a Saturday. Of course, clearing the deck in the morning (checking work emails) always takes a bit longer than planned, but that’s OK. We headed out by mid-morning on a bright day. Traffic was not bad. From Stockton, we took Highway 88 East through Lockeford, Ione and then Highway 49 towards Plymouth. We started hankering for lunch about that time. Plymouth business were shut down this particular Saturday. Nothing seemed open, so we kept going. Nashville is a lovely hamlet along the North Fork Cosumnes River, but no business district or eateries were to be found. So we made it to El Dorado. We’ve driven through this town on our way to Fair Play wineries before, but never stopped for any reason.

The housing market has decreased for both single family homes and condos/townhomes. Sellers are still getting close to their asking price, but not getting the same prices they were achieving in April, the peak of the market. Sellers are needing to be more patient as homes are taking longer to sell in general, as buyers weigh their options.

I love the lights and events that happen around the holidays. Here’s some fun things to do over the next few weeks on the SF Peninsula. These events were collected by The Patch. Why not take a moment to add some to your calendar now? I hope I see you at some of these events! Friday, November 18 Monte Carlo Night at Kohl Mansion Burlingame-Hillsborough, CA Saturday, November 19 Annual Thanksgiving Fun Run 2022: South San Francisco 9:00 am South San Francisco, CA Great Dickens Christmas Fair & Ice Skating Rink 2022: Cow Palace, Daly City 10:00 am San Mateo, CA Holiday Craft Faire 2022: Twin Pines Park, Belmont 10:00 am Belmont, CA

What’s in the San Mateo County data? In San Mateo, the median sold price for single-family homes in October decreased month-over-month to $1.8 million. The number of homes sold decreased to 283, and the number of new listings decreased to 370. The number of condo & townhomes sales increased month-over-month to $931 thousand with 97 units sold and 92 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand for homes continues to rise, leading to the rise in sales prices, and creating an imbalance between supply and demand.

Have fun this fall by visiting one of the pumpkin patches within the Bay Area. We’ve listed a few of our favorites! Aside from finding the right pumpkin, enjoy other fun attractions like a hayride, train ride, corn maze, and more. 

This September, a group of about eighty Elite KW agents from the Northern California/Hawaii region of Keller Williams gathered together to brainstorm about ways to improve our services. This was the first time this group was convened. It didn’t hurt that the convention was in Hawaii. We met at the Honolulu Elks Lodge, and at Outrigger Waikiki Resort. I’m not complaining. I’ll admit it can be difficult to focus on business when outside is the most beautiful sky and sea and mountains imaginable. But focus we did. Much of our discussion centered on how to maintain highest standards in our industry. Key to that is treating all listings and sales as a Luxury transactions, at the highest level. Did you know Keller Williams sells more luxury properties than any other real estate company? We are number one in the global luxury market. Brady Sandhal leads the Luxury division of Keller Williams. Brady exudes luxury. It was such a pleasure to learn from him about ways to treat clients Another important connection was made with Dan Ihara. Dan is a top Keller Williams agent in Hawaii, and is leading our company in a special targeted certification program (REP). Known as Real Estate Planner, this certification is designed specifically for the unique needs of baby boomers.

In San Mateo County, the median sold price for single-family homes in September decreased month-over-month to $1.7 million. The number of homes sold decreased to 359, and the number of new listings decreased to 471. The number of condo and townhouse sales decreased to $910 thousand with 92 units sold and 158 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand for homes continues to rise, leading to the rise in sales prices, and creating an imbalance between supply and demand.

I love doing client events. As great as it would be to meet everyone one-on-one, that just isn’t possible with all our busy schedules. But events are awesome to get to see many of you and catch up. I love it. My favorite event has to be the picnic. I am so glad we were able to do it again this year! The kids always have so much fun; it is worth it just for that. But I think we adults do okay too, eating, drinking and winning prizes. Congrats to the Raffle and game winners! I really appreciate you all coming out, some of you from rather far away. It means a lot to me that you also want to keep in touch. That is the most rewarding aspect of being in real estate. I have to give special thanks to Nicole Francis from Cross Country Mortgage for supplying the catering this year. Wasn’t that fantastic? I really enjoyed Frank’s Texas BBQ. You are wonderful Nicole, not just for the catering, but for the service you have provided to my clients. Huge thanks also to my staff who worked so hard to set up and close up. They drape themselves in the Aspire Higher motto at every level. I am extremely proud of the amazing job my staff does. Needless to say, I am looking forward to more client events. I hope you are too!

What better way to celebrate a beautiful day in the Bay than getting outdoors for a good picnic? Here are some of our favorite spots and go-to places to grab some picnic snacks and essentials. 

We are excited to introduce our new Listing Manager, Gina Tocchini!

In San Mateo, the median sold price for single-family homes in August 2022 was similar to last year at $1.8 million. The number of homes sold decreased to 339 and the number of new listings also decreased to 406. The number of condo & townhomes sales decreased month-over-month to $899 thousand with 128 units sold and 144 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. There is no doubt that higher interest rates have impacted demand for homes. But low inventory continues to be a factor as well. A balanced market is considered representative of 6 months’ supply of homes. When factoring in the number of completed homes, the month’s supply of homes available was less than a month at 25 days. This ongoing imbalance of supply and demand should continue to be supportive of home prices.

In San Mateo, the median sold price for single-family homes in July slightly decreased month-over-month to $1.8 million. The number of homes sold decreased to 330 and the number of new listings also decreased to 443. The number of condo & townhouses sales decreased month-over-month at $897,500 with 110 units sold and 149 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be above 100%. There is no doubt that higher interest rates have impacted demand for homes, especially in June when rates had reached their apex. But low inventory continues to be a factor as well. A balanced market is considered representative of 6 months’ supply of homes. When factoring in the amount of completed homes, the month’s supply of homes available was really less than a month at 25 days. This ongoing imbalance of supply and demand should continue to be supportive of home prices.

We have been doing some home remodeling this summer. Like most home projects, this one is taking a little longer than anticipated. As a result, we haven’t been able to get completely out of the area for a vacation. Oh well. Much of this work has meant we cannot live in our home; there has been too much dust. So we are moving around on a weekly basis. One recent week, Michael and I decided to make our stay a little more like camping. Yes, I LOVE camping. Normally we would bring our own tent and a week of supplies, but since we were juggling a lot, “glamping” was the most we could manage. So, where can we go that is close enough to my listings (and our home remodel) that we can check them as necessary. Where can we have wifi while sitting in camp? Where can we have a campfire (essential for camping!) without creating a hazard? Costanoa! Costanoa is a KOA campground on the coast, about 10 miles south of Pescadero. It has regular rooms, cabins, RV’s, tent sites and “tent cabins.” The tent cabin was perfect for us. Already set up, it had electricity, heated blankets, and a designated fire spot that allows for safe campfires. There is also a spa, restaurant (Cascade) and other amenities. We did eat at Cascade one evening, but largely we like to cook at our own fire. That is the point of camping. While staying at Costanoa, we were able to keep up with clients as needed (not always easy, but we managed), but also go on some amazing beach walks and hillside hikes. Best of all was just sitting in the camp and watching the bevies of quail compete with herds of adorable cottontails. A great blue heron made regular rounds in the mornings, checking for gophers, and a turkey showed up each evening. Lots of other birds made birdwatching fun.

Our transaction coordinator, Dasha Kraft, had a very exciting week. Her fiancé, James Outman, has been playing in the AAA league for the Los Angeles Dodgers. James himself is a Redwood City boy, who was drafted by the Los Angeles Dodgers in 2018. He has been working hard for his dream to come true. James got called up by the Los Angeles Dodgers from Triple-A Oklahoma City on Saturday, July 30th. He played his first major league game in Denver, playing again the Rockies. What did James do on his first at-bat? You can see it here, captured by Dasha!  Very exciting indeed. This split-screen video went viral. In the Bay Area, so many baseball fans were talking about his debut. It was a great “local boy makes good” story. The story was much discussed, I found, such as when I went to a screen repair shop in San Carlos and found the staff were talking about him. After a fantastic week, including sweeping our own Giants, James is back in AAA. This is routine for young players, but you know that you will be seeing and hearing about James Outman plenty in the future. I’m sure Dasha will keep us up to date!

It’s been quite a couple of years for the restaurant industry, and although the pandemic isn’t over, we can’t help but get excited when we hear of new spots opening up. Fresh takeout options, new patios to hang out on, and little glimmers of hope for the future of restaurants in the Bay are enough to brighten our days. Cheers to supporting our local faves, new and old! Note: Make sure to double-check before visiting these spots (or any spots, really) to make sure they’re open as the world is ever-changing. Some may be open for indoor or outdoor dining, others are takeout only. And don’t forget: be safe, be nice, and of course, tip.

Need a hint finding something to do in our waning summer months? Here is a list of some activities, most of which can be enjoyed by all ages. Out-of-town guests will enjoy them as well! 

Our good friends Peggy and Mike moved out last year. At that time, they went from being good friends to great clients. Although they lived outside my usual business area, they knew me and trusted I’d do a great job for them. And I did, if I may say so myself. But that’s a different story. In fact, I met them through different clients, who after working with me, became good friends. I guess it works both ways: friends become clients; clients become friends. They followed a job to North Carolina and have been out of state for about a year. This week, they came back for a visit. Since they don’t have their former home, they arranged for a picnic lunch in a local winery. What a great idea! Quite a few of us were able to get together and reminisce as well as learn about how they are doing in their new environs. It was a lot of fun catching up, and the wines were surprisingly good as well. I hadn’t been to P&V before.

San Mateo’s median sold price for single-family homes slightly decreased month-to-month to $2.15 million. The number of homes sold decreased to 322 while the number of new listings was 889. The number of condo & townhouses sales decreased marginally to $1 million with 335 new listings and 109 homes sold. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be above 100%

San Mateo’s median sold price for single-family homes slightly decreased month-to-month to $2.24 million. The number of homes sold was 391 while the number of new listings was 775. The number of condo & townhouses sales decreased marginally to $1.075 million with 302 new listings and 127 homes sold. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be above 100%.

I love driving out to the farmlands nearby. Some days, if there is nothing pressing to do (a rarity) we like to drive into the valley, or along the delta, or just into the hills. We might lunch in Oakdale, Farmington, or Lockeford. I find it very cathartic to just get out to the country and smaller towns. Another thing I love while out is getting fresh produce. I always try to stop at fruit stands for corn, strawberries, or fresh veggies. A favorite is cherries. We haven’t been cherry picking for quite awhile, so my husband and I made a point of it recently. There are a number of good places near Brentwood. In this case, we made it only as far as Long Shadow Farms, but that was enough. Down the long dusty road, we made it to the good natured folks who set us up. We each took a bag and set out. I thought it might be difficult to fill a bag, but we found trees that were absolutely full of ripe, delicious red cherries. We could have managed getting enough at ground level, but Michael loves to climb (both the trees and the ladders). We picked enough for ourselves and to give a generous amount away. It was really a lot of fun, and didn’t actually take as long as we expected! That saved some time for a nice drive around Mt Diablo and lunch in Walnut Creek. The cherries lasted us almost a week. I hope we have time to go back before the season ends; next year is a long time to wait for fresh picked cherries! If you would like to pick some yourself, simply Google Cherry Picking Brentwood and see how many come up! There are also some places along the coast, of course, so choose an area that makes you happy to visit. And engorge!