Debra Ahn Blog

Los Altos Market Snapshot - Februrary 21, 2009

Sat, 21 Feb 2009 02:13:00 -0800

1. Single Family Homes

Active:78

Average List Price: $3,747,167

Median List Price: $1,842,500

Max List Price: $3,995,000

Min List Price: $998,000

Average Days on Market: 62.5

Months of Supply: 19.5

Under Contract: 18

2. Condo & Town House

Active: 22

Average List Price: $893,140

Median List Price: $954,400

Max List Price: $1,595,000

Min List Price: $469,880

Average Days on Market: 38

Months of Supply:22

Under Contract: 2

Please call me if I can help you with any of your real estate needs.

Palo Alto Market Snapshot - February 21, 2009

Sat, 21 Feb 2009 01:51:00 -0800

Despite the high price range, Palo Alto real estate market has been very active and I believe it will continue the trend. Palo Alto has generally held its value very well, so if you are interested in buying in Palo Alto, you should not time the market but make an offer on the homes that you like.

If you plan to sell in Palo Alto, it does take longer than previous years to sell your home, but if you price it at market value you should see activity.

1. Single Family Homes

Active:105

Average List Price: $2,320,331

Median List Price: $1,899,000

Max List Price: $7,950,000

Min List Price: $799,000

Average Days on Market: 50

Months of Supply: 6.5

Under Contract: 24

2. Condo & Town House

Active: 41

Average List Price: $882,503

Median List Price: $799,000

Max List Price: $1,600,000

Min List Price: $418,000

Average Days on Market: 56

Months of Supply:10

Under Contract: 5

Please call me if I can help you with any of your real estate needs.

Mountain View Market Snapshot - February 21, 2009

Sat, 21 Feb 2009 01:44:00 -0800

Mountain View condos and town houses are picking up with only 4 months of supply.

1. Single Family Homes

Active: 82

Average List Price: $1,035,322

Median List Price: $950,000

Max List Price: $2,199,000

Min List Price: $449,000

Average Days on Market: 70

Months of Supply: 20.5

Under Contract: 18

2. Condo & Town House

Active: 67

Average List Price: $586,135

Median List Price: $598,000

Max List Price: $1,145,000

Min List Price: $260,000

Average Days on Market: 86

Months of Supply:4

Under Contract: 20

Please call me if I can help you with any of your real estate needs.

Cupertino Market Snapshot - February 21, 2009

Sat, 21 Feb 2009 01:36:00 -0800

1. Single Family Homes

Active: 91

Average List Price: $1,294,924

Median List Price: $1,249,000

Max List Price: $4,295,000

Min List Price: $522,500

Average Days on Market: 57

Months of Supply: 10

Under Contract: 19

2. Condo & Town House

Active: 36

Average List Price: $678,175

Median List Price: $657,000

Max List Price: $1,189,000

Min List Price: $435,000

Average Days on Market: 33

Months of Supply:12

Under Contract: 7

Please call me if I can help you with any of your real estate needs.

Sunnyvale Market Snapshot - Februrary 21, 2009

Sat, 21 Feb 2009 01:22:00 -0800

Sunnyvale real estate market is very active now, and we are seeing a lot of properties go under contract and this trend seems to be on the rise. Especially the lower end of the market is moving very fast some seeing multiple offers and selling over list price.

1. Single Family Homes

Active:143

Average List Price: $744,269

Median List Price: $764,950

Max List Price: $1,999,000

Min List Price: $309,000

Average Days on Market:84

Months of Supply:5

Under Contract:60

2. Condo & Town House

Active: 95

Average List Price: $513,894

Median List Price: $509,000

Max List Price: $859,000

Min List Price: $275,000

Average Days on Market: 82

Months of Supply:12

Under Contract: 32

Los Gatos & Monte Sereno Market Snapshot - February 18, 2009

Wed, 18 Feb 2009 08:47:00 -0800

1. Single Family Homes

Active: 195

Average List Price: $2,061,333

Median List Price: $1,650,000

Max List Price: $12,900,000

Min List Price: $699,000

Average Days on Market:78

Months of Supply:13

Under Contract:19

2. Condos & Town Houses

Active: 54

Average List Price: $734,582

Median List Price: $770,000

Max List Price: $1,325,000

Min List Price: $239,888

Average Days on Market:70

Months of Supply:13.5

Under Contract:6

Saratoga Market Snapshot - February 18, 2009

Wed, 18 Feb 2009 08:22:00 -0800

Saratoga real estate market is very slow and seems to be quite far from recovering.

1. Single Family Homes

Active: 131

Average List Price: $2,466,617

Median List Price: $2,075,000

Max List Price: $6,998,550

Min List Price: $749,900

Average Days on Market: 133

Months of Supply: 66

Under Contract: 8

2. Condos & Town Houses

Active: 20

Average List Price: $772,989

Median List Price: $649,000

Max List Price: $1,398,000

Min List Price: $334,900

Average Days on Market: 115

Months of Supply:N/A

Under Contract:1

Economic Stimulus Plan Quick Review

Wed, 18 Feb 2009 01:42:00 -0800

Economic Stimulus Plan Benefits the Housing and Mortgage Industries

Revised February 17, 2009

Just signed and sealed…a $787 Billion Stimulus Plan made up of tax cuts and spending programs aims at reviving the US economy. Although the package was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II.

Home owners and potential homebuyers stand to gain from key provisions in this stimulus plan. Here is what we know as of today...

Tax Credit for Homebuyers

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Additional Housing-Related Provisions

Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing—This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance—This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

More Help for Homeowners in the Future

Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

The Economic Stimulus Plan is huge, and impacts a number of industries. I’ve highlighted some of the major provisions that may impact you now and in the future.

As always, if you have any questions or would like to discuss how this may specifically impact you, I’d be happy to sit down with you. Just call or email me to set up an appointment.

Real Estate Outlook: Bottom in Sight?

Tue, 17 Feb 2009 05:26:00 -0800

Real Estate Outlook: Bottom in Sight?
by Kenneth R. Harney

Signs of a cyclical turnaround for housing are on the upswing. Sales are up sharply in many of the hardest-hit markets, and prices are firming in many others.

And now, even some of the country's previously most-bearish economists and media outlets are seeing the light.

Last week, Dr. Mark Zandi, chief economist for Moody's Economy.com, surprised analysts by announcing that "the bottom of the housing downturn is in sight for the nation."

Just days later the Wall Street Journal -- which had been among the most pessimistic of major U.S. dailies -- ran a prominent article with this headline: "For some, it's finally time to dive into the housing market."

The article focused on purchasers in Phoenix, Seattle and Connecticut who recently found that lower prices and affordable mortgage rates made ownership possible for them. They got what appear to be great deals.

The Journal quoted one Phoenix buyer who had just picked up a bargain-priced first home as saying, "six months ago, I didn't think I would ever own a home. Now I do. It's so perfect."

It's obviously good news that doom and gloom economists like Zandi and the Wall Street Journal are picking up on what's happening in local real estate markets. More important for the larger market, though, is that they are in the position to spread the word to consumers that it's now not simply a "good time to buy," it's also a safe time to buy.

Mortgage rates continue to hover near historic lows. According to the Mortgage Bankers Association, thirty year fixed rates last week averaged 5.2 percent, down from 5.3 percent the week before. Fifteen year rates average a flat five percent.

But don't mistake the message here: The economy as a whole still is facing huge problems -- unemployment at 7.6 percent, banks taking billions from the government, a stock market that's still pumping out losses, household consumption down.

None of that is positive for real estate.

But here's what may be developing: Just as housing's troubles preceded the rest of the economy on the way down, there are increasing indications that housing could be out ahead on the national economic recovery.

Why? Because pent-up demand is strong, affordable financing is there for buyers with decent credit and a downpayment, and improved federal tax credit incentives make the equation even better.

Once more consumers grasp the fact that the worst is over for real estate, we just might see some very encouraging numbers in the months ahead.

Termite Treatment - Going Green!

Wed, 04 Feb 2009 02:58:00 -0800

I strive to be as environmentally friendly as possible in real estate, striving to build a "Socially Responsible Real Estate" business.

So last Monday we had an interesting presentation in our weekly meeting.

Orange Oil treatment is an environmentally friendly alternative to fumigation. The method has been around for quite a while but I was not comfortable recommending this treatment because it is not the commonly accepted method. But here are some things I would like to point out.

1. Orange oil treatment is just as effective as fumigation.

2. You do NOT have to leave the home.

3. You can save time and money compared to fumigation.

4. You will get warranty of their work and clearance.

5. You are being environmentally friendly!

I have partnered with an Orange Oil treatment specialist, and I can strongly recommend you his services.

If you have any questions or would like to be referred to my partner, please call me at 650-947-2977 or email me at debra@serenogroup.com

Debra Ahn

Sereno Group Real Estate

650-576-4500 Cell

650-947-2977 Direct

650-947-3077 Fax

Debra@serenogroup.com

http://www.debraahn.com

Palo Alto Market Snapshot - January 16, 2009

Sat, 17 Jan 2009 03:43:00 -0800

Despite the general real estate market, Palo Alto is still doing very well and we only see 3 to 4 months of supply for Palo Alto homes. I predict Palo Alto to continue to be a strong market.

1. Single Family Home

Active: 41

New Listings: 6

Pending: 13

Average List Price: $1,906,887

Median List Price: $1,475,000

Months of Supply: 4.1 mo

2. Town House & Condo

Active: 9

New Listings: 3

Pending: 5

Average List Price: $663,411

Median List Price: $678,000

Months of Supply: 3 mo

Please do not hesitate to contact me if I can help you with any real estate questions, strategies or if you are seeking quality representation.

Debra Ahn

Realtor

Debra@SerenoGroup.com

650.947.2977 Direct

Los Altos Market Snapshot - January 16, 2009

Sat, 17 Jan 2009 01:32:00 -0800

As expected, we are seeing more listings coming on the market.

There are some nice new listings this week at a good price point.

1. Single Family Home

Active: 63

New Listings: 12

Pending: 8

Average List Price: $2,097,690

Median List Price: $1,749,000

Months of Supply: 7

2. Town Houses & Condos

Active: 18

New Listings: 8

Pending:2

Average List Price: $888,387

Median List Price: $936,944

Months of Supply: N/A due to no closings last 30 days

There are 8 newly built town houses on Tyndall and new condos on 4388 El Camino. A great opportunity if you a are looking to downsize.

Please do not hesitate to contact me if I can help you with any real estate questions, strategies or if you are seeking quality representation.

Debra Ahn

Realtor

Debra@SerenoGroup.com

650.947.2977 Direct

Cupertino Market Snapshot - January 15, 2009

Thu, 15 Jan 2009 11:13:00 -0800

As we head towards the end of winter, we are seeing more listings but also more pending homes.

If you are a Cupertino buyer, this may be the time to make your move a little ahead of the school registration season.

Cupertino sales increase along with the registration season(usually accompanied by increase in prices), due to the high importance of its excellent schools.

1. Single Family Home

Active: 67

New Listings: 16

Pending: 18

Average List Price:$1,295,049

Median List Price: $1,199,888

Months of Supply: 6.3 mo

2. Town Houses & Condos

Active: 24

New Listings: 3

Pending: 4

Average List Price: $675,689

Median List Price: $661,500

Months of Supply: 8 mo

Please do not hesitate to contact me if I can help you with any real estate questions, strategies or if you are seeking quality representation.

Debra Ahn

Realtor

Debra@SerenoGroup.com

650.947.2977 Direct

Mortgage News Update, Jan 14

Wed, 14 Jan 2009 01:48:00 -0800

We got the release of retail sales and import prices and they where positive for mortgage rates. First, retail sales came in much lower then expected at a monthly decline of -2.7% when economists where expecting only a -1.2% drop. When excluding autos, the number fell even more by -3.1% when expectations where for a -1.3% drop. Worse then expected economic data is generally a positive for mortgage backed securities due to the flow of money. For example, with retail sales dropping, why would you want to buy stock in lets say Wal-Mart? With lower sales, they will have lower profits thus the stock will not perform well. So, investors pull their money out of stocks but they do not want to sit on cash, so what they do is move their money into fixed income investments such as Treasuries and mortgage backed securities. This is why worse then expected economic data generally leads to lower mortgage rates as investors start to buy mbs which drives the price higher and lowers mortgage rates. We also got another positive report for mbs in the form of import prices. Import prices fell by -4.2%. This is positive for mbs as lower prices leads to less inflation and as I have stated many times before, the biggest enemy to mortgage rates is inflation. So, low inflation leads to low mortgage rates and in the current environment, inflation is not a worry.

Los Altos Market Snapshot - January 9th, 2009

Fri, 09 Jan 2009 04:39:00 -0800

It is the New Year and hopefully we will see a more exciting real estate market this year.

We have some new listings this week, and I expect more will be on its way.

1. Single Family Home

Active: 52

New Listings: 10

Pending: 11

Average List Price: $2,149,899

Median List Price: $1,798,000

Months of Supply: 10.4 months

2. Townhouses & Condos

Active: 16

New Listings: 2

Pending: 0

Average List Price: $913,964

Median List Price: $898,888

Months of Supply: N/A due to no closings last 30 days

Please do not hesitate to contact me if I can help you with any real estate questions, strategies or if you are seeking quality representation.

Debra Ahn

Realtor

Debra@SerenoGroup.com

650.947.2977 Direct

Los Altos Real Estate Market Review, Q4 2008

Tue, 06 Jan 2009 09:01:00 -0800

Media floods Americans with stats, numbers and real estate market information which is general across the nation. The data is not relevant to any local real estate market and are estimates drawn from test markets in various area around the country. So these numbers do not translate down to the local real estate market level and are not indicative of the Los Altos Real Estate Market.

From the fourth quarter of 2007, Los Altos real estate market has seen gradual slow down and the last quarter of 2008 has seen comparatively dramatic decline in Sold Home Prices. Although the drop seems significant on the graph, you should consider that the financing availablility has affected the sales of higher priced homes.

A more telling stat I would like to point out, is the total number of sales for the past few years. In 2008, 251 homes were sold compared to 324 in 2007, 353 in 2006, and 400 in 2005. It shows that significantly lower number of homes were sold in Los Altos in 2008, as buyers decided to watch the market.

(For a more detailed look at the numbers, click here and download my Quarterly market analysis report - requires login!, Go to reports.)

Little new inventory has entered the market for the previous 4 weeks or so. But already, there are 5 new homes listed just in the last seven days and there will be a rush of new inventory for buyers to choose from.

January usually brings a surge of buyers onto the market, fueled by today's lower prices and lower interest rates the new inventory interests them. If you are thinking about putting your Los Altos home on the market soon, this is the time to do so. New inventory, priced to sell immediately, is welcomed by buyers who have been looking for months and have not been intrigued by the current inventory of homes available. Today's buyers are not willing to overpay, but if your home is priced right, straight out of the gate, this could be your opportunity to sell rather quickly.

Debra Ahn

Sereno Group Real Estate

650-576-4500 Cell

650-947-2977 Direct

650-947-3077 Fax

Debra@serenogroup.com

http://www.debraahn.com

Happy New Year & my 2008 in Review

Thu, 01 Jan 2009 01:06:00 -0800

First of all, I must thank all my friends, family and clients for your wonderful support last year.

I feel so fortunate since 2008 was a truly turbulent year for many of us and thankfully now I can look back with renewed hope and optimism for the new year 2009!

Personally, I made a major change in my real estate career and joined Sereno Group Real Estate as a founding member for the Los Altos Office. It has bee an exciting journey so far, and I am very pleased to be able to offer my clients a higher level of service through the support of my company.

I have also invested my time and effort (and finances) to provide you with a better online experience through my website. It will be continuously updated, adding new features and information as they become available.

And here is my Top 5 of 2008:

1. The Presidential Election

2. Emergency Economic Stabilization Act of 2008 (The Bailout)

3. Foreclosure Frenzy

4. Downward Spiral of Home Prices

5. Bank Failures - Good Bye! Countrywide, IndyMac, WaMu, Wachovia, Bear Stearns, Merrill Lynch, Lehman Brothers, and more...

Debra Ahn
Sereno Group Real Estate
650-576-4500 Cell
650-947-2977 Direct
650-947-3077 Fax
Debra@serenogroup.com
http://www.debraahn.com

Fed will Buy MBS!

Tue, 30 Dec 2008 08:40:00 -0800

The Federal Reserve announced on Tuesday, 12/30/08 that it expects to begin to buy mortgage-backed securities(MBS) starting early January of 2009.
The goal of this program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally.

What does this mean to you?

I expect, for a VERY limited amount of time, we will see great GREAT rates!

Hopefully, starting tomorrow, I will see the effect of this news release in the mortgage rates.
I may hold out for a week or so, since it is the end of the year and I would like to see how the banks react, but there will be a very small window of time where you will be able to get rates below 5.000% for 30yr fixed loans under $625,500.(May differ in your area.) Also, remember, I can get a 2nd loan HELOC behind the first loan up to $300K if you have 30% equity or down payment.

Timing the market for that extra 0.25% or 0.50% may cost you dearly.
As I always say, timing the financial market is always a mistake, be it real estate, mortgage or stocks. You HAVE to ride the trend and be able to buy when it’s going up, buy when it’s going down, sell when it’s going up and sell when it’s going down.

I recommend you to refinance using this opportunity, and be happy with the lowest rate you’ll ever see in your life time.