Many homeowners are held back from purchasing a new home because they want or need to sell their current home. Many potential buyers have heard about home sale contingencies, but fewer have heard the phrase "Settlement Contingency". By putting yourself in the shoes of a home seller, you know most sellers are less likely to accept your purchase offer if you have a contingency that lets you first try to sell your existing home. A settlement contingency can give you…
Most Silicon Valley home buyers are well aware that a no contingency purchase offer is more appealing to a home seller than a contingent purchase offer. A prospective home buyer should still think carefully about the risks they face when making a no contingency purchase offer.Probably the most significant risk is not being able to get a mortgage. This has become a greater risk because recent disastrous wildfires have led many home insurance companies to withdraw from the California home…
Many home buyers have heard about adjustable-rate mortgages (ARMs). They typically have the advantage of lower mortgage payments than fixed-rate mortgages. This enables the home buyer to get a larger mortgage and buy a more expensive home. An ARM comes with the risk that if interest rates rise substantially, the home buyer may be unable to afford the adjusted mortgage payment. With a fixed payment for several years, the home buyer may decide the risk is worth the advantages.The Federal…
Unfortunately many first time home buyers believe that if a house is offered for sale with a specified offer date, they have to make their offer on that date, or perhaps later if it isn't sold. There are no laws that prevent home sellers from accepting a purchase offer before the date they already publicized.Perhaps you have found two homes, that you like, with closely spaced offer dates. You don't want to lose out on any chance to purchase either…
As affordable housing becomes more scarce nationwide, developers are buying distressed hotels and turning them into apartments. Nationwide, 18% of hotels are behind on their mortgages as of Dec, 2020.“Apartments around here, you might pay $120,000 a door, and we can purchase these hotels probably $30,000 to $40,000 a door, and maybe put $10,000 a door into the renovations,” said David Peters in Minneapolis.Greg Willett, the chief economist at RealPage says "Land and construction costs preclude virtually any construction of…
San Mateo County trends and Santa Clara County trends have begun showing greater differences. At the beginning of 2018 prices spiked higher in Santa Clara County due to the expected increase in mortgage rates. At the end of 2020 Santa Clara again is showing greater increases, possibly due to its greater economic influence from tech companies.Strong increase at the beginning of 2018 and end of 2020 Modest increase at the beginning of 2018 and end of 2020
There have been a few reports (without data) that the corona virus pandemic is leading home buyers to prefer larger homes with larger lots. In Silicon Valley the city of Los Altos is known for having lots larger than most other Silicon Valley cities.Comparing house sales price trends for Los Altos to downtown Palo Alto does not yet show any change in preferences. Prices have been relatively flat since the beginning of 2019 for both areas through the end of…
In Silicon Valley, multiple offers to purchase a home are often received within a short time period. A seller cannot respond to multiple offers by sending a simple counteroffer to each potential buyer. The seller needs to make a "multiple counter offer". The seller may choose to send a "multiple counter offer" to some or all of the potential buyers.Our local Association of Realtors has standard forms which are normally used by the seller.
Many real estate agents say they are part of a team or part of a group. Rarely would one person try to do everything required to regularly sell real estate. The recent Juliana Lee Real Estate Team Video provides a glimpse into why these real estate agents are a team.
As affordable housing becomes more scarce nationwide, developers are buying distressed hotels and turning them into apartments. Nationwide, 18% of hotels are behind on their mortgages as of Dec, 2020.
“Apartments around here, you might pay $120,000 a door, and we can purchase these hotels probably $30,000 to $40,000 a door, and maybe put $10,000 a door into the renovations,” said David Peters in Minneapolis.
Greg Willett, the chief economist at RealPage says "Land and construction costs preclude virtually any construction of new market-rate product at that Class C price point." "Class C housing stock is now 96% occupied nationally and 99% occupied in the Midwest."
This nationwide trend appears to be another opportunity for affordable housing in addition to California's recent Auxilliary Dwelling Unit regulations.
The Juliana Lee Team's JLee Realty office in Palo Alto, like many businesses on El Camino Real, has several hotels near it. The large Cabana Hotel next door in the Crowne Plaza and the smaller Oak Motel across the street have mostly empty parking lots. A new hotel is also being developed adjacent to the JLee Realty office building.
