Today’s blog takes a look at active and pending listing activity for the past week in Menlo Park. 21 listings(class one single family homes) were listed on our Multiple Listing Service over the past week. Three of these listings pended within one week. The total number of pending listings reported by the MLS for the week were 12 class one (single family homes).
A snapshot of the data reported by the MLS for the pending sales reveals the following: Average List Price $1,518,083. Average sq foot per home: 2144 . Average Lot 9746 sq feet. List prices for the pending sales reported to the MLS ranged from $5,100,000 to $199,000. (Information deemed reliable but not guaranteed.)
The California New Home/First Time Buyer Credits are available only for purchases that close escrow on or after May 1, 2010.
“These tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for a qualified principal residence. Taxpayers must apply the total tax credit in equal amounts over 3 successive years….” The California Franchise Tax Board has issued very specific requirements regarding this credit and how to apply. Interested parties should carefully review the requirements posted by the FTB online or discuss this credit with their tax advisor. Failure to follow very specific guidelines could result in the credit being denied.
These credits will be allocated on a first come first served basis. The total amount of allocated tax credit for all taxpayers may not exceed $100 million for the New Home Credit and $100 million for the First-Time-Buyer Credit.
Today’s blog takes a look at active and pending inventory reported by our local Multiple Listing Service. As of today’s date there are 141 active class one(single family homes) listed on our MLS in Redwood City. 118 homes(listings) are reported as pending sales. The pending sales range in list price from $2,500,000 to $185,000. San Carlos reports 55 active class one homes with 39 pending sales. The pending sales for San Carlos range in list price from $1,950,000 to $399,000. (Information provided by MLS deemed accurate but not guaranteed).
Overall, these statistics indicate a fairly active San Francisco Peninsula real estate market as we head towards Memorial Day and our summer market. Tomorrow we will take a look at the California Tax credit for qualifying homebuyers.
Last night as I watched the evening news cover the flooding in Nashville Tenn, each of the commentators mentioned how the community had pulled together to help those whose homes had been flooded. Time and time again, those interviewed also reinforced that the city had a very strong community network.
All of which brings me back to the issue of community when searching for a home. Each town and city on the Peninsula has its own flavor. Beyond charts, graphs and cost per sq foot lies the community identity, features and ammenities. Do you want to live on a hill or do you prefer being walking distance to public transportation? Do you prefer ranch style homes to new construction? What works for some may not work for you.
Schools, parks, vibrant downtown areas and citizen involvement in community issues are often critical components making communities strong. Given the current deficit in California, volunteerism and pitching in to do what is needed are more important than ever.
My advice to homebuyers: if you are thinking of buying in a new community, spend some time there first. Have dinner in a local restaurant, spend time at a farmers market, grab a cup of coffee at the local coffee shop. If you have children, call the local PTA and talk with them about schools, soccer leagues and whatever else is important on your list. Step away from your computer and take a walk around the block. See if the shoe fits.
The San Francisco Peninsula real estate market is starting to see more multiple offers on well priced properties particularly in the mid-peninsula. Several listings in the past three weeks have received 6 or more offers going significantly over list price.
The sales price data from these sales will not show up as “closed sales “ until these escrows close . The important take away here for buyers is that “real time data” or active knowledge of current local activity is critical when formulating offers particularly in multiple offer situations and sometimes charts and graphs may not be sufficient. In addition to price, terms and conditions are paramount.
Recently I had a discussion at an open house with a frustrated buyer who did not understand why after 4 multiple offer situations he had not been the winning bid or even countered. When I discussed the particulars with him I learned that his agent had been faxing through offers and not having him review disclosure documents prior to making his offer.
My recommendation to him was to put himself in the sellers position. If you have two or more offers and the other offers have reviewed all the disclosure documents and included a preapproval letter from a lender, do you think an offer that has been faxed with no acknowledgement of disclosures and numerous contingencies is going to have equal weight with the other offers? I will let my readers draw their own conclusions on this topic.
This past Sunday we visited Kara’s Cupcakes located in the Town and Country shopping center in Palo Alto right next door to Sur La Table. It was a beautiful sunny day and patrons were lined up to place their orders. I ordered a Meyer Lemon cupcake that was delicious. I will leave it up to my readers to form their own personal favorites. Definitely worth a visit. Tomorrow’s blog will focus on real time data and the recent upswing in multiple offers on the San Francisco Peninsula.