July/August 2017

 

Market Information

U.S. home sales stumble as prices hit record high

U.S. home resales fell more than expected in June as a dearth of properties amid strong demand pushed prices to a record high, keeping first-time buyers on the sidelines.

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Priceline, Expedia boost home-rental inventory as race with Airbnb heats up

The old stalwarts seem to want to encroach on Airbnb’s turf. The following article details what’s happening out there. As always consult real estate pros before becoming a hotel. There have been several horror stories that have emerged such as damaged property, health issues like bed bugs and delayed reimbursements when problems arise.

Travel booking giants Expedia and Priceline have boosted their home-rental inventory as they attempt to catch up with San Francisco-based Airbnb, which currently dominates the home-sharing space.

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Dino’s Top Tip

 

If you’ve been reading my monthly newsletter, you probably know that there continues to be a scarcity of inventory. Let’s look at Redwood City as an example…

Even though the monthly units sold are almost the same as five years ago, properties are selling 64% faster. Most importantly, the median selling price has almost doubled at 96% (median price $1,537,500 per SAMCAR).

For the vast majority of folks in this part of the country, their home is the biggest and most valuable asset they have. With all of this great news, why are some many homeowners in the dark about their home valuation?

They may be relying on information on the Internet that may mislead or even overvalue the true value of the property, making homeowners seem wealthier than they really are.

There may be tax implications, (real or imagined) which are a source of anxiety for some as they are trying to plan for retirement. Rather than exploring options, they take the path of least resistance and do nothing, resulting in future expectations based on hypotheticals and not grounded in reality.

Their property may need some improvements so rather than address them now; they are left to progressively get worse (“I’ll get to it one day”-itis). Today’s actions will result in higher valuations down the road.

The good news is that there are relatively simple solutions to all of these issues, and many of them are available at no charge. If you are curious about what your home is truly worth in today’s marketplace and establishing a plan to get maximum return on your investment whether selling short or long term, please contact me for a short but very informative, no obligation consultation. I have a team of financial advisors, trust attorneys and many other resources that will put you in a far better position to gain larger returns on investment, and at no charge.

Again, your home may be the biggest asset you own. Doesn’t it make sense to know what that your most valuable asset is really worth?


 


Financial Freedom

Center for California Real Estate

Consumers appear to be more confident nowadays with their ability to spend money and pay their mortgages. Take a look at how these stats vary among generations.

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Assembly Bill No. 2299

An act to amend Section 65852.2 of the Government Code, relating to land use.

It’s no secret that California is suffering from a housing crisis, which may be worse than any other part of the country. California Legislators are taking actions by loosening restrictions of Accessory Dwelling Units or ADU’s.

Simply put, many of the regulations that stymied home owners from upgrading their properties are being reconsidered. This does not mean that you can add seven stories to your house, but it does afford home owners to reconsider upgrading a garage or building a new structure on their lot and improving their property value, while aiding in the housing availability crisis.

Keller Williams and Dino Virella Real Estate are uniquely positioned to assist to determining whether your property can be modified in accordance with these new rules and laws. Please give me a call to discuss.

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Sold
315 San Juan Avenue

1610 sq ft 3 bed/2.5 baths on a half acre plus a 1500 sq ft bonus building that can be used for a car collection, home based business offices, exercise studio, ultimate man cave and more. Simply unique and phenomenal property!

Sold  for $1,399,000

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770 Alta Vista Road

5400 sq ft 6 bed/6 baths on 1.55 acres with ocean views. Unique configuration for optimum flexibility. Can be a single family home or a duplex with rental opportunity(s).

Shown by Appointment Only.

Offered at $2,299,000

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