The election year introduced a temporary pause in the ongoing rebound of home sales and prices.
Continue readingBay Area Housing Market: Election-Year Slowdown Sets the Stage for 2025 Rebound
Choosing Between a Real Estate Broker and a Salesperson:— A Crucial Decision
It is a sobering fact that more than half of the California REALTORS® operating within the industry hold only a salesperson license. In our local context, this percentage is even more pronounced.
But why should you prioritize the selection of a real estate Broker over a salesperson?
The rationale is straightforward; you wouldn’t entrust a surgical procedure to a nurse when a seasoned, specialized surgeon is at your disposal. Nor would you hire a law clerk for your counsel when an experienced trial lawyer is available. The same principle applies here.
A significant number of newcomers to the real estate profession opt for a salesperson license, and a majority never advance beyond that point. Why, you may ask? The reason is clear: it’s challenging, and it takes time and hard work—and a salesperson can operate as a salesperson while working under the guidance and supervision of a broker.
The distinctions between what a salesperson can undertake and what a Broker is empowered to do are substantial. For example, Brokers possess the authority to arrange loans and serve as escrow agents, a privilege withheld from salespersons.
Importantly, Brokers operate independently and are not beholden to another Broker, having satisfied the enhanced experience and educational requisites.
The capacity of your agent to manage escrow or facilitate loans may not always be a critical concern for you, but the knowledge and education mandated to handle such responsibilities are non-negotiable.
It is noteworthy that Brokers must complete three times the educational requirements at the college level compared to salespersons and accumulate years of practical experience before even becoming eligible to sit for the Broker’s examination—an assessment that boasts a dauntingly low pass rate of 51%. This additional education proves invaluable to you when navigating intricate transactions and liaising with less seasoned sales agents.
This is a clear demonstration of how we distinguish ourselves from the competition. The choice between a real estate Broker and a salesperson is not merely a decision; it’s a pivotal choice that can significantly impact your real estate endeavors.
Choose wisely.
San Mateo County Housing Market: Rising Demand, Shrinking Supply, and Hidden Value Gains
San Mateo County Housing Market Snapshot: A Mixed Bag of Growth and Decline
The Q3 2024 housing market in San Mateo County reveals notable shifts compared to the same quarter in 2023. While total sales volume and median sale prices increased, other key indicators suggest tightening market dynamics.
Sales Surge Amid Reduced Inventory: The number of homes sold increased by 7.7%, rising from 902 to 977, likely due to strong demand despite the dropping number of new listings. This is reflected in the lower inventory levels—the inventory of homes that haven’t sold by the end of a month.
Pricing Trends Show Hidden Results:
Median sale prices grew by 4.5%, reaching $1,908,700. At the same time, the cost per square foot climbed 5.2% to $1,149.
In Q3 2024, lot sizes shrank 24.7% (15,606 to 12,514 sq. ft.), and home sizes dropped 4.7% (to 2,012 sq. ft.). These shifts skew the reported appreciation, as smaller homes on smaller lots sold for 5.2% more. Adjusting for size differences and price per square foot ($60.00), the true median price appreciation is closer to 15.1% year-over-year.
Price Per Square Foot Climbs Nearly 9% The average price per square foot rose sharply, jumping 8.8% from $865 to $949. This uptick underscores rising property values and increased buyer competition. Higher demand, coupled with limited supply, is driving prices higher on a per-square-foot basis, a clear sign of a strengthening market. If inventory constraints remain, expect this trend to persist.
Faster Sales, Fewer Days on Market: Homes sold quicker in 2024, with the average days on market (DOM) dropping from 24 to 23 days, a minuscule 4.3% improvement. This indicates continued competition for available homes.
Strong Pricing Power: Sellers continued to receive more than asking prices, with the percentage of list price received improving to 105%, up 1%.
Total Sales Volume Climbs: The market saw a 5.9% increase in sales volume, reaching $2.35 billion, signaling robust overall growth.
Tighter Months of Inventory: The months of inventory dropped to 1.6, reflecting a 12.5% tightening, signaling a shift toward a stronger seller’s market.
In summary, Q3 2024 shows an increasingly competitive market with rising demand and constrained supply. While buyers face higher prices and smaller lots, sellers benefit from faster sales and strong pricing power. If inventory remains low, expect continued price pressures.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award and ranked among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or email info@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on Twitter.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice, and it cannot replace advice tailored to your specific situation. It’s always best to seek guidance from a professional who is familiar with your scenario.
BROKER | OWNER | NOTARY
Thanksgiving Throwback: Surprising Feast Facts & Festive Inspiration
If you’re like us, you might recall learning about the history of Thanksgiving way back in Kindergarten.
Fast forward some 60 years, and those cherished facts might be a little hazy.
So, we decided to brush up on the story behind the traditional feast and uncover some fascinating tidbits to share.
Before you gather around the table for that delicious annual spread—only to slip into a cozy post-turkey nap thanks to its famed tryptophan—take a moment to enjoy a little Thanksgiving trivia. Who knows? These fun facts might help sidestep a lively political debate or even smooth over a spirited sibling rivalry.
So, dig in and discover what was really on the menu at the first Thanksgiving. It just might inspire you to add a new twist to your own holiday traditions!
Wishing you and your family a warm and wonderful Thanksgiving celebration!
P.S. Don’t miss our annual treat—check out the incredible pumpkin pie & self-basting turkey recipes below!
True gratitude goes beyond acknowledging what we have—it’s about cherishing the people, moments, and lessons that shape our lives. This Thanksgiving, may we not only give thanks but also give back, spreading kindness and love to those around us.
If you’re looking to add a cornucopia of fresh flavors to your Thanksgiving table, we’ve got you covered! We’re sharing two of our all-time favorite dishes that are sure to impress your guests and become instant classics in your holiday lineup.
Click here for Michael Symon’s Self-Basting Turkey Recipe
And here’s our favorite upside-down pumpking Pie Recipe
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA where the own an operate MORGANHOMES, Inc.. They have been assisting buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award and ranked among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or email info@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on Twitter.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice, and it cannot replace advice tailored to your specific situation. It’s always best to seek guidance from a professional who is familiar with your scenario.
BROKER | MANAGER | NOTARY
Real Estate Boom: San Mateo and Belmont See Surge in Home Prices and Sales in 2024
“We’re seeing the strongest market conditions since the beginning of 2022…”
Continue readingReal Estate Revelations: From AVIDs to TDS – How the Law Changed the Game!
Picture this: you’ve got a slew of eager buyers vying for your listing, each armed with their own stack of AVID disclosures. But here’s the kicker – if you don’t pass on those juicy details to the winning bidder, you’re playing with fire.
Continue readingThe Evolution of REALTOR Compensation: Understanding Changes in Buyer’s Agent Remuneration
A trend is emerging wherein sellers opt to exclusively remunerate their own agent, leaving the buyer’s agent compensation subject to negotiation by buyers.
Continue readingBeneath the Surface: Navigating the Turbulent Waters of Home Purchases
Consumers stand on the precipice of change, facing a future where the very essence of home buying is upended.
Continue readingReal Estate Roulette: The High-Stakes Game of Chicken Between Buyers and Sellers
Similar to the scene where the first person to swerve away is labeled the “chicken” and loses, in real estate negotiations, the party who concedes first may feel they’ve lost ground or compromised their position.
Continue readingReal Estate Riches: The Colorful Secret to Boosting Your Home’s Value!
Welcome to the colorful world of real estate, where the tiniest details can turn heads and open wallets! In the game of selling your home, even the shade of your front door can make or break a deal. Brace yourselves because, according to a Zillow survey from 2021, we’re about to dive into a rainbow of possibilities!
Let’s start with the front-runner in the door derby: slate blue. Picture a dreamy, chalky light blue-gray that’s like a breath of fresh air for your entryway. Actual and prospective buyers alike couldn’t get enough of this hue, giving homes with slate blue front doors top marks. They were more likely to swoon over these abodes and were willing to cough up an extra $1,537 on average to call it their own. Talk about painting the town (or your front door) blue!
But hold onto your paintbrushes because here comes the big kahuna: black. This high-contrast color is the epitome of sophistication and drama. Buyers were practically falling over themselves to shell out an average of $6,449 more for homes flaunting a bold black front door. However, like a double-edged sword, black proved to be a bit polarizing, with some folks finding it a tad too imposing for their taste. But hey, fortune favors the bold, right? If you’re feeling daring, black might be your ticket to a hefty payday.
Now, onto the not-so-rosy news: pale pink. While we’re all for embracing your inner Elle Woods, it seems that some buyers weren’t quite ready to bend and snap for homes with a pale pink front door. Described as “kind of shabby looking” by some survey participants, this delicate hue caused wallets to snap shut, with buyers willing to cough up a whopping $6,516 less on average. Looks like pink might be better suited for Barbie’s home than real estate listings.
And then there’s cement gray, the color that left buyers feeling, well, a bit meh. While not as divisive as some of its bolder counterparts, cement gray failed to make a lasting impression. Buyers showed it the door, offering up $1,236 less on average for homes adorned with this lackluster hue. Looks like cement gray might be better suited for, well, cement.
But fear not, homeowners, for there’s hope on the horizon! While the color of your front door may not be the be-all and end-all of your home’s sale price, it’s clear that a strategic splash of paint could pad your pockets. So, before we stick that “For Sale” sign in your front yard, consider giving your front door a fresh coat of paint. And hey, if you’re feeling overwhelmed by the kaleidoscope of choices, why not enlist our help? After all, it never hurts to have a pro in your corner when it comes to selling your home. Happy painting, folks!
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC in Belmont, CA. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award and ranked among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or email info@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on Twitter.
This article provides educational information and is intended for informational purposes only. It should not be considered as real estate, tax, insurance, or legal advice, and it cannot replace advice tailored to your specific situation. It’s always best to seek guidance from a professional who is familiar with your scenario.
BROKER | MANAGER | NOTARY