Belmont Market Holds Ground Amid Tariff Jitters and Buyer Hesitation

Tariff Wars & Market Uncertainty: What It Means for Real Estate

Tariffs may not hit Belmont directly, but the ripple effects are real.

  • The new administration’s sweeping tariffs on foreign goods aren’t targeting housing markets outright.
  • However, the resulting market uncertainty is beginning to shift buyer and seller behavior across the Bay Area.
  • Unlike areas reliant on imported construction materials, local markets like Belmont are more exposed to financial sentiment than lumber costs.

Uncertainty is a bigger threat than tariffs themselves.

  • Consumer confidence is taking a hit—not just from the tariffs but also from how they’ve been rolled out: suddenly and without clear direction.
  • Stock market volatility is keeping would-be homebuyers on the sidelines.
    • Many Bay Area buyers are heavily invested in equities.
    • Losses in their portfolios make them hesitant to liquidate assets for home purchases.
  • That hesitation translates to a “wait-and-see” stance:
    • Waiting on the Fed.
    • Waiting on the economy.
    • Waiting on prices to dip or recession signs to emerge.

Interest rates aren’t helping.

  • The Fed was expected to cut rates. That expectation is now on hold.
  • Inflationary pressures from tariffs are prompting a more cautious FED approach.
  • Without lower rates, many sellers who were holding out for better conditions are simply adjusting to the new norm of a 6%-plus mortgage rate and moving forward.
  • Note: Interest rates are still on par or below historic norms.

Belmont’s housing market is adjusting to the new climate.

  • Sales:
    • January started slowly.
    • February saw a surprising surge.
    • March leveled out with modest gains.

Listings:

  • January listings were up 70% year-over-year — likely sellers who finally accepted current rate realities.
    • Growth in listings has since moderated.

Inventory:

  • March inventory reached 26 active listings in Belmont.
    • That’s a meaningful uptick in a tight market.
    • The Months of Inventory figure hit 1.2 months, nearly double January and February.
    • Still a seller’s market — but trending more balanced.

Bottom Line:

  • The local market is resilient, but not immune.
  • Buyers are cautious. Sellers are adjusting.
  • If current trends hold, Q2 will give us a clearer picture of where home values are headed under the weight of tariffs and tempered confidence.

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 emailinfo@morganhomes.com.

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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.

22 Cadiz Circle, Redwood Shores, CA 94065

22 Cadiz Circle stands quiet at the edge of Redwood Shores, tucked into the Sunrise enclave where the land meets the water. A single-story home, settled deep in the development, with its back to the wide, breathing expanse of the San Francisco Bay Trail and Steinberger Slough. Across the water, the Bair Island Ecological Reserve and Don Edwards Wildlife Refuge stretch out, untouched, steady.

However you like your media, we have a link for you.

Click here for either a video tour, 3D tour, or for a color brochure flip book.

Inside, the house has been reimagined—walls opened, space given room to breathe. The great room spills out in one sweep, light filling it from the preserve beyond. The kitchen holds its place, steady and strong. A garden window looks out over the patio, where mornings are still and evenings stretch long. Cabinets of rich wood, soft-close, easy. Stainless steel appliances—BOSCH silent style dishwasher, induction stove, a Zephyr-hooded GE oven and microwave, a French-door refrigerator, a wine cooler waiting for a reason to be opened. The quartz counters, smooth and cool, contrast the deep blue cabinetry, the eat-at bar inviting slow mornings and easy meals.

Beyond, the dining room watches over the living room. The ceiling rises high, a cathedral of light. The fireplace waits for colder nights. Beyond the glass doors, the open land holds still, an unbroken view stretching past the entertainment patio.

One bedroom rests nearby, close to the remodeled hall bath. The primary suite, set apart, is its own retreat—a quiet, cooled space with a bath that holds its comforts. Floating cabinetry, marble counters, a walk-in shower, a private water closet.

The garage, built for two cars, sits right off the kitchen, making returns easy, departures smooth.

Just down the road, the Bay Club hums with life. The Shores shopping center stands close, Nob Hill Foods at its heart, and casual dining spots gathered around it. The town moves, the tide shifts, but here, at 22 Cadiz Circle, there is stillness. A place to pause. A place to call home.

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?

FREQUENTLY UNASKED QUESTIONS

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.

My Story. A Story About A Home in San Carlos

I visited a home in San Carlos today and the seller had this story posted for everyone to read. I found it moving…

My Story

Although I was “born” in 1969, my story really began 13 years before. One spring day, a young couple looking for the perfect spot to raise a family, came down the lane. They had seen many, many properties but the woman knew the minute she spotted the majestic oak that this was THE ONE.My Story in San Carlos

Don’t you want to see the house first asked the man, referring to the little, two-bedroom house that was, at the time, the only one on the property.

“Yes”, replied the woman as she plopped down under the oak, “But it won’t matter. I already know this is our home.”

And so it was. Soon they welcomed their first child, then another, and so on. The little house was bursting at the seams. But there was room to grow- underneath the grand oak tree. I swelled with pride when my family moved in. the eldest, on the verge of becoming a young woman, loved her private balcony and hiding away in the library that held shelf-after-shelf of her favorite books. The little red-headed boy chose the largest room because it looked out onto the huge yard he loved to explore, particularly his favorite plum trees that he knew would provide years of climbing and juicy plums ideal for neighborhood battles. The littlest, a brown-haired girl, was tucked away in the smallest bedroom, bedecked with a brand-new canopy bed that made her feel cozy and provided the perfect cave for her collection of much loved stuffed animals.

So, our life together began. As the years went on, I was filled to the brim with love, laughter, song, tears, and heartache –all the joys and sorrows that life brings. I embraced my family and loved watching them grow and change. But, one by one, the children began to leave. I was sad, but I knew that no matter what house the moved to, I was always Home. I was the place that held the Christmas tree; I was the kitchen that cooked Thanksgiving turkey; I was the pool that hosted birthday parties. But as time passed, their visits were less often, the couple stayed with me, but it became clear the others had, at last, found their own perfect homes in which to build new memories.

And one day the couple looked at each other across their now – empty table. Their bodies were bent and their faces weathered. They new, and so did I

“It’s time.”

Time to pass me on to another family, to build their own lifetime of memories, underneath the branches of my sheltering oak tree.

 

Shiny Penny Tour Day – Our Best Homes of the Week 5.3.2011

Our “shiny penny” REALTOR® day brought us this phenomenal deal in Shoreview, San Mateo on Washington Street.

  Washington  

Listed at $399,950  (and no it’s not a short sale), this home appears very clean and ready to move in.

It features three bedrooms and one full bath and is located on a large 6,000 square foot lot and offer a full sized two car garage. The home itself is about 1,020 and while it needs some updating, looks very nice. What a steal!

 

 

Now for the inevitable disclaimer: The information contained in this newsletter is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario. 

Gas Prices – Up Everyday in April

Has anyone else noticed the Chevron station at the corner or Ralston Avenue and Alameda has been systematically raising the price of their gas two cents a day for about the last two weeks now? Chevron

Not one large in-your-face price adjustment mind you, no this is a well executed plan to fly below the general public’s radar while filling the corporate coffers with what is sure to be record breaking profits.

But we’re not just picking on Chevron. All the stations around Belmont are raising their prices in lockstep, it’s just that this station is near our office and I often sit at red lights and stare in amazement that they’re getting a two-cent raise each day while my income remains flat—at best.

And I thought the media loves these types of stories…

 

Belmont Home Sales – March 2011

Time to wrap-up Belmont’s single family home sales for March 2011 and this month's graph honors the San Francisco Giants opening season with the famous orange and black.

Belmont March 2011 Stats

(Click on the graph for a full-size version)

Comparing March 2010 to March 2011 we see that the number of sales has increased dramatically, up 70% from ten sales in 2011 to 17 in 2011.

MEDIAN HOME PRICE

The median price fell on paper because much smaller homes sold this year. In 2010 the median home price in Belmont was $994,750 and the median size home which sold was 2,345 square feet.

In March of 2011 the median home price dropped 18% from March 2010 but the size homes which sold were 27% smaller.

What this alludes to is prices actually increased, since now you can get a home 27% larger than last year for only 18% more. Put another way, if we look at the difference in the size of homes selling and use the smaller price per square foot which homes sold for ($417 per square foot) from March of 2010 it implies homes actually cost more this year (505 sq. ft. X $417 per square foot = $210,585). Add that to this year’s March median home price of $815,000 and you get an estimated adjusted median home value of $1,025,585 or a 3% increase over last March.

DAYS ON MARKET

The time it took to sell all 17 homes dropped dramatically as well from 76.5 last March to only 25 days in March 2011.

PRICE REDUCTIONS

Five homes in March of this year had to lower their asking price by on average $43,387 to entice a buyer to bid. In March of 2010 that number was four for $47,000 on average less. As a percentage of homes which sold 40% had to lower their expectations in March of 2010 compared to only 30% this year.

MARCH 2011

Of the 17 sales in March of this year nine homes sold on average for $39,439 less than the seller’s asking price in 64 days.

Two homes sold right at the seller’s asking price in on average nine days, and six homes sold for on average of $19,842 over the seller’s asking price in only 12 days.

MARCH 2010

Comparing that to last March when three of the ten homes sold for on average $39,000 less than the asking price in on average 75 days.

Five homes sold for the seller’s list price in  88 days and two homes sold over the seller’s asking price for $244,000 an average of more in 48 days.

So what’s up with that? The home on Bayview in that sold in March of 2010 completely threw off the numbers. It was a bank owned property that was grossly underpriced and had multiple offers.

Pricing your home as close as possible to its value is still the best strategy to get you the most money for your home, but as you can see in this case, with the abundant access buyers have to information these days, even a home which has been priced well lower than its true value will simply be bid back up to market value—and many times more; while over pricing your home will simply lead to price reduction after price reduction and quickly fall off the radar of many buyers.

 

 

 

 

Belmont Schools Want Your Vote…And Your Money.

Two measures are on the November ballot which would allow for assessments in Belmont to generate funds for school improvements.

During difficult economic times, many people choose not to vote for increases to their parcel tax. We’re not sure if there’s ever been study showing a direct correlation between subsidizing school improvements and higher API achievement scores, or if it’s strickly empirical evidence, but there certainly is ample evidence that homes in areas with great schools have higher property values.

With these two measures on the ballot we’re interested to see how people are considering voting–anonymously of course. Answering this short poll will allow you to see how others might cast their vote as well.

Measures I and N from the San Francisco Examiner:
Five schools in Belmont would get new classrooms, repairs to leaky roofs and other improvements if voters approve two bond measures on the November ballot totaling $70 million.

Measure N would give the Belmont-Redwood Shores School District $35 million to spend on facilities at four Belmont elementary schools – Nesbit, Fox, Central and Cipriani.

Measure I, a companion measure, would generate $25 million for Ralston Middle School. Both need a 55 percent majority vote to pass.

Measure I would cost property owners about $11 per $100,000 of assessed value annually, and Measure N will cost about $27 per $100,000, according to the school district. *With the median price in Belmont at $850,000 right now that would mean an additional $110.50 per year.

Measure N only impacts Belmont schools, so voters in Redwood Shores would not be affected.
Read more at the San Francisco Examiner: