How to Find the Best Schools

This you already know: Parents want to send their kids to good schools. So that’s why they flock to neighborhoods—sometimes paying hundreds of thousands more to live there—that purport to have them. But what does “good school” really mean? Is it really all about the test scores?

Increasingly, educational experts say: not really. These days, many of them hail the importance of other, less tangible goals such as fostering social and emotional intelligence. Others tout the importance of executive function skills: the ability to plan, focus, remember instructions, and multitask. In the Finnish school system, purportedly the best in the world, academics are delayed, homework and testing are minimized, and free play time is valued.

But not so much in the U.S. With the ever-growing emphasis on standardized test scores, including for the new Common Core standards, educators and parents worry that schools are “teaching to the test” instead of teaching what kids need.

So how can you really figure out what that is? As with all things parenting, you have to decide for yourself what’s best for your family. Here are some tips on how to figure that out.

Determine what kind of learner your child is.

No matter what kids are required to learn, there are different ways to get them there.

Kids often have strikingly different learning styles. Some are visual, and fare better when things are illustrated rather than spoken; some learn better in groups; some are better able to focus if they’re alone. And some simply learn best by doing. And while no school caters entirely to one kind of learner, you may be able to find a school whose approach works better for your kid. Talk to the principal and teachers about how they accommodate different learning styles.

Find out if the school has the basics

Traditional barometers such as class size, student-to-teacher ratio and, yeah, test scores do matter—to some extent.

“They’re the best predictors of a school or district’s academic foundation,” says Bill Jackson, founder and CEO of GreatSchools, a nonprofit organization that provides nationwide school ratings. And schools need that foundation so they have something on which to build and to set goals.

Joyce Szuflita, an educational coach and founder of NYC School Help in New York City, has another view.

“If I were stuck on a desert island and could only ask for one piece of data while considering a school for my child, I’d want to know the percentage of kids who are chronically absent,” she says, arguing that a high attendance rate indicates a positive school culture in which the staff, students, and parents are all committed to success.

Look beyond academic development

In addition to solid academics, experts increasingly tout the importance of a holistic education, which cultivates students’ moral, emotional, physical, and psychological aptitudes.

Schools with programs that teach empathy, self-motivation, and adaptability—or emotional intelligence—equip students with the life skills proven to foster success. Having a high IQ might demonstrate mastery of a body of knowledge, but a high EQ (emotional quotient) indicates that a student can be flexible and understanding, synthesize information and successfully interact with all kinds of people, which might be better predictors of future success than high grades or scores.

Seek creative learning opportunities

Forget rote memorization; the academic and intellectual skills needed to thrive in tomorrow’s multinational, dynamic workforce aren’t the same as those that led to success before the millennium.

“Expansive ideas and creative thinking will become even more essential in the future,” says Dr. Shimi Kang, author of the forthcoming book “The Self-Motivated Kid: How to Raise Happy, Healthy Children Who Know What They Want and Go After It (Without Being Told).” Consequently, she contends that a “good” school today is one that helps foster 21st-century skills such as creativity, collaboration, communication, and critical thinking.

These might be schools with highly developed music programs, team sports, extracurricular clubs with broad focus (environmental protection, community service, even juggling or a “Harry Potter”-themed Wizards & Muggles club)—any activity that develops diligence, creativity, and quick thinking.

Consider lower-ranked or up-and-coming schools

Szuflita suggests resisting the urge to follow the crowds to the “best” schools in town, which could have problems with overcrowding and waitlists, despite their virtues. Instead, track the progress of previously overlooked schools, ones that may have a new principal, an increasingly active PTA, and/or an attendance rate that has steadily risen, even if the school itself doesn’t have the most stellar reputation or highest rankings.

Research (free) alternatives to public schools.

Themed charter schools (which receive public funding but operate outside of their regional public school districts) or magnet schools (public schools with specialized courses or curricula that draw students from across school districts or zones) infuse their offerings and activities with a specific emphasis.

At Expeditionary Learning schools (nationwide), for instance, students study a single topic from many angles. Heavy emphasis is placed on the importance of nature, reflection, and service, and classes can involve Outward Bound–style excursions.

The tuition-free Muskegon Montessori Academy for Environmental Change in Norton Shores, MI, drives home the importance of clean water by having students care for the local river.

Schools that take the multiple intelligences view recognize that intellect comes in many forms (e.g., word smart, people smart, numbers smart) and teach to individuals’ strengths.

Check out the ‘vibe’—it really means something.

This may seem obvious, but we can’t stress it enough: Go see the schools for yourself, and visit as many as possible. (By the way, did you know you can search for homes by school district on our app?) You might discover what you thought was important isn’t really at all. And test scores and state rankings don’t convey the important yet difficult-to-quantify vibe of a place.

“Actually experiencing a school is the best way to inspect the vitality of the work, the energy of the teachers, and the rapport between the staff and students,” says Szuflita.

One tip: Arrive early to the visit, so you can evaluate the school when no one is looking.

Ask yourself what ‘good’ means to you.

What do you want from your school? Racial and economic diversity? Sports and arts programs? A campus? Leadership/internship opportunities? Is your No. 1 criterion a neighborhood school that you can invest and create community in, even if it means sacrificing a few things like class size or an emphasis on the arts?

If traditional academics and high test scores really are the most important things, you’re lucky: Those are the easiest things to find.

Today, finding a good school means you grown-ups have to do serious homework, figuring out the best fit for your family and zeroing in on schools that are equipping students with the skills and experiences that will lead to a broader definition of success.

Anything else no longer makes the grade.

Contributed by Audrey Brashich
Audrey D. Brashich writes regularly about trending pop culture issues for The Washington Post, Yahoo Parenting and other national news outlets. She is also the author of All Made Up: A Girl’s Guide to Seeing Through Celebrity Hype and Celebrating Real Beauty.

Home Sales Flat for Belmont

Home sales were flat for Belmont, but home values still seem to to be reaching new highs. Belmont’s housing market is in its typical summer slumber with agents and their clients taking well deserved vacations. We hope you are enjoying a getaway soon as well.

With summer in full swing, we take step back and review Belmont’s single family housing market for June 2015.

Belmont Home Sales
Belmont Home Sales-June 2015

SALES

19 single family homes closed during the month of June while last year there were 22—a number which is relatively insignificant except to note that all indications are inventory is not increasing yet. When inventory increases, prices flatten out so we’re keeping a close watch on that.

CURRENT INVENTORY

This June our inventory of single family homes available for purchase was seven—last June there were 22 to choose from. The month’s supply of homes—the time it would take to deplete all of the available listings at the current rate of sales dropped from one month of inventory in 2014 to .35 this June. Anything below six months indicates a seller’s market. Currently, the national inventory of homes stands at around 5.6 months.

MEDIAN PRICE

The median price last June in Belmont was $1,075,000 and this June it was $1,400,000–$325,000 higher or an increase of around 30%. That’s what you will hear in the media and that’s what gets reported and passed along at the water cooler.

But the homes which sold this June were larger by 28%. So did the market only go up by 2%? Not really, the math isn’t a straight line calculation like that. But what it hints to is that values aren’t increasing as much as the raw statistics might lead one to believe. In fact the size of homes sold in the two periods are so dissimilar that it’s hard to draw a definitive conclusion by staring at numbers.

The variance in the size of homes in the two period works out to 502 sqft. At the 2014 rate of $712 per square foot that represents $358,000 which we could subtract from the deltas in the two years media home price of $325,000 to reach an adjusted median price slightly less than 2014. Same conclusion.

The only wrench is that larger homes always sell for less per square foot (since the land they sit upon is a constant and not taken into consideration). But while the size of the homes in 2015 were 28% larger, they still sold for a higher price per square foot, $901 in 2015 vs only $712 in 2014. So were the lots that much larger in 2015? Not really. In both years the lots the homes were on were about the same size.

There is unfortunately, no escaping that this year a single family home in Belmont cost a buyer $189.00 more per square foot—or a 26% increase over last June.

As for how competitive the market is—homes last June sold over the seller’s asking price by on average 9%. This June they sold at an average 19% over asking. Tough to be a buyer right now, or a buyer’s agent for that matter–while all of the sellers we work with are elated.

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years’ experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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.

 

 

 

Home Values have Finally Peaked?

With the latest Case-Shiller results in [they lag the market by three months], home values have finally peaked our trend-line of where we should be had the housing peak in 2006 and resulting crash in 2007 not surfaced. Our MSA is still not at an all-time high however, though it’s getting close.
What does this all mean if you are a homeowner? Your home is getting close to the all time high home values in history. Of course this MSA, or Metropolitan Statistical Area, is comprised of the 5 counties are San Francisco, Alameda, Marin, Contra Costa, and San Mateo County. Taking a broad swath like this tends to even out the peaks and troughs which can occur in localized economic swings, though during the last nationwide downturn all areas in our country were affected to some degree.

Case-Shiller June 2015
If you’re living on the San Francisco Peninsula corridor for example, the median home price has already eclipsed the highest point ever for home values.
Is now a good time to sell? Of course it is. Will there be a better time? Nobody really knows. Interest rates hikes have been looming over the market for two years now and increases are inevitable. Any sizable hike and buyers will have less purchasing power to compete, resulting in less bidding wars and lower offers.
If you are a buyer one can see that home values are on a steep upward trend, and unfortunately with the recent job figures being released the economy seems to be on the mend, not headed for a recession. That means that the home price trend should continue to rise, albeit at a slower but steady pace.

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years’ experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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.

Belmont Homes Hit a New High

Notre Dame ExteriorBelmont homes hit a new high as our Best of Tour report for this week is being supplanted by the second highest price obtained (per square foot) for a home in Belmont—the highest being recorded less than a month ago in Sterling Downs.

One could argue that since the Sterling Downs home at 1,010 sqft was so small the price per square foot $1,262 record should be bested by the home on Notre Dame, a two bedroom two bath home of a modest 1,340 square feet in size. The lot is an unremarkable 5,340 square feet—just slightly above average. The home itself, a rather undistinguished but well-appointed home, yet nothing stands out as deserving the almost $1,200 dollar per square foot they received—nothing like solid gold appliances or whatever could possibly impress one enough to pay the $501,000 OVER the asking price (46% over asking). It was listed for $1,099,000 and sold for $1,600,000 in eight days.

Notre Dame YardBut then when we saw that the selling agent (representing the buyer) was from Woodside—one of the toniest town in America where homes have sold as high as $5,500 per square foot— it made more sense and it stands to reason that an out-of-area agent just might confuse the values in Woodside with that of Belmont.

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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. We did NOT sell this home.

Most Expensive Homes in America

One of the most expensive homes in America is a massive Beverly Hills, Calif., estate with its own entertainment complex, 27-car garage and vineyard has hit the market with a record breaking listing price of $195 million.Pazo

Called the Palazzo di Amore (or “Palace of Love”), the estate is enormous with 53,000 square feet of living space, 12 bedrooms and 23 bathrooms. The master suite alone — at 5,000 square feet — is bigger than most McMansions.

Imagine having to use a GPS locator to find your loved ones in this home.

On the 25-acre property, there’s a vineyard that produces 400 to 500 cases of syrah, cabernet, sauvignon blanc and other wines each year. There’s also a guest house, formal gardens, a spa and a 128-foot long reflecting pool.

Visitors arrive through one of three sets of double gates and drive a quarter mile to the front entrance, where they encounter an Italian-made fountain carved of Carrara marble.

Unlike Belmont, they can park pretty much anywhere. The estate has a 27-car garage and 150 additional parking spaces.Theater

The Palazzo di Amore was made for entertaining. Not only can it accommodate 1,000 guests, but it also boasts a 50-seat theater, a bowling alley and a game room. There’s also space to host a seated dinner for 250 guests. But who’s doing the dishes?

The ballroom is outfitted with laser lights, a DJ booth and a revolving dance floor. It also features a trompe l’oiel,          sky-dome ceiling with more clouds painted on it than the typical Southern Californian sees in a day. There’s also expansive views of West Side of Los Angeles, Century City and the ocean beyond.

Of course and respectable vineyarWine Roomd must have its own wine cellar and tasting room. This one has space for 3,500 bottles. If that’s not enough space, there’s a more utilitarian wine vault downstairs that holds 10,000 more bottles.—source CNN Money.

But don’t expect to get invited over for dinner anytime soon. The villa is rented out most of the time at a cool $475,000 per month. I wonder if that even covers the water bill?

 

 

 

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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.

 

Negotiation is for Monkeys

Every seller wants the best representation possible when selling their home, but good negotiation skills which are a critical component, are fast becoming a lost Frequently Unasked Questionsart.

Speak to any agent and they will no doubt claim to sell your home for the most money in shortest amount of time—but can they all really be the best?

We’re heard sellers tell us that “any monkey” can sell a home in our market right now, and they’re probably closer to the truth than we’d like to admit. But these “monkeys” they refer to are certainly not going to get their sellers the most amount of money.

It’s tough to see the whole picture when you see homes on your block being listed with inexperienced agents, or a veteran agent who still faxes paper contracts back and forth, yet they both sell their listings for thousands of dollars over the listed price. The seller walks away happy with the results, and nobody will ever know how much money might have been left on the table.

Forget about marketing as an important variable in the outcome—for now. Let’s focus on the day offers are due. Many agents are so excited when they get 20 multiple offers they strut around their office wearing it like a badge of honor—but clearly they are merely underpricing homes rather than fighting for top dollar. Once they have dozens of offers to wade through, what they do next weighs heavily on the outcome for the seller.

One of the most disturbing and glaring differences we see is how agents negotiate on the seller’s behalf. The lost art of negotiation on the part of many REALTORS® is leaving money on the table for their sellers and dashing the hopes of frustrated buyers.

A little history…Agents have a fiduciary duty to their clients. In a nutshell, it is the highest of all duties to be had. A fiduciary duty is the highest standard of care in either equity or law. The Fiduciary duty is a legal requirement of loyalty and care that applies to any person or organization that has a fiduciary relationship with another. Think of the historical roll of a fiduciary as a similar role the Secret Service takes upon itself to protect POTUS. OK, so now you know how serious the fiduciary duty is.

Then why do so many agents seemingly treat this highest of duties so callously? Simply put, they probably don’t know any better.

If you are selling your home, a breach in this sacred fiduciary duty could cost you thousands of dollars and the same holds true if you are a buyer.

Here’s where the art of negotiation is being lost and hence the fiduciary duty being broken. It’s the agent’s job to get you top dollar for your home. Skipping steps and poor negotiation skills can come close to treading on intentional negligent conduct (or fraud) on the part of your agent.

When enlisted as a real estate agent to sell another’s real property, the bond of fiduciary is created. Fast forward to when five offers arrive on the day set-aside for the bidders to present offers. We’ve seen it many times—an offer is submitted by each of the agents and late at night we get a call that our offer was rejected, or hopefully accepted.  But when agents don’t bother asking each buyer if they can go up any higher in price, it’s tantamount to leaving a lot of money on the table. Agents are becoming increasingly lazy as they coerce their sellers into taking the highest offer rather than counter other potential buyers to see who will offer the final highest and best offer. Agents defend the lack of counter offers and asking buyers to go up in price by concluding “It’s not a fair practice when a buyer has already offered over the asking price”. Our position, clearly, this has nothing to do with worrying about the other agent’s feelings—it’s about the fiduciary duty to a client.

For example, we had buyer who made an offer on a home in Redwood City and there were seven other offers. Our clients offered $1,350,000. We got a phone call at 9:00 PM telling us our client’s offer was third highest, and that the seller had accepted a high offer—we were told over $1,400,000.

Apparently over the weekend the winning bidder (buyer) backed out of the deal and without as much as a phone call to us they accepted the second highest offer for $1,375,000 as a replacement. They never bothered to check with us because if they had, they would have learned our buyers were also willing to go over $1,400,000 to get the property. This agent cost their seller over $25,000.

But there’s a better way to do things. When we’re on the receiving side of listening to offers, we vet each one as they are presented to ascertain if this is their clients’ highest and best offer, OR if they would like to be involved in a counter offer situation should one develop. We’ll be blunt and tell the agent that their client’s offer is not high enough, and if they want to compete they had better increase their price to their highest and best. This way when we meet with our clients—the sellers—we’ve already developed the best offer to present, and counter offers are rarely necessary.

And it’s not always about the almighty dollar. Sometimes vetting the offers beforehand means asking an agent why they have an appraisal contingency with a 50% down payment. Contingencies shift the burden of the unknown to the seller and we’d of course like to see as few in a contract as possible. Asking the right questions at presentation time may mean the opposing agent can go sharpen their pencil and come back with a cleaner or better offer.

We once had an agent wax on about how we were “…shopping her offer around” to get more money for our sellers. Simply put, we unapologetically agreed.

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years’ experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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.

 

 

 

 

Best of Tour for April 14th 2015

The definition of a mansion varies from person to person but we’re weighing in and calling this best of tour home in San Carlos so unique as to rise to the level.

Perched on the prestigious Hyde Park development with sweeping views of the surrounding canyons and San Francisco Bay, this stately home offers a plethora of elegant verandas and vistas to choose from.168 Queens Lane

Swank and extraordinary best describes this home and it comes with an equally extraordinary price tag for San Carlos where the average home sold this year for just over $1,400,000—yet there’s nothing average about this home. Listed by Coldwell Banker at a cool $4,988,000.

Click here for more images and details…

 

 

168 Queens Lane Kitchen

Veranda

 

 

 

 

 

 

 

 

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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.

 

 

 

Best of Tour for April 7th 2015

Today’s Best of Tour was chosen due to its awe factor of being what I would consider my dream home. Imagine living lakeside in a mountain retreat but really just minutes from downtown Redwood City with its nightlife and great restaurants, not to mention the “Weather Best by Government Test” slogan the city boasts.

But get your wallet out as this amazing five bedroom five and one-half 4,250 square foot home will set you back a cool $4,498,000 if there are no multiple offers…

Click here for more pictures…
1005 Lakeview Way kitchen1005 Lakeview Way aerial

 

 

 

 

 

 

 

 

 

 

1005 Lakeview Way Living room

 

 

 

 

 

 

 

 

 

 

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook at https://www.facebook.com/Morganhomes and also find them on Twitter @ https://twitter.com/morganhomes

The information contained in this article 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.

Listed by Coldwell Banker

 

Never Lose Money on a Home Again with Home Price Protection?

Home Equity LockHow does the program work?

Home Price Protection™ provides financial protection to homeowners in the event their local market index value declines at the time they sell their home,regardless of the price the home is sold for.

Is this insurance?

No. It is a financial agreement to pay the homeowner upon resale if their House Price Index drops. The contract is not purchased to insure against the loss of value in a particular real estate parcel; rather the contract pays out based on declines in the relevant market index, regardless of whether the home sells for a gain or a loss. A Home Price Protection™ agreement holder cannot have an insurable interest in the House Price Index. In order to provide consumers the confidence they deserve, we insure our risk with a Washington, D.C. insurance company which provides regulation on our pricing, capital and reserve requirements at levels sufficient to cover operations and expected claims.

Who can sign up for this program?

Anyone who is a homeowner or who is buying a home can purchase a Home Price Protection™ contract from EquityLock Solutions. Anyone who is selling a home can agree to purchase Home Price Protection on behalf of their buyer.

How much does it cost?

The national average is currently 2.05%. For a home worth $200,000, the one-time cost would be about $4,100. We offer multiple payment options from a onetime payment up to 60 month financing options.

With RE/MAX we offer special pricing and the cost for RE/MAX clients ONLY is 1.75% of the purchase price and can be financed over a two year period at zero percent interest.

When can I file a claim?

Upon the sale of the home after a 2-year waiting period from the time of enrollment and if the house price index in your area has gone down since enrollment. Protection is available for a maximum of 15 years.

Why is there a waiting period?

There are several reasons why we chose to impose a waiting period. The program is intended to encourage homeowners that are committed to remaining in their home for the long term, rather than as a speculative financial tool. Second, home price movements can be somewhat predictable over the short term, but over longer periods, the predictability is reduced. The waiting period prevents a situation where homeowners will increase their protection at times when the market is weak, impacting the sustainability of the program.

What if the homeowner loses more money upon reselling the home than they get from the Home Price Protection™ payment? What if they make money upon reselling the home, but the index has gone down?

EquityLock Solutions will make a payment only when there has been a decline in the market index and only for the percent change in the index, multiplied by the protected value. Because the index represents the average performance of home prices, some people will experience losses greater than the decline in the index while some people will experience losses less than the decline in the index. It is possible that a homeowner could sell their house at a profit but still receive a Home Price Protection™ payment if the index has declined in their neighborhood.

How is payment made in the event of a claim?

Upon reselling your house, we look at the change in your market index. If there was a drop in the market, we pay for any difference, up to the contract maximum of 20%.

If you’d like more information on this exceptional program please contact us at info@morganhomes.com or call (650) 508-1441.

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

You can find them on Facebook and also on Twitter.

The information contained in this article 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.

Belmont Enjoys Steady Home Price Increases–2014 a Year in Review

Belmont Enjoys Steady Home Price Increases

Since the housing recovery began in earnest in 2012, Belmont has enjoyed a steady increase in home values. Since 2010 Belmont’s home values have increased 44%, while year-over-year prices continued to increase 17% in 2014.

Belmont Median Home Price

Part of the rapid increase in home values is due to historically low interest rates coming off a reduction in home values during the Great Recession. Another influence continues to be the influx of new jobs which jump started the need for housing in 2012. But the scarce housing inventory may have been the largest contributing factor by creating bidding wars and over exuberant offer prices.

To put the meager housing inventory into perspective, there were four times the number of homes for sale at the end of 2010 and 2011 than there are now, while new listings in 2014 were a quarter of what they were in 2010.

The time a home sat on the market dropped 70%, from 52 days down to just 16, while the percent a seller received increased 10% as sale prices averaged 109% of the asking price last year.

It’s safe to say that Belmont’s robust housing market has become self-evident. But how does Belmont stack up to other nearby cities such as San Carlos?

San Carlos bested Belmont in the median price category coming in at $1,425,000—11 % higher than Belmont for the year. The rate of appreciation over the past four years as also been higher as San Carlos home values increased 52% since 2010 as compared to Belmont’s 44%.

When compared to San Mateo County as a whole, a different picture develops as both Belmont and San Carlos are at the front of the pack. San Mateo County reported a 15% increase in the median home price year-over-year—with a median home value still 21% lower than that of Belmont’s. Here’s the supply and demand answer as to why home values are skyrocketing—the available homes for sale in all of San Mateo County dropped 73% over 2010 and the number of new listings dropped 21%.

We start 2015 with the lowest inventory of homes for sale since we started tracking home statistics in 1998. This will invariably create more multiple offer scenarios forcing buyers to outbid one another for their ideal home. This in turn will continue to put upward pressure on home values. And if interest rates remain stable (currently at a 1.5 year low), we expect another year of double digit appreciation, though we also expect the rate to slow as it did last year, down 2% from 2013.

Disclaimer:

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years of experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

The information contained in this article 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.

If you are considering selling your home we’re somebody you should know. Be sure and include us in your interview process—we’ll show you our proprietary EXCITE listing program which has netted our sellers more than any other top Belmont agents.