Tag Archive | "San Carlos Sellers"

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How to do a “move-up” buy

Posted on 10 September 2012 by vvandervort

Bursting at the seams in your current San Carlos home? If so, you are likely considering whether you should expand your current digs or attempt the “move-up”.  Since we all tend to like the status quo and don’t like to tread into the unknown, I thought I’d take the opportunity to shed some light on how one goes about doing a move-up transition in San Carlos or frankly, whatever town you may be residing in along the peninsula.

One option is that you buy first.

There are two ways of doing this.  If you have the cash available for your down payment without selling first and if you can get pre-approved while carrying your first home, then you are free to go off and purchase the new home while still holding on to your current home.  The beauty of this is that you are not left homeless.  You can close on the new home, move into it, and then get your old home on the market.  The downside of this is that you could get stuck with two homes.  I actually had this almost happen to some clients of mine back in the Summer of 2008 when the market cooled very quickly during the “mortgage meltdown”.  They thankfully got the home sold before it really got bad, but they were lucky.

The other way of buying first is that you make it contingent upon you selling your home.  This is much less risky, but it is also very limiting.  You can only go after homes where the seller will consider this and that typically only happens when homes have sat on the market for a while.  So if you want the house that everybody else wants, then you’re not going to get it if you have to make your offer contingent upon selling your current home.  You are left with the over-priced and the unwanted – at least when our San Carlos market is hot.  If you go with the “contingent offer” maneuver, then you negotiate how long you have to get your home into contract – usually about 2-4 weeks.

Next option for you move-up San Carlos buyers, is to sell first.

This is wading into the big unknown because what you do know is that you are going to sell the roof over your head and head off to who-knows-where.  There are short term rentals in the vicinity (my clients have had the most success in Foster City for finding an apartment to rent for 3 months).  You can even choose to move there before you put your home on the market which will make it less stressful having your home on the market.  However, optimism abounds and lots of people put their house on the market, get it into contract, and then start seriously searching for their next home with the thought that you could get something and not have to move twice.  I always work to negotiate as long of a rent back as possible for my sellers so that they can increase their chance of finding another home before they have to move out and decrease their chance of having to move twice.  The downside of the “sell first” option is the distinct possibility of having to move twice.

If you are going to sell first, another way to do it is that you sell with it subject to you finding a replacement home – then you guarantee you don’t have to move twice.  This doesn’t go over too well with the prospective buyers because many of them have deadlines for having to get settled and they can’t be left hanging while you try and find a home.  It makes it much tougher to get multiple offers on a home when you can only work with buyers who can work with your requirement to find another home first.

Control & Negotiation

Everyone wants a deal – the best deal they can get.  What I can tell you for sure is that you will have the most control and give yourself the greatest chance at negotiating if you sell first and then buy after you’ve closed on your current home.  This also gives you the best chance of getting the home you want when you go to buy because you aren’t left with the “leftovers”.

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And we’re back… San Carlos Real Estate Absorption Rate for the Start of 2011

Posted on 17 January 2011 by vvandervort

It is an interesting start to 2011 in San Carlos real estate.  Since the turn of the calendar, we’ve only had one single family home go pending – those folks at 1359 Geneva might not realize just how lucky they are.  There actually are a lot of buyers out there, but they are particular and so not just jumping at anything that has a for sale sign in front of it.  We’ve been hovering around 35 single family homes on the market in San Carlos since the beginning of the year.

In the first week of January, this is what happened in the San Carlos real estate market.
The new San Carlos sellers were:
517 Vista Av – $1,049,000 – 4/2 – 1,880sf
15 Whitman Ct – $1,069,000 – 3/2 – 2,010sf

The sales in San Carlos for the first week in January:
1359 Geneva – $859,000 – 3/2 – 1,330 sf – was on market for 40 days

The closed sales in San Carlos for the first week in January were:
1714 Elizabeth St – LP $1,050,000 – SP $1,050,000 – 3/2 – 1,950 sf
2911 Eaton Av – LP $1,275,000 – SP $1,098,000 – 4/2.5 – 2,520 sf

That’s it for now from Val, the San Carlos real estate data gal!  And Happy New Year!

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San Carlos Real Estate Absorption Rate for Week Ending November 27, 2010

Posted on 02 December 2010 by vvandervort

A fitting image for the first week in December and because there was just one house that got listed in San Carlos last week.  It is that time of year, when there is so very little that comes up on the San Carlos real estate market.  Thankfully, there is some accumulated inventory for our December buyers in San Carlos to choose from.  For those of you out buying, we currently have 55 single family homes on the market in San Carlos.  A year ago, we were at 66.  Quite a bit of a difference.

The one house that listed last week in San Carlos was:
21 Coleman Ct – $1,299,000 – 5/3 – 2,200 sq ft – This is a really great house: cul-de-sac, fairly open floor plan, views AND usable yard, and cool wine room.

There were 4 homes that sold last week in San Carlos.  They had an average of 36 days on the market (DOM).  The lucky San Carlos sellers were:
2232 Howard Av – $1,388,000 – 4/3 – 2,380 sq ft – 52 DOM
34 Hilltop Dr – $839,950 – 3/2 – 1,880 sq ft – 52 DOM (yep, same as the one above)
1621 Cordilleras Av – $825,000 – 3/2 – 1,580 sq ft – 13 DOM
770 Neal Av – $499,000 – 2/1 – 630 sq ft – 26 DOM

There were 3 homes that closed escrow last week in San Carlos:
576 Dartmouth Av – LP $749,950 – SP $710,000 – 3/2 – 1,330 sq ft
1190 Alameda de las Pulgas – LP $749,000 – SP $650,000 – 2/1 – 1,010 sq ft
1619 Gover Ln- LP $1,049,000 – SP $1,005,000 – 3/2 – 1,640 sq ft

Just a side note about the market:  multiple offers are still out there for homes that are priced well and are a good product.

That’s it for now from Val, the San Carlos Real Estate Data Gal!

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What San Carlos Sellers Don’t Know

Posted on 18 November 2009 by vvandervort

One of my biggest issues in the world of real estate is consumer education so I’m doing my best to educate sellers and buyers of real estate in San Carlos and beyond.  Most buyers and sellers don’t know what they don’t know and I’m focused on educating as many consumers as possible.  Today’s focus is on home sellers.

When you put your house on the market, your agent should have it on “Brokers’ Tour”.   There might be some circumstances where you wouldn’t want that, but that would be rare.   This tour occurs on Tuesdays from 9:30am to 1:30pm.  When we put listings into the Multiple Listing Service (MLS), there are MANY fields to fill out.  Some agents actually fill them out, some don’t.  And some fields are more important than others. 

I’m always baffled by the agents who don’t fill out the tour comments.  The image I’m including shows a page from the San Mateo Association of Realtors’ Brokers’ Tour sheet and it shows the San Carlos section of it.  I have blacked out addresses, MLS #s, and Agent details.  You can see where the descriptions/tour comments are and I’ve made a few comments.  I always hate to be disparaging, but come on!  How difficult is it for agents to put something in that will draw in as many agents as possible?   Make sure you are working with an agent who is doing everything they should be doing to maximize your sale.  Stay tuned for more consumer education for you San Carlos sellers and if you can’t wait, just contact me!

SAMCAR tour sheet example

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