11/1/2024
1419 Millich Ct closed escrow this week – after a bit of a twisted listing and escrow period.
You might have noticed back on 10/22 this property showed up (briefly) as being sold for $1,497,800. I was confounded- to say the least, as there has never been a listing that sold for that amount in Merrivale West. It was wildly out of line with the market, the condition of the property, the length of time the home was on the market (they had an offer date after the first week of being active and it passed without offers).
I picked up the phone and called the listing agent to say “wow”, “how?” and congrat’s… she was pleasant but now particularly amazed at my proclamations of “that’s just wild for the complex” Nonplussed would be an expression to describe her reaction. I hung up and sat there staring at the computer screen and picked up the phone again to her- it all seemed so “off” and when I told her that (again) she realized that she’d inadvertently entered the sold info on to the wrong property!!
I felt so bad for her- stuff happens in this world where everyone is always racing and making things happen quickly. Luckly the MLS was able to help her fix the status back to pending but it left the Days on Market showing as 0. Yesterday on 10/31/2024 the MLS fixed the incorrect information to read 20 days on the market.
Why is this important to know? Well, as a seller and Realtors are looking at past market activity to decide how to decide on a marketing strategy it’s important to have the correct information – 0 verses 20 days says a lot about the market and if the property was at all exposed to the market.
Days on market has been increasing – that indicates several things about buyers’ activity and the market overall. When a property is on the market for longer days it generally indicates slower interest and pricing concerns by buyers.
1419 Millich had a solid sold price – the second highest sale price in the complex for 2024 – only 1431 Golden Meadow Sq, which sold on 2/22, was higher at $1,090,000. * Only 5 units have closed in the complex this year, which is a very low number. But it also took 20 days on the market versus the average of 9 days the others took to find a buyer.
David and I watch Merrivale West properties very closely. We visit each active property and keep notes about items that wouldn’t just be apparent when viewing closed sales on the MLS or a website. We also have conversations with other listing agents. We know the history and that helps us know the best approaches for pricing, marketing properties and sharing that knowledge with our clients. We like to tag line “We know Merrivale West’ and we do.
10/10/2024
1214 Millich Court is moving forward with a 2nd buyer- the first buyer (see my notes below about Active Contingent status) didn’t end up being able to move forward and they exited the contract but luckly the seller quickly was able to pivot and was able to get into contract with a second buyer. The first buyer excited on 10/2 and the 2nd buyer went into contract on 10/4. The listing agent stated that the first buyers loan didn’t go through.
How often does this happen- not frequently, but it feels devastating when it does because its hard to recapture the newness and excitement of the first weeks of the market with the stigma of having had a buyer who wasn’t able to move forward. Other buyers often assume there is something wrong with the house (and it could be that) or it could be that the loan didn’t work out, or they lost their job, or they changed their minds… There might be a myriad of reasons. But in this case it was the loan.
When an offer comes in we spending time (hours generally) going over the contract to make certain all parts (16 pages) are addressed correctly, the disclosures are signed and acknowledged (correctly), then its on to verifying the funds the buyers shows as their funds to close the transaction, and lastly we speak directly to the lender who signed the pre approval letter. We have a series of questions we ask about the buyers qualifications – because a pre approval letter really doesn’t tell us much, except the buyer has a relationship with the lender and there has been some financial information shared between them. However, there are many unanswered questions the sellers need to know about the buyers qualifications and ability to complete the transaction/purchase; Are the buyers funds ready and available? Are the funds in the country? How long have you worked with this buyers? What are the loan programs requirements? Are reserves needed, and if so how much? What is the DTI (Dept to Income) the loan program required? and more ?’s …
It’s always an indication of how available the loan officer makes themshelves and how they handle our questions. We can gain a sense of how the loan officer is going to handle the transaction. Again, all things the sellers need to know to be able to make a good decision if this is a buyer who will be able to complete the transaction.
Even with doing all that – and I’m pretty certain most listing agents don’t call and speak with the lender because the lenders frequently are suprised they are being asked for information by a listing agent – a transaction/loan can still fall apart.
Selling a home, your home, isn’t an single act of receiving an offer and signing it – it’s a process of making certain the offer has all the information and components needed to complete the transaction.
For the sellers at 1214 Millich Court they were able to turn it around quickly and move towards a close of escrow. Fingers crossed it all goes smoothly for both sides now.
9/27/2024
1214 Millich Ct changed status today and is now “active contingent”
What does “active contingent” status mean? The seller has accepted an offer from a buyer, but the sale is contingent on certain conditions being met before the sale of the property can close.
Our CAR California contract has an “active removal” contingency removal period- which means the number of days the buyer has requested for their contingency must be met and then the buyer has to sign a document removing the contingency. If not, the contingency remains in place until the buyer removes it. The seller has the ability at that point to demand the buyer remove the contingency or they will cancel the contract and then be able to entertain other buyers.
In our assertive market for the past several years we have mostly experienced that buyers are willing to give up any contingency periods in order to make their offers more competitive and write offers that have no contingency periods, thus the status would be “pending” immediately after the seller and buyer sign and agree to a contract.
As the market shifts, and currently it does feel like we have a fall shift going on, we are beginning to see more sellers accepting offers of “active contingent”
Chances are that when a contract is listed as “active contingent” the sale will proceed, but there is always the possibility that one of the contingencies may not be meet and the buyers decide to not go through with the sale.
9/17/2024
We are almost ¾ of the way through 2024 and only 4 sales of homes in Merrivale West have been sold on the MLS- this reflects the total marketplace. Sellers haven’t been ready/willing/able to sell their homes for a move up home OR give up the super good mortgage rates they are locked into….
Currently there is a new listing at 1419 Millich Ct. It’s listed at $998,000 and it’s the 1056 floorplan (2 beds/2 baths) We visited this week, and it’s updated with newer flooring and kitchen/baths.
This home was last sold in 8/14 for $564,000- and was not updated at that time.
While the four homes that have been sold this past year have had solid results with an average of 10 days on the market *2023 had 11 units sold with an average of 7 days on the market. The 2024 sales have been 110% over list price *2023 was 112%.
Fall is a good time to start looking at renovations/upgrades IF you are considering selling your home in the early spring, which is typically our strongest season for listing/selling homes in the local Bay area. Plus we have strong indications that mortgage rates will be improving for buyers- they will be out looking and wanting to purchase.
Insuring your home doesn’t show signs of deferred maintenance is important when putting your home on the market. We suggest you start by taking an impartial look at your home and ask yourself- could the interior use a coat of fresh paint? what is the age and condition of your appliances and lighting? how’s the flooring/carpeting – do they show wear and tear? would a solid clean of the patio and deck improve the exterior?
These are all less “expensive” renovations that will pay off – buyers want a fresh, clean and somewhat updated home.
Most of us are intimated with a kitchen or bathroom remodel, which is typically a bigger project (we just completed a kitchen remodel and it’s d r a i n i n g– both physically, mentally and financially) BUT taking on smaller projects and scheduling them in advance will pay off. When buyers visit a property that has deferred maintenance they generally aren’t as willing to pay top $$, as they are mentally deducting the amount from their offer that they will need to upgrade and update the home. Being a head of the preparation curve can make the process work a lot easier.
We work with many different types of vendors – they are licensed and have a solid work history. Feel free to reach out with questions and we’ll be happy to share our information and give some guidance. We recently helped one of your neighbors locate and navigate a A/C installation and have fielded questions about flooring and painters- we enjoy hear from Merrivale West owners and sharing.
Lastly- reminder to change your heating unit air filters. Soon you’ll be using your heaters and it’s good to make certain you have fresh clean air going through your home!
Happy Fall!
7/30/2024
You’ve probably read the headlines about the changes coming to the Real Estate industry- and most of it is focused on buyer’s agent compensation no longer being “coupled” with the amount the seller is willing to pay for selling their property. I wrote about it in my 3/8/24 post below, and at that time we still had many up in the air and undecided aspects to what was to come from the settling of NAR, The National Association of Realtors, and various other broker’s lawsuit settlements.
Well – it’s here and folks it’s going to be an interesting time period starting August 13 when our local MLS, Multiple Listing Service, will not longer post an offer of compensation for a buyer’s agent offered by a esller. Yup, we’ll be operating in the dark… and this will now become a part of the negotiation process within the contract. (more on this later)
Since no one expects their Realtor to work for free -right?- we’ll all be doing a lot of discussing on how this new system/approach will work. Also buyers rarely attempt or succeed in purchasing a home without an agent representing them. For most people purchasing a home is the biggest financial investment they will make in their lifetime.
It’s definitely a conversation every buyer’s agent will be having with their clients – before showing homes. AND their will be a new conversation around a Buyers Broker Agreement, which is basically an agreement the buyer and their agent will be entering into about how the buyer’s agent will be paid. This agreement is currently mandated in California *13 states already have this form of agreement required prior to the settlement agreement. We expect the Buyer Broker Agreement will be put in place as a legal requirement in 2025 for all of California.
So… what does this mean for you as a Seller ?? You’ll have some options and what we expect to happen is that how commissions are paid will become a “net/net” decision for sellers. You’ll be making decisions based on what yields you the most $ at the end of the sale.
Consider that currently lenders do not allow a buyer to pay for commission through the loan- thus if a seller is not offering a commission to the buyer’s agent the buyer will have to have additional funds to close escrow to pay their agent. We expect this will limit the number of buyers who can purchase your home, as most buyers don’t have the extra resources when purchasing a home – especially in the lower to mid range price points.
Here’s some thoughts on a seller offering to compensate the buyer’s agent and what the process is if a seller doesn’t agree to pay/offer compensation to the buyer’s agent.
HOW OFFERING BUYER’S AGENT COMPENSATION
CAN BENEFIT SELLERS
Whether to offer compensation to a buyer’s agent, and the amount of compensation you may decide to offer, is purely your choice. There is no legal or other obligation to offer such compensation. However, so that you can make an informed decision, and to help you understand why we recommend that you make such an offer, below are some points to consider regarding why we believe there are significant benefits to doing so.
• The most significant benefit of offering compensation to a buyer’s agent is to help make your property
attractive to the widest possible pool of potential buyers. Experience has shown that this is the best
way to create the highest demand for your home – with the goal of generating the fastest sale and
potentially the best price for your home.
• Often, buyers need their cash for the down payment and other significant expenses. It may be
important to them to have an agent representing them, but some buyers may not have the cash to
pay their own agent out of pocket.
• Experience shows that the seller benefits from the buyer having an agent because the transaction
goes much more smoothly. Without an agent representing the buyer, the closing process can take
longer and other complications can arise. Offering compensation to the buyer’s agent generally
increases the chances that the buyer is represented by a licensed professional who will manage their
side of the transaction.
How a buyer’s agent is paid if you OFFER COMPENSATION
You have offered to pay the commission due to the buyer’s agent. In this case, the commission obligation will be
paid by you out of the funds paid to purchase your home.
You have offered compensation consisting of only a portion of the commission due to the buyer’s agent. This
would require the buyer to pay any portion of the commission not paid by you. Alternatively, the buyer could
condition the purchase offer on you paying the full commission obligation.
How a buyer’s agent is paid if you do not offer COMPENSATION
You have not offered to pay any portion of the commission owed to the buyer’s agent. In this case, the buyer
can include a requirement that you pay the commission obligation as part of the offer made on your property.
You do not agree to pay the buyer’s agent commission, in which case the buyer would be responsible
for the commission.
As I’ve stated there is going to be conversations around this topic and we feel ready to help you consider all aspects, as a seller and as a buyer in the new process. Coldwell Banker Realty has been updating and providing us with training and information about how the newly revised purchase contract and (additional) forms will be in play. We feel ready to take on this new environment and to help our clients understands the pro’s and con’s of their decisions regarding commissions will play out.
7/11/2024
Winner Winner Chicken Dinner! (David’s favorite saying….)
It’s been a few good months for our clients who entered to win our monthly give away through @ColdwellBankerRealty
We just handed over $200 worth of Fandango gift cards to our client yesterday. (who actually lives in Merrivale West) She was SO excited and told us she hadn’t won anything in a giveaway since she was 7 and had won a book. It was a fond memory for her, and she was excited to take her whole family out to the movies with these GC’s!
She’s the 3rd winner David and I have had in the past 4 months – the others include our clients who won a $100 Home Depot gift card and a $100 Wayfair gift card! All because they clicked the link – I’ve added the link below so if you aren’t signed up on our email list you can click the link for this months give away and/or share the link with family and friends.
https://www.cbprospectsquare.com/CWB/app/public/cflpreview.jsp?cflkey=4170009&agentkey=25686
Sign up it free! This month the give away is a GC for Back to School Supplies from Target * and even if you don’t have back to school kids in your world you could make a nice donation of the GC’s to a worthy kid/family/or organization!
5/28/2024
I just posted a new listing that will be on the market soon in the complex, it’s listed under the catagory of “Members Only Do Not Show” on the MLS. 1464 Golden Meadow Sq. You won’t be seeing this property listed on an auxilary sites – Redfin, Zillow etc until the property is switched to an “active” listing on the MLS.
Seeing these “coming soon” properties is a benefit of being a member of the MLS (Multiple Listing Service) and/or having an agent forward you these listings via a search. It allows agents and buyers to see properties on line before they hit the market as Active.
This is a 968 Sq foot unit that was built as a 1 bedroom and 1 bath on the ground floor and the living space and kitchen on the 2nd level. Due to sq footage, inverted floor plan, and the bathroom count this floor plan typically sells for lower $. Many owners have taken the den space on the second level and converted it into a small bedroom- thus you’ll see many of these units listed as 2 bedrooms.
Did you know?
This floor plan is always an end unit, and have more balcony sq footage (typically a wrap around balcony) and the largest garage space of all the units – typically 600 sq ft.
The largest and 2nd largest unit in the complex – 1368 sq ft and 1292 sq ft – which is a 2 bedroom and 2.5 bath, plus a den/sitting area on the 2nd floor has the smallest garage at 270 sq ft. The 1220 sq foot unit has 2 bedroom and 1.5 bath also has a 270 sq ft garage, but the 1152 sq foot unit with a 2 bedroom and 2 bath has 536 sq ft garage. The most common floor plan is the 1056 sq foot with a 2 bedroom and 2 bathroom has 475 sq foot garage. *these numbers are based on the averages in the entire complex and may vary slightly from unit to unit.
I always wondered how the garage sizes came about in the planning stages… large sq foot/small garage and smaller sq foot and large garage. Interesting huh?
3/26/2024
Much news and headlines about Real Estate this past week – much is speculative as the details aren’t finalized and NO one has a crystal ball to predict how everything will shake out. BUT we can share this with you, and with confidence, the buying and selling of homes continues and Realtors aren’t going away… As anyone who has been in a real estate transaction knows (and too bad the people who write the headlines don’t pay attention to this detail) the find and locating a home to purchase is a very very small part of what a buyers agent does for their clients.
The current contract we use in California is 16 pages – and a multitude of disclosures/inspections/reports that buyers and their agents go through prior to preparing an offer.
8 disclosures/advisories that accompany the contract – each a full page and some 2 pages.
Typically, a Termite/Pest Inspection, a Property Inspection, sometimes a Roof inspection, a Chimney inspection, and a Foundation inspection. Additionally, there is an Environmental and Geological report that is 350+ pages. IF the home is in a Homeowners Association there are the documents from that organization which can be 250-400 pages (depending on the HOA)
Another round of disclosures/advisories the Seller has prepared – those can range from 15-20. Documents that the buyer and agent review and look for information about the property they should be considering when making the offer. A Preliminary Title Report is also provided by the Seller, which is an insurance policy that the title is transferrable and that there are no hidden claims to the title that could pop up at a later date (after close of escrow) and result in others claim to the title/ownership of the property.
Then there is the matter of what is the value of the property. What amount should the offer be made for – considering past sales of comparable properties, condition of the property, insurability (a new issue in our great state) will the house appraisal coming in at value.
Sooo, that’s just a quick look at a FEW of the processes Buyers agents handle for their buyers. AND how many of those items will buyers be willing to go alone? When buying a home is most people’s biggest investment in their lifetime. I’m not even touching on the multitude of other things Buyers agent work on – arranging shows, collection information from other Realtors about the market and particular properties, arranging services and quotes – the list goes on and on.
Our industry will adapt and change- that’s life and we’ll still be here to help both Buyers and Sellers achieve their goals.
BUT we gotta get more inventory, because there are buyers out in the market wanting to buy homes.
As of today there is ONE, yes, ONE townhome on the market in Campbell zone. 14 Pending transactions. That is slim pickings for buyers and this situation continues to bring on multiple offers and over list price results for sellers.
In the last 30 days there have been 7 closed sales, in the Campbell townhome market. Those sellers received on average 109% over list price, and median over list price of 109%. The days on market for those sellers was on average 12 days and a median of 8 days.
39 Single family homes sold in the past 30 days, in the Campbell zone, and they had an average of 112% over list price and a median over list price of 111%.
Definitely still a sellers’ market.
We are happy to have anyone who is interested in discussing/asking questions about any of the above information give us an outreach- we like hearing from interested parties 😊 We are here to help.
2/23/2024
Yesterday 1431 Golden Meadow Sq went pending after 8 days on the market. This is typical the amount of time that townhouse in our market take to find a buyer.
1427 Golden Meadow Sq closed this week at $1,020,000. This price is slightly under what others have sold for recently, with this floor plan. 6/2023 (mid year) 1326 Millich Lane sold at $1,030,000 *these units have a driveway thus additional parking availability. 9/19/2023 1325 Charmwood Sq sold for $1,025,000.
This slight difference could be attributed to condition and location within the complex, or just the pool of buyers who were out looking and the other available properties on the market at the time of listing. 7 units of the 1056 Sq ft floorplan closed in the prior year (going back to 4/2023).
Keeping your attention on all those factors will help you understand values. If you have any questions or would like some further information- reach out- we are always available.
2/15/2024
New Listing at 1431 Golden Meadow Sq yesterday, list price is $899,000. This seems to be the current list price that is being used- 1427 Golden Meadow Sq, which is still pending (it went under contract on 1/19/24 so should be turning to sold in the new few days) was also listed for that same amount. Both are the 1056 sq foot floor plan.
In 2023 this floorplan had a list price of between $850,000 to $899,998 with ALL of them being bid up – 1326 Millich Lane was the highest sold price for this floorplan at $1,030,000 on a $850,000 list.
1431 Golden Meadow Sq has been updated since it was purchased in 2018- new kitchen, baths, and flooring. All important to buyers in our market. Their purchase price was $1,030,888.
Inventory levels remain low… very low, so a property that is move in ready in this price point will definitely attract much attention.
1/30/2024
End of January – only one day left and we’ve seen the inventory creeping slowly upward.
Here’s where the market in Campbell for townhomes/condo’s is as of today.
Total of 10 ACTIVE listings, 1 Coming Soon, 14 Pending transactions, and 11 Closed transactions in the last 0-30 days.
OF the 10 active listings 5 of them are in Santana Row (yes, they are in the Campbell zone) SO that breaks down to 5 Active listings available outside of the Santana Row setting… that’s a very low number.
The 10 Active listings have a median We are at the end of January, and it’s been a month that has steadily plotted along with inventory levels days on the market of 28 days and an average days on the market of 65. That tells you that the current listings have been around awhile…
Verses the properties that are PENDING – they have a median day on the market of 10 and an average of 27. This indicates a much quicker turn for the properties that buyers want to buy- they are snapped up quickly.
In the Sold category the median days on the market were 32 and the average days were 30.
We all know that Sellers have been waiting on the sidelines because they don’t want to give up their mortgage rates. The average US mortgage holder has an average mortgage rate of 3.5% according to statistics generally used, increased mortgage rates have been in play since last spring, so many potential sellers have held off (switching up to a current rate of 6% to purchase a new home from a 3.5% rate on the existing home doesn’t make sense for a lot of people) and are sitting on the sidelines.
BUT as we see mortgage rates decline there is a prediction that we’ll have more activity as the pent-up demand/desire/need for a different home will start to be in play.
Consider that the population has life events and that generally creates the desire/need for homes. Will that be mid to late 2024 as we see the mortgage rates go lower ?
Here’s what’s some stat’s on life event in the last 2 years
- 7 million newborn babies
- 3 million marriages
- 5 million divorces
- 7 million turned 65 years old
- 4 million deaths
- 4 million net new jobs, 50 million switched jobs
What are your thoughts?
1/19/2024
1427 Golden Meadow is in PENDING status. They were active for 8 days.
We visited the open house on Saturday and there was significant traffic. Other open houses in the area had the similar responses with buyers turn out being high. Buyers are out looking and ready to make purchases.
If you are following interest rates you’ll notice they’ve come down from the high we saw in mid October (just below 8%) we are now in the 6% range and many many programs that lenders have -credits to buyers, loan buy downs ect.
Here’s the rates that were provided to us today from Lender C2 Financial – broker Elva Wormley
Sales price $949,000, % down 20%, Loan Amount of $759K, 30 year term, RATE 5.99%, APR 6.137%
Interest Rates have started their decline – are you ready? If the trend continues we think more sellers will be willing to list and even MORE buyers will want to purchase a home. There is pent up demand- and you don’t want to be on the sidelines; if you have some of that pent up demand in your world!
David and I will be hosting Open House at our newest listing at 49 Showers Dr #w211, Mountain View this weekend and we’ll be better able to share with you our experience. This condo has 1206 sq ft with 2/2 baths and Los Altos schools- price point is $949,000. If you are in the area- stop by.
1/10/2024
Slow start in regard to inventory for this year, as of today there are a total of only 6 ACTIVE townhomes for sale in the Campbell real estate zone* 3 PENDING sales, and only 2 homes closed escrow in the past 30 days. Both of the SOLD homes closed above the asking price.
In the Condo market there are 9 ACTIVE properties, 5 PENDINGS, 10 CLOSED sales in the past 0-30 days. 6 of the 10 closed above the list price. *Campbell real estate zone includes zips 95008,95117, & parts of 95128
What does this mean for Sellers- you have a great opportunity to attract buyers to your property and receive multiple offers. For Buyers that just isn’t much to chose from…..
IF interest rates continue to lower there is talk that we’ll see inventory increase. Currently mortgage interest rates are in the 6 % range which is a significant change from almost hitting the 8%-mark last fall. Mortgage brokers tell us of buyers who recently closed escrow and in less than 30 days refinancing as the rates have declined.
1/4/2024
We are getting ready to send out our annual year end postcard for Merrivale West- here’s a preview of the information we included.
2023 11 units were sold, 2022 16 units were sold, and 2021 12 units
were sold.
Even with the interest rate changes in 2023 there were still buyers in the market willing to step up and purchase Merrivale West properties
Sold prices ranged from $1,145,000 in late fall
to $900,000 in mid spring
Active Days on the market range from 5 to 14!
Average sale price: $1,021,899 = 112% over list
Median sales price $1,025,000 = 114% over list
Average days on market = 7
Median days on market = 7
And as we close out 2023, keep in mind the Average sale price in 2022 was $1,180,000
and 2021 was $918,833.
So what about 2024 you may ask?
There is a feeling that inventory will loosen up and we’ll see more properties come on the market. Interest rates have been coming down in the past few weeks and that may allow Sellers to feel like they can make a change (sell the house!!) Pent up demand is on the buyer side but the key to more inventory is IF sellers feel the pent-up desire to make moves.
For David and I we plan on being out there in the market even more as we have some new listings coming. A Mountain view condo next week (a 2 bedroom/2bath updated interior) and a new build single family home in Saratoga late spring (Modern design with all the bells and whistles there are – great floor plan, lots of interior light, 12 foot ceilings and 5 bed and 5 baths)
IF you are in the mood to check out what is happening in real time in the real estate world- reach out. We love to share what we see happening in the market! Happy New year.
9/12/2023
A new listing yesterday – 1352 Charmwood Sq. They are trying the same list price that has been used in all the most recently listed properties – $899,900 (or very close to that range) it’s been a successful list price.
Just down the street at 603 Millich Dr (outside the complex) with a similar sq foot floorplan as most Merrivale West properties, 1,243 Sq ft, they started out at the list price of $1,028,000 26 days ago. They took a price reduction to $980,000 mid stream and are still active. Over pricing on the list price is a non starter for most buyers. Time and time again we see Sellers and their Realtors attempting a strategy of pricing at the high end of value and then ….. many days later they price adjust to a lower amount, losing the buyers in the market attention and building days on market. Keep in mind that most Merrivale West properties have gone under contract in an average of 6.66 days. *based on closed sales in 2023.
The 2 pendings sales in the complex should both close escrow this week- watch for the results and see if the $899,000 list price range continues to be the magic it’s been in drawing in buyers.
7/19/2023*
1326 Millich Lane just closed at $1,030,000 yesterday. Prices have continued to increase – and this is a great example of how the low inventory levels continue to propel the market in areas where there just low low inventory.
Early July 1321 Charmwood Sq closed at $1,000,000. This home had a NEW kitchen and baths, flooring that showed well (moved away from the grey tones that now look dated), recessed lighting throughout and no acoustical ceilings, PLUS a staged and inviting interior. Verses 1326 Millich Lane, which was vacant and unstaged, with an old screen door to greet you as your first impression and dated kitchen. The positive difference in 1326 Millich Lane favor is they have some ability for extra parking- but is that worth $30K more and a dated interior?
I believe the big difference is that buyers continue to be challenged to have options and they just go for it when a property comes up; keep in mind there was only 3 weeks that separated these properties on the market (1321 Charmwood Sq went into contract on 6/5 and 1326 Millich Lane on 6/23).
The inventory of townhomes in the Campbell zone is 5 active listings – yes, you read that right. Condos are just as tight, with only 15 units available.
As of yesterday, Tues 7/18, the total Santa Clara County inventory for single family homes and townhomes/condos was 1151 properties. Which is 7 less the then the prior active properties the week of 7/11.
Santa Clara county had 224 properties go into contract during the week of 7/11 of 7/11 7/18, which was 75 MORE units then the prior week (but in all transparency the week prior was a holiday week)
Bottom line- it’s a very active market for sellers and buyers- it’s just that there aren’t enough sellers for the number of buyers who would like to buy a home, thus they pay (frequently) for the good one, and some not so great, when they hit the market.
7/12/2023
Our mid year postcard was just sent out to Merrivale West owners- but in case you missed it…. 6 Closed Sale in Merrivale since the beginning of the year, we’ve also included the details of how this 1/2 of the year in 2023 compares to Closed Sales in the last 1/2 of 2022. Improvement in the market certainly.
We are always here to answer questions – so feel free to reach out. We have both visited every one of the properties listed below *also we were the listing agent on 1407 Pinehurst Sq, thus we have a clear understanding of what upgrades each had and the condition, location in the complex effected the Closed Sales price.
Address
|
Beds/
Baths |
Sq. feet | Lot Sq. feet | List
price |
Sale
price |
Days on
Market |
Close
date |
1407 Pinehurst Square | 2/2 | 1,056 | 1,344 | $925,000 | $940,000 | 5 | 1/23/23 |
1372 Cherrywood Square | 2/2.5 | 1,292 | 1,314 | $948,800 | $1,088,888 | 8 | 2/17/23 |
1424 Millich Court | 2/1.5 | 1,220 | 1,282 | $949,995 | $1,100,000 | 7 | 3/8/23 |
1448 Golden Meadow Square | 2/2.5 | 1,292 | 1,278 | $948,000 | $1,132,000 | 5 | 4/20/23 |
1319 Merrivale West Square | 2/2 | 1,056 | 1,455 | $865,000 | $900,000 | 6 | 5/31/23 |
1321 Charmwood Square | 2/2 | 1,056 | 1,344 | $889,500 | 1,000,000 | 6 | 6/26/23 |
The Details: | 7/2022-12/2022 | 1/2023-6/2023 |
Number of properties Sold | 8 | 6 |
Average Days on Market | 20 | 6 |
Median list price sold | $928,750 | $1,044,444 |
Average list price sold | $930,625 | $1,026,815 |
Sells price VS List price | 100% | 111% |
6/27/2023
The lastest mid year closing in Merrivale West – 1321 Charmwood Sq, closed escrow today at $1,000,000 on a $850,000 list price.
Meanwhile, 1326 Millich Lane went under contract on 6/24, same floor plan as 1321 Charmwood, the 1056 sq ft with 2 beds/2 baths. 1326 Millich Lane was listed at $850,000, it current status “active contingent” indicates there are contingencies in place. Probably within a week or two the status will change to “pending” when all buyer contingencies are removed.
In the last several years buyer’s in our local market have typically made offers that went straight to the “pending” status when an offer was accepted, so to see an “active contingent” status does reflex a difference in how buyers are presenting their offers. There is more caution when a buyer makes an offer with a contingency(s) in place and they (buyers) are not feeling the need to take on the higher levels of risk of making contingency free offers.
1321 Charmwood Sq had an updated kitchen and the sellers had opened up a wall between the kitchen and dining area, it did make for a more “open floor” plan. The second bedroom also felt just slightly large then other similar models (in that floor plan that bedroom often feels pretty tight).
1326 Millich Lane had been a rental property and it appeared the sellers had done some recent flooring upgrades and fresh paint, but the kitchen and bathrooms were not recently updated. It was a clean unit- but presented without any staging and a decrepit screenwork was in place as you entered the unit (certainly didn’t do anything for first impressions). The attribute that may push this property forward is that they are located on Millich Lane with the 2 car garage and ability to park in the driveway apron. Thus an owner has more parking capacity then the units in the Squares. We found in the past, when we’ve had listing on Millich Lane this had been viewed as big bonus to buyers.
At mid year there have been 6 closed sales in the complex- ranging from a high of $1,132,000 for 1448 Golden Meadow (1292 sq ft) that closed escrow in mid April to the lower end of 1319 Merrivale West (1056 sq ft) receiving $900,000 at the end of May.
Our mid year post card will go out next week with a breakdown on all the sold properties, but if you feel the desire to find out more details about the closed sales reach out. We make a point of visiting each property that is listed for sale in Merrivale West and can discuss the various reasons we believe there is a range of outcomes for each property. Having been active as listing agents in the complex for many years we have the history and knowledge of what buyers react positively to and what is happening in the current market that effects the outcomes. Give us a call!
We also want to wish everyone a safe and fun holiday in the lead up to the 4th of July holiday – it’s one of our favorite holidays and living in No. California we have the benefit (generally) of outstanding summer weather…. fingers crossed that holds true this year.
6/6/2023
1319 Merrivale West Sq closed last week at $900K- which is a wild swing from 1448 Golden Meadow Sq that closed in April for $1,132,000.
Couple of things to consider – first is sq ft – 1056 verses 1292; but that’s not the full story. 1319 Merrivale West Sq had a very different location in the complex than all most all of the other homes. The 2nd floor balcony was directly across from the next building – in fact it felt like you could reach across and touch it *note I said felt, it wasn’t exactly that close. The primary bedroom slider looked directly at another property.
Was that over 100K difference you ask- no, BUT it is unusual for a Merrivale West property, as almost all of the homes face out towards the Squares or open street view.
The market has not dropped in the one month time period – homes that are priced well (condition and location) continued to sell with multiple offers and over list price in the Campbell zone area. We are still experiencing a dearth of inventory – with only 5 townhomes in all of Campbell available for sale, as of this AM.
Our listing at 3583 Ancil Way, SJ 95117, a single family home, took offers on 5/12 and we ended up with 9 offers and 13% over the list. This home was a fixer upper – needed kitchen, landscaping updates – but buyers were willing and ready.
So what’s the difference between the $900K and $1,332K – I still go back to the location within the complex and that the presentation and upgrades were in line with many listings but not stellar- and stellar always produces results.
4/24/2023
yikes! we had a big typo on our latest Merrivale West postcard …. 1448 Golden Meadow Sq closed at $1,132,000 which was a 18% increase over the list price.
4/13/2023
This is the best explanation for the lack of inventory we are experiencing and the rising values of closed sales:
“Elevated mortgage rates are perhaps an even bigger deterrent for would-be sellers than for would-be buyers. Giving up a 3% mortgage rate for one in the 6% range is a tough pill to swallow,” said Redfin Deputy Chief Economist Taylor Marr. “Today’s serious homebuyers have grown accustomed to the idea of a 5% or 6% rate and have adjusted their budgets accordingly. The lack of homes hitting the market explains why the market is moving fast even though sales are still down. The lack of new listings is also one reason why sales are down: Buyers can’t buy if sellers don’t want to sell.”
4/7/2023
We went by 2 times to visit 1448 Golden Meadow Sq- the first time there were 2 groups ahead of us waiting to get in on a Monday PM so we didn’t wait, I returned on Tues AM and again a group outside waiting for their agent, so I was able to visit quickly before their agent arrived.
They accepted an offer on 4/5 and the close of escrow date is listed as 4/20. The 15 day close indicates its more then likely a cash offer based on the quick timeframe.
The property was well prepared and had some nice updates- but note the kitchen still had original cabinets painted white with newer counter tops. The flooring was 3 different versions- indicating to me, some was newly put in for selling; plank vinyl in upper level and engineered hardwood on lower level with the stairs carpeted. * stairs are expensive to replace with a hard surface and much less expensive to keep the carpet or replace with new carpet. Bathrooms and lighting appeared new.
There are only 4 pending townhomes in the Campbell area- inventory tight.
4/3/2023
Blink and it’ll be gone! that’s my prediction for 1448 Golden Meadow Sq.
They had it listed as a “coming soon” which is a category on the MLS as “members ONLY do not show”. They brought it live on 3/31/2023 and the seller and listing agent feel so confident that they have an offer date of 4/5/2023. Not much time to get all the active buyers and agents through…..
3/8/2023
Our local market continues on… 1424 Millich Ct closed escrow at $1,100,000 on a list price of $949,995 and it was only in escrow 7 days. (cash sale) This same unit was sold in 6/2022 for $939,000.
This is not an aberration – we continue to receive multiple offers on our listings. We listed a property at 1022 Helen Ave, Santa Clara on 2/24/2023, had a huge turnout for Open Houses and took offers on 3/1. We received 8 offers and are in contract more then 10% over the list price.
Buyers are out and wanting to buy – they’ve adjusted to the mortgage rates changes and world events that shape their buying mindset and comfort. It’s a good time to list your home.
2/20/2023
First closed sale that was Marketed and Sold in 2023 has closed escrow – 1372 Cherrywood Sq. This is the 2nd largest floor plan in the complex at 1,292 Sq with a 2 bedroom and 2.5 bathroom.
They closed at 13% over list price- $1,088,888 on a list price of $948,800. This goes back to my prior postings; there are buyers out there willing and ready – don’t rely on the national news reports. We are a very local market and don’t follow other area’s trends.
2/14/2023
Happy Valentine’s Day- my favorite holiday!
So, we are now past what in the past was considered the “kick off” to the spring selling season in our area, the week after the Super Bowl. Unfortunately, this year- as in the past several springs that hasn’t been the big marker for the launching of new listings. We continue to see low levels of inventory, high levels of the new inventory being turned into “pending” sales in a brief period of time after hitting the MLS.
As of this morning there were 87 townhomes ACTIVE in Santa Clara County. In the last 0-7 days we had 23 new listings arrive on the market and 32 properties went PENDING. The average Days on Market for the Pending’s was on average 17 days and the median Days on Market was 8 days.
How does that translate into the state of the market? Basically, a lot of properties that may have been sitting for a while are now going into contract – there is more demand than supply.
Also…. The closings in the last 0-30 days for Townhomes in Santa Clara County came in at 102% over list price. It’s still a Sellers’ market… still. National stats don’t fit our marketplace.
This week we’ll have the results posted for 1372 Cherrywood Sq. close of escrow date is listed as 2/17 Friday, thus the posting might roll into early next week. As always, we’ll keep you posted!
IF you are considering selling, this a very good spring market – don’t hold off considering your options, as last year it was a crazy spring market and then it S L O W E D and shifted.
Reach out- we are always happy to provide market statistic and insight into how best to prepare and sell your home.
1/17/2023
We have a new rental available at 1400 Cherrywood Sq- let us know if you know of anyone who needs a 2 bedroom and 2 bathroom with 2 car garage unit in Merrivale West.
1372 Cherrywood Sq has traction. I stopped by to visit on Sunday afternoon- strong foot traffic for a cold rainy day. The listing agent told me she had several inquires but was holding off on offers till Thursday.
1/13/2023
New listing in the complex – 1372 Cherrywood Sq for $948,000. This is the 1292 Sq foot floor plan with 2 beds and 2.5 bathrooms and 1 car garage. The owners of this property had purchased this property in 9/2017 for $900,000.
END of 2023 results for the Complex:
With a total of 16 property changing ownership through selling on the MLS it was one of the busiest years in the history of the complex – and consider the complex turned 50 in 2022!
2012 – 12 units were sold
2020 – 11 units
2019- 6 units
2018- 7 units
2017 – 10 units
*there may have been units sold “off market” and through private transfer that we don’t track.
What will 2023 bring? Our predictions are that while inventory remains low we will continue to see prices not recede dramatically. Yes, we know interest rates are higher then this time last year and that definitely does effect buyers purchasing power but we’ve had enough months of the interest rate increases so that most “in the market” buyers are used to the current rates and no longer pulling back. We also know that when we put 1407 Pinehurst on the market 3 weeks ago there was very solid interest *multiple offers*! at a time of years that is typically not when buyers are out looking…
*As of today a total of 6 townhomes for sale in all of the Campbell MLS zone. That’s a low number.
We have some new listings coming in Blossom Valley and the local zip 95117- both single family homes. Both will be on the MLS within weeks. That will allow us a better view/opinion of what buyers are thinking and doing! Reach out with any questions- we are here and working actively in the market!
Happy 2023 🙂