Ron Evans - May 2024 Market Report Palo Alto Area

ABOUTME

With over 35 years in real estate and formerly President and COO of a Title and Escrow company with several hundred employees, I’ve overseen thousands of transactions, consulted for buyers, sellers, investors and real estate agents I am PASSIONATE about real estate and the buying and selling process

I’ve helped buy and sell everything from high end Peninsula to coastal properties, historic properties featured on TV shows such as Bay Area Backroads to country homes and ranch properties in Santa Clara, San Mateo and Santa Cruz Counties

I also have extensive experience in how to use real estate as an investment tool and assisted in complex IRS 1031 and reverse exchanges It brings me such joy to watch people light up when we get them a home they love It always feel so good to help people build wealth and security and nothing saddens me more than when people get the wrong advice.

Want to know what your property is worth? Enter your info below to get my free analysis and full property profile that includes recent comparable sales for your location as well as supporting documents such as grant deeds and deeds of trust and the history of your property

Check out my website here

What’syourhome reallyworthin today’smarket?

That's the question you should be asking yourself.

Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home.

So, do you know what your home is worth in today's market?

Icanhelp...

Contact me for a confidential, no obligation assessment of your home's value.

WhatIsGoingonwith MortgageRates?

You may have heard mortgage rates are going to stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Here’s a quick overview of what’s happening with mortgage rates and what experts say is ahead.

Economic Factors That Impact Mortgage Rates

When it comes to mortgage rates, things like the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all have an impact. Another factor at play is the Federal Reserve (the Fed) and its decisions on monetary policy. And that’s what you may be hearing a lot about right now. Here’s why.

The Fed decided to start raising the Federal Funds Rate to try to slow down the economy (and inflation) in early 2022. That rate impacts how much it costs banks to borrow money from each other. It doesn’t determine mortgage rates, but mortgage rates do respond when this happens. And that’s when mortgage rates started to really climb.

PROTECT

WHAT YOU DON’T EXPECT

You can’t always see a breakdown coming, but you can plan for it with American Home Shield. Our home service plans help fix or replace covered home systems and appliances, and help you stay on budget. Protect what you don’t expect.

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Looking to lighten the mood in your laundry room?

EIGHTEYECATCHING

Laundry Room Colors

To Look Out For

These refreshing colors make the wash-and-dry chore a little more pleasant.

Tranquil Blue

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Sage Green

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Eight Colrs fo Laundry

White

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Yellow

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Gray

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Dusty Pink

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Navy Blue Purple

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Create a tranquil laundry space with Benjamin Moore's Beach Glass Its light blue shade, coupled with a subtle gray undertone, offers a clean and versatile aesthetic that avoids any baby nursery associations.

Transform your space with earthy tones like October Mist and Gloucester Sage from Benjamin Moore. Test out the trendy sage in your laundry room for a lowcommitment update easy to change and customize, ensuring lasting satisfaction with your design choice.

Create an elegant laundry room with Chantilly Lace by Benjamin Moore The classic white choice adds sophistication, opens up the space, and simplifies stain detection.

Elevate your laundry space with the energizing touch of yellow. Behr's Roasted Corn or Upbeat bring warmth and optimism, while Pearly White offers a mellow option a yellow-based white that brings a perfect harmony of vibrancy and calmness

Gray remains a top choice for laundry room walls, providing a timeless and serene backdrop A soft gray for a whisper of sophistication, easily personalized with printed patterned tile flooring or Behr's bold 2024 Color of the Year, Cracked Pepper.

Sherwin-Williams' Rosebud for a touch of romance in laundry rooms. The dusty pink hue, paired with gold accents, adds a luxurious and warm atmosphere

Navy as the key to a striking laundry room. Beyond lighter blues, navy paired with lighter accents or white fixtures, especially Benjamin Moore's Hale Navy, creates a bold choice that makes the laundry room stand out.

Dare to take a style risk in your laundry room with a pop of color Opt for the subtle smoky lavender of Farrow & Ball's Peignoir for a neutral touch or go all-out glam with Backdrop's dark and vampy McQueen, drawing inspiration from the famous fashion designer.

Source : https://www familyhandyman com/list/laundry-room-colors/

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VENDOR DIRECTORY

When it comes to home ownership, knowing who you can trust is crucial. That's why we've curated a select list of trusted vendors who are ready to help with your home goals.

LosGatos

What's in the Los Gatos data?

There were 53 single-family homes for sale, providing 1.7 months of inventory. There were 49 new listings, and 35 homes sold at a median price of $3.2m. The median overbid percentage was at 106%, with an average of 16 days on the market.

There were 13 condo and townhome units for sale, providing 1.6 months of inventory. There were 11 new listings and 8 units sold at a median sale price of $1.2m. The median overbid percentage was at 109%, with an average of 21 days on the market.

Single-Family Homes

49 New Listings

35 Sold Listings

1.7 Months of Inventory

$3.2M Median Sale Price

106% Median Sale vs List

16 Avg Days on Market

The data, sourced from InfoSparks and Trend Graphix, includes all single-family homes, condos and townhomes in the California Area above from April 2023 to April 2024. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01511642. Copyright KW Advisors Palo Alto 2024. Each office is independently owned and operated.

New Listings

1.6

Months of Inventory 109%

Median Sale vs List

Median SalesPrice

Single-Family Homes

The median sale price has increased from $2 6m last April 2023, to $3 2m as of April 2024

Condos & Townhomes

The median sale price has decreased from $1 4m last April 2023, to $1 2m as of April 2024

AVGDays OntheMarket

Single-Family Homes

The average time spent on the market went down from 21 days last April 2023, to 16 days as of April 2024

Condos & Townhomes

The average time spent on the market went up from 15 days in April 2023, to 21 days as of April 2024.

Overbids

Single-Family Homes

The overbid percentage has increased from 100% last April 2023, to 106% a year later

Condos & Townhomes

The overbid percentage has increased from 102% last April 2023, to 109% a year later.