Janie and John's March Newsletter

Real Estate Insights

March 2024
A quick 5 minute read

Feel the Heat

In our January 2024 newsletter we talked about how quickly real estate activity had picked up right after the New Year despite expectations of a much slower start. Well, just shy of 8 weeks later the market has only gotten hotter. Based on our open house experiences, serious buyers are out in force and itching to buy. 

While multiple offers are usually the norm locally, the average offer count appears to be rising. This has led our office to start drawing correlations between the number of offers and how far above the list price a property is likely to sell for. Current data indicates that 5 offers equates to a sale price of roughly 10% over asking! While every situation is different and buyer intensity varies from week to week and place to place, I'm not sure many agents would have predicted this just 3 months ago.

All of this is in spite of the fact that interest rates have only drifted down modestly from their recent highs. Current expectations are that The Fed will not be lowering rates at their next meeting in a couple of weeks, and they are looking less and less likely to lower rates in the first half of this year according to our in-house lender. It will be interesting to see the impact on home sales when interest rates do eventually come down especially if the stock market continues its strong performance.

Interesting Technologies

Revolutionary, even evolutionary, home technologies come along infrequently at best. In this newsletter I'm going to touch upon a few of the most interesting and cool technologies that you may not have ever heard of - but that you can get today!

Invisible Cooktops - Imagine the picture above with continuous counter space in place of the range...or cooking directly on the kitchen island surface. This is the idea behind invisible cooktops. In a nutshell, an invisible cooktop is a stone countertop installed over induction heating elements. If you long for more kitchen counter space, cleaner lines and easy cleanup, this may be one technology worth exploring in your next kitchen remodel. It is not an exaggeration to say that having an invisible cooktop would easily double our son's meager counter space in his modest studio apartment.

Smart Glass - We actually encountered smart glass for the first time on our honeymoon back in 1996. Our room at the Princeville had a large picture window that looked from the bedroom into the bathroom. Kinda strange...but with the flip of a switch the window turned opaque. Smart glass allows you to change from transparent to varying levels of opaque through the application of a small electric current. I could easily see this as a replacement for curtains when occasional privacy is desirable or to allow interior hallways or rooms to gain a view of the outdoors.

Heat Pump Water Heaters - You have probably heard of these already, and for good reason. They are the obvious replacement for your existing tank water heater that is both more environmentally friendly and less expensive to operate. And with all of the incentives currently available, upgrading to a heat pump water heater is incredibly cost effective and highly likely to save you money on your PG&E bill each month, too. Kind of a win-win-win-win. So, if your water heater is 10-12 years old (its expected lifespan), now may be the optimal time to upgrade to a heat pump water heater.

Local Market Trends

We have access to a tremendous amount of real estate data, most of which is way more current than you read in the press. If you want to take a deeper dive into the latest numbers, start here:

San Mateo County Real Estate Report
Santa Clara County Real Estate Report

Links not working? Email jbarman@compass.com and I will send you a PDF of the same info.

Want to see the data for a specific city? Let us know and we will gladly forward that along!

Featured Listings and Sales

sale pending ~ Classic Charm in old palo alto

2314 Ramona Street, Palo Alto

4 beds, 2.5 baths in 2,405 sq. ft.
Listed for $3,998,000

Sold ~ Spacious Townhome with Greenbelt Views

36 Holmes Drive, San Jose

3 beds, 2.5 baths in 2,492 sq. ft.
Listed for $999,888

Luxury Property Collection

Looking for a luxury property or even a brief escape from reality? Flip through our online magazine, Compass Luxury, for some of the most exclusive listings in the United States.

Please feel free to forward this newsletter to friends and family - and remember, we are never too busy for your referrals!

Janie and John Barman

DRE #01270223 & #01281597
Realtors®
M: 650.759.1182
jbarman@compass.com

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.