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Market Report

by Kathy and Michael Rain - The Rain Team

Take a minute to check out this updated Market Report that summarizes recent real estate activity.  Please keep in mind that values represented are based on current, detailed information from the regional Multiple Listing Service. If you need clarification of any of the figures, or if you wish to take additional steps toward property ownership, please let us know and we would be happy to help.

MARKET SNAPSHOT
El Granada, Half Moon Bay, Loma Mar, Montara, Moss Beach, Pescadero
As Of 12/20/2016

CURRENTLY FOR SALE

Avg. Days on Market:

63 Days

Listings Currently for Sale:

30

Newest Listing:

12/15/2016

Shortest/Longest:

6 Days / 141 Days

PENDING LISTINGS

Avg. Days on Market:

38 Days

Pending Listings:

10

Shortest/Longest:

6 Days / 85 Days

RECENTLY SOLD

Avg. Days to Sell:

21 Days

Total Sales:

46

Last Sale:

12/13/2016

Shortest/Longest:

1 Days / 69 Days

Months of Supply:

2.14**

**Estimated time to sell current listing inventory.
6 months is considered a balanced market

Click on data points to access interactive map.

PROPERTIES ON THE MARKET

MARKET PRICE TREND

MARKET HEAT INDEX


Properties on the market | Number of properties listed for sale 
Average Sales Price | Average sales price for all properties sold. 
Average Sales Price | Average sales price for all properties listed for sale. 
Days on Market | Average days on market for all properties sold.

 

MARKET SUMMARY
El Granada, Half Moon Bay, Loma Mar, Montara, Moss Beach, Pescadero
As Of 12/20/2016

Status

MLS ID

Address

City

Bed

Bath

Yr. Built

List Price

DOM

Active

ML81614937

4931 Pescadero Creek RD

PESCADERO

3

2

1952

$6,200,000

95

Active

ML81626019

390 Pigeon Point RD

PESCADERO

2

2

1900

$3,500,000

86

Active

ML81631629

331 Kelly AVE

HALF MOON BAY

3

2

1950

$2,600,000

40

Active

ML81612996

3999 Willowside Ranch RD

PESCADERO

3

2

2007

$2,349,900

106

Active

ML81633922

152 W Point AVE

HALF MOON BAY

3

2

2007

$2,250,000

6

Active

ML81632478

120 Carnoustie DR

HALF MOON BAY

4

3

2016

$1,923,500

29

Active

ML81628749

118 Carnoustie DR

HALF MOON BAY

4

3

2016

$1,859,000

65

Active

ML81628771

116 Carnoustie DR

HALF MOON BAY

4

3

2016

$1,829,000

65

Active

ML81629512

81 Turnberry RD

HALF MOON BAY

4

3

2001

$1,700,000

60

Active

ML81633721

311 Bayhill RD

HALF MOON BAY

4

3

2012

$1,695,000

9

Active

ML81626856

420 1st AVE

HALF MOON BAY

4

3

1973

$1,625,000

81

Active

ML81598879

2205 Higgins Canyon RD

HALF MOON BAY

4

3

1974

$1,595,000

136

Active

ML81631027

731 El Granada

EL GRANADA

3

2

2003

$1,498,000

46

Active

ML81627489

205 Farallone AVE

MONTARA

4

2

2002

$1,495,000

76

Active

ML81633215

448 Correas ST

HALF MOON BAY

3

2

1989

$1,260,000

17

Active

ML81632693

130 El Granada BLVD

EL GRANADA

3

2

1966

$999,000

23

Active

ML81626827

315 Valencia AVE

EL GRANADA

3

2

1963

$948,000

82

Active

ML81626954

560 Wurr RD

LOMA MAR

3

2

1975

$899,000

79

Active

ML81629567

668 Buena Vista ST

 
 

We’ve Seen The Last Of Low Interest Rates

by Kathy and Michael Rain - The Rain Team

Earlier this month the Federal Reserve increased short-term interest rates by 0.25 percentage points.  This marked the first rate hike we have seen in almost a year and three more interest rate hikes are expected in 2017.  The increase in interest rates could have a potential impact on coastside home buyers.

The most concerning issue with the Fed’s most recent rate hike is that it lays the ground work for more rate hikes to come in the new year.   In fact, it is anticipated that the Feds will increase rates by 0.75 percent in the coming year.  If you are looking to buy a home along the coast, the increase in mortgage interest rates will reduce your buying power.

Now is the time for potential homebuyers to get into the market, especially first-time homebuyers.  
The good news is that we are unlikely to see mortgage rates increase any higher until March, giving time for buyers who may be on the fence to jump into the market.

It is important to understand that the Federal Reserve doesn’t make the mortgage rate, but it does have an influence on the rates. However, as the Feds increase rates, many times we see mortgage interest rates increase as well.

What’s The Risk Of Waiting?

Home values are rising and so are mortgage interest rates.  A 1 percent rate hike can reduce your buying power by up to 11 percent.  Why wait around for the Fed to continue to raise interest rates resulting in you paying more?  If you want to own a home along the coastside there is no better time than now.   Start your search for your dream home here now.

If you have questions about making a move, including what your current home might be worth and what the market looks like in your neighborhood, we’d be happy to help.  Please give us a call or contact us here today.

A Look Back at the Bay Area Housing Market in 2016

by Kathy and Michael Rain - The Rain Team

The Bay Area housing market had its challenges in 2016, including low inventory of homes for sale, rising prices that challenged would-be buyers, and political uncertainty with the presidential election. But despite the headwinds, this turned out to be a fairly good year overall for our local housing market.

Many home sellers once again enjoyed strong gains in sale prices – albeit not quite as strong as 2015, but good nonetheless. The median sale price for single-family homes, condos and townhouses in the Bay Area through October (the latest data available) reached $767,000, up 7 percent from the same month a year ago, according to local MLS data analyzed by Coldwell Banker.

Strong buyer demand, a healthy local economy, and a continuing decline in the inventory of homes on the market all combined to make 2016 a seller's market in the Bay Area for much of the year. The strong economy fueled demand for homes throughout the region, but especially in the more affordable markets in the East Bay, South Bay and North Bay areas.

The year saw a continuation of mortgage rates that remained near historic lows much of the year, helping make home purchases more affordable. But in recent weeks, key lending rates began to tick higher, which could present challenges to the market if that continues into the new year.

According to Freddie Mac, 30-year fixed rate mortgages in the U.S. averaged 3.94 percent in the week ended Nov. 17, up 40 basis points from its 2016 low. However, average rates are essentially flat from a year ago and below historical averages. During the height of the housing market in 2007, for example, the rate surpassed 6 percent.

Freddie Mac Chief Economist Sean Becketti in analyzing the recent bump in mortgage rates stated, “If rates stick at these levels, expect a final burst of home sales and refinances as ‘fence sitters’ try to beat further increases, then a marked slowdown in housing activity.”

One of the biggest challenges for the housing market in 2016 was insufficient listings to meet buyer demand. Although inventory has gradually improved in some areas, overall the number of homes for sale in October was down 6 percent from the year before and more than 11 percent from two years ago. The shortage of homes for sale continued to result in multiple offers for some properties, which resulted in sales for certain homes at above-list price.

Limited inventory for buyers to choose from may have also been one important reason why overall home sales in the Bay Area were slightly lower in 2016 than last year. As of October, sales year to date totaled 58,436, down 5 percent from the 61,626 sales during the same period in 2015.

Statewide, the California Association of REALTORS® (CAR®) expects existing, single-family home sales to reach 407,300 by yearend, virtually flat from the 408,800 transactions in 2015. CAR® also projects that the median sales price statewide will finish the year at $503,900, up 6.2 percent from last year.

CAR® Vice President and Chief Economist Leslie Appleton-Young said several key factors led to a healthy 2016 housing market statewide, and she expects those to continue next year. But she too has noted that there will also be some challenges.

“With the California economy continuing to outperform the nation, the demand for housing will remain robust even with supply and affordability constraints still very much in evidence,” she said. “The net result will be California’s housing market posting a modest increase in 2017.”

Appleton-Young added, “The underlying fundamentals continue to support overall home sales growth, but headwinds, such as global economic uncertainty and deteriorating housing affordability, will temper stronger sales activity.”

If you’ve been thinking about selling your home, now may be a good time to make your move. Mortgage rates are still low by historical standards, although that could change in the coming year if rates continue to rise. And for now, we’re still enjoying a seller’s market in many of our communities.

If you have questions about making a move, including what your home might be worth and what the market looks like in your neighborhood, we’d be happy to help. Please give us a call or contact us here today and we’ll get started today!

What to expect under President Trump: Silicon Valley

by Kathy and Michael Rain - The Rain Team

Andy Block
Mortgage Advisor and Personal Finance Advisor
NMLS 293174 ,
While Opes Advisors, Inc

Tech stocks have lagged behind the broader market gains since Trump’s win, as investors chalked the tech sector into the election’s “loser” column. Trump successfully voiced the fears of Americans who aren’t confident about their economic prospects during the tech-powered revolution of the past two decades. Silicon Valley now faces the unsettling prospect of less friendly policies, as Trump intends to launch a counter-insurgency against globalization and restore job growth for US workers through infrastructure spending, immigration restrictions and protectionist trade policies. 

For more on how the Trump Administration may impact the Silicon Valley economy, read our expanded commentary below.


The government has taken a laissez-faire attitude toward the tech industry for many years, providing limited oversight and friendly policies, such as an Internet tax ban and support for network neutrality and the “open internet.” With Trump, the tide may be turning. While local businesses will welcome lower corporate taxes and reduced regulations under Trump, Silicon Valley remains uneasy about the next four years. Tech manufacturers have a lot to lose under a protectionist trade policy and immigration restrictions. Major area employers are concerned about brain drain if hiring of highly skilled immigrants is curtailed while businesses are incentivized to use and train American labor.

 

 

Topic  Trump's intention Possible Outcomes
Tech Industry
Jobs and Stocks

• Create millions of jobs by spending more than $1 trillion improving US infrastructure.

• Impose taxes for importing or exporting goods.

• Push US companies to bring jobs outsourced to other countries back to the US. Trump has repeatedly called on Apple to stop manufacturing overseas.

• Withdraw from or renegotiate trade deals, including NAFTA and TPP.

Nearly all voters and politicians agree that infrastructure improvements are sorely needed. More jobs would boost the economy and expand the pool of Americans who can afford to buy homes. However, these jobs would be temporary, and many Republicans in Congress are hesitant to borrow the money and increase the national debt. Also, economists predict that such spending, combined with tax cuts, is very likely to increase inflation.

Local companies, such as Apple, HP, Intel, and Cisco rely on Chinese imports as part of their global product supply chain, where overseas workers build most tech gadgets. Tariffs would make tech products more expensive, hurting tech manufacturers and adversely affecting jobs in the US. Tariffs may benefit companies like Tesla, whose manufacturing facilities are in the US. 
 
Overseas markets accounted for 58% of tech industry revenues in 2015. China accounts for half of the US trade deficit, so an all-out trade war would hurt tech firms by disrupting their global supply chains and diminishing their overseas market.

Foreign Tech Workers • Opposes H1B visas for foreign workers.
• Ensure open jobs are offered to American workers first.
Tech companies prize highly skilled immigrants, and may struggle to import necessary workers. However, immigration initiatives would likely be delayed by higher priority matters, such as eliminating the Affordable Care Act and tax reforms.
Internet Regulation • Overturn “net neutrality” regulation, which prevents Internet providers (like Comcast and Verizon) from charging websites like Netflix and Facebook a fee to access users at faster speeds. Could hurt Netflix, Facebook and Amazon’s profits, by enabling ISPs like Comcast to charge for faster service to end users. Immediate impacts are unlikely, as unwinding current net neutrality rules is not a top priority for the Trump Administration.
Taxes
Corporate Taxes  

• Reduce the 35% corporate rate to between 15–25%.

• Offer corporations a "tax holiday" that would allow them to bring $1.2 trillion in profits held offshore back to the US at a one-time tax rate of 10%.

Local businesses would experience gains through tax cuts, which Trump says would create millions of jobs.

Whether the funds are spent improving corporate infrastructure or used to buy back stock, such an option would benefit the tech industry and lead to greater capital spending and more jobs.

Personal Taxes • Abolish the Alternative Minimum Tax (AMT). If it happens, tech workers who exercise stock options will no longer trigger AMT tax, helping them accumulate down payments faster.
Biotech Industry
Pharmaceutical Companies  • Less chance of government restrictions on drug prices.   Drug stocks like Gilead and Genentech got a bump after the election.
 Renewable Energy Industry
Alternative Energy

• Roll back federal subsidies on renewable energy. 

• Cut incentives for alternative energy development.
 

Cutting tax credits for solar installations could slash consumer demand, hurting local solar firms like Solar City. Now that batteries are more energy efficient and alternative energy prices are almost as low as fossil fuels, such action may have limited impact.
California Agriculture
Immigration Reform

• Seal southern border.


• Require mandatory e-verification of workers to ensure they’re in US legally.

• Deport undocumented workers.

 Immigration raids would keep some workers from crossing the border, exacerbating the current shortage of farm laborers.

Many farmers and ranchers depend on cheap labor from Mexico, and favor immigration reforms that allow workers to legally cross the border to work here and then go home.

Some California farmers may move their operations south, across the border.

Tariffs • Increase tariffs on imported and exported goods.  Reduced trade of US farm goods, as some countries would likely retaliate with tariffs on imports from the US.
Taxes and Regulation

• Lower taxes. 
• Reduce industry regulations.

Lower cost of food production.
 

 

While Opes Advisors, Inc. uses all reasonable efforts to ensure that the information contained in this email is current, accurate and complete on the date of publication, no representations or warranties are made (express or implied) as to the reliability, accuracy or completeness of such information. Opes Advisors, Inc., therefore, cannot be held liable for any loss arising directly or indirectly from the use of, or any action taken in reliance on, any information appearing in this email.

 

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Photo of The Rain Team Real Estate
The Rain Team
CA# 01169588 | CA# 01125976 | CA# 01908304
248 Main Street, Suite 200
Half Moon Bay CA 94019
Michael: 650-888-6361
Kathy: 650-888-6903
Fax: 866-396-0207

Kathy and Michael Rain of Coldwell Banker provides real estate services in the San Mateo County, California area including the surrounding communities: El Granda, Half Moon Bay, Montara, Moss Beach, Pacifica and San Mateo. Search for homes in San Mateo County. We list and sell residential real estate, investment properties, vacant land, lots for sale in the San Mateo County, California area.

Licensed in the State of California

Kathy Rain - CA BRE# 01169588 | Michael Rain - CA BRE# 01125976 | Coldwell Banker - CA BRE# 01908304  

Email: therainteam@coastal-realestate.com
Cell Phone: (650) 888-6903 * Direct Phone: (650) 712-0411
San Mateo County Real Estate and Homes for Sale

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