The Spring 2013 edition of the Portola Valley Post has been published on the Town's website. The issue contains information about the upcoming Town Picnic, the new Town Garden Share program, summer science and outdoor concert activities to be hosted at Town Center, and also includes remarks by the Mayor and Town Manager.

Here is a LINK.

This remodeled ranch home is located in a superb central Atherton location and offers the quintessential California lifestyle.  An open floorplan provides the ideal environment for both formal gatherings as well as day-to-day living.  The beautifully landscaped surrounding grounds are brought indoors at every turn through several French doors while providing a private and tranquil setting for outdoor living.  The detached guest house is a flexible space that can be used as a living area, exercise room, pool house, or for another need that may arise.  Rounding out the appeal of this lovely home is its easy access to shopping, dining, and major commute routes to all of Silicon Valley or San Francisco.

More information can be found HERE.

Real Estate Update

Although real estate tends to slow during November, news remains good as pending home sales have risen for 17 consecutive months on a year-over-year basis. According to Lawrence Yun, chief economist for the National Association of Realtors, existing-home sales in 2012 will total close to 4.6 million, an increase of 9% over 2011. With reports of lower unemployment rates, sales of existing homes are projected to rise at an average of about 9% next year too.

Prices are rising in many areas of the United States. With a shrinking housing inventory, Yun predicts that the national median price for existing-homes is expected to increase 6% this year and 5% in 2013.

If you are looking for a great buy, now may be the time to shop. Holiday sellers are usually motivated and closing before the year ends may be a benefit. Please feel free to call me during the holidays with any questions.

How do I know if the home I am interested in has building code violations?

Building codes change. New requirements are added to address safety issues and make homes more energy efficient. Below are just a few examples of changes that may be worth researching when you buy:

• Wiring standards now prohibit aluminum wiring in most residential construction and require ground fault circuit interrupters near wet locations.
• Changes have been made to wind and snow load requirements to strengthen structure of homes and prevent damage in extreme weather.
• The use of insulated HVAC ductwork may be required in some areas of the US.
• Water heater braces are now required in most areas.

To make sure the house you’re looking to buy is up to code, consider a trip to our local building inspection office or zoning and building department. Talking with the original builder can also yield valuable information. I always recommend having a professional inspection, but taking these extra steps may be worth your time too.

Mortgage News

Americans continue to show growing confidence in home price increases over the next 12 months, providing further indications of a slow but steady housing recovery, according to results from Fannie Mae’s October 2012 National Housing Survey. Taken together with rental price expectations, which surged in October and remain much higher than home price expectations, more consumers may be motivated to purchase a home in the coming months.  With the record low interest rates, this is a great time to buy!

Conforming Loan Rates (up to $417,000)

30 year fixed – 3.25%

15 year fixed – 2.50%

7/1 ARM – 2.125%

High Balance Conforming Loan Rates ($417,001 to $625,500)

30 year fixed – 3.50%

15 year fixed – 2.75%

7/1 ARM – 2.50%

Jumbo Loan Rates (over $625,500)

30 year fixed – 3.50%

15 year fixed – 3.00 %

7/1 ARM – 2.75%

HAPPY THANKSGIVING

On Thanksgiving, millions of Americans from every religious and cultural background come together with family and friends to give thanks for the blessings of life. Consider these words as we begin a season of gratitude:

For each new morning with its light,
For rest and shelter of the night,
For health and food,
For love and friends,
For everything Thy goodness sends.

Ralph Waldo Emerson (1803 – 1882)

I am especially grateful for your business at this time of year and wish you and your family a Happy Thanksgiving.

Our Los Altos Hills listing is featured on Luxury Portfolio's blog.  Check it out HERE!