Roadmap with Irina - August 2024

Market Snapshot

New Real Estate Rules

Turtle Fun

MARKET SNAPSHOT

Hi << Test First Name >>,

It’s hard to believe that summer is over and school has already started. I hope you had a wonderful summer filled with memorable moments. I wanted to give you a brief update on the real estate market.

In July of this year, the median sale price for single-family homes in Santa Clara County dropped by 4.6%, while condo prices decreased by 12% compared to the previous month. A similar decline can be seen in the number of homes and condos sold. Less market activity and lower prices are typical for July due to vacations and the school break. However, when compared to July 2023, the median sale price for single-family homes has actually increased by 4.5%. In July, 1,637 new properties were listed, and 1,112 homes were sold, resulting in 1.5 months of inventory on the market. Currently, there are 1,722 homes for sale in Santa Clara County, indicating a continued increase in available homes.

The recent drop in interest rates has made home purchases more affordable for some buyers, which could lead to increased competition. If you're thinking of buying and are waiting for interest rates to drop further, don’t wait too long—you might end up paying more for a house even with lower rates. Check with your loan officer, get financially prepared, and look for the right opportunity.

If you are thinking about buying or selling, let’s connect, talk about your options, run some numbers, and see if this is the right time for you. Call me, I am always here for you.

Questions? Comments? Contact me!

NEW RULES IN REAL ESTATE

Due to the recent National Association of Realtors (NAR) settlement, there are a few changes in real estate practices that will shake up the familiar order of things. Here’s a summary of the main changes:

1. Seller Obligations: Sellers are no longer obligated to pay commissions or compensation to buyers’ agents. Each party should now negotiate compensation directly with their agent. However, many sellers may still choose to pay buyers’ agents to attract more buyers and sell homes faster.

2. Buyer Representation Agreement: Buyers are required to sign a Buyer Representation Agreement when working with an agent and are technically responsible for paying compensation to their agent. However, buyers can negotiate with sellers to cover their agent’s compensation when making an offer. This has made buyers’ agent compensation a point of negotiation between sellers and buyers.

3. Self-Representation: Buyers can represent themselves in a real estate purchase, but they must either find access to all necessary real estate forms for the transaction or hire someone to handle this for them.

4. Compensation Disclosure: As of August 17 this year, buyers’ agent compensation is no longer published on MLS but can still be advertised through other media.

5. Open House Protocol: When attending open houses, potential buyers will be asked to sign a visitor form if they inquire about information beyond what is provided in the open house flyers.

Historically, buyers’ agent compensation was included in the purchase price and financed through lenders as part of the mortgage. However, as sellers may now choose not to offer compensation to buyers’ agents, buyers may need to pay their agents separately. I strongly recommend that all buyers discuss with their lenders the scenario in which compensation is not included in the purchase price, as this could impact the loan amount and monthly payments.

Since these changes are so new, it will take time to fully understand their impact on the regular way of doing business. If you have any questions about these changes and how they might affect you, please feel free to call or email me. Let’s ensure you understand your options when buying or selling a home.

TURTLE FUN

This summer was packed with exciting trips and events, leaving me with many great memories. The most recent event I organized for friends and clients took place at a hidden gem I never knew about, even after living in the Bay Area for so long—it was right in the middle of Campbell, in someone’s backyard!

A friend told me about a family with a deep love for giant turtles, having kept them as pets for decades. We had a turtle in the past that ran away from us (can you imagine?!), so I wanted to see these brave people who have so many turtles and have been caring for them for years. When I met Nadya and Terry, the owners of the turtle ranch, they were very gracious and allowed me to invite my friends to their ranch. I invited as many as I could and was so happy to see whole families with kids coming!

Terry gave us a very informative introduction to turtles, told us lots of interesting facts that, I am sure, even parents didn’t know. For example, did you know that the Galápagos Islands were named after these wonderful creatures, not the other way around? The ranch's first turtle arrived in the 1980s when it was just 2 lbs. Now, Gus is 39 years old and weighs over 400 lbs! Since then, the ranch has become home to over 20 turtles of various ages and sizes, with the largest ones strong enough to carry an adult on their backs!

After the introduction and safety rules, everyone had a chance to feed, pet, ride on, and take pictures with the turtles. Kids were happy to take a ride on a turtle, and some parents couldn’t resist and followed the kids’ example. That was so much fun! When all the turtle food was gone, and everyone had enough photos, the last treat for the day was special ice-cream tacos from a local San Jose creamery. It was delicious!

Nice weather, amazing turtles, tasty treats, and great company – what else do you need for a wonderful event? Here you can find more PICTURES and a short VIDEO of the event. Feel free to download them if you like. I host a few fun events throughout the year, so keep an eye on my emails and invitations to ensure you don't miss out!
See you next time!

Always yours,
Irina