Roadmap with Irina - November 2024

In November 2024, the real estate market in Santa Clara County showed strong growth. The median price for single-family homes increased by nearly 14% from last year, reaching $1.92 million. More homes were sold, with 702 sales in November, which is almost 27% more than in November 2023. However, there were fewer homes available for sale, with listings dropping by 10% from October. Homes continued to sell quickly, averaging just 22 days on the market.

For condos and townhouses, prices also went up. The median price for condos rose to $1.04 million, an increase of nearly 11% compared to last year. Sales were strong, with 307 condos sold in November, a 32% jump from the previous year. Inventory for condos was higher than last year, with more options for buyers, but they stayed longer averaging 31 days on the market.

According to the National Association of Realtors® (NAR), the median age of first-time home buyers in the United States has increased to 38 years in 2024, up from 35 in 2023. For California, the median age is even higher due to factors such as high home prices, elevated mortgage interest rates, and limited inventory.

Inventory remains very low, as many homeowners feel stuck in their current homes due to high interest rates. Hopefully, the new year will bring some relief with lower rates, creating opportunities for people to move and increasing inventory levels. The real estate world is full of hope for what the new year might bring, so now we wait to see how it all unfolds.

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.

At the end of the year, we tend to talk about all the great things we accomplished: places we’ve been, business we’ve done, experiences we’ve had, and more. I have plenty to brag about in those areas, but the most important things for me this year were the ones you can’t touch or see: learning experiences and personal discoveries.

I’ve always been a goal-oriented person. When I know what I want, I find ways to get there, discipline myself, and treat reaching the goal as the reward. It feels amazing to achieve what you set out for, and you’re happy for a while, but then you set another goal, and then another, and it becomes a cycle. Sometimes you don’t get what you want, and it feels like all the effort was wasted, with nothing to show for it in the end. This year, my most important lesson was learning to set a goal, work toward it every day, but disconnect myself from the result. I know this sounds contradictory, but when you do it, you start living fully in the moment. So, even if the result isn’t what you hoped for, you still feel fulfilled and much happier. A very close friend of mine calls this surrender - accepting whatever comes into your life and embracing it as it is. It’s not easy, and I know it will take time to master, but I’m confident it’s worth it.

I’m also a control freak. When I take responsibility for something, I want to make sure I do it in the best possible way. Sometimes I want to control more than I am capable of, so another skill that I’ve been working on is letting go. Letting go of everything that doesn’t help me to get where I want to be: time- or money-wasting activities, some random or unpleasant people, old thoughts and possessions, etc. Clearing out these things frees up space, energy, and time for something better that you might not have noticed before. Letting go is hard, you want to hold onto everything “just in case”, but it’s impossible to move forward while carrying a heavy bag of unnecessary stuff.

Another skill I’ve been practicing this year is active and empathetic listening. I work with people, and I want to understand them better, their feelings, fears, dreams, and struggles, so I can connect with them more deeply and help them in the best way possible. I’m still at the beginning of this journey, but I truly enjoy it.

This has been the most challenging year in my real estate career. Half of my transactions were extremely difficult, with one obstacle after another. None of them fell through though, but they took a lot of my energy, time, and nerves. I think they were the perfect opportunities for me to apply the skills I’ve been developing and to grow stronger. Someone said that God puts us in situations we’re capable of handling. That thought comforts me; it makes me feel like I’m strong enough not only to face difficult times but also to guide others through them. But sometimes I wouldn't mind being weak and have easy ones just for fun.

Life isn’t about the final destination; it’s about the experiences we have every day. Let go of anything that holds you back, be empathetic toward others, and accept whatever comes your way. Thank you for being a valuable part of my 2024! I wish you a wonderful and happy new year full of discoveries and meaningful experiences.

Always yours,
Irina