According to economists at the January 2017 National Association of Home Builders (NAHB) International Builders’ Show, housing starts, production of single-family-homes and permits are all expected to rise this year, providing relief to a market starved for inventory, although rising mortgage rates will likely exact a toll on affordability. Additionally, it was noted that townhome construction, which can be a useful bridge for millennials to transition to homeownership, is showing impressive growth and now constitutes 12 percent of all single-family starts. Read: ‘Housing Will Continue Gradual Climb to Higher Ground in 2017’
After the Fed’s recent interest rate hike in December, Bay Area real estate agents are also chatting about trends for 2017 and share expectations that buyer activity will ramp up as they will want to lock in historically low mortgage rates while they still can. In a recent article, The Mercury News covered market predictions from Bay Area experts. Read the full article.
So how do all these predictions and factors influence our local real estate market? We turned to Neighborhood Specialists, Louie and Mary Ann, for their input. Louie and Mary Ann are experts in mid-Peninsula real estate, having collectively sold real estate in the area for 41 years and they agree that buyer activity will ramp up before interest rates rise.
We took the opportunity to ask them a few additional questions regarding our local market.
What factors make San Mateo a strong real estate market?
Several! Strong economic infrastructure from both Silicon Valley and San Francisco.
High demand due to a strong job market.
We are perfectly located for foreign investors; values appreciate and it’s a great place to invest.
Lack of available land to develop – it’s all about the dirt!!
What sets Bay Meadows apart from the crowd in terms of Peninsula/Silicon Valley new homes?
Excellent location near commute corridor. Special attention to planning of parks, public space and generally a “community.” It certainly feels like a community and from what we have heard from owners/prospective buyers, they emphasize the community feeling, making friends, sharing activities, and its diversity.
What 3 real estate trends do you think we’ll see in 2017?
Certainly buyers want to be near public transportation and commerce.
(Buyers also) love being close to shopping, restaurants, etc.
Increased activity in the market before interest rates rise; this isn’t necessarily a trend, but has been a factor in previous markets.
What are the top 3 reasons your clients have selected Bay Meadows?
Love the community, location, and especially the outdoor spaces as most young adults have children or dogs. Easy access to their jobs, hop on the train. The homes have great space and are well designed – and buyers want newer construction today. Young family don’t necessarily want to or have the time to remodel. There’s a good value for design and quality construction and buyers seek this out. Whenever a buyer asks about new construction, we immediately direct them to Bay Meadows.
What are the top reasons you continue to bring clients to Bay Meadows?
Because they want new construction, community and close to transportation. Plus, the value is there.
Louie is affectionately known as the “Condo Queen” in local real estate and specializes in the sale of condominiums and townhomes. Mary Ann is known for her energy and her reputation for selling properties at lightning speed. Both Louie and Mary Ann, Realtors with Coldwell Banker, are in the top 3% of agents Nationwide and top 100 agents SF/Peninsula). You can reach Louie and Mary Ann on their website, BayMeadowsRealEstateExperts.com, and Facebook Page.
An ideally located community, Bay Meadows is only 10 minutes from Palo Alto, 20 minutes from San Francisco, and has 3 airports (SFO, OAK, SJC) within 30 miles. Bay Meadows is also located on Caltrain, which makes travel and commutes that much easier. Talk about convenient! Bay Meadows is the centralized place to reduce commutes, meet friends and play. Looking for ideas of where to ride? Check out our bike map here.