Redwood City, CA

I recently referred a client to a company in Redwood City who has been doing kitchen, bath, new additions & custom homes in San Mateo County for a long time. They were very happy and mentioned how efficient, cost effective and quality work they did for him that I wanted to let everyone know about. The name of this company is Building unlimited. They are located in Redwood Cityand service all of the bay area. You may visit them at www.buildingunlimited.net.

An interesting article that came out today, March 26, 2009, shows how buyers are feeling about today’s market. The survey showed that more than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.

Another factor driving motivation for buying is home prices. More than eight of ten first-time home buyers (85 percent) say they consider current home prices affordable and 73 percent cite that taking advantage of current prices is a major factor in their decision to buy. However, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).

Will rates go any lower? Lending consultants are saying they have. With 30year fixed rates on loans under $417,000.00 at 4.5% and lower, FHA loans pricing at 5% this can potentially save hundreds of dollars on monthly payments. Options to buy larger priced homes have also seen improvements in rates. Loan amounts up to 1,200,000 have 30 year fixed rates at 5.875%.

Of course, fear of losing one’s job and the “bad” economy is on everyone’s mind. Nobody really knows if it will get “worse” before it gets better, lots of predictions. But what we do know is we have lower home prices and very good interest rates. On some of the properties I have co-listed, I have had multiple offers. Seems buyers are taking advantage of current home prices and lower rates.

It seems that another battle a la Bay Meadows is shaping up... this time in Redwood City. A group calling themselves Citizens to Protect Redwood City has pledged to fight the Open Space Vote, a city charter amendment proposal by environmental groups to require two-thirds of voters to allow construction in areas deemed "open space." The proposal is aimed to target 1,433 acres of bayfront land owned by Cargill Inc., who is now considering developing part of the land.

You can read the full story in the Redwood City Daily News here - Battle shapes up over Open Space Vote

We'll be keeping an eye on this story and keeping you updated on what it means for the San Mateo County Real Estate Market.

Don't forget to let us know what YOU think!

Tucked behind Clifford School in San Carlos is the small, unincorporated area of Palomar Park. Approximately 250 homes make up this scenic gem which is only minutes away from 280 on the north side of Edgewood Road. This rural gem tucked away in Redwood City is convenient to both San Jose Airport and San Francisco Airport. The area is marked by mature heritage oaks, winding roads and tranquility. The voluntary Palomar Park Homeowners Association sponsors many community events. "The Hill" as it is referred to by many residents has strong community involvement.

If you would like a market update on this area email me at Deirdre.Sauvage@cbnorcal.com.