More than 40 residents in Mountain View, Los Altos, and Los Altos Hills have been hit by scammers masquerading as PG&E bill collectors in 2024 alone. Want to avoid the scam? Knowing the signs is half the battle. The Town Crier has more.
Labor Day is a time for the three R’s: rest, reflection, and relaxation. It gives us a break from the daily grind and reminds us of the struggle for workers’ rights and protections and ongoing efforts to improve labor conditions. And the long weekend allows us to spend more quality time with family and friends!
According to a new report from Freddie Mac, 30-year mortgage rates are projected to gradually decline in coming quarters, which could trigger a surge in buyer demand, primarily from first timers. However, a tight inventory will lead to only moderate sales increases, with prices rising 2.1% in 2024.
Meanwhile, boosted by an “AI boom,” median sales prices in the San José metro area are the first to exceed $2 million, and Silicon Valley’s appreciation rate is among the highest in the nation. Overall, 89% of U.S. metro areas saw year-over-year price gains.
You may have heard about the court ruling that went into effect August 17th prohibiting brokers from cooperating to set their commission rates and providing more transparency and security for homebuyers as well as sellers. We take a look at what this means on the ground.
Under the new rules, every National Association of REALTORS® (NAR) agent is required to sign a Buyer Representation Agreement formalizing the relationship between parties before touring a single property. Additionally, properties listed via a Multiple Listing Service (MLS) are no longer permitted to include an offer of compensation to the buyer’s agent in any form or fashion. Buyers can still accept concessions from the seller, such as offers to pay closing costs, and they can still negotiate with sellers to have them pay all or a portion of their agent’s compensation.
Like Pearl mentioned, under the new rules, properties on an MLS can’t include an offer of compensation to the buyer’s broker. However, some services allow sellers to communicate to buyer agents that they are open to making concessions. Concessions are generally a credit to the buyer at closing to use for whatever they need — paying closing costs, paying their agent, or covering unexpected repairs. Sellers can also negotiate with the buyer over paying the listing broker’s compensation. This can be in addition to or in lieu of other requests for concessions.
We recently visited Downtown Willow Glen to try a new “elevated” Mexican food restaurant featuring an upstairs patio and deliciously beautiful dishes. It was almost too pretty to eat! Make a reservation today.
