Silicon Valley Association of REALTORS® says ...

Implementation of new disclosure forms postponed to October 1

June 26, 2015 in California Housing Market, National Association of REALTORS®, Residential Real Estate Forms, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Chris Isaacson, Consumer Financial Protection Bureau, Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule | Leave a comment

The Consumer Financial Protection Bureau (CFPB) announced a proposal to postpone the effective date of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule to October 1 instead of August 1. The CFPB cited an “administrative error” and consumers’ busy schedules at the start of the school year as reasons why it is proposing the two-month delay. The National Association of REALTORS® and nearly 300 members of Congress had pushed for the delay or a period of restrained enforcement of the new rule so all parties can become accustomed to the changes.

The new rule, which is also referred to as the Know Before You Owe rule, is intended to benefit consumers by creating more accountability and offering consumers more time to understand the mortgage process and their options, but industry experts anticipate complying with the new rule could add at least a week to closings. They are concerned the potential delays might even give all-cash buyers an edge over home buyers who are depending on financing, especially when closing quickly is critical in a hot market.

The Know Before You Owe rule is essentially a consolidation of several forms. The Good Faith Estimate (GFE) and the initial Truth-in-Lending disclosures will be combined into a new form called the Loan Estimate. The HUD-1 and the final Truth-in-Lending disclosures will be combined into another new form called the Closing Disclosure.

It is the timing requirements to deliver the Closing Disclosure that have real estate professionals concerned about potential delays in the closing process. If the Closing Disclosure is not actually received in person, the new rule requires an additional three-day period if it is delivered by mail or electronically. Sunday is not counted; then add a federal holiday to the mix the Closing Disclosure may have to be delivered seven days or more before consummation.

Also, since the responsibility for compliance with the new rule falls heavily on lenders, it is very likely that lenders will retain tight control over the process of issuing the Closing Disclosure. Any last minute changes to the contract, such as seller credits to buyers or removing a loan contingency, could trigger cause for reissuance of a new Closing Disclosure. This could create further delays in the transaction.

“Starting the loan approval process early will reduce the risk of delayed closings. It is imperative that buyers work with a REALTOR® who understands these new guidelines and can prepare the buyer for all possibilities,” advises Chis Isaacson, president of the Silicon Valley Association of REALTORS®.

Silicon Valley REALTORS® present scholarships to 18 graduating high school seniors

June 12, 2015 in Silicon Valley Association of REALTORS®, Silicon Valley REALTORS® Charitable Foundation | Tags: David Tonna, high school seniors, John Tripp, Nina Yamaguchi, scholarships | Leave a comment

SILVAR Past President David Tonna presented the scholarship award to Yun Seo (Jennifer) Kim, graduating senior from Saratoga High School.

The Silicon Valley REALTORS® Charitable Foundation presented scholarship awards to 18 graduating seniors from public high schools in Silicon Valley at the end of the 2014-2015 school year. Each student received a $1,000 scholarship.

The Silicon Valley REALTORS® Charitable Foundation is the charitable arm of the Silicon Valley Association of REALTORS®, the local trade organization representing over 4,500 Realtors and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. The Charitable Foundation’s REALTOR® scholarship program recognizes students who have exemplified outstanding achievements in academics, extracurricular/employment activities and community involvement. The selection committee includes representatives from the local business community, area high schools, area colleges and the local trade association.

Students who received scholarships, the schools from which they graduated, and the colleges and universities they plan to attend are: Greg Pommier, Cupertino High School (UC Berkeley); Brianna Clarice Clark, Fremont High School (Tuskegee University); Daniel Rothenberg, Gunn High School (San Francisco State University); Arisa Ananda Faron, Homestead High School (Cal Poly – San Luis Obispo); Aleksandra Vojvodic, Leigh High School (UCLA); Jhosseline Guardado, Los Altos High School (UC Davis); Laurel Michelle Finkle, Los Gatos High School (UCLA); Jessica Zheng, Lynbrook High School (Princeton University); Caroline Kelly, Menlo-Atherton High School (University of Michigan); James Mullen, Monta Vista High School (UCLA); Marisa Noelle Gong, Mountain View High School (Washington University in St. Louis); Promise Lee, Palo Alto High School (UC Davis); Kevin Wei, Prospect High School (UC San Diego); Vicente Lozano Lovelace, Santa Clara High School (UC Santa Cruz); Yun Seo (Jennifer) Kim, Saratoga High School (New York University); Tuyen Nguyen, Westmont High School (UC Santa Cruz); Rachanon Wajanakunakorn, Wilcox High School (Cal Poly – San Luis Obispo); and Rachel Bontempi, Woodside High School (UC San Diego).

“Our selection committee makes its selections based not only on superior academic accomplishments, but we also look for excellent students who contribute to their communities. The seniors selected for the Charitable Foundation scholarship program are deserving of recognition and we are very happy we can assist them as they embark on their college careers,” said scholarship program chair Nina Yamaguchi.

“Now on its 16^th year, the Silicon Valley REALTORS® Scholarship Program is one way REALTORS® are able to give back to the community and to our youth,” added John Tripp, 2015 president of the Realtor Charitable Foundation. “We thank the teachers and staff in each of the participating high schools for helping make this program a success. The program is truly a partnership effort between the Silicon Valley REALTORS® Charitable Foundation and the dedicated educators in our service area.”

Members of the REALTOR® group who presented the scholarships to the recipients during their school’s senior awards night were Chris Alston (Keller Williams), Fe Manzano (Century 21 M&M and Associates ), Jimmy Kang (PNC Mortgage), Nina Daruwalla (Coldwell Banker), Cassie Maas (Alain Pinel Realtors), Dani Fletcher (Sereno Group), Suzanne Yost (Alain Pinel Realtors), Mark Burns (Referral Realty), Mary Tan (Coldwell Banker), Robert Reid (Keller Williams), Sue Bose (Referral Realty), David Tonna (Alain Pinel Realtors), Russell Morris (Coldwell Banker) and Theresa Loya (Coldwell Banker).

Since the program started, the Silicon Valley REALTORS® Charitable Foundation has provided $288,000 in scholarships to students in the communities served by members SILVAR. The scholarships are made possible by donations from REALTOR® and affiliate members of SILVAR.

CFPB takes step toward greater clarity on new TRID rule

June 5, 2015 in California Housing Market, National Association of REALTORS®, Real Estate, Residential Real Estate Forms, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Consumer Financial Protection Bureau, Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure | Leave a comment

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015. Although the announcement by the CFPB is less than what some members of Congress requested, which was a hard deadline five-month testing or “grace” period, it is a net win and a welcome development toward clarifying the changes coming to real estate closings on August 1.

The National Association of REALTORS® (NAR) has been leading the effort to ensure an effective implementation of the TRID regulation. NAR has advocated a period of restrained enforcement and liability for the TILA-RESPA Integrated Disclosure rule.

NAR will continue to have a dialogue with Congress and the CFPB to minimize possible market disruptions or uncertainty when the rule takes effect August 1. It was through member efforts during the 2015 REALTOR^® Legislative Meetings and Trade Expo that more than 275 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for clarification of the new rule.

For the latest information on this issue, visit www.realtor.org/respa.

SILVAR REALTORS® take issues to Capitol Hill

May 29, 2015 in California Housing Market, National Association of REALTORS®, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Anna Eshoo, Jackie Speier, Mike Honda, Mortgage Forgiveness Tax Relief Act, National Association of REALTORS® Legislative Meetings & Trade Expo | Leave a comment

REALTORS® meet with Congresswoman Anna Eshoo.

On May 11-16, REALTOR® leaders from across the country converged on the nation’s capital to advance key real estate issues with regulators and members of Congress during the National Association of REALTORS® Legislative Meetings & Trade Expo. SILVAR’s leadership was among nearly 8,000 REALTORS® and guests who met with legislators, regulatory officials and top industry executives to ensure qualified buyers and investors have access to safe and affordable mortgage financing and protect and advance the operations of REALTOR® businesses and real estate-related tax policies.

SILVAR REALTORS® met with U.S. Representatives Anna Eshoo, Jackie Speier, and staff of Congressman Mike Honda. They urged their elected officials to preserve current real estate-related tax policies and extend the Mortgage Forgiveness Tax Relief Act, which expired at the end of 2014 and prevents distressed homeowners from facing excessive income tax bills on forgiven home loan debt. They also actively engaged with lawmakers on protecting commercial real estate related tax provisions, such as retaining like-kind exchange provisions and making permanent the 15-year depreciation period for leasehold improvements. In addition, REALTORS® urged members of Congress to enact legislation reforming patent demand letters, setting nationwide data security standards.

REALTORS® likewise raised concerns about the upcoming implementation of the TILA-RESPA Integrated Disclosure (TRID). The new rule takes effect August 1, and if not understood by all parties involved, could delay the closing of escrow. SILVAR REALTORS® requested that Congress approve a grace period for the enforcement of the new closing process, so parties can become accustomed to the changes.

REALTORS® also attended sessions with government officials and industry experts, including Secretary of Housing and Urban Development Julián Castro, Donna Brazile, vice chair of the Democratic National Committee, and Republican political strategist and 61^st chair of the Republican National Committee Ed Gillespie.

Attending the NAR Legislative Meetings from SILVAR were SILVAR President Chris Isaacson, President-elect Karen Trolan, NAR Directors Leannah Hunt, John Tripp and Suzanne Yost, Carole Feldstein (Federal Political Coordinator for U.S. Representative Anna Eshoo), Judy Ellis (NAR Committee member), Jim Hamilton (NAR Executive Committee members), Jeff Barnett (NAR Finance Committee member), Executive Officer Paul Cardus and Government Affairs Director Jessica Epstein.

Silicon Valley REALTORS® Learn about Doing Business with Mexico

May 22, 2015 in National Association of REALTORS®, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: 2011 housing market forecast, Alicia Sandoval, Amber Neil, AMPI (Asociación Mexicana de Profesionales Inmobiliarios), California Housing Market, Mark Wong, Mexico, Nancy MacLeod, Sal Covarrubias | Leave a comment

On May 14, 30 members and guests of the Silicon Valley Association of REALTORS® attended “Doing Business with Mexico” and celebrated Cinco de Mayo afterwards with Mexican delicacies. With Global Business Council (GBC) Chair Mark Wong and GBC member Sara Spang both moderating, panelists shared valuable information about both inbound and outbound transactions with clients from Mexico.

Panelists included Nancy MacLeod, a real estate broker/owner of Homes2Buy.com, who owns a villa in San Miguel de Allende, Mexico, where she also represents buyers from the U.S.; Alicia Sandoval, a REALTOR® with Keller Williams Realty in Palo Alto and a native of Mexico; Amber Neil, a REALTOR® with No Borders Realty in San Jose, who has dual U.S. and Mexican citizenship and has been doing business in Mexico and California since 2006. Another panelist, Sal Covarrubias, sales manager for First American Title Company, discussed title vesting concerns, proper identification needs for sellers, and the differences in holding title between the U.S. and Mexico.

The REALTORS® said the best way to tap into the Mexican market is to join AMPI (Asociación Mexicana de Profesionales Inmobiliarios), the largest real estate association in Mexico. Join the organization as an affiliate and attend their conventions and events.

AMPI has ties with the National Association of REALTORS® and is strongly advocating for the licensing of real estate agents in Mexico, because right now, anyone can be a real estate agent there. Travel and networking is key to learning more about the real estate business there and AMPI would be a good source, they said.

Covarrubias said issues regarding Mexicans buying property in the U.S. are similar to that of other foreign buyers. “Timing is important and whether the foreign buyer will be personally present at closing. Also, agents need to verify their client’s legal name. It may not matter much when the client buys the house, but it will matter when it is time for that client to sell the property,” said Covarrubias.

Transactions can take months to conclude in Mexico so Mexicans who buy property here get culture shock when the process is quick, and they can close as soon as three or seven days. Also, there is no disclosure when buying property in Mexico, so REALTORS® need to take time to explain to their Mexican clients the transaction process in the U.S. “Mexicans are very social and want to get to know you personally first before deciding to do business with you. They value social graces, mannerisms and respect,” said Neil. “And they are not keen on email or text. They want one-on-one, eye-to-eye conversations with you, and many meetings.”

Like any country, there are places that are dangerous, but MacLeod said, “Mexico is still very safe, especially the tourist areas and places like San Miguel de Allende.”

Sandoval said while payoffs were prevalent in the past, business there is now done in a more professional way.

Lastly, don’t believe you have to sign a 99-year lease and can’t own property in Mexico. “I’m not sure where that myth came from,” chuckled Neil.
VIEW PHOTOS HERE

Don’t Miss Chance to Earn Your CIPS Designation, Take Advantage of Early Bird Special Price

April 17, 2015 in Certified International Property Specialist (CIPS) Institute, National Association of REALTORS®, Silicon Valley, Silicon Valley Association of REALTORS® | Tags: California Association of REALTORS, California Housing Market, Certified International Property Specialist (CIPS) Designation, David Wyant | Leave a comment

Take advantage of SILVAR’s early bird special price and complete all classroom requirements needed to earn the National Association of REALTORS® (NAR) designation. The courses will be offered at SILVAR on September 30, October 1, 2, 5 and 6.

SILVAR is offering an early bird special for members and nonmembers through June 1 – $500 for the paper version, which includes a manual for each of the five courses offered, and $450 for the paperless option. After June 1, regular cost of the entire CIPS Institute is $600 for the paper option and $550 for paperless. Cost for an individual course is $175 for hard copy and $150 for paperless. Members may enroll online at ims.silvar.org. Non-members may register by contacting SILVAR Public Affairs & Communications Director Rose Meily at rmeily@silvar.org, or call (408) 200-0109.

The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, ownership and transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia. The week-long CIPS Institute includes two required core courses and three elective courses. Students must pass a multiple-choice exam at the end of each course.

David Wyant, 2012 and 2009 NAR International Instructor of the Year, will be returning to SILVAR to teach the CIPS Institute. Wyant has taught three previous CIPS Institutes at SILVAR and received excellent reviews.

Upon completing the required five courses and fulfilling other necessary requirements, applicants receive their CIPS designation and will have the opportunity to be recognized at the November 13-16, 2015 NAR REALTORS® Conference and Expo in San Diego.

Limited sponsorships for the CIPS Institute are available. Each sponsor is given the opportunity to speak for 20 minutes about their product or service on an assigned day. For more information, contact SILVAR Public Affairs & Communications Director Rose Meily at rmeily@silvar.org, or call (408) 200-0109.

CIPS REGISTRATION FORM

CIPS SPONSORSHIP OPPORTUNITY

Silicon Valley REALTORS® congratulate FAREPA’s 2015 leadership group

April 10, 2015 in National Association of REALTORS®, Silicon Valley, Silicon Valley Association of REALTORS® | Tags: Carolyn Miller, FAREPA, Filipino American Real Estate Professional Association of Northern California, Jennifer Tasto, Jimmy Kang, John Tripp, Paul Cardus, Paul Stewart, Ric Bareng, Sue Bose | Leave a comment

C.A.R. Region 9 Chair Carolyn Miller installs FAREPA’s 2015 leadership team.

The Filipino American Real Estate Professional Association of Northern California (FAREPA) 2015 leadership team was installed last Wednesday at the Milpitas Community Center. California Association of REALTORS® Region 9 Chair Carolyn Miller administered the oath of office to FAREPA’s new officers and board directors.

The 2015 FAREPA officers are Ric Bareng, Jr. (Century 21 Alpha); Melanie Holthaus (Premier Century Real Estate Services), president-elect; Anna Lopez (Wells Fargo Home Mortgage); Jerry Quintos (Abbott, Stringham & Lynch, CPA), treasurer. The association’s 2015 board of directors are Dinah Casibang (ERS Mortgage), Barbara Kuang (Allstate Insurance); and Mike Santana (ADT Home Alarm Services).

On behalf of SILVAR, National Association of REALTORS® (NAR) Director John Tripp and NAR President’s Liaison to the Philippines Jennifer Tasto congratulated Bareng, Jr. and FAREPA’s leadership team and reaffirmed SILVAR’s support for FAREPA and its mission. FAREPA’s mission is “to promote the interests of Filipino American real estate professionals, elevate the level of professionalism within the global community through education, networking and partnership, and create a united voice within the real estate community.”

In his address to members and guests, Bareng, Jr. noted the pillars that made FAREPA strong since its formation over 11 years ago and enabled the association to meet and overcome past challenges were FAREPA’s commitment to educate its members, increase the level of professionalism, rebuild FAREPA’s brand and support other chapters along the way, and always giving back to the community here and abroad. FAREPA raised money for victims of Typhoon Haiyan/Yolanda last year. Proceeds from a drawing of prizes during the evening’s installation dinner will benefit the WoundedWarriorProject.org. Bareng, Jr. is a noncommissioned officer in the U.S. Army Reserve.

A highlight of the evening was FAREPA’s thanking SILVAR for its support through the years. In recognition and gratitude, past president Paul Stewart presented SILVAR Executive Officer Paul Cardus the “Honorary Filipino” award.

Also representing SILVAR at the event were Global Business Council member Jimmy Kang, Sue Bose, and Public Affairs & Communications Director Rose Meily.

Silicon Valley REALTORS® practice safety, self-defense

April 3, 2015 in Silicon Valley, Silicon Valley Association of REALTORS® | Tags: Realtor safety, REALTOR® | Leave a comment

Karen Trolan demonstrates a move that can knock down an assailant.

At “REALTORS® Training REALTORS®,” a free safety and self-defense training class offered by SILVAR last Friday at the Pacific Coast Academy in Los Gatos, REALTORS® trained in martial arts taught 28 real estate professionals risk awareness, safety tips, and how to protect themselves in a hostile situation.

The instructors were Laura Welch (Century 21 M&M), a jujitsu 7^th degree black belt and judo 3^rd degree black belt and director of Jujitsu America; Carla Bunch, (Marbella Properties), a jujitsu 5^th degree black belt; and SILVAR President-elect Karen Trolan (Alain Pinel Realtors) taekwondo 2^nd degree black belt, kenpo jujitsu first degree black belt, jujitsu first degree brown belt, and Shinkendo. The class was sponsored by the Jujitsu Academy.

Trolan and her colleagues were inspired to put the course together because REALTORS® are at risk every day as they meet different people. “In the last decade, hundreds of real estate professionals throughout the country have been murdered, violently assaulted, raped, beaten and robbed,” said Trolan. “Agents can be in potentially dangerous situations, but usually you can avoid becoming a victim by being aware and prepared. All REALTORS® should learn at least basic safety and self-defense techniques.”

During the class, the real estate professionals learned how to get out of dangerous situations, different ways they can hit an assailant, what can be used to defend themselves against an attack from an assailant, and ways to get out of common holds or attacks. These agents were also provided numerous safety tips and ways to be aware.

“It was great to have women, for their first time, learning how to be aware and protect themselves. The group had fun and took away good practice in these basics,” said Trolan.

Studies show 80 percent of women who fought back in an attack situation have gotten away. “We all need to be prepared, follow general safety tips, like being aware of your surroundings, knowing some self-defense moves, and taking personal security precautions,” said Trolan.

REVIEW REALTOR® SAFETY TIPS AND SIGN UP FOR APRIL 21 REALTOR® SAFETY WEBINAR HERE

Real estate professionals practice some self-defense moves.

Silicon Valley REALTORS® oppose wood-burning fireplace ban proposal

March 27, 2015 in Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: air pollution, air quality, Bay Area Air Quality Management District (BAAQMD), Chris Isaacson, fireplace, Spare the Air, wood-burning fireplace | Leave a comment

The Silicon Valley Association of REALTORS® (SILVAR), a professional trade organization representing over 4,500 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay, has come out in opposition to a Bay Area Air Quality Management District (BAAQMD) proposal that would mandate the replacement of all uncertified wood-burning devices with gas-fueled, electric or Environmental Protection Agency (EPA) certified heating devices that meet or exceed NSPS Subpart AAA, upon the sale or transfer of residential or commercial property.

In a letter addressed to BAAQMD, SILVAR President Chris Isaacson stated, “We cannot over-emphasize the impact this rule would have on the Silicon Valley housing market. What little it does to reduce wintertime air pollution does not warrant the substantial difficulty it would cause for people who are trying to sell their homes.”

According to SILVAR, implementation of this rule would be complicated, costly, ineffective, overreaching and intrusive to residents. Installation of gas and electrical inserts or EPA certified heating devices would require construction or placement of gas or electric lines into a fireplace, triggering structural, slab foundation and other issues that would be costly. The cost of the units alone range from several hundred to thousands of dollars.

Isaacson said the government should implement regulations that fix problems while negatively impacting the fewest number of residents. The fireplace amendment does the exact opposite and does not correct the problem of air pollution. This rule would force people to remove fireplaces with literally no evidence that the people buying the home would violate “Spare the Air” restrictions, or ever burn wood.

SILVAR contends the rule is an ineffective, senseless solution to solving the problem of air pollution, since it would only affect about 40 percent of homes in 40 years. “This Rule punishes everyone for the bad acts of a few. If implemented, this Rule will hamstring the real estate market, cost home sellers potentially thousands of dollars, and by 2050 will only impact less than half of the fireplaces in the region. This Rule is a broad brush that does not even attempt to target the actual bad actors,” said Isaacson.

SILVAR strongly recommends taking a different, more sensible approach to improving air quality. The Association recommends increasing Spare the Air days and stepping up its enforcement, and providing incentives to homeowners who install the suggested gas-fueled, electric or EPA-certified heating devices.

“Figure out the areas where people are burning excessively and target those areas with either mandatory or voluntary burn bans. If changing out the fireplace is still a goal, then incentivize homeowners to remove or retrofit. This harsh and excessive regulation is not the right way,” said Isaacson.

View SILVAR President Chris Isaacson’s letter to BAAQMD here.

Canadian homebuilders group tours homes in Santa Clara County

March 20, 2015 in California Housing Market, Elections, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Canadian Homebuilders Association - Alberta, Dave Walsh, MLSListings Inc., Santa Clara County | Leave a comment

Dave Walsh, vice chair of MLSListings Inc. and vice president and managing broker of Alain Pinel Realtors’ Almaden office in San Jose, gave a group of 25 Canadian home builders an overview of the Santa Clara County housing market during their visit to the San Jose area this month.

Twenty-five members of the Canadian Homebuilders Association – Alberta were on a two-day housing tour of homes in Santa Clara County March 12 and 13, and learned about the Silicon Valley housing market and challenges to urban development from local speakers.

At a breakfast presentation arranged by the Silicon Valley Association of REALTORS®, Dave Walsh, vice chair of MLSListings Inc., shared local housing data with the builders. Walsh described Santa Clara County, which is at the heart of Silicon Valley, as “the single, most crazy market.”

Walsh said the region once filled with orchards, has become the leading hub of high-tech innovation and development in country. Recent growth has led to record-setting home prices. Home prices today have now exceeded the 2007 high, but there are far fewer homes on the market. Santa Clara County’s February median home price of $950,000 is “the best February ever,” said Walsh. The median is 20 percent above the median peak of $790,000 in February 2007. The problem is the county just had 1.4 months of inventory, with only 1,761 single-family homes for sale in February.

Walsh showed how home prices increase the closer one gets to Palo Alto, the central economic focal point of Silicon Valley, home to Stanford University and other prominent tech firms, and close to Facebook in neighboring Menlo Park and Google in Mountain View. Homes in Palo Alto are selling 110 percent of asking price, at an average of $1,491 per square foot. In Gilroy, which is about 50 miles from Palo Alto, homes are selling 99 percent of asking price at an average price of $284 per square feet. In Saratoga, which is about 18 miles from Palo Alto and has an excellent school district, homes are selling 102 percent of list price at an average of $812 per square foot.

Silicon Valley Association of REALTORS® says …