San Carlos Real Estate Agent, San Carlos Realtor The Move-Up Market is Moving in San Carlos. | The White Oaks Blog
San Carlos Real Estate August 8, 2011

The Move-Up Market is Moving in San Carlos.

by Chuck Gillooley

Time to Up-Size.

Much of the attention in the San Carlos real estate market tends focus on the “entry-level” range of homes, which is roughly defined as 2 or 3 bedroom homes that sell for under $1M.  And that’s understandable, since that specific segment accounts for the highest unit volume of home sales in the city every year, and the relative health of that sector is a good indication of what’s happening in the broader scope of our real estate market.

But not everyone who sells a home in San Carlos leaves San Carlos.   Homeowners who have lived in the same home for 5-10 years often outgrow their digs, especially those with a growing family.   Not wanting to leave San Carlos, they’re faced with the decision to either increase the size of their current home, or find a larger “move-up” home right here in town.   (We faced that same decision about 11 years ago, and opted to stay put and remodel.)   But not all of these entry-level homes are good candidates for expansion.  Some are on small lots which severely limit the ability to add square footage.  Others may be on a street where it simply doesn’t make economic sense to build a big, new house. Whatever the reason may be, there’s always a contingent of move-up buyers in San Carlos who are looking to stay put in the City of Good Living.

What’s Hot.

With a strong resurgence in the entry-level real estate market like we’ve seen in the first half of 2011, one would expect there would be a ripple effect for move-up homes —  those with 4 or more bedrooms, and are generally priced in the $1M-$1.5M range.   And that indeed appears to be the case.  Take a look at just a few of these examples from just the past couple of weeks — click on the addresses for more details and pictures:

Granted, there’s no way of knowing how many of these specific examples are being purchased by San Carlos move-up buyers.  But it serves to illustrate that this segment of the market is moving as fast as it ever has in the past 5 years.  The same positive effects that are fueling the entry-level market are also helping boost sales here.  We’ve talked many times about how attractive loans have been in the conforming range ($727,750 or less.)   But recently, jumbo money has been back in favor again, as several banks have been writing 30-year fixed jumbo loans at $1M for under 5% — and no points!  When was the last time you saw that?

This is a very healthy sign for the San Carlos real estate market.  We’ve always said that the entry-level market is a catalyst for the rest of the market, and the strength of that sector is helping the group of homes right above it.

Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at , and on Twitter @WhiteOaksBlog.
Don’t miss a single update!

GD Star Rating
GD Star Rating
The Move-Up Market is Moving in San Carlos., 5.0 out of 5 based on 1 rating
Leave a comment