As I remain active in today’s market representing buyers and sellers. The recent trend has been buyer’s actually paying more for a home than its appraised value. Inventory has remained low in 2015, so in order to be competitive in offering against other buyers they are forced to offer a higher price for a home they love even though it may not appraise. Example: In March 2015 A property in San Jose was asking $379,000, 6 offers were placed on that property ranging from $375,000-$410,000. The seller agreed to accept one of the offers at $400,000 with no appraisal contingency, that property appraisal came in at $380,000 so the buyer was obligated to bring in the $20,000 difference and closed the sale.
Ultimately, the seller was happy and today just about 2 months later that property would most likely appraise at the $400,000 value, so the buyer got their home and is doing okay too.
As a buyer, Would you pay more for a home than the anticipated appraised value?
Single family home values increased an average of 18.5 percent and average condo prices increased 19.4 percent from December 2013 to December 2014. This according to MLSListings statistics covering Santa Clara County.
The average sales price for a single family home was $1,209,888, up from $986,162 year over year in December. The average sales price for a condo was $618,216 up from $498,299 during this same period.
Average time on the market for single family homes and condos in the county also remains at 35 days or less.
If you are curious to see what is your home’s current value, visit www.EZPROPVALUE.com and receive a FAST and FREE market evaluation report!
You could be one of millions of Americans that has unclaimed property with the State or the County. Below are some helpful links that will assist in your search of California and Santa Clara County. If you have lived in other States or Counties you may want look for those as well.
California State Controller’s office:
County of Santa Clara Department of Revenue:
Or Try the “Get My Money” app for Iphone at Itunes.
Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer.
1. Get pre-approved for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.
2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.
3. Scout out new listings yourself. Look at Web sites such as REALTOR.com, browse your local newspaper’s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and the name of the listing agent. Your real estate agent will schedule a showing.
4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you have the chance to make an offer. Be flexible and creative, if you want a 3 bedroom home maybe also consider a 2 bedroom with a den or loft.
5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.
6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.
7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.
San Jose City Council has voted to negotiate a $9.7 million ballfield complex with a private developer this summer. The complex is to be placed next to the Eastridge Mall and is expected to have 4 fields large enough for adult and kids softball and youth baseball. The project is expected to be up and running within 2 years.
Softball and baseball are wonderful sports that keep children active. It also teaches team work and leadership. I think this is great news and beneficial for the Evergreen and East Valley communities.
Source: San Jose Mercury News 02/05/2014
This 2 bedroom 1 bathroom town home located in the Park Row I complex closed for $310,000. It was located at 3236 Parkhaven Dr. San Jose, Ca. 95132. I successfully negotiated the short sale payoff as I represented the seller of this property. The Park Row I complex is within walking distance to the Berryessa Youth Center and offers highly desirable schools. Buyer interest for the area is very strong, if you own a home is this community or any other part of Silicon Valley and are considering selling, contact me for a free market evaluation and consultation.
The question is often asked “Is this a good time to put a house on the market for sale?” It seems that every year just after the Super Bowl buyers are ready to go out shopping for their first or next home. The time just seems right, since Holidays are now past and income tax returns will be coming in soon. So if you a thinking of selling, now is a perfect time to spruce up your home and get it on the market.