As of early September, sales of single family homes in the county had risen year over year for the second month in a row. August home sales were up 14% over August 2007. Home prices, however, were down from the previous year. The average price for homes in the county dropped 4.3%% from July and was off 21.7% year-over-year. Remember, these county-wide statistics are skewed downward by the large number of bank-owned and short sale properties throughout San Jose. There are still certain micro-markets are doing well with high end sales and even some multiple offers.
Most "move-up" buyers today should sell their present homes before they buy. In this market it's harder to know what you'll make on your home until you've received an offer from a pre-approved buyer.
This is a great market for investors, first time buyers and move-up buyers. There are more homes from which to choose and deals to be had, especially on homes that need some work. First time buyers can also take advantage of government programs and non-profits that can help even those with small down payments. Note that the limit for conforming loans recently raised to $727,000 is going back down to $625,000 at the beginning of the year. If you wanted to get a loan between $625,000 and $729,000, you will have to have that in escrow by November.
If you need help in locating that property, call me at 408-313-0839.
Approximate Location Boundaries: south bay area from Palo Alto to Los Gatos and North Valley to Santa Teresa
Location Characteristics: Silicon Valley area of California
About Diane Bogart:
Diane Bogart has been serving the real estate needs of her clients in the Silicon Valley area since 1985. She is associated with The Sereno Group in Los Gatos. Prior to Sereno, Diane earned the Coldwell Banker International President's Elite designation and ranked in the top 2% of Coldwell Banker agents nationally. Diane is a compassionate listener and is keenly interested in accomplishing her client's housing goals--be it buying or selling. Diane holds a Broker's License and has lived in Los Gatos since 1984. She specializes in Los Gatos, Saratoga, Campbell, Cambrian Park, and Almaden Valley. Diane assists clients with single family homes, townhomes/condos and investment properties. For more information, including client testimonials, school scores and property listings, visit www.dianebogart.com
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
