The temperatures are hot, and so is the real estate market.
Inventory is still our biggest issue – not enough supply for the demand. A home goes up for sale, and usually sells within a week or two. We’re not building up any amount of inventory, and there aren’t enough new builds coming to fill in the gaps.
So, there are things to keep in mind, both for buyers and for sellers who are 100% committed to being “in the market”.
Buyers: when you see a home that fills most of your needs, don’t hesitate. Make a decision and work with an excellent Realtor to make an offer. If you need to revise your offer to be more competitive, know that you will be able to do that ahead of time. Be determined to do whatever it takes to be the accepted offer, and don’t be looking over your shoulder to second-guess your choice. If you don’t succeed with that particular property, go see more properties and move on to another offer right away.
Sellers: If this is the right time for you to sell – and only YOU can make that decision – then coordinate a strategy with your Realtor that will bring your property to market in the best possible condition based on the budget you have to work with, as quickly as you can. The global economic climate is unsettled, and the Fed could reverse their position on interest rates at any time. A rise in rates could be the beginning of a cooling trend, and you should want to be on market before that happens. In addition, many buyers will want to have their purchases finalized before school begins, so NOW is the time.
NEWS YOU CAN USE:
The City of San Jose and Santa Clara County are partnering in working toward the World Health Organization designation of an Age-Friendly City. This is an international effort to help cities prepare for two global demographic trends: the rapidly aging population, and increasing urbanization. An age-friendly city adapts its structures and services to be accessible to and inclusive of all community members with varying needs and capacities. The older adult population in Santa Clara County will almost double in the next 15 years, and an age-friendly city and county will ensure that older adults are valued, understood, respected, and involved in creating and sustaining a high quality of life in their communities.
If you’re interested in more information about this critical and evolving initiative, feel free to contact us!
HOME VALUES OF VARIOUS CITIES – Per NAR stats on July 13, 2015
San Jose, California
Median Estimate: $784,840
Homes: 246,842 Pop: 954,379
Median Estimate: $1,708,680
Homes: 18,818 Pop: 58,409
Median Estimate: $1,034,020
Homes: 12,471 Pop: 39,482
Los Altos, California
Median Estimate: $2,579,030
Homes: 11,900 Pop: 29,129
Median Estimate: $1,271,960
Homes: 33,942 Pop: 141,123
Santa Clara, California
Median Estimate: $943,990
Homes: 28,440 Pop: 116,301
We have almost 15 year of experience in real estate in Silicon Valley, coupled with Nick’s legal background and Barbara’s expertise in marketing. We depend on the goodwill of our clients, and we are never too busy for your referrals. Please tell your friends about our thoughtful, value-added, and personal attention approach to real estate representation.