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I started looking for homes in December in San Jose. Mainly in Berryessa, North Valley, Milpitas, Blossom Valley, Almaden, Cambrian, Santa Clara...
Right now in mid January 2015 it seems to me that the asking prices of most homes are around 10% above:
-recently sold comparable home prices (within 1-2 miles, similar square footage, similar...)
-zestimates of the current listings
It seems to me that most of the sellers must be thinking: "it is a new year, let's sell for 10% more than others did few months ago".
Or something fishy is going on. Someone mentioned to me that they are "testing the market". Who is testing, and for how long?
Or maybe the sellers or their agents believed their own dream about a skyrocketing housing bubble and now are acting on it. Despite the predicted and observed slowdown. Many articles predict 3-5% price growth for San Jose in 2015. These sellers seem to go 2-3 years ahead with the asking prices.
I can see why. NorCal is gorgeous. San Jose is also very beautiful. The city planning up there is.. fantastic, and it's right next to Bay area.. not to mention Monterrey... gosh, who could ask for more??
Possibly, my next dream life. The prices are high but the surrounding areas are amazing!!
I can see why. NorCal is gorgeous. San Jose is also very beautiful. The city planning up there is.. fantastic, and it's right next to Bay area.. not to mention Monterrey... gosh, who could ask for more??
Possibly, my next dream life. The prices are high but the surrounding areas are amazing!!
That didn't change in the last few months, right?
Quote:
Originally Posted by Zarick
Prices are going up because interest rates are super low. We need interest rates to go up to arrest the home price rise.
Do you think the interest rates went down that much in the last few months that people can afford 10% more home?
I started looking for homes in December in San Jose. .
Whatever it is that you do for a living...
how much MORE do you earn from it by being in the San Francisco area??
If you did the same job in Detroit... how much LESS would the salary be?
Whatever that difference number might be and it's usually significant...
expect that every penny of it will go directly toward the HIGH housing costs.
It's unavoidable.
Want more house? In better condition? On a bigger lot? In a nicer neighborhood? Closer to work?
Move out of California.
Whatever it is that you do for a living...
how much MORE do you earn from it by being in the San Francisco area??
If you did the same job in Detroit... how much LESS would the salary be?
Whatever that difference number might be and it's usually significant...
expect that every penny of it will go directly toward the HIGH housing costs.
It's unavoidable.
Want more house? In better condition? On a bigger lot? In a nicer neighborhood? Closer to work?
Move out of California.
I am working on a field that has most jobs only available in the Silicon Valley. In my field there are no jobs in Detroit, none in most states. There might be one in Boston, one in San Diego, that's it. This filed gives me more challenge and fun that any other could.
The key here is not to concentrate on ASKING prices, but on SOLD prices.
We're out of the holidays, and racing towards the spring selling season. In many markets, it's a hot seller's market because of the demand for homes, with many homes experiencing multiple offers, so yes, I can see why the San Jose market might be seeing an uptick in asking prices.
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