Silicon Valley Home Owners...what are prices doing in your neighborhood? (San Diego: short sale, foreclosure) - San Jose - California (CA) - Page 2 - City-Data Forum

telecomprovisioner · 09-21-2010, 03:19 PM

Quote:

Originally Posted by easybay

We just moved to San Jose, and are renting for our first year here. We are planning on buying a home within the next 6-8 months. I got into a discussion with a realtor at a neighborhood open house. I figure with the peak buying season winding down, heading into fall, the prices will continue to drop - that and with the number of short sales and foreclosures on the market, it will take some time for the market to stabalize. The realtor of course (rather than looking at me as a potential FUTURE buyer and customer for her) stood there and argued with me telling me that I was totally wrong and that the area prices are on the rise, and we should buy now. Obviously she has a vested interest in her view of the market.....I won't break my lease and potentially owe my landlord for the next 9 months. I'm just curious now, what is the housing market doing here - from the point of view of the non-realtor set?

Where in SJ was this? I really doubt prices will inch up anymore....look at unemployment lol. Just curious what area this was...I have heard Saratoga, LG, MV, Palo Alto, Almaden are slightly improving. I would never say prices are going to creep substanitally up though.

easybay · 10-11-2010, 05:24 PM

So.....another weekend, another open house, and the townhouse still hasn't sold. So, it's been listed for 2 months now, I'm surprised they haven't dropped the price. Crazy - a 1400 sq ft townhouse for $698,500 ($496/sq ft). Oh, it's in the Westgate area San Jose.

sonarrat · 10-11-2010, 10:49 PM

The house I'm renting sold after about 2 months with an all-cash offer. I'll find out what it sold for after they close Friday.

Hwy phantom · 10-12-2010, 10:33 PM

Quote:

Originally Posted by easybay

So.....another weekend, another open house, and the townhouse still hasn't sold. So, it's been listed for 2 months now, I'm surprised they haven't dropped the price. Crazy - a 1400 sq ft townhouse for $698,500 ($496/sq ft). Oh, it's in the Westgate area San Jose.

That price is way too high, 700k for a two bedroom townhouse in SJ...yeah right.

sonarrat · 10-12-2010, 10:49 PM

Yeah, I have a better use for that $700K.. 4270 HAMILTON Ave, San Jose, CA 95130 | MLS# 81048030

easybay · 10-13-2010, 09:38 AM

Quote:

That price is way too high, 700k for a two bedroom townhouse in SJ...yeah right.

I agree - I'm going to keep the thread alive and repost the situation here in my neighborhood - Westgate. I might drop in to visit the realtor again at her next open house, to see if she still stands there and will argue with me about this "hot" market. I agree, it's a great time to buy with home prices down to 2005 levels, and with low interest rates. Unfortunately with a couple of homes for sale on every block, we as buyers have a lot to choose from and I really believe prices will continue to drop. Eventually people (and banks) will have to drop their prices to get people (like me) to buy. And at the $700,000 price range, people need $140,000 for a deposit, and the income to support the mortgage - I'm hearing that it's not as easy to qualify for these big mortgages.

Hwy phantom · 10-13-2010, 11:33 AM

Quote:

Originally Posted by easybay

I agree - I'm going to keep the thread alive and repost the situation here in my neighborhood - Westgate. I might drop in to visit the realtor again at her next open house, to see if she still stands there and will argue with me about this "hot" market. I agree, it's a great time to buy with home prices down to 2005 levels, and with low interest rates. Unfortunately with a couple of homes for sale on every block, we as buyers have a lot to choose from and I really believe prices will continue to drop. Eventually people (and banks) will have to drop their prices to get people (like me) to buy. And at the $700,000 price range, people need $140,000 for a deposit, and the income to support the mortgage - I'm hearing that it's not as easy to qualify for these big mortgages.

Talking to a Realtor about the housing market is like talking to a car salesman about the auto market. As far as home prices down to 2005 levels I would be waiting for them to fall back to pre bubble levels of 2000 and I believe we will be there in a couple of years.

easybay · 10-15-2010, 08:56 AM

Quote:

As far as home prices down to 2005 levels I would be waiting for them to fall back to pre bubble levels of 2000 and I believe we will be there in a couple of years.

I'm curious what is happening in the foreclosure market. I wonder how many homes banks are sitting on so as to not flood the market and drop the prices even further.

telecomprovisioner · 10-20-2010, 08:36 AM

If you look at the pre-foreclosures on all the foreclosure websites looks like we have a lot in the pike. (Of course the wealthy/top school areas don't have as many.)
When we got our appraisal done, the apprasier said it was less than 10% in our neighborhood (we have really good schools).
we are a good 3 years to get through all those foreclosures so yeah, could see prices drop below 2000 levels.

easybay · 10-21-2010, 05:05 PM

Quote:

If you look at the pre-foreclosures on all the foreclosure websites looks like we have a lot in the pike.

Do you know of one you don't have to pay or register for? I hate the spam generated by those things.