Real Estate sale in San Jose (Oakland, Fremont: townhome, buyers, live)

[vrhunski]

Maybe this is reason
Economy on track for best growth in nine years - MarketWatch

mortgage rate is very low, Apple hiring as crazy, Google expanding, Gas prices is very low, US global production is on maximum, gold going down, silver going down, our export go up, import goes down etc etc....

Looks like we will have this crazy real estate market trend to go up for next 5-7 years at least.

[vadaseri]

Originally Posted by vrhunski

Looks like we will have this crazy real estate market trend to go up for next 5-7 years at least.

Calm down. You are taking this sarcasm crap to an extreme.

[vrhunski]

I am not sarcastic. As long as we have 8-10% salary bump year-to-year we will have real estate increase for 12-15% year-to-year

http://blog.sfgate.com/pender/files/...-tech-wage.jpg

[dburbs1975]

tracking statistics in the bay are suggesting a cool down, not a ramp up.

A reason a seller may take their home off the market would be if it was on for 10-14 days and none of the offers met their expectations. Compare this to 8 weeks ago where at the 10-14 day mark there had already been a bidding frenzy and the deal was cooking at the loan officer's place.

This is my understanding, that there is a precipitous drop in bidding wars this past month over the last 9 months.

This is called "cooling off."

I understand that you have been having a difficult time buying, but that is anecdotal.

[SilentReign]

Originally Posted by NYinCA2014

You 100% read my mind.... Sounds like a realtor.

Hahaha this was my first reaction too...

I really wanted to say something in my earlier post, but I didn't want to offend anyone...

[Wintermomma]

Where do we get in line for the 8-10% annual salary bump?

[fashionguy]

This thread sounds very much like a seller or recent buyer pumping up his confidence/expectations. The way of interpreting data is laughable. Houses stay on market longer because sellers just posted it for fun. Seller canceled sale because he is scared of too many offers. Come on. It does not have to be this obvious unless you wanna be sarcastic. Even though I am a believer of real estate in the Bay area in the long term I can only laugh at these "reasoning".

Originally Posted by dburbs1975

tracking statistics in the bay are suggesting a cool down, not a ramp up.

A reason a seller may take their home off the market would be if it was on for 10-14 days and none of the offers met their expectations. Compare this to 8 weeks ago where at the 10-14 day mark there had already been a bidding frenzy and the deal was cooking at the loan officer's place.

This is my understanding, that there is a precipitous drop in bidding wars this past month over the last 9 months.

This is called "cooling off."

I understand that you have been having a difficult time buying, but that is anecdotal.

[LexusNexus]

Originally Posted by rv2811

I'm waiting for the new Apple hq to be built. My home is about 15 minutes(located in the Shasta Hanchett Park neighborhood) from the new Apple hq and I believe people are going to need a place to live. Plus the lack of rental housing/pricing in cupertino .Well at least that is my thought process. I will say this I'm greedy(bought in 2010) for sure and why not, but this is not the time to sell. In the 95126( rose garden) the market has cooled quite a bit. Homes are sitting longer and more price reductions. A new Whole Foods will be opening up in Dec located on The Alameda and lot's of new developments/apartments along the tired looking West San Carlos st.

One of my properties is close to the new Apple HQ as well. Bought it before '95 for $330K. Now it's worth $1.5M+ and climbing. I've been watching the Rose Garden area and may buy there as well. Some beautiful homes in that part of SJ.

[wsugrad03]

Originally Posted by SportyandMisty

It has always been common for a buyer to make the offer contingent upon being able to sell their current residence. We are now seeing an odd seller contingency: selling contingent upon being able to buy another property.

I imagine it's been the norm for decades since Prop 13 that a home is an investment around this area you live in and "moving up" isn't only for people who can really afford it. However contingencies for any offer today will be flat out rejected. Only way to buy in this market is 0 contingences and an escalation clause.

[wsugrad03]

Originally Posted by vrhunski

Yes wsugard03 but please go today or tomorrow on some open house in San Jose and check how many desperate people (buyers) want to buy something. I put like 30 offers all of them 10-15% above price and none of them work out. Scenario is always the same. Seller give up from sale..

I go to a few open house every weekend since we're ready to buy. I'm targeting mountain view, Cupertino, West San Jose, Saratoga, Los Gatos, Campbell, and Cambrian. All places I've visited in the last month have sold. Buyers want to sell, and homes typically sell between 3-10% over asking. I would ask what are your contingencies if you not getting any of these huge offers. I don't know what homes you're looking at, but perhaps buyers back down because they really can't afford to buy elsewhere and get spooked?