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Old 10-22-2014, 01:53 PM
 
1,263 posts, read 4,011,807 times
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I agree that is is a far fetched way of interpreting the data. The data shows the market has slowed down a bit, if anything. Right now I think houses which have one of the obvious defects (right next to major roads or rail way, bad condition, weird floorplan, etc.) sell slower compared to first half of the year. At that time any house sells fast. I think the reason is a compound of seasonality, as well as most flippers exiting the market. But interest rates has come down a bit, and I am seeing the pace has picked up a little again. Not sure whether it is just anecdotal at this point.

Quote:
Originally Posted by SilentReign View Post
I'm not from the Bay Area....but really?! That's what you see when you look at this data/map?! Homes are not selling because sellers are getting offers equal to listing prices and not 15-40% over asking?! Interesting theory but it's a bit far fetched IMO...

I'm no doom and gloomer, in fact I think prices in most markets have a lot of room to go up, but you have to be kidding yourself if you think South Bay (or the parts of that map with no activity) have very low sales activity because they are underpriced by sellers who are just messing around!
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Old 10-22-2014, 02:50 PM
 
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I was at open house last Sunday. Wait line for open house was about 10 minutes. (Next to the Diridon satation) and yesterday seller canceled sale. Probably he was scared due to way too many offers.
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Old 10-22-2014, 03:42 PM
 
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Didn't know you were being sarcastic. Good one.

Quote:
Originally Posted by vrhunski View Post
I was at open house last Sunday. Wait line for open house was about 10 minutes. (Next to the Diridon satation) and yesterday seller canceled sale. Probably he was scared due to way too many offers.
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Old 10-22-2014, 03:59 PM
 
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no for real. Go and check any open house in SJ its crazy. Way too many buyers.
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Old 10-24-2014, 03:14 PM
 
Location: South Bay
327 posts, read 963,397 times
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Quote:
Originally Posted by vrhunski View Post
I dont know but in this area there must be more people then in SF alone. I think only SJ has more people then SF let alone whole this area. South Bay area is now Really hot waiting for huge spike in real estate prices.
Wait...why would prices in the South Bay spike? If you look at the distributions of time on market, most homes are on the market for 2 weeks. Next biggest block is between 14-30 days. Few homes sell in their first 7 days. This distribution seems healthy.

If you look at the Median Sale to List ratio of 94040, it'll say 107.7%. This is often a function of realtors intentionally listing a property lower than what others are being sold at to elicit a bidding war. So it looks like a feeding frenzy, but when you look past the hysteria, I see no reason why properties are going spike in value.

Also, most properties I've been looking at are people that have lived in them for less than 4 years and are moving out of the area. It makes little sense to sell a home if you're not leaving the bay area. That's probably been true for over a decade or more.
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Old 10-24-2014, 04:05 PM
 
Location: Paranoid State
13,044 posts, read 13,878,235 times
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Quote:
Originally Posted by dburbs1975 View Post
this is a nation in need of ritalin.
I'm going to rep you just for this great turn of a phrase!
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Old 10-24-2014, 07:48 PM
 
1,696 posts, read 2,862,907 times
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That's crazy. I just checked Redfin for San Jose specifically, and last 1 week there were only two homes sold. I picked all options (SFH, townhomes/condos, all sizes, all types of beds/baths, all ages). And there were only TWO sold.

Last 1 month in San Jose = 131 sold.

Did something just happened the last 1-2 weeks? I have NEVER seen this on Redfin for San Jose, EVER.
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Old 10-24-2014, 09:26 PM
 
Location: South Bay
327 posts, read 963,397 times
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Quote:
Originally Posted by bobby_guz_man View Post
That's crazy. I just checked Redfin for San Jose specifically, and last 1 week there were only two homes sold. I picked all options (SFH, townhomes/condos, all sizes, all types of beds/baths, all ages). And there were only TWO sold.

Last 1 month in San Jose = 131 sold.

Did something just happened the last 1-2 weeks? I have NEVER seen this on Redfin for San Jose, EVER.
There were 5 total in the entire south bay (MV and Milpitas and down). Seems excessively low. San Jose has been selling for 13.8% over asking, up from 5.5% last year according to Redfin. That cannot EVER be sustained. That tells me prices need to be stabilizing and not spiking up.
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Old 10-24-2014, 09:41 PM
 
392 posts, read 807,331 times
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Trust me guys. In next 6 months prices are going to be 30% up for SJ. I expect biggest spike between Mart-May 2015
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Old 10-24-2014, 09:49 PM
 
Location: Boulder Creek, CA
173 posts, read 255,377 times
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Quote:
Originally Posted by vrhunski View Post
Trust me guys. In next 6 months prices are going to be 30% up for SJ. I expect biggest spike between Mart-May 2015
That is just wishful thinking, it's not going to happen. You sound like a real estate agent grasping at straws, much like 2006/2007.

Prices are already at the teetering point IMO.*

* I have no vested interest in bay area home prices, I could not care less. I have sympathy for those still wanting to buy. The market looks absolutely brutal again and is poising itself for another correction.
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