2.23.2010

Multiple Offers on YOUR Property. When was the last time you heard that??

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YES it is true and NO I am not merely reminiscing of memories from 2005 hehe, wouldn't that be fun. Do you remember how 2008 and 2009 had buyers sitting on the sidelines waiting for the the bottom of the Real Estate Market? Many were worried about job security and their finances more than they were about purchasing a new property, lets face it many of us are STILL worried about job security and our financial stability. While I am not trying to downplay the harsh realities of the economy I do want to bring up the fact that consumer confidence IS rising.

In many areas of the Bay Area a recent trend has been growing since the end of 2009 and into 2010. Despite the choppy housing market, there is an army of confident, well-qualified buyers out searching for homes, but many sellers are now sitting on the sidelines! The irony is that due to the scarcity of sellers on the market the buyers are driving up prices by themselves.

Inventory shortages continue to be the challenge in many areas. In Santa Clara County and the East Bay, for example, the number of homes for sale is standing at half of what it was a year ago! This has resulted in as many as half of the listings on the market attracting multiple offers as buyers fight it out for the best properties.

Here are some trends that we see in the Silicon Valley


  • Cupertino continues to see a severe shortage of homes for sale, with lots of multiple offers as buyers compete for good listings.

  • In Los Altos, open house attendance is picking up as is overall activity, but the higher end market – above $2 million – is still slow.

  • Similarly, things are slowly improving in the Los Gatos market with inventory and sales increasing.

  • In San Jose’s Almaden and Willow Glen neighborhoods, inventory is gradually increasing although still far too low for buyer interest. Inventory in San Jose is half of what it was a year ago in all local markets, but sales are up between 30 and 70% depending on neighborhood.

  • The Saratoga market started very slowly the first few weeks of January, but Realtors have seen a definite increase in activity.

Because of the many legal and tax situations that can arise through the sale and purchase of real estate ALWAYS consult with your ATTORNEY or ACCOUNTANT before making ANY decisions in ANY transaction.

Credits to:
Rick Turley's Blog

Copyright 2010 by Thomas Feng, All Rights Reserved. You may reblog or republish with links back to this post.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT Thomas Feng's Blog *

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