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Trulia San J…, Home Buyer in San Jose, CA

What is the biggest misconception about South Bay real estate?

Asked by Trulia San Jose, San Jose, CA Tue Apr 2, 2013

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Juliana Lee,MBA’s answer
That buying a house requires little more than visiting open houses and sending in an offer based on Zillow's Zestimate (typically less than the estimate because the seller can counter for more).

Easy part first - look at Zillow's fine print. Their estimate is off by more than 5% in Santa Clara County about 62% of the time. Well if the estimate was high you paid quite a bit more than necessary. If their estimate was low, the seller probably won't even counter your offer. Making unrealistic offers is a good way to waste your time and fill your life with stress.

For the second part: everyone can play baseball and everyone can be their own real estate agent. If you're doing it for entertainment or to occupy your time sure you can be your own real estate agent. Just as professional baseball players are better so are professional real estate agents. For many/most home buyers it takes time to learn what are the most important questions and things to look for. Spend a few weeks looking at houses, make a few dozen offers, apply for several loans, the buyer will learn. Well convincing the seller and the seller's agent that you are the best buyer is easy, just offer lots and lots of cash. Don't have an inspection or thought you understood it, that won't take too much more cash. Oh, the seller's agent doesn't like the lender you're using to get a mortgage because they are too slow to approve, well after your offers are repeatedly rejected even though you offered to pay the most you might figure out what's wrong.

Buyers are best served by spending time on their own profession. Home buyers are typically quite good at their own profession. Spend time learning which house is best for you not how to be a real estate agent.

Juliana Lee, MBA LLB
cell 650-857-1000 email: homes@julianalee.com
Top 2 agent nationwide at Keller Williams Realty

Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo counties
.
Web Reference: http://julianalee.com
1 vote Thank Flag Link Tue Apr 2, 2013
Misconception -
Sellers are willing to pay for buyer's closing costs.
Buyers can take their time to decide whether or not to make an offer.
1 vote Thank Flag Link Tue Apr 2, 2013
That websites like Zillow have accurate estimates of value! Many homeowner are waiting to sell their homes not realizing that they are worth more than what is on Zillow. They see prices in the newspaper of homes for sale, not realizing that they will receive multiple offers and go for more than asking. There would be more inventory on the market, if people understood the real value of their homes.
1 vote Thank Flag Link Tue Apr 2, 2013
That there are still "deals" to be had. And that a short sale or bank owned property will accept less than market rate.

There are also people who think they want to wait because the market is going up. Doesn't always make sense because that means it will cost more when prices to up.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Tue Apr 2, 2013
There are so many misconceptions about South Bay Real Estate I almost do not know where to begin.

One big misconceptions that I see is that there are still some people who do not seem to know that we went from a buyer's to a seller's market approximately one year ago.

I still run into people who think that we are still in a buyer's market. The buyer's market ended a little over one year ago for the South Bay Area.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
1 vote Thank Flag Link Tue Apr 2, 2013
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