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Minu, Renter in San Jose, CA

Is it a good time to buy a house or is it better to wait a couple of months?

Asked by Minu, San Jose, CA Wed Jun 11, 2014

We are looking to buy a house in a good school district within 10-15 miles from Santa Clara. Which areas can we concentrate on, considering a budget of 800K-1M? And does an API score of 920 qualify as good? Also, since schools are closed now, is it better to wait a couple of months till the competition comes down a bit?

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12
Everything in life is a trade off and timing is no different. There may be less competition for homes after labor day...but there will also be fewer homes on the market. If you're ready to buy, start looking...a couple of months is not going to make a huge difference.
2 votes Thank Flag Link Wed Jun 11, 2014
f you can expand 15 miles that covers most of Santa Clara County. The academic test score is partial you need to look at a bigger picture.
This is a better way to grade schools and it gives you a feel what the pupils family background as well,

http://school-ratings.com/

This sunny Silicon Valley is one of the most desirable places to call it home. There are just few houses for sale now or in the near future, The over bidding will continue as long as there are high tech jobs supporting the strong demand. Buyers need to have everything ready and go after their dream when they surface.

Sam Shueh
Keller Wms Cupertino Realty
1 vote Thank Flag Link Mon Jun 16, 2014
Hi Minu,
The only thing we can say with any certainty is what we have today. You can try to time the market and you may win, but you may lose too. Prices in many areas are still going up. A home you like may be available now, but will be gone then.
My suggestion is to get in now, but don't be in a panic. If the perfect home comes available, go for it. If not, keep your eyes open until you see one you like at a price you can afford. Keep an eye on rates while you're looking, a change can affect affordability in either direction.
1 vote Thank Flag Link Wed Jun 11, 2014
Thanks to everyone who replied!
Flag Thu Jun 12, 2014
Well your thought process is truly inspiring, as owning a property under the current market scenario may not be an easy task. But there are couple of companies who are helping people to fulfil financial difficulties. Do also look at improving your home condition where repairing or servicing an old AC can be useful, during summer time.
0 votes Thank Flag Link Tue Jul 22, 2014
Time to market a home is not the same as sell a stock. There is immense amount of preparatory work and task ahead of you. It takes several tries and real effort to find a compromise. You need to focus on home size, condition, crime then schools.

As for API it will be phased out soon as it has done injustice. You need to look at demographics also.
As for competition there will be fewer home buyers but the number of homes on the market will reduce appreciably. Bottom line, homes that are attractive to you it will continue to draw buyers.

Sam Shueh
Keller Wms Cupertino Realty
http://x299322.yourkwagent.com/
0 votes Thank Flag Link Tue Jul 22, 2014
seasonal buying as a stratagy is good, but in Santa Clara. that doesnt work. Find out the sellers needs (speed of closing/ ASIS maybe)and design your offer to satisfy those needs and hopefully benefit financially with your offer.
0 votes Thank Flag Link Sat Jun 21, 2014
Hi Minu:

There are many fine school districts that fall into criteria, such as Moreleand, Campbell,
Union, Milpitas, Santa Clara, Sunnyvale etc.

http://ruthandperry.com/APISCC

920 API is excessive depending on how old your kids are.
Anything over 850 API is good, otherwise you are buying the scores, and as a result a higher price

Also it matters what is the size of the home, lot, age and Vastu if any.

Right, now parents with kids are your key competition, as they want to be situated before school starts.
It does not appear you need to get into schools this August-Sept.

Give me a call.

Thanks
P Mistry
408-656-5343

http://www.ruthandperry.com

Coldwell Banker
0 votes Thank Flag Link Sat Jun 21, 2014
Hi Minu,

I would do some research into different school districts to see what is the best fit for your family. 920 is a good API score, but please don't forget to look at the other schools' API scores you are considering! Even though an elementary school, middle school, and high school are in the same school district, I've seen the API scores vary between the three schools quite a bit. This really depends on the school district. Please keep in mind that because college follows high school and that high school is when a child develops the most, I personally would probably place a higher value on the high school's API score.

When to buy a home is a great question I get all the time during this season! Yes, summer is notorious for being a "hot season" when it comes to homebuying. In my 10 years as a Realtor, I have seen a general uptick in prices during the summer. And while there is often a small drop in prices in the fall and winter, compared to summer, prices in the past couple years have only been climbing and climbing.

If you prefer to wait and it is not too much of an inconvenience for your family, I would wait BUT keep an eye out for a good deal or a home that catches your family's eye during the summer. You never know when you will find the perfect home for you or when the home will find you.

As always, it is best if you find a Realtor with whom to work who can guide you during this process. Your Realtor may even know of listings not listed on the MLS that would be a great home for you. If you have any questions or if I can be of service, please contact me!

I can help you! Good luck!


Huey Nguyen
0 votes Thank Flag Link Sat Jun 21, 2014
If you can expand 15 miles that covers most of Santa Clara County. The academic test score is partial you need to look at better picture.
here is a better way to grade schools and it gives you a feel what the pupils family background as well,

This sunny Silicon Valley is the most desirable place to call home. There are just few houses for sale now or in the near future, The over bidding will continue as long as there are high tech jobs supporting the strong demand. Buyers need to have everything ready and go after their dream when they surface.

Sam Shueh
Keller Wms Cupertino Realty
0 votes Thank Flag Link Mon Jun 16, 2014
House prices are constantly skyrocketing up with inflation, so the longer you wait the more you're probably going to pay. Not only that but the longer you wait to look, the less time you will have to find what you really wanted. My best advice is to keep your eye out and not put off looking. When you see the right house you will know, but if you wait too long that same house you would've know about will have already been sold. Just remember, even if you're not planning on making a commitment right away, there's no harm in looking.
0 votes Thank Flag Link Thu Jun 12, 2014
Prices are increasing so its a great time to buy while you can still get a great interest rate on your mortgage.
0 votes Thank Flag Link Thu Jun 12, 2014
Hey Minu,

I would suggest doing some research on School Rating websites such as greatschools.org. I would recommend speaking with an agent in the area who can lead you to the best resources as maybe there are some questions you didn't even think to ask yet.

In reference to your questions about to wait - that really depends on your needs. Is it important to have your children start in the fall or would you be willing to pull them and move schools? Are you currently a homeowner and need to navigate a sale and purchase? Do you currently rent and need to coordinate that piece? I work with a lot of customers who prefer to start and finish the school year in the same location - it's less disruptive to the learning and socializing process but sometimes finding the right house for long term happiness can outweigh some of these issues.

If you do want some good recommendations for agents, I work with a local team of agents in the area and sure I could find one to discuss all your needs in privacy without any obligation or cost - even if you just need some more info. Just click on my link and you can choose if you'd like to get in touch and I'll get you a full time professional agent that won't cost you a dime!

Best of Luck in your search!!
Tamberyne
0 votes Thank Flag Link Thu Jun 12, 2014
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