Home Buying in 95050>Question Details

Raghu, Home Buyer in Santa Clara, CA

Any thoughts on the Summerhill Homes near Santana Row? The prices keep going up like crazy, is it really worth it?

Asked by Raghu, Santa Clara, CA Thu Jun 6, 2013

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Hi Raghu,

No offense, but even though in your opinion, the homes may not be worth the million plus fee, there are plenty who are buying these homes for which the price is clearly not an issue...and it is those buyers who are setting the price. Everyone wants a bargain, but housing is rarely if ever considered a bargin by a buyer at th time of purchase. Always, the home is deemed a bargain in hind sight...the rear view mirror look.

You can minimize financial impacts by using a discount agent when buying and selling, but you won't really know the housing market or be able to judge the relative value of your home until some time has passed. So your best strategy is to buy the best home you cn afford, minimize buying or selling costs with good loans and discount realtors, hold on to the property for a t least five to seven years and then assess the value of the investment. Like any good investment, control those costs that you can control, and buy good product to minimize risks and maximize gains.

Good luck,
Grace Morioka
Allison James Estates and Homes
Buyer Rebates and low cost listings
1 vote Thank Flag Link Thu Jun 6, 2013
Thanks for the excellent advice. We went in and visited without a realtor and I tried talking to them but they won't allow a realtor. Any other thing we can do to get discounts?
Flag Thu Jun 6, 2013
It's not so much a matter of "Is it worth it," but more a case of, "Do you want to live there?"

If you do, you pay the price. If you are not willing to pay the price, try to buy a home elsewhere. As pointed out below, the limited inventory has put sellers firmly in the driver's seat for now.
1 vote Thank Flag Link Fri Jun 7, 2013
You're right. Prices are going up like crazy. The rule of supply and demand is the reason.

Only you can determine what you consider value. I had an interesting conversation with a client yesterday who told me he was a year late. And I said perhaps, or are you 20 years early?
Web Reference: http://www.TerriVellios.com
1 vote Thank Flag Link Fri Jun 7, 2013
If the prices are going up - it is worth for some people. It means that there buyers fighting for the small pool of available homes. If it worth for you is a completely different question. Keep in mind that the market is moving up with double-digit gains and real deals are harder and harder to find.
Web Reference: http://talisrealestate.com
1 vote Thank Flag Link Thu Jun 6, 2013
Thanks for your reply Elena. So even at the $1.2M price tag you think these single family homes are a deal right now? The houses around this property at almost half the price.
Flag Thu Jun 6, 2013
In today's market, everything is going up. No Rhyme or reason. I would be a cautious paying those prices.
1 vote Thank Flag Link Thu Jun 6, 2013
Hi Raghu,

I f you really like the place and area that much, your only choice is to wait. Consider buying the older homes in the area as well.
Flag Sun Jun 9, 2013
Hi Bharath,

So do you think we should wait? This is a good area and we like the area.. and it has been hard to get through their selection process. What do you advice?
Flag Fri Jun 7, 2013
Thanks for your reply Bharath!
Flag Fri Jun 7, 2013
That's not true. There is always an entry point. You should know how long you are going to stay in the property & the reason buying the house. If you are buying just because the market is going up, maybe that's a wrong reason to buy. Some buy thinking they can sell it an a year or two & make a quick profit...more often than not that backfires. If you need a good home to live and are planning to be there for a long time, then don't worry about the market. Buy what you can afford & let the market take it's course. Seems like 2007 debacle has not really taught us lessons. That's why I say buy it with caution. We have never seen prices go up this sharply in such a short period of time. Had you brought a year ago, you are sitting pretty....but with prices almost ore 20% up in less than a year depending on the location, it sure does require caution. I have been selling real estate for the last 20+ years & have seen both sides.
Flag Fri Jun 7, 2013
Hi Bharath, Thanks for sharing the words of caution, but in that case we can never enter any market ever? How do you know what is the right time to get in?
Flag Thu Jun 6, 2013
Santa Clara home prices haven't gone up as much as prices in Palo Alto, Mountain View, or Los Altos.


Six months from now the current prices may seem like a very good deal, but my goal is to help my buyers become experts in the price range and areas they are looking at. Buying a home involves a lot of money. I want my buyers to feel like they know more about the current market than family members, friends, or co-workers who bought a house perhaps six months ago or are sort of thinking about buying a new home.

A buyer will not have the time to know as much as a top agent but they can quickly learn enough to be a better judge than people not actively trying to buy a home.

Summehill Homes have been active in this area for many years. They build good homes and know what buyers are looking for. They often target the buyer looking for an above average new home.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650-857-1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara and San Mateo Counties
Web Reference: http://julianalee.com
0 votes Thank Flag Link Fri Jun 7, 2013
Thanks for your reply Juliana, so do you think that at 1.2M a single family is a good price right now in that area?
Flag Fri Jun 7, 2013
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