1) You just never know what prices will do. I remember taking financial analysis classes where we were taught to value stocks and then, based on our statistical results, decide whether the stock was a buy or a sell. I did an in depth analysis of Gap and based on my analysis it was a "hold" at best. Gap continued with double digit growth for at least a few more years.
If you like the house and will enjoy living there. Buy it.
2) It's home. My dog, Rebel, and I walk down Rhoda around Starbird park and back up Williams every day. We know all the neighborhood kids, we leave the windows and doors open, we feel totally safe.
It's close to my church, my gym and the freeway towards Santa Cruz or San Francisco. I go running at Rancho San Antonio and love the little taqueria behind the McDonalds on Winchester and Williamsburg.
It fits my life and it's "home".
Eden has it's own neighborhood association - they are pretty active politically. Also you would be in Pete Constant's district and he is a great guy. Very accessible...and up for re-election!
Good luck to you!
Having extensive experience managing homeowners associations in this same area, Terri V. has hit the nail on the head regarding pricing. Her admonition that you check this area both during the day and the evening cannot be overemphasized. For those who have lived in the area or have had day to day experience with residents in the area, there are sections that are good and sections that are not quite so favorable. The schools are okay, but the important issue is to check the neighborhood to see if you like what you see. Keep in mind that the plethora of apartments and transitional housing is a key factor in declining values here.
If you need more assistance in determining the characteristics of the area, work with your Realtor to assess home values and other key factors such as safety, proximity to apartments, schools, access, traffic patterns, sound and commercial districts before proceeding. If you are not working with a Realtor, you may wish to contact someone with intimate knowledge of the neighborhood, such as Terri V. Most importantly, talk with the neighbors in the area to find out their impressions of the community and the lifestyles in the neighborhood. Prices go up and down and you're not likely sell soon, so choose a home for the lifestyle and amenities it affords you and your family.
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Co Host: "Naked Real Estate" on Blogtalkradio.com - our topic this week "termites and pest inspections"
One thing to consider is to drive around the surrounding streets - both day and night. There are new condominiums being built on Winchester. Not far from that are a few streets which are heavily impacted with apartments, and duplexes. This neighboring influence of transitional housing (renters) is one of the reasons the prices have dropped. With that said, the schools are doing ok, which says a lot about a neighborhood.
The prices were low so this is one area people were able to afford and still be in a good school district. Now those loans have created problems and we are seeing short sales and prices drop, the other reason prices dropped. This is an opportune time for Buyers to buy.
Look into the reason you are buying. Does the home fit your criteria? Can you afford it today? Tomorrow? Do you plan on living in it for 7 or more years? It's natural for Buyers to get into contract then question did we miss something? Are we doing the right thing? It's called Buyer's remorse and it is natural. You wrote an offer on this house for a reason. If you are like most buyers on this forum, you have done a lot of research already. Once escrow closes you will be very happy to be in your house and making it your home.
It's a convenient location for us for work, and more affordable compared to 95129 (Easterbrook discovery elem). The API scores of George C. Payne and Easterbrook discovery are about the same.
However, it seems 95129 area price/sq is rising up to $600/sq, but this area keeps dropping below $400/sq.
Just wonder if 95117 area we interested could hold the value well?
Our team specializes in Walgrove Manor. This is the wonderful neighborhood between Payne and Williams and Eden and San Tomas. Not only does it have excellent Moreland schools but also is a perfect place to walk with beautiful large custom ranch homes on nice sized lots. If you would like to know more about the area and neighborhood feel free to visit http://www.WalgroveManor.com or call the Boyenga Team.
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The area of 95117 is a very diverse zip code. On the side of 95117 that has higher scoring Moreland school district. Overall, prices have dropped about 20% since peak 2007. In the last few months the zip code has been up and down with the last two months trending up in average sales price. Sellers are getting about 97% to list price.
Closer to the 280, there have been some foreclosures that have brought the area around Eden exact down. However, there appears to be some stabilization in the neighborhood. The Moreland school district offers a great option for those who can not afford to enter the Cupertino market. In 95117 7 of the 22 listings are either short sales or REOs. Fairly low compared to other San Jose neighborhoods.
The proximity to Santana Row, easy highway access and good schools makes this a highly desirable neighborhood. In my opinion the area between Winchester and San Tomas and Williams and Payne are the better areas.