Home Buying in Willow Glen>Question Details

Connie.hahn, Home Buyer in San Jose, CA

I am so frustueded that I think I'm never going to find a house I can't seem to buy a house.

Asked by Connie.hahn, San Jose, CA Tue Jan 15, 2013

What is going on with the market? is it seller's market or buyers? Why am I having such a hard time.

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Answers

30
Mack McCoy’s answer
Did that get offensive message get deleted? My goodness.

Connie, it is a seller's market now. Inventory is low, buyers have come back into the market armed with low interest rates and optimism that the economy is recovering, and it's hard to buy a home.

But you know what? It was hard to buy a home a few years ago when values were dropping and people were talking as if we'd never recover. I mean, of course, you "could" buy a home, but a lot of people didn't want to until the economy turned around.

I think we're at that time now.

All the best,
2 votes Thank Flag Link Sun Jan 27, 2013
Hang on in there.
More inventory( houses for sale) is coming soon.
But you are right, we switched to a sellers market.
Have all your documents ready and if you see the right property for your house, move fast.

In this situation the help of an experienced aggressive local broker would be very important. (These days a ''full price'' offer might be not the best offer and often a cash offer might be rejected to a strong prepared buyer )

All the best,
Inna.
2 votes Thank Flag Link Tue Jan 15, 2013
It's been tough for all the buyers. just be patient and you'll find one soon. As you're waiting and putting down offers, keep saving your pennies since a lot of sellers are looking for the person who has the best offer and a larger downpayment. Since it tells them that the offer will go through and they will more likely choose yours over the others.
1 vote Thank Flag Link Thu Feb 21, 2013
It's a seller's market if your house is turn key. It's not advertised, but inventory is almost non existent. If you want a house, the days of making demands of the seller and having all the control are gone. Make a full price offer with few contingencies and you will have a better chance
1 vote Thank Flag Link Tue Jan 29, 2013
The challenge is with the location you are looking for a home in.However even though more people are starting to feel better about the housing market, the inventory here still isn’t what it should be. So, there isn’t a large enough supply to meet all of the demand – and, as a result, sellers can get a lot more money for their homes.
1 vote Thank Flag Link Mon Jan 28, 2013
BTW Willow Glen is HOT! Great schools, and close to awesome resturaunts.
1 vote Thank Flag Link Sun Jan 27, 2013
Hi Connie, the reason is simple, there's very low inventory in most communities in the Bay Area, San Jose is just as high demand because of Silicon Valley people. The rents have sky rocketed and the interest rates are at an all time low. It is a sellers market rignt now and a really tough gig for buyers. Many realtors are marketing to homeowners that have been in thier homes for 30+ years.

Right now further up the Peninsula I have 3 homeowners that are putting their homes on the market in April. Just have faith, come the spring there will be tons of homes for sale.
1 vote Thank Flag Link Sun Jan 27, 2013
I personally have no idea Connie why you can't buy a house, you have provided absolutely no information as to what kind of problems you are experiencing. Whether it's a buyers market, seller's market or a normal market, there is no reason, if you are mortgage eligible, that you can't purchase a home. Maybe you might want to elaborate.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
1 vote Thank Flag Link Sun Jan 27, 2013
The number of homes for sale is unusually low this year yet buyer demand is getting stronger. The Milken Institute ranked San Jose - Sunnyvale - Santa Clara metropolitan area as #1 metropolitan area for creating jobs and economic growth.

What you can do as a buyer, is to become very familiar with what is for sale and what buyers are paying. If a great home comes up for sale you need to be ready to act without second guessing.

Your agent is key to helping you understand what you need to do. Your agent's experience will make a big difference. Each purchase offer involves its own strategy and tradeoffs.

The recent economic downturn reduced the number of new homes built, encouraged some homeowners to sell sooner than they would have, and encouraged investors to keep properties for rental income rather than fix and sell. Tax laws pushed some to sell earlier. Now there is little motivation for a seller to want to sell now rather than later. Rising prices will probably be the main force bringing new properties up for sale.

http://julianalee.com/blog/selling-a-home/rising-home-prices…

Juliana Lee, MBA LLB
Cell 650-857-1000
Top 3 agent nationwide at Keller Williams Realty

Over 20 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo counties
.
Web Reference: http://julianalee.com
1 vote Thank Flag Link Fri Jan 25, 2013
The inventory of homes for sale is at a generational low in many San Jose neighborhoods, and Willow Glen is no exception. Inventory typically explodes following the Super Bowl, so by late February and March, you should have far more homes from which to choose. You're still going to need an aggressive buyer's agent who understands the local market, because most reasonably priced homes are going to continue to attract multiple offers. You need advice on how to get your offer accepted.
1 vote Thank Flag Link Thu Jan 17, 2013
HI Connie and thanks for your post.

As the others have already mentioned, it is a seller's market, and that's primarily due to the fact that there are so few homes on the market, and a lot of buyers still looking to purchase a home while the interest rates are low.

For those buyers with a budget and who can't afford to pay as much as 10 percent over the asking price, it can be a challenge and, frankly, downright annoying that offer after offer is turned down. As one Realtor responded, you may need to wait until there is more inventory to purchase a home because more inventory means a higher chance to find and be the successful bidder on a property.

So here are a few "buyer" strategies to keep in mind:

1. Make the highest and best offer you can - in a seller's market, it makes little sense to try to "negotiate" up from a weak offer to a stronger one. Start with the best offer you can make.

2. Make your offer "strong." By this, I mean removing as many contingencies as you can. In the event you can't remove the contingency, shorten the length of time needed to remove the contingency.

3. Get your financing in order. Have your financial information and taxes sent to your lender so that you have a strong preapproval letter that you can give to your potential seller.

4. Increase your down payment if you can. We all know, lenders usually require 20 percent down payment on a loan. If you have the means to increase that down payment, it can make your offer more desirable.

Most importantly, while I know this can be some of the most trying times for buyers right now, keep in mind that you will eventually find a great home. It just takes time and patience and, foremost, tenacity to purchase a home in today's market. And, of course, working with a great agent who can keep you motivated and can help you explore how to strengthen your offers each time is a great help.

Good luck!
Grace Morioka
Allison James Estates & Homes
1.5% listing or sale with rebates to buyers!
1 vote Thank Flag Link Thu Jan 17, 2013
Connie you are in good company with the other buyers. As the agents here have stated, it is a very strong seller's market. To put it into perspective, the active inventory of homes/condos in Santa Clara County (Gilroy to Palo Alto) as of 1/9/2013 was 770, in August of 2012 that was 1,613. In a balanced market that is over 3,000. Add to that the incredibly low interest rates and you have high demand and low supply. The good news is the low on 1/2/2013 was 634 so we are seeing inventory creep up. If you are in the price point of $450,000 and below then you only have 150 properties to choose from, 55 of those being single family.

Santa Clara County has seen price appreciation of 15% in the last 12 months so the properties that are pending now are anywhere from 5%, 10% or more over the asking price. These closed sales are going to set the new price point for future listings.

Your agent should be preparing you for each offer and you will have to be aggressive. Keep in mind when you write an offer and there are 20 offers, the next property you write on there are 19 or more of the same people. You may need to adjust what you expect or what you pay.

Be sure to communicate with your agent so that you are not missing out on something and they are aware of any changes you are willing to make.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Tue Jan 15, 2013
It's difficult, we get 12-26 buyers per listings we put on the market, and most buyers claim not to have an agent and want to be represented by listing agent. I have a policy of not representing buyer/seller on the same transaction to be fair. I understand your frustration, we just helped an investor buy 3 homes in 2 months and none of them where our office listings, so that should indicate that it's difficult but possible.

Hang in there!
Your home is coming!
1 vote Thank Flag Link Tue Jan 15, 2013
The main reason is that there are very few homes on the market and there are many buyers and some with all cash. It is difficult to compete but not impossible.

The agent

The best way is to first find an agent that you feel comfortable with and that you have confidence in. Use your time of visiting open houses to meet agents or ask for a referral. I look at this process as you interviewing me and me interviewing you. Nobody wants to move ahead if you don't have a meeting of the minds. My job as your agent is to get you the information you need to make a decision.

The appointment

I ask for an appointment. This is where I find out what and when you want to move forward. Buying a home is a process. Some people are a year away and some wanted to move in yesterday. If I don't know what you want I can't help. I need to understand the "must have" and "would like to have".

The lender

I need to know if you have talked to a lender. If you have and we are working together I will always call the lender and make sure they have everything they need to write an approval letter. My job is to make sure that when we write an offer I know the the lender is going to be on top of it. There are many types of loans as well as many types of offers.

These are a few of the many things that Realtors do to find their clients homes and it requires skill and hard work. If you would like to meet please give me a call and we can get together.

Thank you,

Larry Serda
Better Homes & Gardens
Ventura Barnett Properties
DRE 01422596
larryserda.com
408-472-6328
http://www.facebook.com/serdafiedhomes
1 vote Thank Flag Link Tue Jan 15, 2013
It is a seller's market all over Bay Area. How long have you been looking? Have you extended any offers? Inventories are low and it is hard to buy - you are not alone. Read my article at http://paloalto.patch.com/blog_posts/how-to-be-a-buyer-in-a-…
1 vote Thank Flag Link Tue Jan 15, 2013
Connie:

I am so sorry you are frustrated with buying a home! It should be a fun, exciting time for you! Our current economic situation...throughout the Bay Area, and perhaps throughout California...is making it very difficult for individuals to purchase a home.

Continue to talk with your real estate agent. Hopefully you and your agent can come up with new strategies, new places to look, new financing options, etc., that will allow you to make a winning offer.

Be patient, have an open mind, and continue to save your money! You will find something...

Sally Blaze
DRE 01856137
925-998-1284
sblaze@apr.com
Pleasanton / Livermore / Dublin
1 vote Thank Flag Link Tue Jan 15, 2013
Connie, Why are you having such a hard time? Great question. And there are a 100 possible answers. Which answer applies to you depends 100% upon what's been happening since you've been really gotten focused on Buying a home.

Have you been making bids but never winning?
Not able to find a home to bid on?

In both cases the causes can be fairly complex. Call to speak with Davlyn or I. We will get to the bottom of what could relieve your frustration and turn things around for you!!!!

Stu Carson 408-209-0849
Davlyn Giovanetti-Quick 408-461-1276
1 vote Thank Flag Link Tue Jan 15, 2013
Jinaye Conley, Agent, Saratoga & San Jose, CA
Connie initially I felt your anguish but please remain positive and accept this call to action so that I may assist you in the resolution of the purchase of your home! This is a wonderful event in any persons life so lets look at the positives!

The Conley Real Estate Group helps homeowners like you every day. This situation exists for many people but I have developed a systematic approach to resolving these issues and that has lead to my client's success.

Many of the Realtors that responeded recognize this inventory situation now lets use our combined skills to locate the property that you desire!

Call me directly today and we will work together to realize your dreams! My cell is 408-497-6528 and I am prepared and qualified to assist you promptly!

Remember that many times my staff simply needs to make some calls on your behalf to locate a property that is not yet on the market. Many times I may already have a client who owns the property that meets your needs but has not yet placed it on the MLS. I have also had tremendous results locating properties that fit my Buyer's needs because of my relationships with other qualified Realtors! I have many ways to resolve this and look forward to seeing that smile soon!

I'm confident that I can assist you! Call me today at 408-497-6528 and let's review your search criteria.

Jinaye Conley
The Conley Real Estate Group
Top 1% Northern California Real Estate
Corporate Headquarters
Post Office Box 2206
Saratoga, CA 95070
Direct:          408-497-6528
Email:           jinayeconley@yahoo.com
  inresidential@yahoo.com


We realize that all accomplishments are based on the foundation that others have established…..
1 vote Thank Flag Link Tue Jan 15, 2013
Connie,
As the other agents have pointed out this IS a seller's market. What you have to do is be patient and stay on top of new listings. Also make sure you have accurate comps and be willing to go a bit over asking price to get what you want.
Remember that the lower the price of the home to more competition you will have.
I hope that help's , if you have specific questions you need help with feel free to contact me.
At your service,
Allyson
408-705-6578
allyson@homesbyallyson.com
Certified Distressed Property Expert
1 vote Thank Flag Link Tue Jan 15, 2013
I'm sorry you are frustrated. You are not alone. The problem is there is very little inventory right now and this is creating multiple offers. As we approach the warmer weather we expect inventory to increase and reduce this multiple offer situation.
Hang in there!

Best of luck. Your patience will pay off.
Diane
1 vote Thank Flag Link Tue Jan 15, 2013
Hi Connie,

You are experiencing the frustration of many homebuyers out in the marketplace right now. It's a strong seller's market, which means there are more buyers than sellers. There are so few homes available for sale that many of the available properties are getting multiple offers and are selling for much higher than asking price. The number of available homes for sale in Santa Clara County is the lowest I've seen it in my 10 years of being a Realtor.

You need to have not only patience and persistence, but a solid strategy to be successful in today's new world of real estate. If you're not already working with a good agent, I would be delighted to help you formulate a plan of action and determine you best next steps to achieve your goal of home ownership.

Best of luck!
-Bart
1 vote Thank Flag Link Tue Jan 15, 2013
Hello Connie,

Hang in there. It is definately a seller's market right now in the Bay Area. Housing inventory is at an all time low. There is not enough inventory to supply the high demand at the moment. Not to mention lots of investors from out of the country that are swooping up a majority of the available properties. It is hard to compete with an "All Cash" offer that is $20-$50k over the listing price and can close in less than 3 days. I'm not saying that there is no hope, but you should expect that it will take some time before you get into contract. My client and I just closed escrow today and we have been trying since late July.

Ashley
1 vote Thank Flag Link Tue Jan 15, 2013
Hey Connie!

I understand your frustration. The market is always changing. RIght now it is a sellers market. There are a limited number of homes on the market and a lot of buyers. As a result homes sell quick. I am confident you will find a home. To make it easier on yourself you need to stay on top of the inventory. Send me an email and I can update you when new homes come on the market!
0 votes Thank Flag Link Tue Jan 15, 2013
Hi,
it sure is a sellers market...you may want to see this recent article
http://online.wsj.com/article/SB1000142412788732348250457822…

get loan preapproved so sellers will take your offer seriously, learn more here
http://americarealtyonline.com/RealtorWebPage?custompage_id=…

good luck!
BUYER CASH REBATE 50%-60% / SELLER DISCOUNT 50%

Flavio Tejada, MBA-Finance, Realtor, Broker/Owner
(415) 305-2958
Web Reference: http://americarealtyonline.com/
0 votes Thank Flag Link Tue Jan 15, 2013
hi Connie, I might be able to assist. I will have a listing there in the next few months. Send me an Email to Tjackson@c21mm.com with what you are looking for and maybe it will be a good fit.


Travis Jackson
Century 21 M & M Associates
DRE# 01879566
Tjackson@c21mm.com
http://www.408RealEstate.com
0 votes Thank Flag Link Tue Jan 15, 2013
Hello Connie, There is a lot of competition with multiple offers on all homes for sale. You have to just keep at it and submit offers on ALL homes of interest. Are you paying your own closing costs? You may also consider adding more compomise into your home choices to give you more options.

You can also consider homes that need repairs such as carpet and paint, new appliances and other minor repairs in the home purchase. You can utilize a Streamline 203k loan within 5k to 35k and close these within 45 days. You can also do a more extensive standard 203k to completely remodel a home. Here are some links to study and consider. Good luck to you.

http://www.under640ficoscoreloans.com/Pages/203K.aspx

http://www.under640ficoscoreloans.com/Pages/203KGuidelines.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
0 votes Thank Flag Link Tue Jan 15, 2013
Thank you for your question:

Yes, the market has turned from a buyer's market to a sellers market here in San Jose, California.

Farther out in the Central Valley, it is still a buyer's market, however even the Central Valley is beginning to see some active competition from buyers for the best properties that are realistically priced at the market.

For more information you may call me at my cell phone: (408)509-6218, or send me an email at my email address: charlesbutterfieldbkr@yahoo.com

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
.
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Connie,

It is a good time to buy due to low interest rates. However, there is a shortage of houses so most properties receive multiple offers. Be patient, work with a Realtor, make your offer amount based on current market value, not list price (your Realtor can help you with this), and make your offer as 'clean' as possible (don't ask for alot of 'extras').

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Jan 15, 2013
I have won offers for my clients up against as many as 42 other offers.
If you call me I can tell you how I have won many offers for REO homes
as well as short sale and regular sales. 408-228-7867

BRADLEY WILSON
AMICI REAL ESTATE
488 Blossom Hill Rd. Suite B
San Jose, CA 95123
Bradley@AMICIrealestate.com
AMICIrealestate.com
DRE 01491944 NMLS 340990
Direct: (408) 228-7867
FAX: (408) 273-6975
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Connie! Have you employed a Realtor to help you find a house, because I can help you find a Realtor?
0 votes Thank Flag Link Tue Jan 15, 2013
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