Cupertino is a hot area and I doubt you'll see any price reductions. If you would like information on Cupertino or any other areas, please feel free to visit me athttp:// www.CherylBarcelona.com My office is located in Cupertino off of De Anza Blvd.

Fri Dec 28 2007, 11:26

Bobby,

Your friends are idiots (just kidding - sort of). They probably live at home with their parents and are envious of your potential move. You should ask yourself a few questions. How long do you intend to live in it? When you move out, will you be renting it or are you going to sell it? If you're going to live in it more than 4+ years, its probably a mute point because its value will likely go up. If you are thinking that you may move in a year or two and won't keep it or rent it out, then don't buy. If you buy and move within 3-4 years and sell it, your transaction costs will kill any appreciation you would have gained. Have you done an after tax investment analysis on the property. Run the analysis and see when the "break even" point occurs. Then analyze what the value or having your own place is. Have you looked at other properties to see if this is a good value? For example, a 2 bed/ 2bath unit in Old Mill (Mountain VIew) is 500K, Los Altos schools and a slightly higher HOA. What about looking at Compass Place in Sunnyvale?
Its good you're asking the questions, but use common sense and don't necesarily listen to your friends. How many homes have they bought and sold? What are their investments? In short, get informed and listen to your gut. Good luck!

Tue Dec 4 2007, 00:21

Be prepared to bid over the asking price. While it is true that the market overall is projected to soften by 4% next year there are exceptions. Cupertino is one of them because of the school district. Most homes in Cupertino are receiving multiple offers, as much as 20% over asking price, are selling very quickly and often with no loan contingencies (cash).

If you have not already done so you need to get pre-approved on a loan ASAP. There are many first time buyer programs still available with below market rates and zero down. As a rough illustration a $2k a month rent payment is equivalent to a mortgage of $475,000 with zero down and $525,000 with 10% down, based on a conventional 30 year fixed amortizing loan. There are alternative loans available that put you closer to the asking price without increasing your down payment.

Wed Nov 21 2007, 09:06

The best time to buy a home is when the rest of the buyers are not acting. This is now and perhaps through January of next year. The sky is falling is the typical reaction in this type of market. Please take my advise, from an agent in Cupertino since 1991, the sky is not falling. This is a great opportunity to buy. Do so and secretly gloat to your friends next year.

Wed Nov 21 2007, 01:02

Hi Bobby, That would be unit #607..Right? It appears to be reasonable at that price but, I would definetely wait to see what sales price #206 closes at. It is scheduled to close escrow on the 30th of this month. This would determine some value factor to start from. I wouldn't discourage you from puting in an offer you feel comfortable with though. I would consider setting my contingencie dates at , at least, 14 days to provide you time to review the other closing price...Hopefully it closes on time too. The average value in the area is upwards of $505 per sq foot ...without taking into consideration location and schools. BTW. The HOA fees in that community are coming in $280 right now.

Your freinds are right to some degree...The values are projected to continue softening for a while longer. Simply factor that into your offer strategy. If your planning to live there for a few years you will find your property will do better than most due to the Cupertino School value alone. Cupertino School District is getting very aggressive with there verification of student's residency, as so many people would like to have or keep their children there. They recently showed up at a freinds front door to make sure their daughter really lived at that address. This will only make residency inside that school district more valuable. Great news for those fortunate enough to live there!

If you have a consultation with a Realtor you may learn more about your offer options and neighborhood conditions. This will certainly help determine if is right for you or not at this time. If I can be of any more assistance without obligation, please let me know.

Michael
http://www.MichaelRoberts Homes.com

Tue Nov 20 2007, 22:10