Home Selling in Willow Glen>Question Details

Buddy, Home Seller in Willow Glen, San Jose,...

Is this a good time to be selling a Willow Glen home or to rent?

Asked by Buddy, Willow Glen, San Jose, CA Sat Oct 17, 2009

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6
Joe Salcedo’s answer
My question is are you going to sale and moving out of the area? How long
you owned the house few years or recently? In what condition is your property ?
These are the most qualifying question that your agent will ask, My suggestion
to you is contact an agent specializing in that area in order for you look at what
option do you have. Willow Glen is one of the most prominent area in San Jose.
0 votes Thank Flag Link Thu Oct 22, 2009
That depends on the price range. High end over 1 mil, I think not. Lower priced homes if properly staged you have a window of 30 days which puts you before Thanksgiving. After 30+ days you have fewer and fewer serious buyers. If the home needs work unless it is a short sale your chance to get good offers are low.
In that case rent may be an alternative. Note: Few people will look for housing at year end.

Hope that helps.
0 votes Thank Flag Link Wed Oct 21, 2009
Buddy,

The market has shifted, yet again in the past 4 months or so. Willow Glen was saturated with listings that we'ren't moving before then, but as my kids used to say to me :that was then and this is now!". Now is an excellent time to sell your home. Because it is fall, your home will have fewer properties to compete with as well. The Buyers who are shopping right now are serious, with the majority making a necessary move and not an elective one.

Should you decide to put it on the market, I encourage you not to do so until it is "ready to go". First impressions are the most lasting. It is so important to position yourself by "putting you best foot forward" with it's condition, pricing and marketing plan so you can reap the best terms and sales price.

I would like to interview for the job! When can we meet?
Web Reference: http://www.thedodgeteam.com
0 votes Thank Flag Link Sat Oct 17, 2009
Hi Buddy,
Most people agree that over time it's better to own a home than rent, whether in Willow Glen or anywhere else. It's better both financially and in terms of being in control of your domain. In the short term, some people might need or want to rent for awhile and that really depends on their individual circumstances. So the question is, if you already own a home, what could possibly be gained by selling and renting?

Take care,
Roland
Web Reference: http://www.rolandbarcos.com
0 votes Thank Flag Link Sat Oct 17, 2009
Buddy

I recently posted a Willow Glen market overview on my blog http://talktocj.com/.

The last 3 months have shown an increase in average sales price for the neighborhood. Mostly due to the low supply of homes for sale. The higher end market (>$900K) is not moving as quickly but that is not unique for Willow Glen.

Last week a client was able to secure a 4.875% interest rate on a 30 -yr fixed rate loan. These are amazing numbers!

Depending on your desire for a home, your long term plans (5-7 yrs), this could be one of the better times to look at buying a home. None of us believe we will see the 20-30% drop we saw in 2008 to continue into 2010. Also, we don't expect to see double digit appreciation as we did in the boom years.

Selling strategies are dependent on the personal goals. If you are selling to upgrade your neighborhood or up-size your home, then this can be a perfect time.

Renting builds the home owner's equity and provides you with no tax benefit.

So many answers that are dependent on your specific situation and desires.

CJ
0 votes Thank Flag Link Sat Oct 17, 2009
Compared to three years ago, it is not a good time to sell. Compared to three months ago, it is a good time to sell. The interest rates are rock bottom in the 4% range for $417K or lower and high 4s to 5% for many jumbo options.

Buyers who want to qualify for the first-time homebuyer with certainty have to buy within the next few weeks to close by 11/30/09. So we have some immediate urgency that drives up demand.

A few factors will come to play:
1-Your price point. Homes under certain price points are moving fast in Willow Glen, homes over certain price points are moving more slowly. You want to list at a price below the current sold values for homes like yours. So, if a person goes and looks at 7 homes on the market like yours, you want your price to be the lowest by even a minor degree (ideally) because buyers still have in their minds that they should be getting a good deal
2-Condition of your home. Are you actually ready to sell? I normally would not list in November-December months, and we only have a few weeks left of October. It is a good time right now (in general) to list but within about a month we will move into a time when fewer homebuyers wish to move. Typically, watching inventory, late January to early February will be the next good time of year to list. February to late April are typically optimum, as people with kids have not listed yet so the inventory can be less than during June to August.
3-If you are looking longingly at equity that no longer is present, you may want to rent for the long haul. The prices are simply not what they were a few years ago. I sold two homes in Willow Glen with multiple offers a few years back, and in 2008 had one sit and we finally took it off the market because the sellers thought there was equity but there was not sufficient equity for the 2008 market to meet their expectations.

Renting can be a good option if you want to hold your assets and watch the market. However, 2010 is not promising any major changes that I have discerned from economic and real estate indicators. The job market is trending to worsen in Q1 2010, with hopes (by the whole country) that it will step back up in mid-2010. But we don't have evidence that the job market will improve. And we can not predict interest rates.

All we really know now is:
1-what the current sold prices are for your area/size and type of home
2-how many houses like yours are competing right now for buyer attention
3-what the general rent you can receive will look like

Without a crystal ball, we can't really know where we will be in 2-3 years.

I hope this helps!

Erica M Nelson
Fabulous Listing Agent!
http://www.EricaNelsonEstates.com
408-416-7090
0 votes Thank Flag Link Sat Oct 17, 2009
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