ec_13, Home Seller in 94043

Is this a good time to sell or wait?

Asked by ec_13, 94043 Fri Apr 29, 2011

I own a 2 bed 1.5 bath 972 sq ft. Condo, in Mountain View. From recently sold similar properties in the area, I am getting a feeling that overall market is still distressed due to excessive foreclosed inventories. Is that true? Is that expected to change in a short term say a 6-months to year?

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Answers

9
Robert Lei’s answer
Hi ec,
I don't know if you already unloaded your condo during the low times of 2011, but the market for sellers has drastically improved in early 2012 due to lack of inventory and a multitude of buyers scrambling for the few listings available.

I just sold my client's listing in Mountain View. People think we are still in a downturn, but I was able to sell my client's home at nearly $30,000 ABOVE their mid 2008 buying price. In other words, they bought BEFORE the downturn and sold AFTER the downturn, but I still helped them sell at a HIGHER price (not lower).
0 votes Thank Flag Link Sun Apr 22, 2012
Hi ec_13,

Please send me your full name and contact information. I will be able to help you sell the condo at a good price. I will send you the comps and do excellent marketing to sell your condo.

Inventory is not low but I can use my marketing skills to sell your condo at a great price. I also market it then to other Realtors in my company who have clients ready buying in that area.

I stage, conduct open homes and do extensive advertising during the sale. No agent can beat me in this aspect.

Please call/email if you need help selling the condo right now.

Thanks,

Chand
(408)931-1271
http://www.aimstay.com
DRE#01905197
0 votes Thank Flag Link Sat Mar 31, 2012
The overhang of inventory from recent foreclosures and current short sales will continue to impact condo prices for at least another year or two, based on the level of demand from buyers relative to supply. Meanwhile, condos are selling petty fast if priced appropriately for the market as they're now very affordable for first-time buyers. So, your trade-off in waiting maybe 2 years to sell is a potentially higher price of 20-30%, but it will likely take twice as long to sell. So, the choice depends on your personal and financial situation. For reference, the waiting strategy is the one that many condo developers are using for their new units, some built in 2008 and still on the market.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Jul 12, 2011
Hi ec and thanks for your post.

The local agents have it right...condos are taking a longer time to sell today due to the number of units on the market. However, statistically, condominium sales in the Santa Clara Valley are actually UP as much as 30 percent in sales this year compared with last year--and, if you'll recall, last year was when the federal government was offering cash incentives to buy a home.

As for pricing, the thing that everyone in the Valley must come to grips with is that these prices are the new "norm." Certainly, if you're looking at your home's current value versus the highs of, say, 2007, you're correct that the pricing is definitely lower. However, it may take a decade for those prices to return, so the question becomes--not whether it's necessary a good time to sell or wait--whether selling is a good decision for you if you want to move up into another home at prices that are historically lower than it has been in the past.

So the best bet is to contact a great Realtor, have them look at your home, give you comparables, and help you make an informed decision on whether or not you want to or can sell.

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty-People's Choice
0 votes Thank Flag Link Mon May 2, 2011
ec-13, I'm not local to your market and can only give you my perspective from all the nationwide statistics that run across my email account all day long - in the time frame you are looking at I'd wager prices might get marginally worse and stay the same (at best).

I certainly wouldn't think there's much opportunity for price improvements.

If you are ready to sell I'd do it. Talk to a real estate agent that has experience in selling condo units in your area. They should be able to give you an honest estimate of your chances of selling.

The agent you pick also needs to be versed in what type of financing is available for your complex - the rules for lending on condo projects have gotten very restrictive. If buyers can't obtain financing on units in your complex then it will be tough to sell. If FHA, VA, and conventional loans are all options then that will help.

My point is that the agent should be able to know this before listing your condo for sale - even if it means bringing their lender in to help.
0 votes Thank Flag Link Sat Apr 30, 2011
Hello,
It is true that the market seems low in many segments (it is all relative, isn’t it); I believe that the market has adjusted quite a bit, but I also believe that the adjustment is behind us.
Whether you look at figures from month to month, or from the same month a year ago to now, you will find figures that seem contradictory.
Depending a lot on the location and the condition of the property, I see prices as being flat, to slightly going up in the future – Mind you, while I say that, I quickly add: “Who knows?”.
On the matter, I suggest the following link below that may help you keep some perspective.
To answer your question specifically, will your property sell for more in 6 months? I think it should be about the same.
0 votes Thank Flag Link Fri Apr 29, 2011
Hi,

I completely agree with Angela's response. Selling a condo takes longer simply because the supply is fairly higher. whether it is a good time for you specifically? It depends on your plans as Angela wrote in her response. At the same time, good condo's in good location with the right pricing are selling! I am working with buyers who are looking to purchase condos in Mountain View since they are cheaper than Single family home and rent in Mountain View is great (for the investors). There are many cash buyers these days. if your condo is close to downtown and the train I know it will sell quickly. with high Gas prices many young professionals are looking to live near the train and commute to work via train.


Feel free to contact me for a no commitment consultation.

Best,
Dorit Alon
408-561-1561
0 votes Thank Flag Link Fri Apr 29, 2011
If you need to sell, and are ready to sell, anytime is a good time; unfortunately none of us can answer with accuracy as to where the market will head tomorrow or in the days to come, as none of us knows. Consider inviting a few local agents from different realty companies and ask for a CMA, comparative market analysis, see what the data suggests as far as pricing, ask questions, etc., and then make your determination...
0 votes Thank Flag Link Fri Apr 29, 2011
Selling a condo is a bit more difficult these days than it used to be. Marketing and Pricing is more important than ever. If you are selling to buy a larger condo then it doesn't matter if you sell it now or later. It's trading an apple for an apple. If you are wanting to buy a single family home. Sell now. As its going to get very expensive very quickly on single family homes. it has already in some areas. If you are going to move out of the area, it will all depend upon where you are moving to. A qualified, active, experienced realtor should be able to tell you what your options are and help you figure out a plan that is best for you. Interview some qualified, active, experienced agents and find the one that seems a fit for you. Together you can find out what is in your best interest.

Angela
0 votes Thank Flag Link Fri Apr 29, 2011
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