Therefore, in general, buyers in multiple offer situations will most likely pay full price or slightly above for the lower priced properties. This in turn will reflect in the pricing of the properties coming on the market.
Diane Riel, Broker
Realty World - The Sterling Group
CRS, SRES, SFR, CDPE
I hope this helps, feel free to contact me with any questions.
At your service,
Certified Distressed Property Expert
In my opinion consumer confidence is getting stronger because more jobs are being offered, plus the banks are working through the short sales and bank owned properties.
The side bar is rental properties are hard to come by as well so renters are considering that if may be a good time to lock in their monthly "nut" and buy vs continue to rent. Investors are also considering the demand of rental properties because of those who have lost their homes will now have to rent for a while.
Pat Chadwell, broker
Realty World - Residential Specialists
408-927-6565 x 11
CRS, SRES, CDPE, CIAS, ePro, SFR
Last 30 days in San Jose there were 396 sfh on the market, 1 year prior 675, 2 years ago 792...
With a DOM of only 20 days for both SFH and TH/condo there is much competion with what is left
on the market. The inventory is just ~2 months. Recalling we had 14 months of inventory not long ago while buyer would still fight over some desireable homes with many many many offers in the midest of a worst recession.
To find more listings there got to be more sellers. With a notice of default dropped ~40% from last quarter 2011 now only at 1.1%. One will not expect any quantity of foreclosed homes. There will still be short sales. As for those under water, I expect more will unload them as loss. Expecting home ownership is like owning a used car. It depreciates. Silicon Valley used to be like so in the 1960s after owning home for 5 years my parents made $1K profit. Selling homes these days many take a loss and stop bragging. Last year 33% of San Jose home owners sold at loss, and 14% home owners are still under water.
Dre # 01766120
Intero Real Estate
My answer is definitely yes:
Real Estate prices are certainly rising in San Jose and all over the Silicon Valley. The employment situation certainly has improved. I am seeing a number of people who were out of work now have jobs again.
Also, many of my clients who had been hesitating last year to make offers on homes because they were feaful that they might be next to lose their jobs are no longer fearful of losing their jobs and want to get homes as soon as possible. Many other Real Estate Brokers that I talk to report similar situations for their clients as well.
The result is that there is now an enormous amount of demand for Real Estate resulting in multiple offers and overbids.
In fact within the last few months it seems that every offer that I write, I am up against multiple offers, overbids and demands from the listing agent that the buyer that I represent be willing and financially able to make up the difference in cash if the property does not appraise.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: email@example.com