Market Conditions in 95130>Question Details

Susan Lee, Other/Just Looking in Sunnyvale, CA

Recently we made an offer on a home in the 95130 The home has been renovated beautifully. Our offer was

Asked by Susan Lee, Sunnyvale, CA Sat Mar 14, 2009

higher than we wanted due to multiple buyers and the bank now says it is not appraising to the offer we made. The trend on the last 3 months has lower 2%. Is it possible that it has plateau and on a upward trend?

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2
Hi Susan,
Yes, it is possible that some areas are at or very near the bottom. The evidence of this won't be found in statistics, which only report the past, but in experiences such as yours. There are many examples of multiple offers these days. This doesn't mean that boom times have returned, but that there is a great deal of demand for the many great bargains that are available today.
Banks, after years of being foolish, are being extremely cautious these days. Hopefully you can get the seller to accept the appraised price or possibly get the bank to review and adjust the appraisal so that you can get the home you want.
Good luck,
Roland
0 votes Thank Flag Link Sat Mar 14, 2009
Hi Susan,

To answer your question I would have to look at the current market status in 95130. The graph below shows a market that is acutally a bit healthier than some markets. Inventory has come down from the high as should be expected this time of year and may be on the rise.

Based on current activity ofn this past week, more homes were sold in the 95130 area than listed. Which may mean stabilization for that market. Also keep in mind that the Spring is always fairly active.

http://charts.altosresearch.com/altos/app?pai=50221606&r…

http://charts.altosresearch.com:80/altos/app?s=inventory:r,m…


If you would like to sign up for these stats and reports feel free to go to my site at:
http://www.santaclaravalleyliving.com/santa-clara-county-sta…

Also when you made your offer it should have been contingent upon appraisal. If so you should go back to the sellers and see if they will adjust their price to the list price of the home.

Good luck
0 votes Thank Flag Link Sat Mar 14, 2009
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