Sammy, Home Buyer in San Jose, CA

What is near future of Single Family home market in Milpitas area?

Asked by Sammy, San Jose, CA Mon Mar 17, 2008

Seems like prices have gone down further in last few days, Is this slide expected to continue.

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Dear Sammy,
I wish I had a crystal ball to exactly predict the future :) Having said that I think the housing market for Milpitas will continue to remain soft for the remainder of this year. However if you're serious about purchasing and if you find the home you like buy it NOW. Because whether you buy it now or six months from now, it will not make a difference long term.
0 votes Thank Flag Link Mon Mar 17, 2008
I have a follow-up question. How much should I bid on the 2bed-2ba town homes near the correction facility? I am serious about buying but very nervous about negative equity. Rent in mipitas for a 1 bd 1 ba is 1600-1800$ in a good complex. So the current prices of under 450K make sense, but are they bound to fall further and should I take that into account in my bidding? Can someone give me a ball park figure?
0 votes Thank Flag Link Mon Apr 21, 2008
Not in the recent past, but I see SFR drop as low as $430k. Amazing!! But not for the nearby owners, This is drastically lowering their values.
0 votes Thank Flag Link Sat Mar 22, 2008
How low this can go, just a guess. Is it reasonable for prices for a decent 3/2 SFH in milpitas to go below 500K, has this happened in the past.
0 votes Thank Flag Link Wed Mar 19, 2008
Sammy it's really hard to tell. I have a listing in Milpitas and the market in that area has dropped about $100k in the past year. It's really unfortunate, but there's no way for us to say what will happen tomorrow.
0 votes Thank Flag Link Tue Mar 18, 2008
Sammy...

Hummm, it is crystal ball time. I wish there was a direct answer to your question but I am afraid we are all going to have to wait and see what the future brings for us and Milpitas included.
0 votes Thank Flag Link Mon Mar 17, 2008
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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