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

Seems like prices have gone down further in last few days, Is this slide expected to continue.
Mon Mar 17 2008, 15:05 - Milpitas - Market Conditions - 6 answers
 
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Sammy
Home Buyer
in San Jose
Sammy, Home Buyer in San Jose in San Jose
Answers (6)
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Ali Moein was FIRST TO ANSWER Ali Moein received BEST ANSWER
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?

Mon Apr 21 2008, 23:54
 
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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.

Sat Mar 22 2008, 21:51
Web Reference: http://www.CherylBarcelona.com
 
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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.

Wed Mar 19 2008, 14:24
 
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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.

Tue Mar 18 2008, 12:16
Web Reference: http://www.CherylBarcelona.com
 
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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.

Mon Mar 17 2008, 23:00
 
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BEST ANSWER
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.

Mon Mar 17 2008, 16:59
 
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