Location will always be a top driver in your decision to buy a home. You will benefit from having made the decision to focus in this specific area. Sunnyvale is a great market and the homes in the Cherry Chase/Cumberland area have done a nice job holding their value, while many other areas have suffered.
Waiting to buy..... To answer this question accurately, more information is needed about your current position. To answer this question in a general manner: Waiting for the sake of waiting, is a high risk gamble. There are many solid reasons to be actively searching and buying right now.
If you would like to discuss your options, and my reasons to be in the market right now, please feel free to reach out to me. I would enjoy sharing this information with you.
Mark S. Alicaya
Yes the market is doing very well in Sunnyvale.
Prices around Cherry Chase do well, and hardly show a down turn. You can hardly negotiate the price around there.
Over all Sunnyvale has been soft but the area South of Evelyn closer to down town has just done very well.
You are wrong to lump all real estate agents and offices together.
Back in early/mid 2007 my broker told all our agents that the bubble was about to burst and we should warn all of our clients that the rapid rise was artificially being sustained by shady loan products. I had a buyer looking in the Cherry Chase area in 2008 and I told him he could take his time because the shakedown wasn't complete. I showed him almost every home in Cherry Chase in his price range in 2009 and even though I thought the price was already good, I didn't push him to buy. Finally, he bought in early 2010 and it was his decision not mine.
today median SFR in 94089 may be selling for $350k. Why should not median SFR in 94087 sell for 550k today? is there a fundamental reason?
low end has corrected, mid/high end must too. it will take time, but i'm betting my money on it.
high inventory, low sales, low nasdaq => lower prices.
Home values are still going to go down in many places, however the 94087 zip code is the most solid zip code to buy in Sunnyvale. Great schools, great police, great area, close to everything, great weather just a great place to live. That is why when they are saying property in Santa Clara County has droped up ot 40% it has but not in this 94087 zip code they may have lost 10-15%. This is not going to hold, we see prices in this area stabalizing and still holding strong. So if you want to by a home for 800-900k in this area you should do it now because they will be the first area to bouch back up. That home for 8 or 900k now was 1.1 million and will be again within a few years. So get in now when you can. Don't stand around and be like all the other fools saying I knew I should have bought in 94087 in 2009. Wait until the prices come down more and you will miss out completely. In that zip code 94087.
I was born and raised, still work and live right here in Sunnyvale. 53 years I have seen the trends and this is a solid zip code. If I can be of any help, please call me with out any obligation.
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While many people are having 2nd thoughts, if you have the means and feel your job is secure, this is a good time to think serously. A house attractive and priced right gets an offer quickly. An ugly dog will just have to wait awhile for someone to adopt it. You will be surpised to find the rewards are high.
Why buy something you don't LOVE?
We are waiting it out - people can affected by the headlines - more job losses, higher income taxes, etc - I would want to hold onto my cash.
The interest rates are low, and school packets are available now. If you want to move your children for this coming year, you want to get into your new address right away. If not, you may not get into Cherry Chase or Cumberland even with the right address if you wait until summer. So, there is urgency if you want good schools for the 2009-2010 school year.
I may have a listing falling out of escrow in 94087, if you want the inside scoop on it (Cherry Chase) please send an e-mail. I also have information on another home that is not on the market in Cherry Chase yet, but sellers want to sell.
You can get into Cherry Chase now in the $800Ks for the smaller homes unless it is nicely remodeled, I think the prices have become more and more reasonable with a dozen price reductions in the last month. Maybe you have seen this? There is some softening right now in this good school market.
If you can find something you like, I would say it is a great time to buy. There are also some sellers who are waiting and wondering, who want to sell but may not have listed their home. If you can narrow your neighborhoods, work with a pro-active agent who can communicate your wish to purchase a home. This may even move a homeowner to decide to sell -- if he or she knows a buyer is available. With so much inventory, some sellers are not sure they should list their home (and rightly so).
Good luck! I wrote a short column today in the San Jose Mercury News about the relevance of school packets being available and why changing homes now in desirable areas makes sense in comparison to June, July, August. Schools are often closed in July, and by August many elementaries have waiting lists.
Erica M Nelson
Hope this helps
The Real Estate People
PS.. If a home has been on the market over 30 days.. there may be room for negotiation.. so negotiate..Good Luck