Are we in seller's market now?

Asked by, Cupertino, CA Tue Jan 28, 2014

We're interested in a property in Cuernavaca of Mountain View. The average price per square foot in the area is noted as $549/sqf. The property that we're interested is asking $650/sqf. Are we in seller's market now? I am interested to know your advise/opinion. We are not in the hurry of jumping in and can certain to wait.

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Juliana Lee, Agent, Palo Alto, CA
Wed Jan 29, 2014
Home prices have been rising very rapidly in both Mountain View as a whole and in the Sylvan Dale neighborhood for three years. 100% of the single family homes in that neighborhood sold over list price last quarter. 80% of the condos sold over list price. Trying to time the market can be very costly. Yes there was a downturn in the market in 2008 when the US economy had major problems and another one back in 2001 when the dot com bubble burst. That does not mean the local real estate market has been cyclical and that you can buy a home at a low point by waiting. There is a strong seasonal variation in the number of homes sold but not in the sales price. National economic policies can change when there are elections. That appears to be the greatest uncertainty looking forward.
Juliana Lee,
Top 2 agent nationwide at Keller Williams Realty, the nations largest,
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
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2 votes
Jin Chen, Agent, Cupertino, CA
Tue Jan 28, 2014
Hi, CUERNAVACA CIRCULO has 3-4 different floor plans. Pulling up from last year, 2013 sale records of CUERNAVACA CIRCULO in MLS, per sq footage ranged from $574 - $663. If it is a smaller unit, the sq/per price will be higher. Currently, in area 201, - Mountain View, Sylvan area, where CUERNAVACA CIRCULO is located, there is only 1 listing available.
We have been experiencing super low inventories everywhere in Silicon Valley, but we have more capable and ready buyers out there willing to dive in whenever there is a good listing. Multiple bids situations leave buyers no choice but raise offer prices in order to win the bids. No doubt that we have less supplies than demands. Buyer better be ready!. And Yes, sellers demand the market.
If you want to know more of Mountain View's opportunities, please give me a call. At your service.
1 vote
Elena Talis, , Palo Alto, CA
Tue Jan 28, 2014
We are in a VERY STRONG seller's market. I don't think that waiting will help you - the prices are going up and the seller's market may continue for another couple years.
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1 vote
Julie Wyss, Agent, Los Gatos, CA
Mon Feb 24, 2014
Yes, we are currently in a seller's market. This is the 'definition' of a sellers market: There is less than a three-month supply of homes for sale. The market is tight. This puts the seller in a better negotiating position, making it a great time to sell.

You'll see multiple offers above asking and home selling quickly in this type of market.
0 votes
Marcy Moyer, Agent, Palo Alto, CA
Tue Jan 28, 2014
YES we are in a seller's market and have been since 2010, but it is unusually lopsided right now. there are 6 condo/townhomes on the market this week. A buyers market happens at 90 condos/townhomes in any given week. We are so far below the number of homes for sale to make a buyers market there is no relief in sight. Prices are going up. I just listed a condo in Palo Alto. The average price per square foot in this complex least year was $635 so I listed it at $635 a square foot. It sold for $798 a square foot. If you think you can buy something for less than asking don't even both writing an offer. You will probably need to take the market value of the home at the end of 2013 and add 20%.

Marcy Moyer
Keller Williams Realty
CA BRE 01191194
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0 votes
Eric Nelson…, Mortgage Broker Or Lender, Campbell, CA
Tue Jan 28, 2014
There is no question that this is a seller's market, with both low inventory AND low interest rates sellers find this a great time to sell. Also, with school still in session, there will be low inventory until spring time. This means that being patient could be good, but if the inventory remains low you run the risk of asking prices to continue to rise.

Good luck!

Eric Nelson, III
Sr. Mortgage Planner
SVC Funding
CA BRE # 01258488
NMLS # 120412
0 votes
Terri Vellios, Agent, Campbell, CA
Tue Jan 28, 2014
Yes, we are all in a very strong seller's market. Inventory is low, high buyer demand, low interest rates, and prices have continued to increase.
0 votes
John Juarez, Agent, Fremont, CA
Tue Jan 28, 2014
We are and have been in a seller’s market for quite some time. There are lots of buyers, not enough properties for sale and low mortgage interest rates are available.

Of course, you can wait until the market changes.

Where will prices and interest rates be when that happens?
0 votes
Cindy Davis, Agent, San Diego, CA
Tue Jan 28, 2014
Although I can't speak for local conditions, most of California is still in a seller's market. Low inventory has put upward pressure on home prices. If there are relatively few properties available in your neighborhood, chances are it's a seller's market.

Best of luck.
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