Home prices and school admission season

Asked by Priyanka Sharma, Sunnyvale, CA Sun May 22, 2011

I am looking to buy a home in Cupertino. I heard home price softens after school admission season. Is it true and if yes how much % ?

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8
Ron Thomas, Agent, Fresno, CA
Thu Aug 11, 2011
By asking for a %, you are assuming that every Seller used exactly the same rationalle in determining their LISTING PRICE:

Some Sellers like to use the theory that they can Price it HIGH and people will make an offer anyway: WRONG!
Other's will Price LOW and try to attract Multiple Offers, CORRECT!

The majority will be somewhere in the middle.

In addition, I don't believe that it so much of a PRICING issue and it is an URGENCY to find a house; so movement is increased.
Whether a particular house would have sold for less in September, is a matter for conjecture.
0 votes
Andy, , California
Thu Aug 11, 2011
The % depends on the nervousness and affordability.

Andy
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Erica Glessi…, Agent, San Jose, CA
Fri Jun 24, 2011
School admission in Cupertino is in January, in case you were wondering if it were August! School starts in August, but if you don't get a "packet" at the end of January you will have challenges getting into your neighborhood school.

October to Christmas would be the "least hungry" time where families with children in school are not looking to move during that time of year. However, people with children going into kindergarten in 2012-2013 (enrollment packet can be picked up in January) should actually be looking right during that time!

I don't think I am being much help. What you may want to do is put yourself on an alert for homes on the market and begin to know the market yourself. Also expand your search to all of the cities in the district (#455 for realtor searches) instead of just the city of Cupertino. Areas of 95051, 94087 and 95129 feed to Cupertino schools.

Good luck!

Erica Nelson
Education Specialist
http://www.EricaNelsonEstates.com
408-416-7090
0 votes
Michelle Car…, Agent, Coppertino, AL
Tue May 24, 2011
While the information below is good, you need to assess for yourself the following:

1) Do YOU need to buy a home for this fall (coming school year) registration?
2) What is the cost of money doing during this same time frame? (e.g. if rates increase .75% and prices go down 5%, does it end up the same amount out of pocket)
3) Do you prefer more home choices?

We tend to see the most home choices now through August. More choices help spread the competition around, so not every family will bid on the exact same homes. However, a low-priced home will still always draw multiple offers, and may end up with a higher price than a similar home.
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Tina Lam, Agent, San Jose, CA
Sun May 22, 2011
It's the typical seasonal adjustment. Home prices typically picks from beginning of the year through spring / early summer and gradually softens through the rest of the year. the inventory follows the same trend too. Home sellers start to get their houses ready after new year and put it on the market in spring. After the summer, not many new listings will come to the market and the market will slowly burn of what's left. If you are a deal seeker, you usually get the best deal right around Thanksgiving. But usually the pickings are slim and you have to compromise on your house features requirement to get the bargain.

Cupertino is more stable than other South Bay market because there is sustained demand through the year. Still last you the median price of SFR peaked at $1.225M in June and then dropped all way to $1.074M in Nov. There's a still a 13% drop. I have 2 reports that I can send to you. Drop me an email if you are interested.
Web Reference:  http://www.archershomes.com/
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Monica Goyal…, , Cupertino, CA
Sun May 22, 2011
Hello Priyanka,

Typically there is softening of activity after schools start, mainly because both sellers and buyers have made their choices and are not looking to uproot their kids in the middle of the school term. While there is some change in prices, there is also less inventory on the market, reducing your options.

A good way to gauge it is to review comapratives and analysis for different time periods. Even if you want to purchase a few months down the road, this would be good time to get started. It will take you some time to understand the market, see what is available and solidify your preferences in a home. I have lived in Cupertino for the past 10 years, and work in Cupertino. My kids attend our fabulous schools, and I can assure you that (given the swings in the market) this was the best investment we made.

Give me a call or send me an email, I will be happy to provide you further information and help you find best value.

Best Regards,
Monica Sharma Goyal
Ph: 408-476-0675
DRE #01781926
0 votes
Thomas McEvoy, Agent, Cupertino, CA
Sun May 22, 2011
Hello Priyanka,
There are two primary times of the year that give a seller more of an advantage. The first is from just after Super Bowl Sunday (don't laugh) up until the Memorial Day weekend which is coming up soon. The second occurs starting after Labor Day and continues until mid-November before the holiday season sets in. Homes are sold every month but the period starting after Memorial Day weekend and into the summer give a buyer a bit more of an advantage as well as during the holiday season up until very early in the year. Its hard to estimate a price decrease because oftentimes it may be that prices are stable during this period after increasing in the primary selling season beforehand. If you mean by "school admission season" is after school lets out then you're in the midst of summer when most buyers are doing something other than buying a home (e.g., graduations, weddings, vacations, etc.). As you know, buying a home is a choice not a requirement. Because of this aspect, this period affords the buyer a bit more inventory of available homes with a bit less demand from other buyers.

I analyze the current supply and demand aspects in the particular neighborhood that the buyers are looking to enable me to provide my buyers the best advice and strategy for a purchase without overpaying.

To life's best,
Tom McEvoy, MBA
Realtor/Broker Associate/Seniors Real Estate Specialist
DRE #01275853
0 votes
April Tavares, Agent, Campbell, CA
Sun May 22, 2011
Cupertino pricing is pretty stable if you are hoping to purchase a property within the Cupertino School District. Take a look at the attached link which feeds directly from our local MLS. My site will help you see pricing trends in Cupertino as well as other Santa Clara County city and towns.

http://april.rereport.com/market_reports

All the best,
April Tavares, GRI, ASP
REALTOR, DRE License #01742179
Web Reference:  http://www.AprilTavares.com
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