Thinking about selling 2 bed 1bath SFH in 94085

Asked by Sunnyvaleresident, Sunnyvale, CA Fri Aug 22, 2008

Curious to get the pros' input on the 24 month outlook on 94085 homes. We're on the fence about selling our 2 & 1 SFH (remodeled bath/kitchen high-end ~1000 sq ft & 4,500 sq ft lot) and upgrading to 94086 or 94087 to a 3 & 2 . No pressure to sell currently, but also seeing the price delta between zips 85 and 86/87 growing aggressively. Seems like the foreclosures are definitely dampening our area. Could still sell at a profit today but wondering if it's better to wait for our area to rebound so we can reclaim some equity.

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Robert Lei, Agent, Cupertino, CA
Mon Apr 16, 2012
In general, a good time to trade UP is when prices are DOWN because:
1. The delta between the price you sell your old home and the price of the more expensive home you hope to buy is at a low point in terms of absolute dolars if both homes are down by similar percentage.
2. Capital gains on the property you SELL is low.
3. You establish a lower property tax assessment baseline on the property you BUY.
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Grace Keng, Agent, Santa Clara, CA
Wed Aug 25, 2010

Are qualify a larger loan now? To move up to a higher priced home you may have to carry higher loan.

The interest rate currently is 40 years low now you can use the same salary to qualify a higher mortgage amount.Now may not be the best time to sell as 2005 the same rule goes with buying also.

Grace Keng
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Amir Shahkar…, Agent, Cupertino, CA
Tue Aug 26, 2008
The only seller's that are selling in 94085 zip code are the sellers that have the best home at the lowest price.
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David Blockh…, Agent, Los Altos, CA
Mon Aug 25, 2008
Sell now and buy at your leisure. Prices in the 94085 zip code have and will continue to have a downward trend due to the negative effect that short sale/reo/foreclosures are (and will continue to) have on your neighborhood. I think it will take much longer than 24 months for the market in 94085 to be higher than it is today. In fact, I think it will go down for another year or so, flatten out and then start a slow increase. I would get out now or look at waiting several years for the market to change. Also, another downside to waiting is the home you wish to "trade-up" to will be more expensive, making your true purchasing power less than it is today.
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Ali Moein, Agent, Saratoga, CA
Fri Aug 22, 2008
Dear Sunnyvale Resident,
You're asking a very interesting question. Right now the price per sf for 94085 for homes similar to yours is ~$465. The same in 94087 is ~$707. 94087 is almost 50% more expensive than 94085. This difference will most likely increase in the future. So the sooner you make your move the better. At the same time you're right about not getting the max out of your home if you were to sell now. The ideal scenario for you would be if you can afford to purchase a home in the 94087 zip code without selling your current home, keep your home, rent it, for just about two years then sell it.
Hope this helps,
Ali Moein
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Ulli Rieckma…, Agent, Los Altos, CA
Fri Aug 22, 2008
Waiting for your area to rebound means that the other areas are also rebounding as well. If you can sell now with a profit why not do it. At least at these prices you can buy into a 'better' zip code. Who knows what will happen next year. By then prices in neighboring areas might have gone up to being not affordable anymore. At the same time interest is still fairly low. We do not know where it will be next year and if it goes up you might not have the income to pay for the higher interest or the buyers that could buy your home now might not qualify later at higher interest rates.

Take care.

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