Right now in the Silicon Valley: Sellers vs Buyers
Today we’re presenting a couple articles but they hold the two conflicting
realities of the Silicon Valley Real Estate Market right now. On one hand, if
you’re thinking about Selling your house, or hesitating, the following
information from the LA Times should push you over the fence! If you’re a Buyer,
because the inventory is so minimal you need to sparkle like the brighest
diamond in Tiffany’s!
Home prices in the nation’s largest American cities continued their strong gains in February, new data show.
Home prices in the nation’s largest American cities continued their strong gains in February, new data show.
“The Standard & Poor’s/Case-Shiller home price index of 20 American
cities rose 0.3% over the prior month and was up 9.3% over February 2012. All of
the cities covered by the index have risen year-over-year for two consecutive
months.
“Home prices continue to show solid increases across all 20 cities,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. “Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy.”
Phoenix, San Francisco, Las Vegas and Atlanta were the four cities with the highest year-over-year price increases. With heavy investor interest, Atlanta appears now to have recovered from a wave of foreclosures in 2012, while the Western cities have shown particular strength after crashing hard during the bust. New York, Boston and Chicago saw the smallest year-over-year gains last month.
Phoenix posted particularly strong gains, up 23% over the year. That metro region has emerged as the epicenter of the recovery.
California metro areas also gained over the year. The San Diego area was up 10.2%, San Francisco 18.9% and Los Angeles 14.1%.”
Read the story here!
HOW TO BE THE MOST ATTRACTIVE HOME BUYER
As home prices continue to recover and interest rates remain at near-record lows, many houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the CALIFORNIA ASSOCIATION OF REALTORS®’ most-recent housing report, the median number of days it took to sell a single-family home decreased to 29.4 days in March.
Making sense of the story
“Home prices continue to show solid increases across all 20 cities,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. “Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy.”
Phoenix, San Francisco, Las Vegas and Atlanta were the four cities with the highest year-over-year price increases. With heavy investor interest, Atlanta appears now to have recovered from a wave of foreclosures in 2012, while the Western cities have shown particular strength after crashing hard during the bust. New York, Boston and Chicago saw the smallest year-over-year gains last month.
Phoenix posted particularly strong gains, up 23% over the year. That metro region has emerged as the epicenter of the recovery.
California metro areas also gained over the year. The San Diego area was up 10.2%, San Francisco 18.9% and Los Angeles 14.1%.”
Read the story here!
HOW TO BE THE MOST ATTRACTIVE HOME BUYER
As home prices continue to recover and interest rates remain at near-record lows, many houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the CALIFORNIA ASSOCIATION OF REALTORS®’ most-recent housing report, the median number of days it took to sell a single-family home decreased to 29.4 days in March.
Making sense of the story
- Since markets are moving fast, housing experts recommend buyers have their loan pre-approved and their down payment ready before starting their search. With low inventory and demand high, buyers need to know their parameters.
- Multiple offers are become the norm, so buyers need to be ready to compete and do their homework to seal the deal. The longer the negotiations, the bigger the chance a buyer could lose out to someone else who made a better offer.
- Buyers also must be reasonable without being difficult because until an offer is signed, sealed, and delivered, other buyers can make offers on the property.
- Even though it’s a competitive market, buyers should maintain their budget and not pay more for a house than it’s worth. Experts also warn that buyers shouldn’t cut corners like skipping the home inspection.
- To be an attractive home buyer, consumers should plan ahead by checking their credit for accuracy and avoiding making any big purchases or taking on any big debt while house hunting.
- Buyers who spot a good deal on a house shouldn’t wait days to make an offer. Since time isn’t on the buyer’s side, learning how to spot a great deal by researching an area’s home prices is pertinent.
- In this market, cash is king. The more cash a buyer has, the more appealing they are as a buyer. Putting down 20 percent or more also makes a buyer look more financially stable and gives sellers comfort that they’ll qualify for a mortgage.
This blog is courtesy of The Dawn Thomas Team who is an
award-winning Real Estate Agent team at Intero Real Estate Services in Los Altos
650-701-7822. We help nice people with selling and buying homes from Palo Alto
to West San Jose!
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