January 09, 2008
The numbers are in for December 2007 and the real estate market in San Jose, Santa Clara County, Silicon Valley, and Los Gatos, to name a few areas.
Cliff notes version: prices are holding, or even going up in areas year over year (this last December compared to the one before). But sales are decidedly down. So again, if most homes are NOT selling, it’s not much consolation that values are rising. It’s a mixed message, but that’s precisely what is happening. A great home in a great area with a great price (low) will sell and for “top dollar”. Anything less, no such luck!
If you would like DETAILED information on San Jose (and by district, such as Almaden Valley, Cambrian Park, Evergreen, Willow Glen, West San Jose, etc.) and the cities and towns that comprise Silicon Valley or Santa Clara County, including Los Gatos, Saratoga, Campbell, Santa Clara, Los Altos, etc., please visit my just-updated Real Estate Report. You will find monthly and annual information on all of these areas and more. And if you’d like a commentary on how to make sense of it, please download my newsletter, which is 18 pages long and in pdf format:
Right now it’s quiet for many of us on the real estate front – and that is not untypical though I usually am busier in January than I am now! Things often pick up in February just after the SuperBowl. (At my house, we are cheering on the Patriots – you may know that I’m related to the Q there, so we are perhaps biased, but not too much.)
I would say to buyers: prices are NOT going down in the best parts of Santa Clara County. Interest rates are good. Inventory favors you. BUY NOW. Homes are not going down in price while you wait!
And to sellers I would say this: yes, prices are going up, but still most homes are not selling. If you wait, you risk having much more competition in the marketplace. If you’re ready to sell, get your home on the market NOW.
Each situation is different. Please email or call me for specific input and assistance. I do offer a free one hour consultation to prospective clients.
Happy New Year!