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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
Silicon Valley
:
San Jose, Los Gatos,
Saratoga, Campbell,
Almaden Valley,
Cambrian Park and
Santa Clara County

Real Estate Search

Selling Your Silicon Valley Home? Don’t Cut Corners: It Will Cost You!

October 28th, 2014

A while back, I showed a newer home in San Jose’s Cambrian area to some great first time home buyer clients of mine.  The house has a nice location and fine floor plan.  Some elements of the home were really appealing. But unfortunately, the sellers hadn’t made their home “show ready“.  They cut corners.

As we walked through the property, my clients and I noted places where there was neglect.  The items were generally not big, but unfortunately there were many of them.  Had the owners brought in a painter to do minor cosmetic changes (patch and paint), the home could have looked “like new”.  Instead, it was as if the home were full of red flags. Talk about making a bad impression!

My buyers asked me what I thought, if what we saw would scare me off.  No, I told them, they all seemed relatively minor to me,  but I did understand their concern.  One of them explained that “if we see things like this, we believe that the sellers have not taken good care of their home; what else is wrong that we cannot yet see?”

Confident buyers write offers and tend to write good offers.  Nervous buyers who are concerned that there are hidden defects (and therefore hidden costs) either don’t write contracts at all or they write lower offers.
Read the rest of this entry »

Willow Glen real estate market – San Jose 95125

October 27th, 2014

Willow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby.  For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient.  Values are up very substantially over last year, but down slightly from last month – not entirely atypical for the fall.

Click for the complete Willow Glen real estate report with all of the numbers, stats and trends from the closed sales of houses for last month.  Further down in this article you’ll find the Altos Research charts as well.

September Market Statistics

Year-Over-Year

  • Median home prices increased by 15.9% year-over-year to $857,500 from $740,000.
  • The average home sales price rose by 21.0% year-over-year to $1,108,960 from $916,356.
  • Home sales fell by 21.9% year-over-year to 889 from 1,139.
  • Total inventory* fell 39% year-over-year to 1,978 from 3,244.
  • Sales price vs. list price ratio rose by 0.7% year-over-year to 103.5% from 102.8%.
  • The average days on market rose by 8.0% year-over-year to 27 from 25.

Compared To Last Month

  • Median home prices slipped by 1.4% to $857,500 from $870,000.
  • The average home sales price fell by 3.9% to $1,108,960 from $1,154,130.
  • Home sales Down by 2.3% to 889 from 910.
  • Total inventory* increased 0.4% to 1,978 from 1,971.
  • Sales price vs. list price ratio increased by 0.3% to 103.5% from 103.2%.
  • The average days on market increased by 6.5% to 27 from 26.

The Willow Glen Condo market

And next, of Willow Glen condos:

Read the rest of this entry »

3rd Quarter 2014 Santa Clara County real estate market by elementary school district

October 26th, 2014

Market Report SCC 2014 Q3

Please continue reading to view the real estate trend charts for the various areas & elementary school districts across Santa Clara County (San Jose, Los Gatos, Cupertino, Milpitas, Campbell, Saratoga, Santa Clara, Sunnyvale, Monte Sereno, Morgan Hill, Los Altos, etc.)

Read the rest of this entry »

Campbell Real Estate Market

October 25th, 2014

How is the Campbell real estate market?How is the Campbell real estate market? The numbers are up  from  last year and up modestly from the month before . Days on market are shrinking, indicating a deepening sellers’ market.

Further down in this article, we’ll utilize the graphs from Altos Research, which uses list prices, and check out the trends in pricing by  quartile in this zip code (meaning 4 groups based on the pricing tier from least to most expensive).  Campbell condominiums and townhomes will be considered as well. And finally, a list of homes for sale in Campbell will be found at the bottom of the post.

First, here are some quick stats, care of my RE Report for Campbell:

SEP 2014 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price +3.1% $948,500 $920,000 +20.5% $787,000
Average Sales Price +3.2% $1,004,730 $973,929 +25.8% $798,669
No. of Homes Sold +29.4% 22 17 -21.4% 28
Pending Properties +30.8% 17 13 -52.8% 36
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 -100.0% 1
Active Listings -4.5% 21 22 -43.2% 37
Active Foreclosures N/A 0 0 N/A 0
Active Short Sales N/A 0 0 -100.0% 1
Sales Price vs. List Price +0.7% 106.0% 105.3% +1.9% 104.0%
Average Days on Market -26.6% 15 21 -41.3% 26

Year-Over-Year

  • Median home prices increased by 15.9% year-over-year to $857,500 from $740,000.
  • The average home sales price rose by 21.0% year-over-year to $1,108,960 from $916,356.
  • Home sales fell by 21.9% year-over-year to 889 from 1,139.
  • Active listings fell 39% year-over-year to 1,978 from 3,244.
  • Sales price vs. list price ratio rose by 0.7% year-over-year to 103.5% from 102.8%.
  • The average days on market rose by 8.0% year-over-year to 27 from 25.

Compared To Last Month

  • Median home prices slipped by 1.4% to $857,500 from $870,000.
  • The average home sales price fell by 3.9% to $1,108,960 from $1,154,130.
  • Home sales Down by 2.3% to 889 from 910.
  • Active listings increased 0.4% to 1,978 from 1,971.
  • Sales price vs. list price ratio increased by 0.3% to 103.5% from 103.2%.
  • The average days on market increased by 6.5% to 27 from 26.

What about the Campbell CA condo market?

Read the rest of this entry »

Homes in San Jose are taking a little longer to sell

October 24th, 2014

Realtors are starting to ask one another, “Are you seeing a change in the market?” We are somehow surprised, even though we know that it’s seasonally normal for homes to take a bit longer to sell in the second half of the year. Today I want for us to take a quick look at the seasonal patterns which tend to be present for houses selling in the city of San Jose over the course of a year. Please note that the pattern can be similar – but the depth or severity of the pattern can vary quite dramatically year to year, or between one location or price point and another.

Using the Altos Charts (I have a subscription), here’s a view of 4 pricing tiers within San Jose residential real estate which is for sale – not sold – right now.  Have a look:

San Jose Days on Market of homes for sale by price quartile

 

In 3/4 of the market, the pattern is very similar.  In the lowest price range, the same pattern is present but it’s a milder dip and rise that we see in the second half of the year.  For most of the market, though, the days on market dropped from February or March until about July 1st, at which point we saw a trend reversal – except for the least expensive houses, which held out awhile longer, but were never selling as fast as the others, even so.

Is this year similar to most years?  Let’s look back a little further.  Below, please find the same type of information but with all price quartiles combined (it’s too busy to tease them out) for the last 3 years. Read the rest of this entry »

Is the Silicon Valley real estate market cooling down?

October 22nd, 2014

Over the last few days, Realtors from around Silicon Valley keep asking me, “Do you see a change in the market?”  I’ve heard it several times.  The answer is yes.  But then again, it’s late October.  This is seasonally normal!

We have become so used to the hyper inflated market of the last 2 years that the smallest moderation of that market seems to make people nervous.  But what is seasonally typical?  Usually we see a big runup in the first half of the year, followed by either a leveling off or even a lowering of values in the late part of the year.  That’s the pattern that we see most often.

Realtors like to say that you can buy or sell any time of the year in the San Jose area – and it’s true.  We don’t have the weather that they have in places like Buffalo to keep us indoors for 1/3 of the year!  Even so, spring is hotter than fall.  There are advantages to selling late in the year to be sure: for one, usually there’s less inventory (competition) so the odds of selling and closing are better. But in terms of pricing, spring is usually king.

Just not always.

Back to now: real estate agents in the San Jose area and the Peninsula are reporting smaller numbers of offers on properties and lower overbids.  Homes selling over list price are still the norm in many areas, but where there used to be 10% overbids, perhaps there are 5% overbids.   This is the general trend.

In some areas, and some price points, we continue to see enormous overbids in the 10% region, even while the area generally is averaging smaller ratios.  The homes most likely to outperform the market are those which are super clean, remodeled, worry free, and on the lower end of pricing for the best schools or commute location.  While everything else shows cooling, these homes do not. At least not yet.

Can you change your purchase offer after it’s signed?

October 21st, 2014

Can you change your offerWith multiple offer situations in Silicon Valley real estate bids, sometimes buyers write an offer and later decide that it’s too much or too little, or that some other change is warranted.

Can you change your offer after it’s written, or is it a “done deal” once you’ve signed it?

The good news is that you can change your offer.  Many buyers do, either because they changed their mind or strategy, or because they just got new information.

Recently some of my buyers were bidding on a San Jose home.  As I asked the listing agent more questions and we got a little more information from that agent on the numbers of offers being received, my clients wanted to improve their offer.  We redid page 1 of the contract, which is where all the financial basics are listed. Their improved offer went to the listing agent and it was seamless.

At other times, even after the offer is submitted, I have had buyers ask to improve their offer.  The pages of the contract which were involved in the change were redone, signed and resubmitted.  This is a bit like going through the counter offer process yourself. Read the rest of this entry »