san jose

Buy a home - school desk photo as there's much to learn!The idea of buying a home, especially a first one, is both exhilarating and overwhelming. Where do you begin if you want to buy a home in 2018?  If you want to purchase real estate in Silicon Valley before the year is over, you’ll need to get a number of things in order, including hiring professionals to help you.

Purchasing now, in this multiple offer market requires strong credit, a healthy down payment with set aside for reserves and improvements after closing, time and energy,  and no small amount of courage. Looking halfheartedly means you will see properties, but not buy.  After the down payment, probably the most important element you’ll need to have is commitment, and further, you’ll need a strong team of professionals to assist you. Let’s talk about a solid home buying strategy. Continue reading

Almaden Valley homes for sale and real estate market conditionsThe Almaden Valley real estate market is still in a stable sellers market.  Appreciation is leveling off as we settle into the summer pattern of a bit more inventory and a little less buyer interest.

The Almaden Valley market is still a strong seller’s market, but it did have a little dip in May before coming back a bit in June. Things are a bit softer than a few months ago as there are less offers, but pricing remains pretty high.

Please find the current statistics for single family homes (houses & duet homes) from my Almaden Valley real estate report (click on link for more info).

Almaden Valley San Jose 95120 Real Estate Statistics At A Glance

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,750,000 (+2.6%) $1,706,000 $1,497,650 (+16.8%)
Average Price $1,911,940 (+10.5%) $1,730,910 $1,690,230 (+13.1%)
No. of Sales 39 (-11.4%) 44 42 (-7.1%)
Pending 31 (-13.9%) 36 33 (-6.1%)
Active 25 (+4.2%) 24 24 (+4.2%)
Sale vs. List Price 104.5% (-2.4%) 107.1% 100.9% (+3.7%)
Days on Market 16 (+36.2%) 12 20 (-20.5%)
Days of Inventory 19 (+13.6%) 16 17 (+12.2%)

 

And from last month:

 

Trends At a Glance May 2018 Previous Month Year-over-Year
Median Price $1,706,000 (+1.1%) $1,687,500 $1,396,650 (+22.1%)
Average Price $1,730,910 (-1.6%) $1,759,870 $1,440,010 (+20.2%)
No. of Sales 44 (+22.2%) 36 38 (+15.8%)
Pending 36 (+9.1%) 33 43 (-16.3%)
Active 24 (-31.4%) 35 21 (+14.3%)
Sale vs. List Price 107.1% (-0.1%) 107.3% 104.7% (+2.4%)
Days on Market 12 (+15.4%) 10 12 (-3.0%)
Days of Inventory 16 (-42.0%) 28 17 (-1.3%)

 

The data shows a strong sellers market remaining fairly consistent despite lower inventory over the winter. The best homes will see multiple offers, a response to low inventory and high demand.

Altos Research charts for houses in Almaden (San Jose 95120)

Please note that Altos Research uses list prices of Almaden Valley homes for sale, not sold prices.

An overview:

90-day stats for Single Family properties in
SAN JOSE, CA 95120 as of July 20, 2018
Median List Price:$1,741,282Average List Price:$2,037,323
Total Inventory:29Price per Square Foot:$692
Average Home Size:2,604Median Lot Size:9,601
Average # Beds:4.18Average # Baths:3.49
Homes Absorbed:10Newly Listed:10
Days on Market:27Average Age:38

Real Estate Market Chart by Altos Research www.altosresearch.com

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Bel Estos Drive near Carlton and Rosswood in San Jose's Cambrian areaMy Cambrian area of San Jose Real Estate Report was recently published with the updated numbers from the closed sales last month for this part of San Jose (95124 and 95118 with a little of 95008 too). Please click on the link above to see much more information there.

Want to learn more about Cambrian Park real estate, the Cambrian district, Cambrian neighborhoods, school districts and zip codes? Please also see this article: Cambrian Park: Good Schools, Low Crime, Close to Los Gatos and Campbell. Cambrian neighborhoods can be located at the menu bar: Neighborhoods –> San Jose (all areas) –> Cambrian Park (SJ).

Be sure to read to the end to see the live Altos charts too – they are near the end of the article so please keep reading into the next page!

Trends at a Glance

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,312,500 (-6.0%) $1,396,000 $1,101,000 (+19.2%)
Average Price $1,385,810 (-2.8%) $1,425,020 $1,117,310 (+24.0%)
No. of Sales 58 (-19.4%) 72 64 (-9.4%)
Pending 52 (-3.7%) 54 72 (-27.8%)
Active 49 (0.0%) 49 40 (+22.5%)
Sale vs. List Price 111.2% (-2.0%) 113.4% 108.5% (+2.5%)
Days on Market 12 (+16.3%) 10 12 (+2.8%)
Days of Inventory 25 (+20.0%) 20 18 (+35.2%)

And the chart from last month:

 

Trends At a Glance May 2018 Previous Month Year-over-Year
Median Price $1,396,000 (-2.4%) $1,430,000 $1,100,000 (+26.9%)
Average Price $1,425,020 (-2.1%) $1,456,070 $1,103,120 (+29.2%)
No. of Sales 72 (+10.8%) 65 57 (+26.3%)
Pending 54 (-3.6%) 56 56 (-3.6%)
Active 49 (+44.1%) 34 31 (+58.1%)
Sale vs. List Price 113.4% (-2.1%) 115.9% 105.8% (+7.2%)
Days on Market 10 (+13.4%) 9 13 (-21.7%)
Days of Inventory 20 (+34.6%) 15 16 (+25.1%)

And the chart from last month:

Generally speaking it is still a hot seller’s market and great time to sell a Cambrian home.

 Please see the whole Cambrian Real Estate Report for charts, stats and more.
Other related Cambrian district resources:
Learn about the Cambrian months of inventory, or absorption rate, by elementary school district.

The condo and townhouse real estate market for San Jose 95124 & 95118

Willow Glen real estate market is a strong seller's market. This Willow Glen sign is from the downtown business district.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.

The real estate market in Willow Glen is leveling off or flattening, just like the most of the valley. My sense is that this is a seasonal fluctuation. Last year, the housing market did not follow the regular pattern – but this year, perhaps we are settling back into exactly that.

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.

Willow Glen Market Trends

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,464,500 (-8.9%) $1,607,500 $1,300,000 (+12.7%)
Average Price $1,565,640 (-10.5%) $1,749,340 $1,359,430 (+15.2%)
No. of Sales 54 (-18.2%) 66 85 (-36.5%)
Pending 46 (-16.4%) 55 50 (-8.0%)
Active 57 (+7.5%) 53 37 (+54.1%)
Sale vs. List Price 105.0% (-4.7%) 110.2% 105.1% (-0.1%)
Days on Market 14 (+14.7%) 13 16 (-7.9%)
Days of Inventory 31 (+27.1%) 24 13 (+142.5%)

 

And last month:

Trends At a Glance May 2018 Previous Month Year-over-Year
Median Price $1,607,500 (-2.6%) $1,650,000 $1,310,000 (+22.7%)
Average Price $1,749,340 (-0.9%) $1,765,470 $1,412,440 (+23.9%)
No. of Sales 66 (+4.8%) 63 79 (-16.5%)
Pending 55 (-1.8%) 56 70 (-21.4%)
Active 53 (+47.2%) 36 51 (+3.9%)
Sale vs. List Price 110.2% (+0.7%) 109.4% 103.9% (+6.0%)
Days on Market 13 (-17.0%) 15 17 (-25.7%)
Days of Inventory 24 (+45.4%) 17 19 (+24.4%)

 

And next, of Willow Glen condos:

Continue reading

The real estate market in the San Jose area is softening just slightly. Today we’ll consider townhomes in one particular zip code, in west San Jose 95117, to see how this shakes out.

Because real estate market dynamics are largely about supply and demand, a good place to begin is by seeing the supply. Here, in the image below, see the inventory of available townhouses or townhomes for sale in 95117. Some statisticians including sale pending status, but I don’t think that is wise since nearly all of the pending  sales do go to closing. Here, I’ve only included properties for sale without any kind of agreed upon contract between buyer and seller.

As of earlier today, there were exactly 3 properties identified as townhouses listed as available in the MLS.   What makes this a little tricky is that “townhouse” is an architectural style, and “condominium” is a type of ownership. That could be the topic of a lengthy article all by itself, but some townhomes are held in condo ownership and some are not. Hence, some will be classified by the listing agents as condos and some not.  (And, to murk things up even more, there are attached and detached single families homes that are also held in condo ownership – making them both houses or attached houses and condos!)

Be that as it may, as of this morning, there were three townhouses for sale in San Jose 95117. The average of the first 6 months of the year is 2.17, so yes, it’s a bit more, but nothing that I’d lose sleep over. Have a look:

San Jose 95117 inventory of townhomes for sale

 

Naturally, we need to see a few real estate market indicators to have a sense of what’s going on. Another good measuring stick is the average days on market, or days to sell. Here, it may be a bit more clear that the market has softened just a bit for townhomes in 95117, as the days to sell has moved to 12 from 8, which is a 50% increase. It’s also clear when viewing the same month, June, in recent years, that this is a tad higher. Alarming? Not at all. Getting a home sold in under 2 weeks would be break-neck speed anywhere else in the country. But – it could be the beginning of a trend. We’ll have to watch it to know for sure.

 

Average Days on Market 95117 TH

 

And, finally, the sale price to list price ratio. Here, again, it’s very plain to see that the sale price to list price ratio is lower than earlier in 2018. And at the same time, we need to appreciate that at 117.9%, it’s significantly higher than any other June since 2012 (and likely a lot longer back). Now, take a look at the other “Junes” and the months before it in various years. Most of the time, that number is lower. This suggests a seasonal trend.

 

Sale price to list price ratio 95117

With the inventory and days to sell or days on market, I don’t think it’s as clear that there is a pattern which we might attribute as seasonal. With this last one, though, it seems pretty consistent, suggesting that we should almost expect it to happen. Of course, I only went back to 2012 here, but I would say that in my experience, a little pullback from buyers at about this time of year is pretty normal – at least most years.

 

Related Reading:

San Jose is the hottest real estate market in 2018

Happy Valley neighborhood, Country Lane neighborhood – west San Jose

The Cambrian Park Real Estate Market Update

California Ridge townhouses in Almaden

When it’s a hot seller’s market, like it is right now in Silicon Valley, it is challenging to be a home buyer.  That means it’s also hard to be a buyer’s agent, since it may require writing many, many offers (and a lot of time and energy) before the clients get into contract.  Since Realtors are usually only paid when a property closes, that means it’s not too hard to go broke if a real estate professional focuses a lot of time with buyers.   In other words, in a market like this, most agents would prefer to work with sellers rather than buyers, because it’s more likely that they’ll make a living.

Home buyers Realtors look for these traitsWhat can you do to increase the odds of finding a great Realtor who will take you seriously, work with you and for you, and give it a good effort even if it’s an uphill battle?  First, let’s understand what a real estate licensee is looking for a client – at least in most cases.  Usually, the savvy agent doesn’t want to waste time with people who are not serious, not ready, or who will not be loyal.  The smart Realtor knows that without these three things, it’s unlikely that they will be able to sell that person a home, or at least not in a reasonable period of time.

Serious home buyers:

Only about half of all home buyers will likely buy in the year they think they might, so it’s important for real estate professionals to try to make sure that they don’t spend months on someone only to have him or her remain permanent renters.  The agent must qualify the client to make sure it’s worth the risk of spending time with him or her.

Clues that the buyer isn’t serious include these:

(1) Comments like “I may have to look at homes for a year or two” or “I may need to write a hundred offers to get the right deal” or “I’m in no rush” indicate that this isn’t a big priority for the buyer (so maybe it shouldn’t be for the agent, either). This buyer is able, ready and probably also loyal – but not serious.  Some, though, will clarify with a time frame and this is a game changer. “My lease is up in July, so ideally, I’d like to get into contract in March, close in April and move in May.  But if I find the right house sooner, I’ll buy sooner.”  That works!

(2) If there are two decision makers, having only one do most of the house hunting and the other showing up at distant intervals often indicates that it’s a priority for one but not both.  Sometimes that’s not the case, but it is a red flag.  Both need to be serious. Continue reading

Like most of Santa Clara County, the wild appreciation of the last 5 to 6 years in Blossom Valley seems to now be slowing, and maybe flattening.  It is possible that we have hit the “peak of the market”, but it’s also possible that this is simply a seasonal pattern. Often in late spring to early summer, we see inventory levels rise while buyers pull back. This can cause home sale prices to quite appreciating, and in some years, prices decline just a little bit. In 2017, it seemed that the normal patterns simply broke, as late in the year – November and December – buying was at a feverish pitch normally reserved for March.

About Blossom Valley

The Blossom Valley area of San Jose is on the south end of the city and covers the 95123 and 95136 zip codes. For our MLS, it’s “area 12.” A more affordable section of Silicon Valley, Blossom Valley has much to offer in addition to more reasonable housing prices. Many areas enjoy views of the Santa Teresa Foothills or the Communications Hill knolls or even the coastal foothills in the distance, as with the photo below. One corner of it sits alongside beautiful Almaden Lake, too. One corner is located at the crossroads of Highways 85 and 87, making it an easy commute destination for those working in downtown San Jose. And there’s an abundance of shopping opportunities.

Blossom Valley from the Church on the Hill

Much more could be written, but let’s now instead turn to the real estate market there.

First, “live,” automatically updating Altos Charts for San Jose 95123 and 95136 and single family homes (houses and duet homes). These use list prices, not sales prices.

The median list price of both 95123 and 95136, all prices, single family homes (houses and duet homes, if there are any).

Real Estate Market Chart by Altos Research www.altosresearch.com

Next, the median list price for just the San Jose 95123 area of Blossom Valley, and separated by price quartile:

Real Estate Market Chart by Altos Research www.altosresearch.com

And next, the median list price of just San Jose 95136 by price quartile:

Continue reading

multipleoffers3 300x170 - Why do you keep losing out on multiple offers?

Multiple Offers

You may have heard that the Silicon Valley real estate market is slightly softer now than it was a a few months ago.  That’s true – at least for most of Santa Clara and San Mateo Counties and nearby. In many cases there are now half as many offers as there were in February, March, or April. But it’s still a hot seller’s market, and that means that often there are multiple offers, overbids, and sales with no contingencies.

For my last few listings – which have been in San Jose, Saratoga, Los Gatos, the Cambrian area of San Jose and the Campbell area of San Jose – there’s been a consistent “spread” of offers.   If there were 6 offers, it might look like this:

  1. Best offer frequently the highest price and best terms. It is 10-20% over list price, 25-30% down at least, and has no contingencies for inspection, loan, and most of all, appraisal (the percentage over has to do with whether the home was priced spot on the value or strategically under).  These offers come with all disclosures signed, and the buyer’s agent has even done her or his Agent Visual Inspection Disclosure.  They include the proof of funds and usually also write a nice letter to the sellers about why they want to purchase that home.
  2. The best offer is also someone who’s been SURE that he or she or they wanted the home from the very beginning and looks ROCK SOLID. NO WAVERING, not a “last minute” offer. Any hesitation on your side will cause the seller to not feel good about your odds of closing the sale. Be consistently interested if you want the sale. A shaky looking buyer may not include their proof of funds.  Perhaps they would not sign the disclosures yet or otherwise submit an incomplete package.  They don’t come across as certain about buying this property and need a few days to see the property again, or show it to their parents, or otherwise confirm the decision to buy. Their agent is not so thorough. If the TDS is not fully signed off, is the buyers’ agent trying to sneak a 3 day right of cancellation into the contract? The best buyer’s offer doesn’t look shaky – it looks dead set on buying the home and has done everything possible to convince the seller of their conviction.
  3. The second best or next runner up is usually strong on terms (at least 25% down, few or no contingencies) but perhaps made an offer price a little under the top value.  Sometimes the next runner up has a good price and mostly good terms, but something is not quite as solid.  If the offers are tied but one buyer has no contingencies and the other has any, that will be the tie-breaker.
  4. Middle of the pack is usually a combination of a price where the home should appraise, a solid down payment, and few or no contingencies. It may be a price that seems “reasonable”. Buyers may feel that it is “a fair offer” or a win-win. Often the fair offers aren’t good enough to take the prize in multiple offers. If you can project what most buyers think a home will be worth, maybe you might want to consider getting ahead of that pack and seeing where the pricing trajectory will take you.
  5. Bottom offers are under, at, or barely over list price, and include an appraisal contingency as well as others (one for loan or one for property condition). If there’s a rent back, they want their PITI covered.

If you’ve been writing offers and not succeeding, try to see your own pattern in this spread.  Is there one thing, or perhaps are there two or more things, you’re just not ready to do?

Why it is so hard

Continue reading

VintageHomeTour2018 - Historic Naglee Park Home Tour in San Jose

The historic Naglee Park Home Tour in San Jose will take place on Saturday April 21, 2018 from 10am to 4pm. Sponsored by the San Jose Woman’s Club, this is the seventh year of the annual tour. This year, proceeds go towards the renovation of the Women’s Club 1929 Spanish Revival Clubhouse.

Tours include access to seven homes along two adjacent blocks in Naglee Park, and shows off both their lovely living quarters and gardens. Visitors have the option of pre-ordering a lunch box, and wine and refreshments will be available at the Refreshment Garden. The tour also features a lecture and open-air market.

The SJWC does not have any information on their website as of yet, however the Eventbrite page, where you can purchase tickets, has details, as does the Facebook Event Page.

For tickets and information: https://www.eventbrite.com/e/sjwc-naglee-park-vintage-home-tour-tickets-42695715033

 

Historic Naglee Park Home Tour in San Jose was on the same date, April 21, back in 2012 for the 3rd annual tour.

Historic Naglee Park Home Tour in San Jose was on the same date, April 21, back in 2012 for the 3rd annual tour.

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

 

The Los Alamitos Creek Trail runs alongside a few Almaden Valley neighborhoods, including Shadowbrook and Woodside of Almaden - photo by Jim Handy December 2017

Thinking of moving to the much beloved Almaden Valley area of San Jose? Almaden Valley neighborhoods vary in size, schools, and area amenities from one to the next, so reading up on the smaller communities that make up this scenic district will help you to locate just the right area for you!

Why Almaden Valley neighborhoods?

For many home buyers, the choice to move to an Almaden Valley neighborhood is largely about the quality of the public schools and the amount of home that can be purchased relative to other areas with good schools such as Cupertino, Saratoga, and Los Gatos. Some may want Leland, others Pioneer, Leigh, or Los Gatos High (a tiny sliver of San Jose 95120 is in the LGHS attendance area).

For others, it may be about the commute, which is not too bad to downtown San Jose.

Almaden is slightly younger than many parts of San Jose, such as Cambrian (and much younger than Willow Glen). The newness of construction can be very enticing to home buyers not wanting to deal with older home issues.

For those wanting scenic views, rather than flat areas away from hills, this part of San Jose offers abundant opportunities of the hills, from the hills, or perhaps across a golf course. Almaden can feel a little less urban, a little less crowded, because of these scenic vistas.

List of Almaden Valley neighborhoods and subdivisions

Next we’ll provide a list of Almaden neighborhood and subdivision names with links to their descriptions (more links to come as more articles are written).

Almaden Hills Estates

Almaden Meadows neighborhood

Almaden Springs

Almaden Winery: Tresor, Vineland, Vintage

Brianna

California Ridge townhouses

Country Club

Country View Estates

Creekside

Crossgates

Glencrest

Glenview Serenity

Goldcreek

Graystone and Pfieffer Ranch

Guadalupe Oak Grove (near the park)

Montego

Montevideo

Mountain Shadows

New Almaden

Hacienda Cemetery and Memorial Park in New Almaden

Oak Canyon

Oaktree Park

Orchard Creek

Pierce Ranch

Shadowbrook – features a swim club

Silvercrest townhomes

Sunrise of Almaden

Villas of Almaden

Woodside of Almaden

 

Is there a neighborhood, subdivision, or community missing from this list? If so, please let me know and I’ll add it!

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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
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