The real estate market in the San Jose – Santa Clara County and San Mateo County areas has been brutal for folks wanting to purchase property. With multiple offers and large numbers of cash offers or non-contingent offers being so prevalent, it can seem impossible at times.
Discouraged home buyers should consider looking at overlooked properties, those which have been on the market for awhile and yet remain unsold. Most often, the difficulty with these Silicon Valley homes is that they are simply overpriced. Sometimes the problem is that the showings are too severely limited, so most buyers have gone elsewhere. It’s not unusual to see poor marketing overall, either: bad descriptions, bad photos, bad exposure. And at times there is a more significant issue at play, some sort of problem with the location or home itself.
When houses, condos or townhomes do not sell within a month, most buyers assume that there’s something wrong with them. The thinking is that if they were all right, it would have sold – so there must be an issue. They are right, of course, but usually the issue is fixable! And most of the time, in my experience, it’s not even related to the property itself, but to the marketing (which includes the price).
Look specifically for homes that have been on the market for 30 days or more, for properties where the listing price has been decreased or should have been by now. Research the expired, canceled and withdrawn listings too.