What is a multiple counter offer, and how does it work?
Brief summary on how multiple counter offers work
Silicon Valley home sellers have an option to issue a Multiple Counter Offer form. This is not the same as a regular counter offer form.
With the standard counter offer form, if the other party accepts it, signs it, and delivers the signed copy back to the party that issued the counter offer, it’s then a ratified offer, a done deal. Not so when there are multiple counters in play.
With the multiple counter offer process, the seller decides after one or more of the buyers accepts (or if they counter back and forth, or if one buyer improves his or her offer). No matter the exact path, the seller ultimately must pick one offer and sign off on it to ratify the sale. In other words, when a buyer agrees to the multiple counter offer terms, it’s not a done deal. The owner must sign again to accept and select that buyer. Only then is the contract ratified.
2 minute video discussion on multiple counter offers – key points
What is an exclusion in a real estate contract? What is an inclusion? Both of these refer to fixtures at the property which is for sale. If you want to sell your home, it’s very important to understand the “law of fixtures” as it relates to what you leave and what you take with you – unless the inclusion or exclusion is specified in the contract.
In brief, built in or affixed items become real property and transfer with the sale (or as Realtors say, “conveys”). If something is built in, like a light fixture, but the seller and buyer agree in the contract that the seller can remove it, then it becomes an exclusion, as it is excluded or omitted from the sale.
If something not built in is allowed to remain behind, such as a garden hose, pool table, or curtains, then it’s an inclusion, as it’s included even though it is not real property.
Curtain rods are built in, so they are fixtures and therefore real property. But the curtains that hang on them are not built in, so they are personal property.
2 minute video explanation
What is a fixture?
Generally speaking, a fixture is any item affixed or attached to the house, townhouse, condo or property which is installed with the intention that it be there permanently. The only exception is if something is bolted for earthquake safety.
Examples of fixtures (items which stay or are included):
In July the average single family home prices rose in Cupertino and are above where they were a year ago. The sale price to list price rose, also – it’s increasingly harder for home buyers as both interest rates and prices have been rising.
The market may vary by price point or exactly location somewhat. For instance, the Monta Vista neighborhood may sell differently from areas in Cupertino closer to Sunnyvale or Santa Clara.
The percentage of all cash sales (all cash, no loans) rose in July, but the actual number of sales, shown immediately below, shrank a little. I pulled this data from the MLS today and it’s reflective of whatever the listing agent entered into the fields for financing.
Percentage of All cash sales, month by month, in Santa Clara County (single family homes)
Next, the actual percentage of all cash sales in the county for houses and duet homes.
The average for the 11 Julys shown is 13.9%, so July 2023 with 15.7% is interesting to see. Interest rates have skyrocketed over the last 14 months, forcing home prices down in the 2nd half of 2022. It’s a little surprising that we did not see a surge of cash buyers then, but their numbers stayed in the typical range from what I’m seeing.
Now, in mid 2023, we have seen both interest rates and home prices rising – at least for the first 6 months of the year – in most of the valley.
Cash buyers are usually investors, but not always. Sometimes they are homeowners who sold their long held family home and are now downsizing and buying with the proceeds of the larger home that they just sold. We don’t get that piece of data from the MLS, but anecdotally, that’s what I’m seeing with the cash offers I’m seeing and hearing about.
What does it mean that cash buyers are an increasing percentage of the closed sales?
Rising interest rates not only don’t harm the all cash, no loans buyers, it actually helps them as it weakens their competition
The San Jose CA 95129 real estate market area, which is sometimes referred to as the “Cupertino Border” area and is generally part of West San Jose, is highly desirable for many reasons, including a short commute to tech employers such as Apple. Below we’ll review home values by school districts, both for starter homes and for homes with more than 1500 square feet.
The school district situation is a little confusing in San Jose CA 95129, but as schools are a major driver of real estate values, it’s imperative to consider their impact on housing prices.
About 60% of this zip code is in the Fremont Union High School District (Lynbrook High) and in the Cupertino Union School District (several different schools)
The rest is in the Campbell Union High School District (Prospect High), with most of that area in the Moreland School District, but a little bit in the Campbell Union School District (several schools)
On Great Schools, the scores for these schools range from 4 or 5 on the low end to 10 on the high side.
Here’s a map that I’ve marked up. The initial map came from the MLS, which shows the approximate zip code boundaries (bright blue) and the high school district boundary (purple or berry colored). These are never 100% precise, always check with the school district to be sure about the assigned school or district.
In the upper right corner you can see a tiny little polygon, almost a square, for the part of 95129 with Campbell Union School District. Moreland schools are mainly on the southeast side of the zip code. Cupertino schools are on the far west and northern section, except for that postage stamp area with Campbell schools.
The homes with Moreland and Campbell schools sell at lower prices than those with Cupertino schools, making them more affordable and also very desirable as a close in commute location.
The homes in San Jose with Cupertino schools sell for less than those houses in the City of Cupertino with the exact same schools, making this pocket a relative bargain, too.
No matter which district you’re considering, most of this area is a good ‘bang for the buck’ part of the valley.
San Jose CA 95129 real estate stats for starter homes
Today we’ll consider the real estate market activity for houses in this area today and in relation to recent history as of today, July 18, 2023, and looking at sales data for the last 60 days.
In the last 60 days, there were 29 single family homes sold in this zip code. Of them, 15 were “starter homes”, meaning that they have 1500 SF or less. Here is the data for the starter homes in all school districts of this zip code area:
Days on market – 13
Average square footage – 1392 SF
Average lot size – 6227 SF
Average list price – $2,035,056
Average sale price – $2,294,453
Average age of the home – 62 years
Average sale to list price ratio – 113% (range of 94% to 138%)
Average price per SF – $1,652.29
For the 10 homes with Fremont Union High School District:
Is it a good time to sell a home in Silicon Valley? One of the best ways to get a pulse on the real estate market with an eye to selling or buying is with the months of inventory (MOI), also known as the absorption rate. This is the months of supply of housing for sale.
The months of inventory tells us how fast the current inventory of properties will be sold off if sales were to continue at the same rate with no new inventory were to come on the market.
The easiest analogy is with a bathtub full of water. If we added no more water to the tub, and the drain were opened, how much time would it take for the water to be depleted if it continued to empty at the same rate? That’s the question being answered with the absorption rate of inventory.
Or, simpler still, if you have an hourglass that you turn over, how long does it take for the sand to empty from the top (since you cannot add more sand to that end)?
How to calculate the months of inventory or MOI
The way to calculate the months of inventory is simple: find the current available inventory of homes for sale (not under contract or sale pending), then find the number of homes with that exact criteria which have closed escrow in the last 30 days. Divide the first by the second and you get the months of inventory. Or, I can just use the stats program on the MLS to generate that number, as I did today.
Earlier I pulled this data from MLSListings.com, our local MLS association (of which I am a member) and I ran the numbers for single family homes (houses and duet homes) in Cupertino, Los Altos, Los Gatos, Monte Sereno, Mountain View, Palo Alto, San Jose (all areas combined), Santa Clara, Saratoga, Sunnyvale. Separately, I also ran this same query for the City of San Jose by district.
The months of inventory by city or town in Santa Clara County
A balanced market for our area is 2-3 months of inventory (for most of the US it’s 4-6 months). Two months or less is a seller’s market, and one month or less is a very hot seller’s market.
Here’s a look at the months of inventory by city or town in SCC in April 2023 for single family homes. As you can see, the vast majority of the county is a strong seller’s market, with the only exception being Los Altos Hills.
Which are the hottest markets? They’re the ones with the smallest months of inventory -Sunnyvale, Santa Clara, Cupertino, Milpitas and many more are well under the 2 month market. A few are a tad higher and in the “balanced market” area, and only one is in a deep buyer’s market.
The months of inventory by area within the City of San Jose
If a buyer wants to view a property, does the listing agent have to show it to him or her outside of regular open houses? The answer might surprise you! Here’s a quick overview:
The listing agent and seller decide about showings that the listing agent is expected to do. Does the listing agent have to show it privately, or during open houses, or only on one weekend before offers are reviewed?
The listing agent will make showings possible for buyer’s agents with instructions on scheduling in the comments that members of the MLS can read.
In many cases, the real estate licensee working with the home seller will hold the property open for the public on the weekend and sometimes mid-week as well. It may or may not be the listing agent holding it open.
For safety reasons, many listing agents will not have private showings with buyers whom they don’t know and who aren’t clients of theirs. Realtors are harmed every year in the line of duty.
For agency reasons, a listing agent who plans to only represent the seller may not want to have an appointment with a buyer who plans to write the offer with someone else.
There are many other reasons why the listing agent will not personally show the home for sale outside of open house times, but may be able to arrange for the buyers to see it with another agent.
When does the listing agent have to show it?
The most important thing for buyers to understand is that the accessibility of the home for viewings depends upon the agreement, verbally or in writing, between the owner of the property and the agent/brokerage hired to market, negotiate, and sell the real estate as to whether or not the seller’s agent is obligated to show it privately.
It’s not an “on demand” situation where an interested buyer can insist on seeing the property as desired. To make an absurd point, no one would say “doesn’t the listing agent have to show it to me at 10 p.m.?” Without any thought, we know that’s unreasonable. (more…)
Are you thinking it’s time to pull your home off the market?
many sellers in late fall decide to withdraw unsold properties from the active real estate market
winter can be a good time to sell as the competition shrinks, and some homes look wonderful in their holiday finery
rather than pull your home off the market, you might consider keeping it on, but marketing it differently
we’ll suggest some strategies for holiday home marketing below
If you’ve been trying to sell your home in Silicon Valley but haven’t received an offer yet, don’t despair! With our mild winters, you really can sell real estate any time of year, especially now, when inventory is so low.
When most sellers exit the market after Halloween, we typically see a higher absorption rate as serious buyers will be buying from the available inventory. That means your odds of success are higher!
Should you pull your home off the market? We think not, but don’t keep trying to sell it the same way! (more…)
Often I have clients who are interested in purchasing a 4 bedroom, 2 bath home in a good school district in Silicon Valley, particularly in the South Bay and West Valley areas. But what does it cost to buy that “average home”? Tonight I did a study on the MLS of homes that have sold and closed escrow in the last 4 months with these characteristics:
single family home (house)
4 bedrooms
2 full bathrooms
1800 to 2200 square feet of living space
6000 to 10,000 sf lot
Disclaimers aside, here are the numbers for select West Valley Communities in the West/South Bay area with good schools.
Cost to Buy 4 Bed 2 Bath Home in Popular Silicon Valley Communities
The first number is the number of sales during that time (more sales = more reliable averages). This one is not in the older charts, but with inventory as low as it has been lately this makes a huge difference. The second number is the average sales price per square foot, the third number is the average sales price, and the last number is the average days on market:
And now a look back to late winter, early spring of 2017…
What’s changed? A lot! The order has shifted some, showing where demand has increased or decreased. Most noticeably, the prices are mostly up significantly, which is most noticeable in the price per square foot. Cambrian has traveled a good deal up the ladder. Palo Alto and Los Altos were displaced by the sole Saratoga sale, and Blossom Valley of San Jose remains in it’s regular position at the bottom.
The home prices tend to run with school rankings. Previously this was by district API scores. You cancheck the 2013, three year average, API scores in Santa Clara County for both the districts and the individual schools online here, however that system is no longer used. So how to people judge? Most buyers use sites like GreatSchools.org when looking for a home with good schools which ranks schools on a scale of 1-10 in a few categories. (more…)
The Oaktree Park neighborhood in San Jose is a scenic residential community with wide appeal to home buyers due to good Almaden schools, close proximity to large parks and is one of only a few areas in Almaden Valley which includes a cabaña and swim team. Additionally, this area is very convenient as it’s close to schools, shops and commute routes to downtown San Jose and much of Silicon Valley. It is a fairly intimate neighborhood with 156 homes.
Where is the Oaktree Park neighborhood?
The Oaktree Park subdivision is within the boundaries of Meridian Avenue, Redmond Avenue and Mcabbe Road on three sides and the Jeffrey Fontana Park on the north side.
The census bureau (and perhaps also the city of San Jose) has attributed names to some parts of Almaden and this neighborhood falls into the Crossgates section. I do not believe that most residents refer to this area that way, though. Perhaps more likely they’d call it part of the greater Fontana Park neighborhood. Just the other side of Meridian is the vastly larger Almaden Meadows neighborhood.
Oaktree Park Neighborhood in San Jose (Almaden Valley area of SJ) – click on image above to go to live Google Map
What schools serve the Oaktree Park neighborhood in San Jose?
The public schools for Oaktree Park are within the San Jose Unified School District:
Los Alamitos Elementary School (API 935 in 2013, a, 8 on Great Schools in 2023 )
Castillero Middle School (API 846 in 2013, a 7 on Great Schools in 2023)
Pioneer High School (API 822 in 2013, a 7 on Great Schools in 2023)
Los Alamitos Elementary and Holy Spirit Elementary (Catholic) are both just a couple of blocks from Oaktree Park. Additionally, there are 2 preschools really close too: Precious Preschool and Shepherd of the Valley Lutheran Preschool.
For more information and links for schools, school districts, API scores and maps of boundaries lines for schools in the Almaden area of San Jose, please also read:
Homes in Oaktree Park are single family dwellings – all detached houses (no townhouses or condominiums). These are primarily ranch style or two story ranch style houses, built in the early 1970s on lots of about 8000 to 9000 square feet, though a few are more than that. Interior size runs between about 1600 square feet to about 3000 square feet (if added on). P
Prices will be impacted by home size, condition, and exact location (such as on a busy road or immediately adjacent to the high voltage power lines that run through the park) at one end of the spectrrum to beautifully updated or rebuilt larger homes in an ideal location within the neighborhood.
Check the listings below to see the current prices and keep reading for more information on the Oaktree Park neighborhood below!
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
GREEN
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
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How’s the Cupertino real estate market?
Are you thinking it’s time to pull your home off the market?
The Oaktree Park neighborhood in San Jose is a scenic residential community with wide appeal to home buyers due to good 
