Why botherWhen the Silicon Valley real estate market gets into an overheated mode, like it is today, it creates strong emotional fallout on home buyers, some of whom have been dabbling with the idea of buying a home for a very long time – and they are just now coming to grips with the fact that the tables have been fully turned on them from the deep buyer’s market of 2010 and the year or two before.

Some buyers are getting angry about the overbids that go 25% over list price and up.  Others are sad, feel depressed that they “missed the market” opportunity of 12 or 18 months ago.  And others have a sense of hopelessness or “why bother”.   Fear is also prevalent: “if I buy now, will it crash again tomorrow, or next week, or next year?”

Right now, the comps don’t count.  What counts is competition. The homes getting the most offers are selling so stratospherically high that they are most unlikely to appraise to sales price.  That creates anxiety for multiple reasons.

Recently I spoke to a buyer about the market heat here in the San Jose area, and my concern for them economically with the bunches of bids that some properties are getting.  She replied that if lots of people want that house, it bolsters the idea that the property will likely be desirable on a more normal market too, whereas a house or condo with few offers causes a loss of confidence.

Why should a buyer bother now?  That’s a personal question.  The numbers may not add up to the kind of sensible math you’d normally like to see.  But if you are buying a home for the long run – that is, you expect to be there 10 years or more – it may still make sense to purchase even if you have to fight hard and take some risks to be the winning bid.  Most of the time, that winning bid is the one where the most risk is taken.  That’s pretty scary right now.

Interestingly, the same emotions are at the forefront when it’s a declining market and home buyers buy anyway.  Why do they do that? It’s not about the money, it is about getting on with their life.

  1. 3 beds, 2 baths
    Home size: 1,590 sq ft
  2. 3 beds, 2 baths
    Home size: 1,000 sq ft
    Lot size: 5,601 sqft
  3. 4 beds, 2 baths
    Home size: 1,768 sq ft
    Lot size: 7,958 sqft
  4. 3 beds, 2 baths
    Home size: 1,500 sq ft
  5. 3 beds, 2 baths
    Home size: 1,281 sq ft
    Lot size: 6,573 sqft
  6. 4 beds, 4 baths
    Home size: 1,882 sq ft
    Lot size: 1,206 sqft
  7. 3 beds, 2 baths
    Home size: 1,498 sq ft
    Lot size: 5,501 sqft
  8. 4 beds, 2 baths
    Home size: 1,404 sq ft
    Lot size: 6,760 sqft
  9. 2 beds, 2 baths
    Home size: 930 sq ft
    Lot size: 1,389 sqft
  10. 1 bed, 1 bath
    Home size: 515 sq ft
    Lot size: 435 sqft

See all Real estate in the city of Sunnyvale.
(all data current as of 10/20/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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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:
Santa Clara County,
San Mateo County, and
Santa Cruz County.
:
Special focus on:
San Jose, Los Gatos,
Saratoga, Campbell,
Almaden Valley,
Cambrian Park.
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Valley Of Hearts Delight
Santa Clara County Real Estate,
with an interest in history

Move2SiliconValley.com
Silicon Valley relocation info

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Silicon Valley real estate,
focus on home selling

Silicon Valley Real Estate Report
Silicon Valley real estate
market trends & statistics
Mary’s Blog Awards
Top 25 real estate blogs of 2018 by RentPrep2018 RentPrep.com's list of top 25 real estate blogs to follow


Top 25 real estate blogs 2016
2016: Personal Income's list of top 25 real estate blogs.


Best Realtor blog award
2016: Coastal Group OC's list of best Realtor blogs


The 2009 Sellsius list of top 12 women real estate bloggers
2009: Sellsius list of top
12 women real estate bloggers


Mary Pope-Handy's Live in Los Gatos blog won the 2007 Project Blogger contest, sponsored by Inman News and Active Rain

2007: Mary Pope-Handy and Frances Flynn Thorsen win the Project Blogger Contest for Mary's Live in Los Gatos blog. The contest was sponsored by
Active Rain and Inman News.


Non blog award


Best real estate agent in Silicon Valley from the San Jose Mercury News poll of readers in 2011
"Best real estate agent
in Silicon Valley"

2011 readers' poll,
San Jose Mercury News

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