While housing prices are dropping rapidly across the country, San Jose homes for sale are pretty much retaining their value. The average sale price of a single-family home in the San Jose-Sunnyvale-Santa Clara area is $566,000 – which is more than the San Francisco-Oakland-Fremont area ($538,100) and more than the Anaheim-Santa Ana-Irvine area ($498,000). This past September, the San Jose homes for sale listing prices were increasing, while inventory dropped 6.4%, proving that this region has some of the most desirable houses.

San Jose homes for sale first saw an increase in prices in the late nineties, when the surge of high-tech jobs drove up demand for housing. As the tenth most populous city in the nation, San Jose quickly assumed the title “Capital of Silicon Valley.” The plethora of well-paying area jobs includes Adobe Systems, BEA Systems, Cisco, SunPower and eBay headquarters, as well as major production facilities for Flextronics, Hewlett-Packard, IBM, Hitachi and Lockheed Martion. In addition to having a number of job opportunities, the pleasant weather and stock of newly constructed mansion estates, has ensured that San Jose homes for sale retain their value.

According to Trulia.com, the lowest prices on San Jose homes for sale can be found in Edenvale, South San Jose, Alum Rock, Berryessa and North San Jose, where the average listing price is less than $378,000. Downtown San Jose, Cambrian Park and West San Jose range from $566,000 – $692,000, and Evergreen homes can be purchased for $692,000 – $787,000. The most expensive San Jose homes for sale are situated in Willow Glen, a walkable community with many local amenities, and Almaden Valley, which attracts scientists, athletes, Silicon Valley executives and recreationists.

As you may have heard, the Federal Government has extended its $8,000 tax credit for first-time homebuyers through April 2010. Additionally, they have extended a $6,500 tax credit to people who have lived in their current homes for at least 5 consecutive years. Their new amendment has also boosted the income limits to $125,000 for an individual or $225,000 for couples. This is great news for homebuyers looking at San Jose homes for sale.

In addition to these federal programs, the City of San Jose offers a number of homeownership programs to help potential San Jose homes for sale buyers. The Teacher Homebuyer Program is offered to full-time public school teachers and credentialed staff who has a minimum credit score of 600, does not currently own a home and who has an income that does not exceed 120% of the median for Santa Clara County.  The loan amount ranges from $35,000 – $50,000 on a home costing less than $712,500. A similar program is put in place for San Jose State University staff members and employees.

The Building Equity & Growth in Neighborhoods (BEGIN) program offers downpayment assistance with varying loan amounts in specific developments for low to moderate income first time buyers of San Jose homes for sale. The developments include: new two and three bedroom Taylor Morrison condos at Old Oakland Road and Hedding Street; one and two bedroom KB Home condos at Auzerais Avenue and Sunol Street; three bedroom Summerhill Homes townhomes at San Carlos Avenue and Muller Place; and three bedroom Neighborhood Housing Services Silicon Valley condos at W. Alma and S. Almaden avenues.

The Welcome HOME program, which provided downpayment loans with 3% interest up to $25,000, closed as of 10/21/09, when the funds were exhausted. Similarly, there is no longer downpayment assistance for San Jose State University employees and staff members. Even though some of the initiatives have dried up, there are still ample opportunities to save thousands of dollars on San Jose homes for sale.

San Jose homes for sale in Atherton feature some of California’s most prestigious mansions. In this 4.6-square-mile stretch between Redwood City and Menlo Park, you’ll find Hewlett-Packard CEO Mark Hurd’s home, as well as eBay CEO Meg Whitman’s estate. Over 24 of Google’s highest paid employees have also roosted in Atherton, according to the Wall Street Journal.

One may wonder how the recession hits a place like Atherton, where San Jose homes for sale are delivered to new homeowners for an average of $2.78 million. You may look at data from 2008, when these same San Jose homes for sale would have sold for $4.15 million and say that even millionaires must have been slow to spend during the recession. You may also look at the fact that 60 houses sold from January through September 2009, which is down from 70 during that period in 2008 and say that no place in America is immune to the housing slump.

However, these lower prices on Atherton’s San Jose homes for sale has been luring Silicon Valley’s elites back to the Atherton market since May and things are beginning to heat up. Builder Jeffrey Wise says he sold a 10,000-square-foot home for $14 million last month — before it even went on the market. Additionally, there have still been 12 homes that sold for over $5 million, with 10 of those San Jose homes for sale swept up after May. Real estate experts say out-of-town exectives are coming to San Jose from Redmond, Washington and Hopkinton, Massachusetts to buy their luxury dream homes for $8.3 – $9.8 million. Google executives like Neal Mohan are also paying over $5 million for homes in Atherton too, which means these San Jose homes for sale will still be in high demand throughout 2010 and beyond.

The top of their list is Stockton-Lodi, California, which saw a 137.5% increase since last year. Stockton-Lodi is then followed by Las Vegas NV (109.5%), Riverside-San Bernardino CA (102.8%), Oakland CA (87.9%), Fort Myers-Cape Coral FL (78.2%) and then – coming in at #6 – is San Jose homes for sale. Sacramento and Orange County also made the top 10 list. It seems more than half of the most coveted locations are situated in either California or Florida.

This could mean that more people are looking at San Jose homes for sale, expecting to find housing prices plummeting in ritzy neighborhoods. In fact, Realtor.com predicts that places like Fresno, Stockton and San Jose will continue to drop prices throughout 2010 to attract buyers. The increase in search activity could also be related to people relocating here for employment or retirement too. After all, it is the “Capital of Silicon Valley” and CNN Money Magazine did call San Jose the #7 “Best Place for a Healthy Retirement” (due to its plethora of wineries, scenic views, bike paths and highly rated hospitals.) It could also mean that nosy homeowners are keeping an eye on their equity by looking up what San Jose homes for sale are priced at in their neighborhoods.

Willow Glen is a historic, scenic and upscale part of Silicon Valley featuring high-end San Jose homes for sale just a short drive from downtown. Even though Willow Glen has technically been part of San Jose for 75 years, residents will often say they are from Willow Glen, not San Jose. There are many unique neighborhoods situated in Willow Glen, which is considered one of the most “walkable” communities in the country, full of over 300 restaurants, shops and service centers.

You’ll find San Jose homes for sale in Palm Haven, a Willow Glen neighborhood that is close to the downtown Willow Glen shopping area. Here, you’ll see rows of royal and fan palm trees and diverse architectural styles ranging from Mediterranean to Craftsman. Large San Jose homes for sale can be found in Cherry Acres and Dry Creek Road, where quiet winding roads, big trees and spacious lots are the standard. Affordable San Jose homes for sale invite first time homebuyers in Hacienda Gardens and Canoas Garden. Lincoln Glen offers ramblers and traditional homes with willow trees in the yards.

The median price of Willow Glen, San Jose homes for sale has increased 9.6% since 2008 to a median price of $543,100 in 2009. In October, the median sale price was $595,000 – up from $565,000 in September. There have been 1,027 house sales in October, down just slightly from 1,066 in September, but up 17.4% from last year. There are still 2,053 active San Jose homes for sale in Willow Glen, which is up 64.4% from last year. Most houses are on the market for about 53 days and sell for 100.8% of the original list price.

SUMMARY: It’s true, foreclosure San Jose homes for sale are down 30%, but that doesn’t mean there aren’t deals to be had out there. According to a recent Century 21 survey, 63% of first time buyer respondents said they were considering a fixer-upper or “as is” home and 56% were looking at foreclosures and short sales for San Jose homes.

It’s true, foreclosure San Jose homes for sale are down 30%, but that doesn’t mean there aren’t deals to be had out there. In fact, Trulia.com currently lists more than 7,400 foreclosure San Jose homes for sale by people who were priced out of the market. Additionally, a number of San Jose homes for sale are fixer-uppers from people who are moving up and out, taking advantage of the low mortgage interest rates and dropping prices. Another segment of the market is comprised of “as is” houses that may require a lot of work. With the government giving first time home buyers an $8,000 tax credit they do not have to pay back, many young couples are looking at moving into their own place for the first time. Yet, with median average sales prices ranging from $265,000 – $817,000, many buyers of San Jose homes for sale are considering these foreclosure/as-is/fixer-uppers. According to a recent Century 21 survey, 63% of first time buyer respondents said they were considering a fixer-upper or “as is” home and 56% were looking at foreclosures and short sales. All in all, 87% of respondents said that price was the primary consideration when looking at San Jose homes for sale.

New buyers of fixer-upper San Jose homes for sale know that these purchases can lead to big expenses in the future if they’re not smart about securing the right deal. Reggie Marston, a certified member of the American Society of Home Inspectors, warns that a lot of people were long-time owners of the houses but couldn’t cover their mortgage payments, let alone cover routine maintenance or repairs. “Don’t panic,” says LA real estate consultant Raymon Mathoda. He says that prospective homeowners need to exercise due diligence and avoid giving-in to irrational fears that “all bargains will disappear.”

When looking at San Jose homes for sale, buyers must consider the difference between a foreclosure, a short sale and a fixer-upper. A foreclosure is typically a judicial procedure where the mortgage loan lender takes control of the property because the borrower has not paid the loan, as promised. A short sale is when a financially distressed borrower quickly sells the home for less than the mortgage balance which may abscond the homeowner from future payments. A “fixer-upper” generally is a home that requires a lot of work. An “as is” home is being sold in its current condition because the seller doesn’t want to pay to make the changes. When looking at San Jose homes for sale, short sales are usually in the best condition, but foreclosures sell cheaper. Foreclosure sales usually close in 14-30 days, so prospective buyers should have all their paperwork in order before they start searching.

The low prices of San Jose homes for sale like these are enticing. Yet home owners should learn to recognize warning signs – like cracks in the foundation that could cause future catastrophe, wet basements that might be havens for mold and rooftops that look like they could use more than just a few asphalt shingles. Hiring a home inspector is an important part of any home purchase, so buyers should definitely seek a professional opinion. Lastly, a $100 title search can buy peace of mind, ensuring that new owners won’t have to worry about an existing lien placed against their new dream property.

]]> http://www.centorealestate.com/san-jose-homes/feed 0 http://www.centorealestate.com/find-an-agent http://www.centorealestate.com/find-an-agent#comments Mon, 02 Nov 2009 01:45:25 +0000 admin http://www.centorealestate.com/?page_id=242

Ashu Chadha
REALTOR

home

home

Cell Phone: cell(408) 838-3892
Work Fax: workfax(408) 395-2762

Work Email:
INTERNETashu@ashu.us

Website: www.ashu.us

Add to Address Book Updated 9 days ago

Angela Leung
REALTOR

home

home

Cell Phone: cell925-683-1332

Work Email:
INTERNETaleung@centorealestate.com

Add to Address Book Updated 9 days ago

April Tavares
REALTOR

home

home

Cell Phone: cell(408) 309-5471
Work Phone: work(866) 552-3686 ext. 110
Work Fax: workfax(408) 834-7483

Work Email:
INTERNETapril@apriltavares.com

Add to Address Book Updated 9 days ago

Real estate is big business.  Real estate agents make a living, and quite often a good one, by helping people buy and sell San Jose homes.  But some people choose to cut out the middleman and sell their own homes.  There are arguments for and against both methods of home selling.

Many people choose to go through a realtor because it means less hassle for them.  Having a realtor handle all of the legwork saves the seller a substantial amount of time.  Instead of spending your time putting up signs, writing and purchasing ads, and fielding calls from those who may or may not truly be interested, you can concentrate on simply keeping your San Jose homes showable.  The realtor can do the rest.

Realtors possess market knowledge that the general public does not, and in many cases has little or no access to.  This means that they can more accurately determine a workable asking price for your home.  They are also experienced at handling negotiations and may be able to help you get a higher selling price than you would selling on your own.

The downside to going through a realtor is having to pay commissions.  These are usually a percentage of the home’s selling price.  Whether directly or indirectly, the buyer pays the commission.  So by cutting out the middleman, the seller can lower the price and still receive the same amount for his home.

Selling your own home requires more work on your part than going through a realtor.  You have the job of marketing your San Jose homes, taking calls about it, showing it, and closing the deal.  You will probably need a lawyer to do the paperwork and ensure that everything goes smoothly.

There are now more ways to get exposure for your home when selling it yourself than ever before.  There are numerous websites on which you can list your property.  You can run classified ads online and off.  Flyers can be placed in stores and other places where potential buyers will see them.  Including pictures in your ads will make them more interesting.

The key advantage to selling your own home is not having to pay fees to a realtor.  You get to keep the full amount of the selling price.  You could use this to your advantage by lowering the asking price to reflect the lack of fees, or you could ask the same amount that you would with a realtor and make a larger profit.

Although, it is becoming somewhat easier to sell your own San Jose homes, listing your home through a realtor can save you lots of time and effort.  Whether you should go through a realtor depends on whether you have the time, patience, and confidence to do everything yourself.

First-time home sellers often have a lot to learn when putting their homes on the market.  Unless they have been previously involved in real estate in a different capacity, they are entering uncharted territory.  Setting a selling price is often one of the most dreaded tasks, because those new to selling homes do not know where to begin.

If you are going through a real estate agent, he or she can help you with setting a price.  An experienced agent knows what factors affect the price your San Jose homes has the potential to bring.  She will also know how to set the asking price to your advantage and help you get the most money possible.

When selecting a realtor, it is a good idea to choose someone local.  Real estate markets vary greatly from city to city, and even neighborhood to neighborhood.  A local agent will be more familiar with the area’s market trends than someone who is far away.  That means she can more easily determine how much your home has the potential to sell for and help you set the asking price accordingly.

If you choose not to go through an agent, you will need to do some research of the local market before setting an asking price for your home.  There are many factors that can affect the price your San Jose home will sell for.  Reviewing past and present listings can help you price your home to sell.

Listings that have closed recently are one of the best sources of information.  Looking at San Jose homes that are similar in size, age, and acreage to yours can give you a good idea of what your home could bring.  It’s also important to consider the area the home in question was in.  The best comparisons are those with homes within a half-mile radius of yours.

Pending listings can also be valuable if you can find out the sales price.  It never hurts to call the agent and ask.  He may or may not tell you, but if he does it can be considered in the same manner as recently closed listings.

Active listings can give you a good idea of the asking prices of homes similar to yours.  However, you have no indication of whether the home in question will actually sell for that price.  Be sure to consider how long the listing has been on the market.  If it has been listed for a long time, they might have the price set too high.  Their mistakes can show you what not to do.

Once you have determined what prices homes similar to yours have been selling for, you will want to look at the state of the real estate market.  In a seller’s market, there are more buyers than there are San Jose homes for sale.  This allows sellers to get a higher price for their homes due to the high demand.  A buyer’s market is present when there are more homes for sale than potential buyers.  That means that you will need to price competitively.  In a balanced market, you can expect to get a price similar to that of other comparable homes that have recently sold.

Pricing your home can seem like a difficult task, but it doesn’t have to be.  An agent can help you determine the best asking price for your home if you choose to use one.  If pricing your home on your own, looking at listings of similar homes can help you settle on an amount.  As long as you don’t price your home so high that buyers will not even consider it, there is always the opportunity for negotiation.

One of the most cost-effective things you can do to help get top dollar for your home is to keep it neat and clean.  Pressure washing the outside of the home and cleaning the windows will make it look better to the casual observer and they just might be interested enough to take a closer look.

Keeping the lawn and hedges neatly trimmed makes a world of difference in the perceived value of your San Jose homes.  If you have a flower garden, keeping it in good condition also makes your home look nicer.  But if you don’t already have one, it’s probably not worth the trouble to start one.  Potential buyers who are not gardeners may be put off by the added maintenance.

On the inside, washing down the walls can make a bigger difference than you might imagine.  You would be surprised how much dirt accumulates there.  You might also want to shampoo the carpets and wax any hard flooring surfaces.  Furniture needs to be clean and in good repair.  If you haven’t laundered your curtains in a while, now would be a good time to do so.

Other than these extra measures, stepping up your routine house cleaning is a good idea.  The house will need to be in good shape for showings.  You might have several of these before finding a buyer, so doing your best to keep things looking neat and clean is in order.

If you’re a do-it-yourselfer, there are probably some projects you can undertake to increase the value of your San Jose homes for sale.  If the carpet is looking shabby, you could replace it.  Hardwood floors are popular, so you might even consider installing them instead.  Drab walls can be painted or covered with new wallpaper.

Decks can increase the value of a home substantially.  If you already have one, you might consider sprucing it up, making it larger, or extending the roof to cover it.  If you don’t, adding a small one could be well worth the time and effort.

Any improvements you’ve added previously should be in the best possible condition.  If you have outbuildings, cleaning them up and making any needed repairs will make them even more of an asset.  San Jose Homes for sale pools should be cleaned and maintained regularly for the best possible appearance.  Even garages and carports may be in need of some extra attention.

Getting the most money possible out of your San Jose home will require some work on your part, but the payoff can be great.  It will usually substantially outweigh any money you spend, especially if you can do everything yourself.