The rash of activity and multiple offers in our Cupertino office is not unique. Good news is beginning to permeate the local market.
Our San Jose Almaden office reports all 10 sales this last week were distressed properties; mostly REOs (bank owned). Many of these are receiving 10-25 offers. Banks are jamming the list prices down in an effort to stimulate activity, and it's working. Those properties are often selling at 20% or more above asking price.
The buyers seem to be a lot more comfortable in taking the step into home buying, and our open houses are very busy with a lot of traffic as well. Listings are slowing and sales are increasing, although most multiple offer sales are occurring in the lower price range. Agents are now challenged with the lack of inventory for the first time in a long while.
In short, it seems buyers are finally starting to get the sense that now is a good time to buy and that if they wait, they may lose out on one of the best times in California history to purchase real estate. Now, if we could just get more listings. Do we sound like we are never satisfied? Oh well, what a difference a year makes!
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By knowing your local real estate investing market, you're able to keep your finger on the pulse of your local community and to stay abreast of changes in trends, sales prices and rental rates. Knowing immediately about these changes is critical to your investing future.
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