What can a rehabber do?

Fixer Upper in Dorena

The Santa Clara County real estate market has heated up so much in the last 2 months.

There have been many properties especially at the lower price range in San Jose that are getting 30+ offers. The resulting sales price might not work now for the “rehab and sell” investor.

Some of the reasons why? Continue reading

Silicon Valley Real Estate is HOT!

Sizzle (album)

As of March 31, 2012 active listings in Santa Clara County are a scant 1671.  That is right just 1671 houses, condos and townhomes in the entire county.  What is the population of that area?  1.7 Million!

The breakdown of that number is – single family homes, 1320 and condo/townhomes, 351. These numbers were down 52% from last year’s figure!

The number of homes and townhome/condos that went into contract over the last 30 days was 2041 (single family – 1476, condo/townhome – 565). This figure was slightly less than last year.

Just a note if we had the inventory we would have sold a lot more homes!  Many areas are seeing multiple offers on properties.  In the low end housing there are up to 30 offers.  Mid-range is seeing 5+ depending on area.  The Peninsula is HOT.

The number of closed sales in March were 1324 (918 were single family homes and 406 were condo/ townhomes). The closed sales are even with last year.

Home prices in the area are close to the lowest they have been and interest rates on mortgages are really low. Now might be your time to check out the Real Estate market.

Make it a great week!

Pat Chadwell, broker
Certified Real Estate Specialist
Realty World – Residential Specialists
408-927-6565 x 11 (direct)
www.patchadwell.com

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Foreclosure ratings by San Jose zip codes

This graphic gives you a perspective on # of new foreclosures  in San Jose by zip code (as of 01/12).

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Interesting to see the differences by zip.  What have you seen?

Pat Chadwell, broker
Realty World – Residential Specialists
408-927-6565 x 11
http://www.patchadwell.com
CRS, SRES, CDPE, CIAS, ePro, SFR

Sunnyvale has a bright future

English: Two booths at Farmers market in Sunny...
Image via Wikipedia

I wanted to start with the condo/townhome properties in Sunnyvale.  The stats are really impressive.  The number of condos/townhomes on the market is only 17, with pending sales for the last 30 days at 33 and closed sales in February were 21. From last year the active listings are down 72% and closed sales are up 30%!  These are great statistics. Continue reading

Buyer decides more eyes are better…

magnifying glass showing aberration
Image via Wikipedia

I met a buyer at a bank-owned property. He invited a trusted friend/co-worker that was knowledgeable about construction to attend the showing.

I loved it! We were able to comb over the home and felt we knew quite a bit more than the standard previewing of the home. We determined what inspections were needed to be completed. That left the buyer time to also recognize other things regarding the neighborhood that he wanted to check out  further.

I love informed and engaged buyers.

Pat Chadwell, Broker
Realty World – Residential Specialists
www.patchadwell.com

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Local Hospital Saved My Friend’s Life

Good Samaritan Hospital - return home

I recently needed to take a friend to a local hospital.  I can remember when I had gone to the emergency room in the past and felt like I was just a number.  The staff in the emergency room, the surgeon and his team were terrific.  

I wanted to take pictures of the event but for some reason my friend did not like the way she looked and I could not convince her it was just for documenting the day.  I guess when you have arrive at an emergency room with pain out the roof at 10 you are not inclined to be so generous to your very, very best friend at the moment.  She still did not feel so great after 2 doses of Morphine.  But the staff was patient and accommodating.  Finally another med was used and voila the pain went down some.  The event although it did end in surgery was the best possible scenario.

I was so pleased to see great care.  You can visit their site at http://www.goodsamsj.org

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Short commute small place vs. long commute big house

Construction works at a prefabricated house

I have a client who is pondering this question.  What is more important to him?  He works on Palo Alto.  We started looking in the San Jose area for a townhome but when a co-worker started looking in Hayward he was finding huge single family homes at the same price. 

Wanting to make sure my client “turned over every rock” so to speak I headed to Hayward to view 10 homes under $400K.  A couple of homes were really nice.  One in particular was grand but when I looked down from the master bedroom window at the neighoring yards they were filled with junk and poorly constructed sheds.   From that I started to ponder the likelihood of the neighborhood to appreciate in the future if 4 of the 5 backyard looked like the local dump already.  Then I added drive time to his commute and he had to make his decision.

All I can do as a Realtor is present the facts and my viewpoint from lots of experience how the different areas might perform over time.  Also I can add what I have seen from past clients who say bought in Livermore to get a better price but ultimately got a job over there because the commute was a nightmare. 

I have to tell you this client has all the iPhone applications to help determine drive time and recent sales, etc.  Now we are putting in the practical part of actually seeing the homes then the real world of “what is important to me” comes through. 

We will see what he ultimately chooses.  Isn’t it great to have choices!

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Blossom Valley is on Fire!

Is that possible?

There are currently 74 active listings in Blossom Valley ranging in price from $350,000-$925,000. The current median list price is $513,000. There are 78 pending sales in the last 30 days. List price range for pending sales is $329,900-$829,000. There were 73 closed sales in October.  Last year at this time there were 234 active listings (down to 1/3 of that figure now)!!  Also pending sales and closed sales are up 50%.

The condo/townhome market has 61 active listings. There are 60 pending sales in the last 30 days and 74 closed in October. Closed sales are up 50% over last year at this time. Last year there were also 179 listings (down to 1/3 of that figure)!!

It is so nice to see this area of the market improving so much!  Find out more statistics at RealtyTimes

Buyers coming out in droves!

In the last two weeks buyers have been coming back to the market place.   There had been pent up demand for housing over the last 2 years.  Buyers were concerned that the bottom was falling out of real estate and the stock market.  Now that stability is coming to the stock market and there are signs of improvement on the horizon, the buyers have jumped off the fence.

One buyer at an open house commented there are a lot of good deals in great areas.  He wanted to get a home now before interest rates go up and the inventory of good places is gone.   He was also a first time buyer so he wanted to take advantage of the first-time buyer tax credit of $8000.   More information on tax credit
Want to see market conditions in ten different areas that I track?  Market Conditions