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Heard on the street....

By
Real Estate Agent with Keller Williams Silicon Valley Cal BRE# 01358433

It is imperative that you learn what is happening out in the streets in order to determine what is truly happening out there.  It is often old news, by the time the newspapers pick up on things.  Who get information quicker than the practicing Realtor who is out there with his ears on the ground listening and sometimes participating in the transactions taking place?

To give you an idea of what is happening with Campbell Real Estate right now.  There are two starter homes in the 95130 zip code that are in the price point for my client.  One is on Yorkton and the other is on Elmwood.  Yorkton is a 4 bed 2 bath with 1300 sq. ft. on a 6100 sq.ft. lot, while Elmwood is a 3 bed 2 bath with 1250 sq.ft on nearly 8000 sq.ft lot.  Both were listed at or near $750,000 and were in good condition, not requiring too much work before moving in.  Both were held open one full weekend before taking offers yesterday, less than one week after being listed.

Yorkton received 10 offers and Elmwood received 18 offers!  Naturally, I cannot tell you how much they actually sold for until they become public record, so I will follow up with sold prices later.  I recently wrote about a home in West San Jose that received 32 offers and sold for more than $100,000 over asking price.  My point is to show that such activities as these are not isolated instances.  There is a shortage out there of quality homes in good neighborhoods like Campbell.   Interest rates are low, employment rate is high and not enough quality homes.  Think about the ones who lost out on the bidding above.  There are at least 26 buyers, out there looking for a roughly 1300 sq.ft. home priced in the mid $700,000 range in Campbell because they lost out on the bidding.  These are simply the ones who participated in the offers, imagine how many more are out there looking but who, for whatever reason, could not participate. 

If you are a seller, there is no better time than now to put your house on the market.  Once spring and summer comes around, there will be an increase in inventory, therefore, more competition.  This is the normal cycle: people want to sell their homes when their kids are out of school.  Unless you have to wait to sell during the summer, it makes no economic sense for you to wait.  As the old saying goes: "strike when the iron is hot."  And right now in Campbell, the real estate iron is hot. 

Steve Mun, Silicon Valley Realtor
www.stevemun.com

 

Comments (2)

John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent

Steve,

Very clever approach to your market data.  I am going to leave it in the Localism Beta group as an example of how we can use Localism to our advantage and being a bit different.

Please do me a favor though and do not post similar articles to the Group, unless you are specifically addressing a way to use Localism to our mutual advantage - or a tip that will benefit the Realtor who is wanting to learn more about Localism.

Thanks - and I really did enjoy your post - I've bookmarked it and will come back and see how I can use the approach for my own market.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR
http://www.johnocchi.com/

 

Feb 21, 2007 03:28 PM
Steve Mun
Keller Williams Silicon Valley - Santa Clara, CA
Silicon Valley Realtor

Thanks for the feeback John.  My mistake, I guess I keep thinking I have to include it in the group to insure it will show up on localism.  Leaned something new.

 

Feb 22, 2007 05:20 AM