Do you miss the real estate bottom? It is half price now.

Real Estate Agent with Keller Williams Realty Cupertino

From April this year we are experience the multiple offers in most of the 1st time home buyers market. It could be ranging from $200,000 to $500,000 range. There are many mutiple offers bought 20 - 30 offers. Even some higher end market like Los Altos, Cupertino, Saratoga which price is range form $900,000 to $1.5 Milllion homes are very active also.

The buyers finally realized the time is running out. One home in Sunnyvale asking for $299K it was very dirty birds' droppings found everywhere. It still sold quickly over asking as $314K. Another listing at the same area asked $320,000. I put in one offer is not even top 5 out 10. Those Sunnyvale homes were sold in $600K range in 2005 and 2006. Now is just about half price of 3 years ago. We have not seen those many buyers in the 1st 3 months of this year but since the 2nd quarter of the year, the buyers are buying homes now.

The 30-year fixed rate mortgage averaged was 6.08 percent last may now is about 5 to 5.25%. It is still lower then 6.08. I think the buyer realized the interest rate is low and the home price is low. Both of them WILL NOT be low for good so the home buyers are jumping off the fence starting buying. I found another point of view from anther activerainer,Steve Mun, expalining the buyers activity by using  the buyer affordabily.

An article from the local newspaper San Jose Mrecury News said even the median Silicon Valley home prices are stablized. Sue quoted from "Rick Turley, president of Coldwell Banker for Northern California, said the number of foreclosure resales could go back up again later this year."

Grace Keng, CRS, Hall of Fame, RE/MAX Real Estate

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