How to Relocate to San Jose and Silicon Valley - Housing Sticker Shock

By
Real Estate Agent with The Papas Group (DRE #01766524)

How to Relocate to San Jose and Silicon Valley - Housing Sticker Shock

The Silicon Valley economy is now on the upswing. Technology firms are searching for the best and brightest to take ideas and bring them to market before their competitors.

When technology professionals and their families relocate to Silicon Valley, one of the fist issues is the high cost of housing here also known as Sticker Shock. Here is a table showing the median price of homes sold in San Jose and Silicon Valley cities:

Median Price of Single Family Homes Sold in Silicon Valley


City

 

2-2010 Median Sold Price

 

2-2011 Median Sold Price


% Change

Campbell

$647,500

$641,500

-0.93%

Cupertino

$1,120,000

$942,500

-15.85%

Los Altos

$1,626,000

$1,632,500

0.40%

Los Gatos

$1,020,000

$980,000

-3.92%

Milpitas

$470,000

$435,000

-7.45%

Mountain View

$867,900

$890,000

2.55%

Palo Alto

$1,527,500

$1,771,000

15.94%

San Jose

$485,000

$455,000

-6.19%

Santa Clara

$571,000

$585,000

2.45%

Saratoga

$1,499,000

$1,295,000

-13.61%

Sunnyvale

$775,000

$785,000

1.29


How much home you can buy in Silicon Valley is directly influenced by the equity you bring from your home area as well as what employer contributions and incentives are provided.

Some common corporate relocation packages have

  • payments for most or all closing costs on purchase of a home
  • payments for real estate broker commissions on the sale of existing home
  • payments for food, lodging, and transportation for a certain time period
  • payments to lenders to buy-down interest rates on new mortgages or loan points
  • a time limit on when the relocation package incentive expire
  • flexibility or restrictions on choosing a real estate agent who will help manage the project of your relocation


The next major issue to consider for families with school-age children is finding good schools. That is a subject for the next article.

When relocating to San Jose and Silicon Valley, be sure to contact Papas Group Real Estate Brokers. We are trained in Silicon Valley style project management which provides you peace of mind that your relocation here will be managed professionally with timely and accurate communications and professional risk analysis.

Comments (4)

Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Paul--How did you know there would be sticker shock?  The average selling price in my area is about $250,000---that would buy nothing in your areas I am sure!!

Mar 21, 2011 05:57 PM
Paul Caloca
The Papas Group (DRE #01766524) - Scotts Valley, CA

That amount would get a very small place for a first time buyer. Investors also purchase at the low end and rent them out alost immediately due to people losing thier homes in short sales and foreclosures.

Mar 21, 2011 08:20 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Paul, this is very beneficial to out of Area Buyers as well As out of Area Agents who want to send you referral.

Mar 25, 2011 02:58 PM
Paul Caloca
The Papas Group (DRE #01766524) - Scotts Valley, CA

Endre, thank you very much. Let me know If I can help you or your clients any time.  ;-)

Mar 25, 2011 06:56 PM