3 Ways Buyers Can Avoid Overpaying for a Home in Cupertino Schools
by Cupertino Schools REALTOR Michelle Carr Crowe
If you've met me before, you know I am a straightforward real estate consultant. I work with a lot of first-time homebuyers and one of the biggest concerns they have is how to actually "win" the frequent bidding wars to buy a home-the other is how to avoid overpaying for it.
First, understand "market price" is the price a willing and able buyer offers to a seller who accepts the buyer's price and terms. Market price can change from day to day.
1) Do Your Homework. Your agent can pull and share the recent comps-and the ones from last year. Ask your agent to check on appreciation rates in that neighborhood over time-and what the CAR economist expects for the coming year. It's your job to read it and ask questions so you understand the data. No one has a crystal ball-the best indicator of future market movement is based on past history.
2) Be Currently Pre-Approved and Rate Wise. In today's market, pre-approvals are often only good for 60 days. Verify your pre-approval's expiration date with your loan consultant. Ask what he or she sees happening with interest rates in the near future. For a one million dollar loan, a quarter-percent interest rate increase means about $215 per month larger monthly payment.
3) Buy Off Season or When Others Hesitate or Are Distracted. Sellers generally get the highest prices in early spring/beginning of the year, followed by summer, often establishing the year's "high point". Buyers who buy homes in Fall and Winter tend to get the best values. Not necessarily lower prices than in the past spring...but almost always lower than the future spring. I always counsel my Cupertino Schools home buyers, "Buy in the Fall, Thank Me in the Spring."
Here's an example of one of the best bargains: People who bought homes in Cupertino Schools in October 2001. At first after 9/11, there wasn't a market drop, there was a huge market pause. The Buyers who acted to Buy while others hesitated, got great values.
If you're a homebuyer looking for a home in Cupertino Schools, visit us at open house this Sat. & Sun., from 1:30-4:30 at 1470 Larkin Ave. in San Jose with All 3 "Top 10" Cupertino Schools-Muir, Miller & Lynbrook High. It's priced right-and the Sellers are Prepared to Accept the Asking Price of $1,798,000!
Check the Homework: Larkin appraised for $1.750M sixteen months ago. Appreciation has been at least 5% and CAR economist Lawrence Yun anticipates 3-5% appreciation rate in Silicon Valley.
Redfin estimates 1470 Larkin's value at $1.810M.
Zillow estimates 1470 Larkin's value at $1.829M.
Asking price for 1470 Larkin is just $1.798M.
Check the Rates: Currently they remain low, yet most experts are anticipating interest rate increases.
Check the Market: The election is a huge distraction, creating opportunity for buyers focused on their home buying goals. It's also fall, a better season for buyers.
Is buying 1470 Larkin Avenue now at $1,798,000 a good decision? Look at the home's track record. The seller bought 1470 Larkin 6 years ago for $1M.
The value for 1470 Larkin increased to $1.8M in just six years-that's $800K!
While there's no guarantee 1470 Larkin will continue appreciating at such a high rate, the best indicator of future success is the past track record. Although you can't go back in time and buy it for $1M, today's asking price of $1.798M gives you the chance to own a beautiful home and a proven performing asset. Where else can you live and potentially make an average of $133K in appreciation each year? Come see this "good karma" house for yourself!
You're Invited to a Get Results Team Open House Sat. & Sun., Oct. 15 &th 16th, 1:30-4:30
1470 Larkin Ave., San Jose, CA 95129 with Cupertino Schools
Come see for yourself this Elegant Lynbrook High Home for Sale! The Spacious Floor Plan Designed for Privacy Features 5 Openable Skylights, Dual Pane Windows, Glowing Hardwood Floors, Custom Kitchen, Copper Plumbing and COOL Central Air Conditioning!
Located on a Quiet Tree-Lined Street within E-Z Walk to All 3 "Top 10 Rated" Cupertino Schools!
Muir-API 944 (10)
Miller-API 983 (10)
Lynbrook High-API 942 (10)
Thanks for reading "3 Ways Buyers Can Avoid Overpaying for a Home in Cupertino Schools".