Silicon Valley Real Estate is Alive and "Kinda" Well

By
Real Estate Agent with Coldwell Banker

Yes, things are slower, but things aren't as dismal as some would claim. Prices have dropped, but not to the point of there being a panic. I think what will happen is that the very professional agents will find the business to be better in that overall the real esate community is weeding itself out of people who maybe should have found another profession in the first place.  The good agents are surviving...perhaps on a tighter budget, but the same happened in the 80's and 90's, and we made it through.  As I presented offers for buyers throughout the greater San Jose area this last month, I found that many properties had multiple offers on them, even those that had sat for almost a year.  This is good news. I am telling sellers they may have to adjust their prices down by about 10% to sell, which is becoming the benchmark.Open houses everywhere have been busy all of a sudden, like in the last two weeks, although the conversion rates into sales isn't translating at the hoped for percentage rate.  Lower priced properties (between $250,000-$550,000) seem to be receiving the most activitiy. 

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