Silicon Valley Real Estate and Community News

May 29, 2020

Silicon Valley Real Estate Market During COVID-19 Pandemic

The Silicon Valley Real Estate Market During COVID-19 Pandemic has weathered the storm due to the short supply of homes on the market.  Currently, some sellers in Silicon Valley are holding off putting their homes on the market as new listings are in short supply. 

For example, a Sunnyvale home just listed was viewed on the REDFIN website over 5000 times in just a couple of days.  

This property on  Zillow also has gotten lots of views with people saving it in their favorite list of homes.  RealtyTrac for example has the house valued at $2,080,000.

 

Silicon Valley is resilient in a slow market due to strong jobs and low housing inventory.  The rents are high for the same reason, so investors do well in the area as well.  Seller's can take advantage of the seasonal hot market as well as the effect of low-interest rates to get top dollars for their homes.  Buyers have done well too.  A recent home that was sold recently, was sold for a million dollars more than the purchase price of the 2007 market peak.

 

May 18, 2020

Financial Tips for First-Time Home Buyers in San Jose, CA and Santa Clara County

 

 

Financial Tips for First-Time Home Buyers in San Jose, CA and Santa Clara County

 

While the COVID-19 pandemic has slowed home sales in San Jose, buyers are still looking to purchase new homes. And since it looks like we’re heading into a buyer’s market in San Jose and Santa Clara County, this may be the right time to explore homeownership. So if you’re thinking about buying a home, there are a few things you’ll need to know or put in place before you move forward. Let’s look at some of the important areas you’ll need to have covered when buying a home. 

 

Getting the Right Start

 

Before you can start looking at houses for purchase in San Jose or anywhere in Santa Clara County, it’s strongly recommended that you know your credit score. If your credit score is high, it can increase your mortgage lender options and decrease your interest rate. Going through your credit report early gives you a chance to improve your score and report any errors. While having debt doesn’t necessarily stop a potential lender from funding your mortgage, it can affect how much you can borrow because of your debt-to-income ratio. It’s advisable to pay off smaller debts like credit cards before starting the process of getting a mortgage loan in order to have a better score and free up some money for paying your mortgage. You can also get an idea of how much you can afford to borrow for a house by using this handy calculator. To use the calculator, you’ll need to have figures for your income, expenses, and the money you have available for a down payment.

 

Covering the Right Costs

 

Speaking of the down payment, there are also some costs that you’ll incur when buying a house in San Jose and Santa Clara county. You’ll need to ensure you have the funds available to cover these costs, preferably from a savings or investment account that you can access. The Balance explores some of the costs that are generally associated with home buying. You may be required to cover fees associated with title insurance, home appraisals, escrow, and a land survey if purchasing land in San Jose and Santa Clara county. These costs may vary depending on the people you’re working with. As the buyer, you will be expected to stand the cost of the home inspection if the seller has not done so, that will likely be needed when you’ve found the house you’d like to purchase in San Jose and in Santa Clara County. 

 

Working with the Right People

 

As a first-time homebuyer, you will be reviewing legal contracts associated with buying a house that you might be unfamiliar with. A real estate professional has been trained to go over these documents with you. You can also seek financial advice from a trusted CPA or an Attorney. According to this article from Forbes, finding the right real estate agent entails making sure they’re local and are available to meet with you when needed. You can also use online sources to do research on prospective agents. Since you’ll need a home inspector at some point during the process, it’s best to find one early. A good home inspector is one that is experienced and licensed and would have no issue with you being present at the inspection.

 

Choosing the Right Funding

 

Finally, you need to shop around to find the best mortgage lender you can find. Lenders can vary in their requirements for your credit score and the amount of money you have available for a down payment. Other areas to bear in mind as a first time home buyer include researching down payment assistance programs and ensuring you keep on top of where you are in the process of buying a house. It’s also recommended that you get a recent copy of your credit report and provide that to prospective mortgage lenders. By doing this, you can prevent any damage to your credit score from having it pulled by multiple lenders in a short period of time. 

 

Buying your first home is challenging, but it can be rewarding as well. If you go into the process prepared, you may find the home of your dreams at a price you can afford. 

 

Photo courtesy of Pixabay



Posted in Buying a Home
April 5, 2020

8 Steps Of Lending When Buying A Home In Santa Clara County

 

Picture of a home is Santa Clara county

One of the most questions asked from first-time homebuyers or even people that have owned homes for a long time is that "what is the loan process for buying a home?"  Well, below are the 8 steps of lending when buying a home in Santa Clara county.

The Loan Process

 Step 1: Application Your loan process should go smoothly if you complete your loan application properly and provide all necessary documentation to your loan consultant at the time of application.

Step 2: Ordering Documentation Your loan consultant will order the necessary documentation for the loan as soon as it is received. Any verifications will be mailed, and the credit report and appraisal will be ordered. You will also receive a Good Faith Estimate of your costs and details of your loan.

Step 3: Awaiting Documentation Within approximately two weeks, all necessary documents should be received from your loan consultant. Each item is reviewed carefully in case additional items may be needed from you to resolve any questions or problems.

Step 4: Loan Submission Submitting your loan is a critical part of the process. All of the necessary documentation will be sent to the lender, along with your credit report and appraisal.

Step 5: Loan Approval Loan approval may be obtained in stages. Usually, within one to three days, your loan consultant should have pre-approval from the lender. If the loan requires mortgage insurance, or if an investor needs to review the file, final approval could take additional time. You do not have final loan approval until ALL of the necessary parties have underwritten the loan.

San Jose City building in Downtown San Jose

Step 6: Lender Preparation of Documents As soon as the loan is approved and all requirements of the lender have been met, the loan documents will be prepared. These documents will be sent to the escrow officer, and you will be asked to sign the documents. Your lender may require an impound account for tax installment payments, depending on the type of loan.

Step 7: Funding Once you have signed the documents and they have been returned to the lender, the lender will review them and make sure that all conditions have been met and all of the documents have been signed correctly. When this is completed, they will “fund” your loan. (“Fund” means that the lender will give the title company the money by check or wire.)

Step 8: Recordation When the loan has been funded, the title company will record the Deed of Trust with the county in which the property is located (usually by the next day). Upon receipt of confirmation of the deed being recorded, title or escrow will then disburse monies to the appropriate parties. At this time, in most cases, your loan is considered complete.

We have developed great relationships with seasoned and trusted lenders in our business since 2004.  Feel free to contact us for quality introductions.  

March 24, 2020

March 2020 Santa Clara County Market Trend Report

 

The home sales price to list price ratio jumped to 104.4% from 100.9% in Santa Clara county.  That’s the highest it has been since July 2018.

Inventory of single-family, re-sale homes was down 43.8% compared to last year. That is the sixth month in a row inventory has been lower than the year before. As of March 5th, there were 607 homes for sale in Santa Clara County. The average since January 2000 is 2,703. As inventory goes lower, demand and prices tend to go higher.

The median sales price for single-family in Santa Clara county, re-sale homes in February was up 13.7% compared to last year. It was up 12.5% from our January Santa Clara county market report.

The average sales price was up 8.5% year-over-year. It was up 8.7% compared to January.

Homes rose by 20.6% from January. They were down 3.7%, year-over-year. There were 469 homes sold in Santa Clara County last month. The average since 2000 is 987, so it is less than half of the average.

Santa Clara County Market Barometer for March 2020

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell three days to 36 days compared to January. The average since 2003 is 89. That is shorter by about 60%. 

It took twenty-five days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.

Days of inventory March 2020

The median sales price for condos was up 1.0% compared to January, but, it was down 4.5% from last February.

The average sales price rose 4.1% from January, but, it was down 2% year-over-year.

Condo sales were up 35.4% year-over-year. They were up 34.0% from January. There were 256 condos sold in February.

The sales price to list price ratio rose to 101.7% from 99.6%.

Price vs. Sales Graph Santa Clara County March 2020

Condo inventory in Santa Clara County dropped 54.0% from last February. 

As of March 5th, there were 233 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory fell to twenty-five from thirty-six.

It took an average of thirty-one days to sell a condo last month.

If you are planning on selling your property, call us for free comparative market analysis at 408-688-1000, 408-425-1928  or visit our Instant Home Valuation page.  

Home Evaluation Page

 

Below are individual market trends, statistic reports, and charts for all cities in Santa Clara county listed in alphabetical order.

 

Campbell

Campbell, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Campbell, CA

New Listings and Current Homes For Sale in Campbell, CA

 

Cupertino

Cupertino, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Cupertino, CA

New Listings and Current Homes For Sale in Cupertino, CA

 

Los Altos

Los Altos, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Los Altos, CA

New Listings and Current Homes For Sale in Los Altos, CA

 

Los Altos Hills

Los Altos Hills, CA Housing Trend for Single Family Homes SFR

New Listings and Current Homes For Sale in Los Altos Hills, CA

 

Los Gatos

Los Gatos, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Los Gatos, CA

New Listings and Current Homes For Sale in Los Gatos, CA

 

Milpitas

Milpitas, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Milpitas, CA

New Listings and Current Homes For Sale in Milpitas, CA

 

Monte Sereno

Monte Sereno, CA Housing Trend for Single Family Homes SFR

New Listings and Current Homes For Sale in Monte Sereno, CA

 

Morgan Hill

Morgan Hill, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Morgan Hill, CA

New Listings and Current Homes For Sale in Morgan Hill, CA

 

Mountain View

Mountain View, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Mountain View, CA

New Listings and Current Homes For Sale in Mountain View, CA

 

Palo Alto 

Palo Alto, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Palo Alto, CA

New Listings and Current Homes For Sale in Palo Alto, CA

 

San Jose

San Jose, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for San Jose, CA

New Listings and Current Homes For Sale in San Jose, CA

 

Santa Clara

Santa Clara, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Santa Clara, CA

New Listings and Current Homes For Sale in Santa Clara, CA

 

Saratoga

Saratoga, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Saratoga, CA

New Listings and Current Homes For Sale in Saratoga, CA

 

Sunnyvale

Sunnyvale, CA Housing Trend for Single Family Homes SFR

Condo Market Trend Report for Sunnyvale, CA

New Listings and Current Homes For Sale in Sunnyvale, CA

 

Data from http://www.georgesaghafian.com,

http//:www.MLSListings.com

 

 

 

 

 

July 31, 2017

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates