Seems that Valley's real estate is hot again. I guess, now is time to move in before it gets way too hot and all my friends start complaining about cost of living in valley.. time to grab piece of valley is now.. come on guys.. nothing can beat Silicon Valley..
On cautionary note, it already looks hot.. but knowing Silicon Valley's past history, this is just a start..
Hope to see lot more friends soon!!!
Cheers!!
BAY AREA HOUSING
Home sales go through the roof
Anxious homebuyers tempt sellers with deal offers as median prices in the region hit a four-year high
By Pete Carey
pcarey@mercurynews.com
Bay Area home sales in June erased any doubt that it’s a sellers’ market, with some frantic buyers even sweetening their offers with a timeshare vacation or a couple of months of free rent.
Real estate agents said low inventory is driving up prices in some areas as people try to outbid each other for more expensive homes while ultralow interest rates are drawing in first-time homebuyers.
“Sellers should be very happy these days, and buyers are really scrambling,” said Barbara Lymberis, president of the Santa Clara County Association of Realtors.
In the latest snapshot of the Bay Area housing market, median sale prices were up 6.4 percent for existing single-family homes from last year, their highest level since July 2008, according to a report Wednesday by DataQuick, a real estate information company. Yearover- year sales of all types of homes increased 10.4 percent, the 12th month in a row they have gone up.
Every time interest rates drop — averaging 3.56 percent for a 30-year fixed rate mortgage last week — more first-time buyers come out, said Kevin Kieffer, an associate broker with Keller Williams in Danville.
Part of what is driving up the median price is a shift in the mix of homes for sale, with a greater number of expensive houses on the market and fewer foreclosures.
Prices hit $329,000 in Contra Costa County, a 17.5 percent gain from June 2011, DataQuick reported. Alameda County had a gain of 9.3 percent to $437,000. Santa Clara County saw a median price increase of 7 percent from last year to $640,000. San Mateo County was essentially flat at $650,000.
“Some people are offering free rent back, or a vacation for a week anywhere in the world for the seller,” said Mark Wong, with Alain Pinel Realtors. “It’s crazy. But you’re talking about less than 10 grand. If you get the house, that’s a good deal.”
Wong said the craziest offer he’d heard of was from a buyer who simply offered to pay $200,000 more than the highest bidder. “This guy probably had been outbid 10 times and was desperate.”
But sometimes even special perks aren’t enough.
An offer that included six months’ free rent in an exclusive Walnut Creek condo still didn’t land the Alamo home that was for sale, according to Kieffer, the would-be buyer’s real estate agent.
In Sunnyvale, a homebuilder held a “Bingo style” drawing last weekend for 12 homes with 60 potential buyers.
“The market has just really heated up in Silicon Valley,” said Susie Frimel, marketing manager for the developer, Foster Citybased O’Brien Homes. “Inventory is really tight and a lot of people are very well qualified and want to take advantage of those low interest rates.” One frustrated home shopper is Henry Chan.
The 34-year-old mechanical engineer entered the Bingo-style lottery last weekend. The developer drew marked pingpong balls to determine the winners. Chan didn’t win, but said he hasn’t given up. He made an offer of $20,000 over asking price on another home last weekend and lost out to an even higher bid.
“We continue to shop around,” he said.
The condo market also is seeing strong price gains.
The median sale prices for a condominium is up 14.2 percent in the nine-county Bay Area from a year earlier, DataQuick reported. That includes annual price gains of 19.1 percent in Contra Costa County to $202,500; a 20 percent jump in Santa Clara County to $360,000; and single-digit gains in Alameda County to $231,500 and San Mateo County to $335,000.
Contact Pete Carey at 408-920-5419.
JUSTIN SULLIVAN/GETTY IMAGES
Sales of all types of homes in the Bay Area increased 10.4 percent from a year ago. Construction of new homes, such as this one in San Mateo, was also up awin June.
On cautionary note, it already looks hot.. but knowing Silicon Valley's past history, this is just a start..
Hope to see lot more friends soon!!!
Cheers!!
BAY AREA HOUSING
Home sales go through the roof
Anxious homebuyers tempt sellers with deal offers as median prices in the region hit a four-year high
By Pete Carey
pcarey@mercurynews.com
Bay Area home sales in June erased any doubt that it’s a sellers’ market, with some frantic buyers even sweetening their offers with a timeshare vacation or a couple of months of free rent.
Real estate agents said low inventory is driving up prices in some areas as people try to outbid each other for more expensive homes while ultralow interest rates are drawing in first-time homebuyers.
“Sellers should be very happy these days, and buyers are really scrambling,” said Barbara Lymberis, president of the Santa Clara County Association of Realtors.
In the latest snapshot of the Bay Area housing market, median sale prices were up 6.4 percent for existing single-family homes from last year, their highest level since July 2008, according to a report Wednesday by DataQuick, a real estate information company. Yearover- year sales of all types of homes increased 10.4 percent, the 12th month in a row they have gone up.
Every time interest rates drop — averaging 3.56 percent for a 30-year fixed rate mortgage last week — more first-time buyers come out, said Kevin Kieffer, an associate broker with Keller Williams in Danville.
Part of what is driving up the median price is a shift in the mix of homes for sale, with a greater number of expensive houses on the market and fewer foreclosures.
Prices hit $329,000 in Contra Costa County, a 17.5 percent gain from June 2011, DataQuick reported. Alameda County had a gain of 9.3 percent to $437,000. Santa Clara County saw a median price increase of 7 percent from last year to $640,000. San Mateo County was essentially flat at $650,000.
“Some people are offering free rent back, or a vacation for a week anywhere in the world for the seller,” said Mark Wong, with Alain Pinel Realtors. “It’s crazy. But you’re talking about less than 10 grand. If you get the house, that’s a good deal.”
Wong said the craziest offer he’d heard of was from a buyer who simply offered to pay $200,000 more than the highest bidder. “This guy probably had been outbid 10 times and was desperate.”
But sometimes even special perks aren’t enough.
An offer that included six months’ free rent in an exclusive Walnut Creek condo still didn’t land the Alamo home that was for sale, according to Kieffer, the would-be buyer’s real estate agent.
In Sunnyvale, a homebuilder held a “Bingo style” drawing last weekend for 12 homes with 60 potential buyers.
“The market has just really heated up in Silicon Valley,” said Susie Frimel, marketing manager for the developer, Foster Citybased O’Brien Homes. “Inventory is really tight and a lot of people are very well qualified and want to take advantage of those low interest rates.” One frustrated home shopper is Henry Chan.
The 34-year-old mechanical engineer entered the Bingo-style lottery last weekend. The developer drew marked pingpong balls to determine the winners. Chan didn’t win, but said he hasn’t given up. He made an offer of $20,000 over asking price on another home last weekend and lost out to an even higher bid.
“We continue to shop around,” he said.
The condo market also is seeing strong price gains.
The median sale prices for a condominium is up 14.2 percent in the nine-county Bay Area from a year earlier, DataQuick reported. That includes annual price gains of 19.1 percent in Contra Costa County to $202,500; a 20 percent jump in Santa Clara County to $360,000; and single-digit gains in Alameda County to $231,500 and San Mateo County to $335,000.
Contact Pete Carey at 408-920-5419.
JUSTIN SULLIVAN/GETTY IMAGES
Sales of all types of homes in the Bay Area increased 10.4 percent from a year ago. Construction of new homes, such as this one in San Mateo, was also up awin June.
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