Here are the quick statistics on sold condos/townhomes for the month of January of this year. These numbers represent the sales in zip codes 95110 and 95112. There were 9 total sales, 7 of them being short sales, 1 being an REO, and 1 was a regular sale.

Average List Price: $264,454; Average Sale Price: $261,000

Minimum List Price: $195,999; Maximum List Price: $368,888; Median List Price: $245,000

Minimum Sale Price: $185,000; Maximum Sale Price: $380,000; Median Sale Price: $245,000

You might notice that the quick stats for January reflect both a decrease in sales prices and list prices compared to the month of December. However, the average list price and average sale price is up a few thousand dollars compared to December’s averages. If you or anyone you know would like more information on what’s going on in the Downtown SJ real estate market, please don’t hesitate to contact me.

It’s encouraging for our economy to have an increase in the amount of homes sold. Have you, or anyone you know, been able to take advantage of these near record historical low interest rates? And what about those eco-friendly features that buyers are looking for in a home? How many of those features are on your wishlist for a home? Let me know by leaving a comment down below or simply, contact me.

Only 52% of buyers used social media. However, there are 6 common activities that those buyers used social media for. The following are the activities and the percent of buyers who actually engaged in them:

1. Agent Referrals – 33%
2. Video Home Tours – 26%
3. Agent Facebook Page – 24%
   
4. Home Buying Tips – 23%
5. Comments On Neighborhoods – 21%
6. Neighborhood Lifestyle – 20%

Do these statistics surprise you at all? Can you say that you’ve probably used social media for a few of these activities? Let me know by leaving a comment down below. If you have any questions about the buying process, feel free to contact me. I’d love to fill you in on what’s going on in the real estate market and the different opportunities you have as a buyer.

It’s important to have an agent who’s on top of all of the details. Purchasing a home is, for most people, the largest investment they will probably make in their entire life. If you would like to know more about the process of buying a home, the in’s and outs, and what to expect out of the experience, please don’t hesitate to contact me. Did you find this short video clip helpful?

It’s important for all parties in a transaction to know who’s paying for what. What’s equally important is understanding all of this before going into a transaction. Did you find this video helpful? If you would like to discuss this topic further, I would love to talk to you. All you have to do is contact me. As always, leave a comment below and don’t forget to subscribe!

I came across an article in the San Jose Mercury News, which basically reminds us how these near record low mortgage rates won’t last forever.

“That’s because Congress late last year tied a payroll tax-break extension for millions of workers to what amounts to a new hidden tax on anyone who takes out a mortgage or refinances their home loan.” – Amy Fontinelle

Fontinelle’s article, “Winter’s Record-low Mortgage Rates Could Increase Thanks To Congress,”does an effective job of informing the public that we will see new mortgage fees in the near future as a result of the Government’s actions. It’s an amazing time for buyers with these artificially low mortgage rates and current values of homes on the market. In my 19 years as a real estate consultant, I’ve learned that no matter what we’re going through in the market at that time, it’s hard to imagine that sooner or later, change will happen.

As impressive as it is that buyers are being approved for mortgage rates in the high 3% area, we must not forget that this can only go on for so long. Take advantage of this while you can!

If you would like to talk more about this, I work closely with a knowledgeable lender who can give you advice and answer any questions that you have.  I can put them in touch with you, which proves to be an important first step in the home buying process. Please don’t hesitate to contact me if you think you will find this beneficial to your current situation. Happy Friday!

If you are interested in learning more about crucial information like this, please don’t hesitate to contact me. It’s important to have someone that represents you with your interests above everything else whether buying or selling. This is the approach I take when working with clients. Have a great day and don’t forget to subscribe!

Not only did we just close on this property, but our client was a first time home buyer who was able to get a loan through FHA (Federal Housing Administration). This meant that she was able to purchase this home with low down, which has been an attractive route for many first time buyers; as it should be. I am happy we found her a home that she loves and that she is now a proud owner of this wonderful townhome.

If you or anyone you know are in the home searching process and would like to save yourself some time, money, and possible some stress, please don’t hesitate to contact me. I’ve helped many buyers over my career so if you have any questions about the real estate market, I would love to talk to you.

By the end of 2011, the San Jose Metropolitan area had beaten out the San Francisco-Oakland-Fremont area for the number one spot in the U.S. in terms of rent hikes. This may or may not surprise you, but with the relatively low inventory of homes on the market and the amount of people that are living in the Silicon Valley, why wouldn’t rents be up? It’s like I’ve always said, people are always going to live somewhere, which means they’re either going to rent or buy. Many people come here to work because of the opportunities in high-tech, but all in all, the San Jose Metropolitan area has become a desirable place to live for many reasons.

“Average rents in the San Jose-Sunnyvale-Santa Clara metropolitan area climbed 11.7 percent to $1783 by the end of 2011 compared to $1,596 at the end of 2010.”

-Mary Ann Azevedo (Reporter-Silicon Valley/San Jose Business Journal)

You can read the rest of the article here and see how other big cities’ rent hikes in the U.S. compare to the San Jose Metropolitan area. As a citizen of Silicon Valley, how are the increases in rents affecting you? Is it causing you to want to quit paying someone else’s mortgage and start paying your own? Do you feel it’s much better financially to rent versus buy? And finally, what would you need to see change in order to start thinking it’s a better a decision to buy versus rent? Leave a comment below and don’t forget to subscribe.

What are your impressions of this update? Did you find the statistics helpful? Contact me, and tell me your thoughts about the downtown condo market. I’d love to hear your perspective. Don’t forget to subscribe!