A report published a couple of days ago on marketwatch.com caught my attention in a big way.
Marketwatch decided to assess data from ATTOM Solutions looking at metro areas with a population above 100,000 with the lowest number of available residential properties.
I eagerly read down their list of “The Hottest Real Estate Markets in the United States” and, sure enough, there at Number One was San Jose-Sunnyvale-Santa Clara!
All Top 25 areas had a residential vacancy rate of less than 1% but, according to the report, our area leads the nation with less than a quarter of a percent of vacant properties.
Now while it's fantastic news that we are recognized as having the hottest market in the nation, there is of course the negative aspect for buyers of having so few homes to chase. That is not an altogether satisfactory position, of course, but it's undeniable that this represents what might actually be a never seen before opportunity for sellers here!
We have been seeing record breaking prices in the area for some time now, of course. There was the well-publicized case of the modest Sunnyvale home selling for nearly $800,000 over asking price in late summer.
And we've been happy to set records for our own clients recently. Just this week we achieved another record breaking price for a remodeled home in prime West San Jose. This followed other recent notable successes, including selling a Sunnyvale home at $150 per square foot higher than anything that has ever been sold in the neighborhood and negotiating the sale of a Los Altos home that will actually be knocked down and replaced by a wonderful new residence at almost $200k above the $4,175,000 asking price!
There's no question that sellers are able to breathe rarified air in this part of the world right now. We're seeing incredible numbers of multiple offers leading to unprecedented returns.
Let's also keep in mind that all this is being experienced at a time when most people would imagine, very incorrectly as it happens, that the market is slowing down for the holidays.
The simple truth is that buyers cannot afford to take a break if they are to find a home that ticks all their boxes and, even if they do, there will be stiff competition from other buyers, leading to the fantastic offers we're witnessing all the time now.
Given the amount of evidence of unprecedented market conditions, I'm inclined to suggest to you that this may be the best time EVER to sell your home.
It's a marvelous opportunity to cash out and, in many cases, completely change your lifestyle if you so wish, especially if you've owned the same home for many years and have built up a strong equity base as a result.
With a strong general economy and vast new investment in IT industry infrastructure here, the future does indeed look very bright.
As is clearly evident, buyers are ready and willing to purchase like never before so why not contact us today if you're interested to find out how much your home has appreciated or the most cost effective ways to maximize the value when you sell!