I wanted to provide you as my clients a quick market update. In the last four weeks I have been noticing a slight slowdown in this aggressive market. Before you get excited, by slight slowdown there are still multiple offers, however homes are seeing about half as many offers than prior. Homes in certain areas are sitting longer on the market. I will continue to see if there is a sustained trend here, it is too early to tell. I have not seen this slowdown in areas with strong school districts, these areas continue to see aggressive bidding and could sustain longer due to the high value Buyer's place into strong school districts.
My thoughts are that there could be a few culprits that could be affecting Buyers:
- Temporary Causes
- Summer vacation and Buyers traveling during this break
- July 4th weekend holiday break
- Increased summer inventory spreading out the existing buyers
- Longer Term Causes
- Increased supply slowly meeting demand
- Aggressive price increases are pricing buyers out of the market
- Rising interest rates are also pricing buyers out of the market
Below are some new listings and Buyer transactions that my give you a few real world examples on what is going on in the marketplace first hand!
New Berryessa Listing 1891 Anne Marie Court in San Jose!
I am pleased to announce a beautifully upgraded property located on a quiet court. Gorgeous kitchen with Corian countertops on updated cabinetry, oversized kitchen island/breakfast bar with highly desired modern open floor plan. Mahogany hardwood floors in living/dining rooms and tiled floors in wet areas. Tiled shower stalls with mosaic designs, dual pane windows and recessed lighting. Solid school, Northwood Elementary with an API of 902.
- Listed at $680,000, same price as townhomes selling in the area!
- 4 Bedrooms, 2 Bathrooms, 1,434 square feet of living space on a spacious 6,000 square foot lot
- Modern open floor plan that combines the kitchen and the dining area
- Gorgeous kitchen with Corian countertops on updated cabinets with an oversized island
- Mahogany hardwood floors in living/dining rooms
- Upgraded tiles in wet areas and bathroom shower with mosaic designs
- Recessed lighting in public areas
- Quick Access to Light Rail and Highway 680
I will be hosting an open house this Saturday and Sunday from 1:30PM to 4:30PM. Come and visit me if you are in the area!
More details are located at http://alanwangrealty.com/PropertyDetails?fl_hook=1721358443&show_description=yes&show_address=yes&presented_by=&show_virtual_tour=yes
Not on the MLS, California Landing Townhome in Milpitas
Executive tri-level California Landing Townhome, 3 bedrooms, 2.5 bathrooms at 1,547 square feet in the city of Milpitas. Within a few minutes to a neighborhood park and a safe neighborhood that is a convenient jump to South Bay and East Bay. A 5 minute drive to compaines such as Cisco, Samsung, Sandisk, this is also a very livable or rentable location. This property will likely be on the market in a couple of weeks but let me know if you'd like a sneak peak as we are preparing the home for sale. Target list price is in the high $500,000's. This unit can be rented today for $2,800 or send your kids to solid schools; Pomeroy Elementary (901 API) and Thomas Russell Middle (889 API).
More details located at: http://alanwangrealty.com/PropertyDetails?fl_hook=1722580518&show_description=yes&show_address=yes&presented_by=&show_virtual_tour=yes
Listing at 1691 Braddock in San Jose is in Sale Pending
We had 5 total offers, 2 which were all cash offers and the property was sold in less than a week. Congratulations to my Seller on this sale!
Details located at: http://alanwangrealty.com/PropertyDetails?fl_hook=1714295496&show_description=yes&show_address=yes&presented_by=&show_virtual_tour=yes
Sale Pending 729 Chopin in Sunnyvale on the Border of Cupertino
As I mentioned areas with great schools have not seen a slowdown. My Buyers competed against 4 others even with the July 4th holiday and the competition was fierce. The winning bid was substantially over the list price with 4 being non-contingent offers. Congratulations to my Buyers who were selected as the Buyer's of choice for this lovely home! They were the 3rd group of Buyers in my 10 year career that trusted my advice and were able to go aggressive and win on their first offer, well done!
Details Located at: http://alanwangrealty.com/PropertyDetails?fl_hook=1721487788&show_description=yes&show_address=yes&presented_by=&show_virtual_tour=yes
Sale Pending New Home Development in San Jose
Another congratulations is in order to my clients who secured a new home development in the Southbay! This is a dream home with 4 bedrooms, 2.5 bathrooms with 2,717 square feet of living space, built from the ground up! Again Buyers were part of a priority list and were able to be selected for this lovely property. To learn more ask me for more details!
Details located at: http://alanwangrealty.com/PropertyDetails?fl_hook=1719329239&show_description=yes&show_address=yes&presented_by=&show_virtual_tour=yes
Real Estate and Technology Workshop for Realtors
I will be giving a talk at the Asian Real Estate Association of America at SILVAR, on how to leverage the latest technology tools for Realtors! This will occur next week July 23rd, if you are a Realtor come and join me for my insights into this arena.
I continue to have new Buyer requirement meetings, so the supply of Buyers continue to flow into the market. There is also a steady stream of houses both in re-sale and new home construction coming to meet this demand. It will be interesting to see if the bidding wars slow down or grind to a halt and when prices may start to level or even reverse direction. Generally these things won't be sudden, so I see this as a gradual event. Buyers and Seller's, keep you eyes wide open as I monitor this trend.
I wish you all a wonderful summer! I thank you all for your trust in me and your multiple referrals this year. Without you, Alan Wang Realty would not be where it is today.