The Jan/2010 Santa Clara County (SCC), Real Estate Sales Report for Single-Family Homes saw a closing of 593 sales receiving 98.91% of list price. These closings represented a median price of $530,825 and an average price of $666,729. There were 1,321 new listings reported to the MLS during Jan/2010. Total Sales: $394,703,793
The Dec/2008 Santa Clara County (SCC), Real Estate Sales Report for Single-Family Homes saw a closing of 677 sales receiving 97.28% of list price. These closings represented a median price of $512,450 and an average price of $657,842. There were 1,059 new listings reported to the MLS during December. Total Sales: $444,701,772
Single Family Homes
Jan/2010~SCC Condos/Townhouses had 232 closed sales receiving 99.85% of list price. These closings represented a median price of $321,000 and an average price of $368,681. There were 522 new listings reported to the MLSduring Jan/2010. Total Sales: $85,534,059
Dec/2008~SCC Condos/Townhouses had 208 closed sales receiving 96.49% of list price. These closings represented a median price of $312,500 and an average price of $368,525. There were 385 new listings reported to the MLSduring December. Total Sales: $76,653,267
Santa Clara County Condos & Townhouses
Days on Market
Jan/2010~Single-Family Homes in SCC had an average of 65 days on
market (DOM). Condos/Townhouses had an average of 73 DOM.
Dec/2008~Single-Family Homes in SCC had an average of 92 days on
market (DOM). Condos/Townhouses had an average of 82 DOM.
Pat’s next De Anza class features guest speaker Real Estate Attorney Julia Wei!
Managing Risk, Expectations & Results with Lender Controlled Properties
Buyer and Seller Beware: Only prepared buyers and sellers should enter into transactions involving distressed properties. Short sales, pre-foreclosures and foreclosures are fraught with potential missteps and ramifications that are normally not found in an already stressful situation ~ the buying or selling of a home. Banks have become more aggressive toward buyers, sellers and their representative. Learning all sides of a transaction is paramount when negotiating, especially when the banks have loss mitigation departments that are overwhelmed and/or ill prepared.
Be a Savvy Consumer and Learn the Particulars:
• Loan Modifications vs Short Sales
• Short-Sales vs Foreclosures
• Pre-Foreclosure & Foreclosures
• Debt Relief Tax Consequences
• Banks Demanding Loss Repayment
• Agent Contracts vs Bank Contracts
• Dealing with Multiple Lenders
The Q4/ 2009 Silicon Valley Real Estate Housing Sales Report for Los Gatos Single-Family Homes saw a closing of 81 sales receiving 95.35% of list price. These closings represented a median price of $1,249,675 and an average price of $1,332,355. There were 99 new listings reported to the MLS for Q4/2009. Total Sales: $107,920,828
The Q4 2006 Silicon Valley Real Estate Housing Sales Report for Los Gatos Single-Family Homes saw a closing of 83 sales receiving 97.96% of list price. These closings represented a median price of $1,355,000 and an average price of $1,538,690. There were 71 new listings reported to the MLS for Q4/2006. Total Sales: $127,711,320
Q4 2009~Los Gatos Condos/Townhouses had 27 closed sales receiving 97.13% of list price. These closings represented a median price of $607,500 and an average price of $606,761. There were 39 new listings reported to the MLS for Q4/2009. Total Sales: $16,382,550
Q4/2006~Los Gatos Condos/Townhouses had 23 closed sales receiving 97.96% of list price. These closings represented a median price of $645,000 and an average price of 653,365. There were 30 new listings reported to the MLS for Q4/2006. Total Sales: $15,027,400
Q4/2009~Single-Family Homes in January had an average of 84 days on market (DOM). Condos/Townhouses had an average of 136 DOM.
Q4/2007~Single-family homes in January had an average of 75 DOM and 75 CDOM. Condos/Townhouses had an average of 66 DOM and 66 CDOM.
KAPOWICH REAL ESTATE derives many benefits from its
memberships in the National Association of Realtors,
the California Association of Realtors, the Silicon Valley
Association of Realtors. Not the least of which is
their statistical information on real estate transactions.
Q ~ We sold our house in August 1998. Before the sale, an inspection
of the bathroom floor revealed some water damage. The inspector
did not find structural damage. We replace the vinyl and wood under
the floor. Later the inspector cleared the bathroom and the buyer
signed off on it. In June this year, the buyer returned and said the
work was unsatisfactory. He wants us to pay for additional work.
Should we?
A ~ If you completed the work, the termite company only states the
home is free of infestation and will not warranty any of the workmanship
or materials. Your contract should hold your answer. Did the contract
have a repair clause? If so, did it say all the work must be completed by
a licensed contractor, using good materials, workmanship, building codes
and permits? Did the buyer have a right to inspect the work and approve
the completed results? Home sellers often try to save money on repairs
that often come back to haunt them. More than 90 percent of real estate
disputes involve buyers going after sellers in a case similiar to your own.
Let your contract be your guide.
Real Estate Virtual Forum
Saturday, September 18, 1999
Do you have a question for the new real estate Q&A Market Wise column in the SJMN? If so, please email them to: info@SiliconValleyBroker.com
January 2009 ~ The Campbell Silicon Valley Real Estate Sales Report for Single-Family Homes saw a closing of 11 sales receiving 99.79% of list price. These closings represented a median price of $655,000 and an average price of $658,181. There were 31 new listings reported to the MLS during January. Total Sales: $7,240,000
vs
February 2007 ~ The Campbell Silicon Valley Real Estate Sales Report for Single-Family Homes saw a closing of 35 sales receiving 99.72% of list price. These closings represented a median price of $745,000 and an average price of $769,377. There were 68 new listings reported to the MLS during February. Total Sales: $26,928,211
January 2009 ~ Campbell Condos/Townhouses had 6 closed sales receiving 99.43% of list price. These closings represented a median price of $396,000 and an average price of $406,333. There were 23 new listings reported to the MLS during January. Total Sales: $2,438,000
vs
February 2007 ~ Zone Campbell Condos/Townhouses had 25 closed sales receiving 99.39% of list price. These closings represented a median price of $510,000 and an average price of $519,474. There were 33 new listings reported to the MLS during the month of February. Total Sales: $12,986,856
January 2009 ~ Single-Family Homes in Campbell had an average of 33 days
on market (DOM). Condos/Townhouses had an average of 54 DOM.
vs
February 2007 ~ Single-Family Homes in Campbell had an average of 49 DOM and 65 CDOM. Condos/Townhouses had an average of 36 DOM and 53 CDOM.
KAPOWICH REAL ESTATE derives many benefits from its
memberships in the National Association of Realtors,
the California Association of Realtors, the Silicon Valley
Association of Realtors. Not the least of which is
their statistical information on real estate transactions.
Q: Recently, for the second time, we canceled transactions due to the condition of each home. Both sellers had cursory or no inspections that truly revealed the state of each property. Our buyer’s agent explained that it is protocol to send each report to the seller’s agent as soon as it is generated. It occurred to us that the reports we paid for have an extended shelf life beyond the failed transactions. We feel it is unfair that inspections on our dime are passed along to other parties. Our agent said that each seller can and should pass these reports along to future buyers. If that is the case, shouldn’t we get some compensation for these reports, regardless of their value?
A: No. Your reports have already paid for themselves by way of their original and main purpose to help in moving forward with a sale or not. Since the reports prompted you to cancel a sale, it was money well spent. There is no economic recycling of old reports. Sometimes another consumer will call an inspector back to the property and pay him or her a small fee for a walk-through with the old report.
Sadly, what you experienced is quite common and equally avoidable. Sellers and/or the listing agents can actually promote buyer’s remorse to the point of rescission by not properly disclosing the property’s condition, warts and all, prior to a sale. Posting a disclosure package online reduces surprises and boosts a consumer’s confidence in her or his purchase.
Many sellers and their agents will spend frustrating weeks and months working toward a sale, only to have it fall apart after the buyers change their minds. These are the same sellers and listing agents who just can’t get their arms around the idea that the expense and time involved posting a disclosure package pays huge dividends.Homes that have complete disclosure packages online prior to negotiations will generate more and/or stronger offers with fewer days on the market. Plus, these are the sales that tend to stay sold.
The 2009 Completed Sales Report for Blossom Valley Single-Family Homes saw a closing of 676 sales receiving 100.88% of list price. These closings represented a median price of $485,000 and an average price of $502,193.
There were 916 new listings reported to the MLS in 2009. Total Sales: $339,483,105
vs
The 2006 Completed Sales Report for Blossom Valley Single-Family Homes saw a closing of 756 sales receiving 100.28% of list price. These closings represented a median price of $710,000 and an average price of $728,736.
There were 1,291 new listings reported to the MLS in 2006. Total Sales: $550,924,790
2009~Blossom Valley Condos/Townhouses had 464 closed sales receiving 99.62% of list price. These closings represented a median price of $220,500 and an average price of $244,186. There were 656 new listings reported to the MLS in 2009. Total Sales: $113,302,495
vs
2006~Blossom Valley Condos/Townhouses had 617 closed sales receiving 100.02% of list price. These closings represented a median price of $455,000 and an average price of $467,319. There were 1,099 new listings reported to the MLS in 2006. Total Sales: $288,236,255
2009~Single-Family Homes in Blossom Valley had an average of 75 days on market (DOM). Condos/Townhouses had an average of 80 DOM.
2006~Single-Family Homes in Blossom Valley had an average of 61 days on market (DOM). Condos/Townhouses had an average of 60 DOM.
KAPOWICH REAL ESTATE derives many benefits from its
memberships in the National Association of Realtors,
the California Association of Realtors, the Silicon Valley Association of Realtors. Not the least of which is
their statistical information on real estate transactions.
Pat’s next De Anza class features guest speaker Real Estate Attorney Julia Wei!
Managing Risk, Expectations & Results with Lender Controlled Properties
Buyer and Seller Beware: Only prepared buyers and sellers should enter into transactions involving distressed properties. Short sales, pre-foreclosures and foreclosures are fraught with potential missteps and ramifications that are normally not found in an already stressful situation ~ the buying or selling of a home. Banks have become more aggressive toward buyers, sellers and their representative. Learning all sides of a transaction is paramount when negotiating, especially when the banks have loss mitigation departments that are overwhelmed and/or ill prepared.
Be a Savvy Consumer and Learn the Particulars:
• Loan Modifications vs Short Sales
• Short-Sales vs Foreclosures
• Pre-Foreclosure & Foreclosures
• Debt Relief Tax Consequences
• Banks Demanding Loss Repayment
• Agent Contracts vs Bank Contracts
• Dealing with Multiple Lenders
