Hot! Hot! Hot! Lowest number of homes for sale, lowest interest rates in 30+ years, and a growing Silicon Valley economy, sets up for bidding wars all over the Bay Area. Some basic stats and predictions:
* Average home prices in San Jose and Silicon Valley will be back to 2006 (pre-bust) by 2014!
* Average home price in Silicon Valley is expected to increase 5.7% over 2012
In the last year, most offers have been multiple offers somewhere between 2-10% over last sale in neighborhood.
Now, we are seeing more competition regarding contingencies with sellers challenging buyers to have no appraisal contingency and no physical contingency. A true AS IS- conditional purchase.
For more details on the market – see the graphs below or download the attached PDF on the San Jose to Sunnyvale local market report.
As always, if you want to know specifics about your neighborhood, click here and let me know your questions.