Archive for the ‘Saratoga Real Estate’ Category

Protect Your Investment & Pick your Home Inspector Carefully

By Theresa Wellman | June 4th, 2009 0 Comments

posted by Theresa Wellman of the Intero Saratoga office

Today with many of the homes available for sale being REOs and Short sales, there is even more to watch out for. Typical REOs and Short sale had owners who did not take care of their homes or worse yet, left damage. So a thorough property inspector is an essential piece of a home purchase.

Why Can’t You Do it Yourself?

I know, now that you are getting your own home, you want to care for it and desire to know the ins and outs. The inspection period when buying a home is not the time for this. Even the most experienced homeowner lacks the knowledge and expertise of a professional home inspector (Do you inspect 2-3 homes per day as your job?). An inspector is familiar with the elements of home construction, proper installation, maintenance, building codes and home safety. He or she knows how the home’s systems and components are intended to function together, as well as why they fail. Above all, most buyers find it difficult to remain completely objective and unemotional about the house they really want, and this may have an effect on their judgment. For accurate information, it is best to obtain an impartial, third-party opinion by a professional in the field of home inspection.

How do you choose a home inspector?

1. Work with your real estate agent’s recommendation.

a. Agents who have experience in the business can tell a thorough inspector from one who just breezes through a quick checklist. Agents do not get anything from recommending one inspector other than piece of mind that a professional is looking at the home. If a property inspector misses something, there could potentially be a lawsuit and no experienced agent wants to risk that.

2. Check your local ASHI (American Society of Home Inspectors) chapter for recommendations in your area. It is very important that your inspector be aware of the area and what is normal for local homes or what items to look out for. Be wise making one of the largest investments in your life and hire a qualified home inspector!

Any other recommendations on how to find a good inspector?

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Short sales are a large portion of Santa Clara County real estate these days…

By Theresa Wellman | May 26th, 2009 0 Comments

posted by Theresa Wellman of the Intero Saratoga office

Did you know that 24% of all homes for sale today in Santa Clara county are short sales?   And if you are a first-time homebuyer or investor you’ll likely see 60% short sales in the homes you are viewing since that is the percentage of homes under $500,000 that are categorized as a short sale.

For this reason I thought it important to talk a little bit more about what a short sale is and what a buyer can expect in this type of sale, so read “What is a Short Sale?” on my personal blog.

Please feel free to ask any questions you have about short sales so I can set the record straight.

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  • Theresa Wellman – Realtor, EcoBroker
    Theresa provides an exceptional real estate service above and beyond the norm which translates to putting her clients first. – 408.839.4196
  • Intero Real Estate Services
    One of the premier real estate brokerages. Find real estate, properties, homes for sale in Arizona, California, Colorado, Nevada, Texas and Mexico.
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Has The Silicon Valley Real Estate Market Hit Bottom?

By Dawn Thomas | May 22nd, 2009 0 Comments

posted by the Dawn Thomas Team of the Intero Los Altos office

The Silicon Valley Real Estate Market continues to pick up momentum.  The question is, have we hit bottom and are we heading out of this or is this just a short upswing before the bottom really falls out?  I wish I had the answers to that question.  My suggestion right now would be that if you are considering a real estate purchase, jump in now.  You simply cannot go wrong.  If you are selling or need to sell—list now and price your home to move fast.  If this is a short upswing then you don’t want to miss your chance to sell now during an upswing.

How long of a window might we have?  Who knows???  I would guess that we might see a better market for at least the next 60-90 days.  The longer term problem could be increased interest rates or the increase in inventory of short-sale and foreclosed homes.  Any of these could have a negative impact on our local market.  My suggestion is don’t watch national trends, but focus mostly on what you see taking place in our community and listen to your Real Estate professional for the best perspective on what’s really going on.  Your Realtor® has his/her ear to the ground every day and knows the pulse of the local market.

Have you noticed that mass media has stopped talking about Real Estate since the drama is no longer left in the story and there’s no more “tragedy?” Take notice of this, my readers!

Let’s Talk Trends
For Silicon Valley Real Estate as a whole, check out these trends. Bottom line—if the trends continue, we will see a shortage of inventory in the not-so-distant future. The last time this happened was in 2005.

In Los Altos, Los Altos Hills, and Mountain View, we are seeing some upward momentum in certain areas and fairly regular activity in others (stats from April 2009):

Los Altos—New listings increased (118% of April 2008); Inventory is 203% of April 2008; Closed sales are 45% of April 2008.

Los Altos (comparing April ’09 to March ’09)—17 more new listings entered the market in April, making the current inventory of active homes 132. Closed sales were down a bit—11, which was 78.5% of March’s closings.

Los Altos Hills—New listings increased – 1.5 times more in April 2009 than in April 2008; Inventory is 159% of April 2008; Closed sales were right on point with April 2008.

Los Altos Hills (comparing April ’09 to March ’09)—27 more listings came on in April, making the current inventory of active homes 70. Closed sales were 6, which is the total of combined sales for all of Dec. ‘08 – Mar. ’09). This is an excellent trend for the higher-end!

Mountain View—New listings increased (115% of April 2008); Inventory is 200% of April 2008; Closed sales are 133% of April 2008—another great upward momentum indicator for our market!

Mountain View (comparing April ’09 to March ’09)—45 more listings came onto the market in April, completing month-end active inventory at 108. April’s closed sales exactly doubled March’s at 20!

So, I will ask you—have we hit bottom? I would love hear your comments!

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Market signs show Santa Clara county market is heating up, but exactly where is all the activity happening?

By Theresa Wellman | April 23rd, 2009 0 Comments

posted by Theresa Wellman of the Intero Saratoga office

Location, Location, Location…you’ve heard this right?  Well of course it matters in many perspectives, but when looking at market statistics and trends, it is crucial to think and stay as local as possible.  So keeping in mind that location makes a big difference, I have analyzed market data by MLS area (rather than just Santa Clara county statistics) to get a better idea of where each local market stands today.

The data shows that most sales are happening in Santa Teresa, Evergreen, Alum Rock, Berryessa, Milpitas, South San Jose, Blossom Valley, and Cambrian.  These markets are also the ones that have seen some of the largest price drops. Values are at phenomenal levels in these neighborhoods.  Did you know that a single family home under $300,000 exists in Silicon Valley?  Well it does and that’s why first-time buyers and investors are jumping into the hot markets mentioned above.

Read up on the local area statistics to find out where today’s buyers are and where you also can go to get great values in Silicon Valley real estate.

Have more questions about local markets?  Make a comment on my blog!

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  • Theresa Wellman – REALTOR, EcoBroker
    Theresa provides an exceptional real estate service above and beyond the norm which translates to putting her clients first. – 408.839.4196
  • Intero Real Estate Services
    One of the premier real estate brokerages. Find real estate, properties, homes for sale in Arizona, California, Colorado, Nevada and Texas.
  • Get new posts via email
  • Subscribe