Bargains, bargains, bargains, get your bargains here! Unfortunately for buyers of homes in the south peninsula cities of Los Altos, Mountain View, Sunnyvale and Cupertino, the bargains are few and far between. The Bay area was entirely excluded from a recent Forbes article, Best Cities For Bargain House Hunters. Does this mean that there aren’t any good buys to be had in our area? Hardly!
Market Value is defined as the price a buyer who is ready, willing and able will pay for a home that has been fully exposed to the market. The key phrase is “fully exposed.” On the buy side, buyers must be recently pre-approved for their loan and educated about the local market. On the sell side, the seller must have the home prepared for sale, price correctly for the market and fully exposed to the market.
What makes a “good buy?” Most buyer’s want to purchase a home as far under market value as possible. Most don’t succeed. I have yet to find a client who wants to pay above market. How can buyers position themselves to buy a home under market? Here are 6 tips that will increase your odds of getting a better value in Los Altos, Mountain View, Sunnyvale and Cupertino.
If I had a crystal ball, a Ouija board or could read palms, I would be better able to advise clients on a specific time to buy a home. Given that our market is strongly driven by the amount of inventory available, now is a relatively good time to buy. Our market in select neighborhoods still favors sellers, but not as strongly as in March/May 2007.
For your information, Salt Lake City tops the list of the top ten cities for bargain house hunters. Listed below is the complete list with links to real estate professionals and/or lenders who can help you find a bargain in their city: