Valley Home Price on the Rise!

It will be a sellers’ year! At least before the Fed raises interest rates!
The general public will not believe it!. But the market trend has already shifting gear. We have record low inventoris. 2376 units (both class 1 and class 2 as of Jan, 2010), compared with one year ago 5675 units.(Feb. 2009). Under 3000 units in the Valley it will be a tough market for the buyers.
Also reflecting this is the rising median prices. Both single family home and condo/townhomes have been rising steadily every month in 2009. It reflects the surrounding area of the Valley cities, such as Almaden Valley, Berryessa, Milpitas, South San Jose prices are all climbing. But the fact also stand that most of the houses sold in these area are foreclosure homes. First time buyers and invetors will not miss this great opportunities to dive in. The purchase prices are already 5 to 10 percents over the bank seisure prices. And often times, cash buyers step in and steal the deal make it impossible for first time buyers who are low with down payment.

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