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Renting a 3bdrm 2ba house in santa clara/sunnyvale/milpitas area is currently about $2600. And buying a similar house with 20% down payment is $2800 - it made sense - why shouldn't one buy?
And now this article comes along and we're back to square one and confused again! Thanks Patrick.net! :(
I think a lot of people who read these articles get sucked into competing and overbidding. If you hang in and make reasonable offers that work for you, you will eventualy stumble on the the right situation. But it pays to be hanging around when the high offer drops or the person wants to sell quick and you are the one left sitting at the table. I was outbid many times for properties, but have never regretted not paying more than I thought was reasonable (by Bay Area standards).
bmwman91
2012 Mar 31, 4:45am
I agree that exercising patience and being persistent can pay off. My cousin is closing on house in San Jose. They got out-bid on 4 or 5 prior to this, but they kept tabs on those 4 or 5 and ended up getting one when a higher bidder fell through. To the best of my knowledge, they paid exactly asking price since the seller got antsy. It is a lot of work, but if you are adamant about buying, and you aren't anywhere near the peninsula, persistence probably pays off.
http://www.foreclosureradar.com/california/santa-clara-county-foreclosures
Someone asked me to state my source. It's in the news periodically that almost nothing actually makes it to a sale on the courthouse steps.
In the above example, about 600-800 new Notice of Defaults are filed monthly in Santa Clara, but only 150 or so are actually repossessed by the bank. The rest are recovered, cancelled, perhaps short sale, but not REO.
Ignore NOD listings. Not meaningful, at least in the short term. Only 10-20% become actual foreclosures in 1-2 years.
CrazyMan
2012 Apr 1, 4:41pm
Short sale, reo, it's a wash to me. More houses need to come on the market. The fact that they're being issued means people aren't making their payments. I can't see how that's meaningless. The link you posted shows 37% are foreclosed on. That's quite a bit.
Goran_K
2012 Apr 1, 4:58pm
Considering that the cure rate for homes that receive a NOD is about 5% for the entire nation, I'd say NOD shouldn't be ignored.
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http://www.contracostatimes.com/business/ci_20235268/buyers-compete-short-supply-homes-bay-area
quotes:
"It's amazing what's not out there right now," he said. "There are only 32 homes in the whole city of Santa Clara. We're down 74 percent from February 2011."
"I think it's a little bit like Christmas," said Safran of the Contra Costa Association of Realtors. "People finally started buying again this Christmas when they hadn't bought for three years. I think they're just ready. It's time."
Some would-be sellers on the Peninsula seem to be holding out until next year, when Facebook's newly minted millionaires will begin spending their money, potentially driving up prices even more.
Sellers are "getting greedy" and pulling homes off the market, said Alex H. Wang of Rainmaker Sereno Group's Palo Alto office. "They get multiple offers on their house and say, 'I don't want to sell anymore. I'll wait until next year.' That upsets everybody."
#housing