 | That day, a RE agent told me that housing market in the bayarea is like this:
1. in the Eastbay, the supply is greater than the demand, the housing price is going down.
2. in the north valley, the supply is equal to the demand, the price is flat.
3. in the good area such as cupertino,palo alto, saratoga, the supply is smaller than the demand, the price is still going up.
Recently, I noticed that there are more and more open-house in the Eastbay and the north valley. Sometimes, on the same street, 2 or 3 houses are put on sale.
In particular, I happened to find two houses on sale in the north valley, where the market was supposed to be flat, the cases are interesting:
1. house A in Milpitas
5bed, 2.5 bath, 1,769 Sq.Ft., Lot size 5227 sqft, built 1969
This house is put on sale now at $659,900
I checked the sale history, it has changed a lot of hands, and the lastest sale was only 3 months ago! What is the reason?
It was sold on 4/25/2007 at 650k, (seller lost $140k?)
It was sold on 6/01/2006 at 790k,
It was sold on 3/23/2005 at 500k,
(guess this house's original price was only $80k in 1970s.)
2. House B in north San Jose
4bed, 2.5bath, 1786 sqft, lot 5662 sqft, built 1969.
It is on sale now at $680k
the sale history is:
sold on 5/25/05 at $740k
sold on 9/8/03 at $470k
sold on 7/25/03 at $446k
3.Last week, saw another house on sale at $699k, this week, the agent changed the price on mlslisting as $680k.
Obviously, the peak price in the bay area for area 1 and 2 is between the mid of 2005 to mid of 2006. and now, the housing price is going down. | |
