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Purchasing a Homes in San Jose CA - Is Now time to purchase San Jose Real Estate
There are lots of reasons for San Jose real estate that you'll want to know before beginning getting seriously interested in the homes for sale there. As of October 2010, there are particular price trends, demand trends, total inventory of homes, and market problems that you need to become knowledgeable about. This should help you know where and when to buy your first or next home in San Jose, California.
Prices on homes for San Jose property are searching very good right now. In November of last year, prices were a bit steep at a median of $540,000 instead of just below $500,000 now for the same home. Remember that "median" is not the same as "average." In real estate, medians are usually used rather than averages just because a few high-end homes can skew the numbers significantly. By calculating the median, or midpoint, a far more accurate representation of local housing prices is given.
The interest in homes raised and lowered a bit from January to May of the year. In May, the interest in house skyrocketed within the popular spring buying time because the average number of days available on the market plummeted from 150 days to around 80. Since that time, the amount of days that San Jose property stays on the market before being sold has leveled out at about 100.
The quantity of "inventory" only denotes the amount of San Jose property that's for sale. When the inventory is higher, there is a great supply for buyers to choose from, allowing them to possess a greater say in setting the cost.The number of homes for sale in San Jose continues to be climbing steadily since mid January of this year. Then there were 1,500 homes for sale so that as of October 3, 2010, 2,858 homes were for sale.
The marketplace conditions happen to be heading steadily in one direction since January of this year. If you take median price, inventory levels and days on the market into account, it is possible to calculate what kind of market it is. Currently, listed homes may last for many months on the market while keeping a present sale rate. This is called a "cold market" or a buyer's market. In markets such as this, costs are bound to fall and buyers can negotiate affordable prices. This means if you are thinking about purchasing San Jose property, this is the time to do so!
