A new month is here… but last month ended with some great news that we will carry with us into this dynamic season. Homes of Silicon Valley is pleased to announce that 255 Burning Tree Drive in San Jose (95119) has closed! You may remember that this Santa Teresa listing featured 3 bedrooms, 2 baths and a distinctive floorplan with 2 ground-level bedrooms and an upstairs bedroom/bonus space.
Listed at $1,197,000, this property closed $179,000 over-asking at $1,376,000. WOW! We are more than thrilled for our sellers and also honored that they chose the Homes of Silicon Valley Team to represent them.
This transaction closed less than 10 days ago and is a noteworthy example of the current market climate in Silicon Valley. Though winter is often regarded as a ‘slow’ season, the reality is that low inventory is still driving serious buyers every day. Homes in Silicon Valley continue to be in demand, and while micro market trends will vary, there is still much opportunity to maximize your ROI.
Multiple sources are projecting slower home price acceleration; Fannie Mae & Freddie Mac are still predicting US home price growth of 7-8%. Meanwhile, Fed policy makers are projecting at least one rate hike and possibly two in 2022. These trends coupled with continued low inventory are causing homeowners to ask themselves:
1) Is now a good time to sell? Is early in 2022 or later a better move?
2) Will my purchasing power in my next home be impacted by potentially rising rates?
3) What time of year might I have more or less competition from other homes on the market?
4) What improvements are ‘necessary’ to sell my home and what does that process look like?
5) Is there a way to time the opportunities of both where I want to sell and where I plan to buy simultaneously?
Please feel free to reach out to chat about any of the above questions and/or receive a complimentary home valuation. Knowledge is power and I want to ensure you have all the information you need to make the best decisions for you & your family in 2022. ~ Mark