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Buying a Homes in San Jose CA - Is Now the Time to purchase San Jose Real Estate
There are many things about San Jose property that you'll need to know before beginning getting serious about the properties 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 will help you know when and where to purchase your first or next home in San Jose, California.
Prices on homes for San Jose property are looking excellent right now. In November of last year, prices were a little steep at a median of $540,000 as opposed to just under $500,000 now for an identical home. Remember that "median" is not the just like "average." In real estate, medians are generally used rather than averages 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.
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The interest in homes raised and lowered a bit from January to May of this year. In May, the interest in house skyrocketed in the popular spring buying time as the average length of time on the market plummeted from 150 days to about 80. Since then, the number of days that San Jose property stays available on the market prior to being sold has leveled out at about 100.
The quantity of "inventory" only denotes the amount of San Jose property that's on the market. Once the inventory is higher, there's a great supply for buyers to select from, letting them have a greater say in setting the price.The amount of properties for sale in San Jose has been climbing steadily since mid January of the year. Then there were 1,500 properties for sale and as of October 3, 2010, 2,858 homes were for sale.
The marketplace conditions have been heading steadily one way since January of this year. By taking median price, inventory levels and days available on the market into account, it is possible to calculate what kind of sell it off is. Currently, listed homes may last for many months on the market while maintaining a current sale rate. This is called a "cold market" or a buyer's market. In markets like this, costs are certain to fall and buyers can negotiate affordable prices. What this means is if you're thinking about purchasing San Jose property, this is the time to do this!
