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Purchasing a Homes in San Jose CA - Has become the Time to Buy San Jose Property
There are lots of reasons for San Jose property that you will need 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 conditions that you should educate yourself about. This should help you know when and where 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 as opposed to just under $500,000 now for an identical home. Remember that "median" is not the same as "average." In real estate, medians are usually used instead of averages because a few high-end homes can skew the numbers significantly. By calculating the median, or midpoint, a more accurate representation of local housing prices is offered.
The interest in homes raised and lowered a little from January to May of this year. In May, the demand for house skyrocketed within 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 real estate stays on the market before being sold has leveled out at about 100.
The quantity of "inventory" simply means the quantity of San Jose real estate that's for sale. Once the inventory is higher, there is a great supply for buyers to select from, letting them possess a greater say in setting the price.The number of homes for sale in San Jose has been climbing steadily since mid January of the year. Then there have been 1,500 homes for sale so that as of October 3, 2010, 2,858 homes were for sale.
The market conditions happen to be heading steadily one way since January of the year. If you take median price, inventory levels and days available on the market into consideration, 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 known as a "cold market" or a buyer's market. In markets such as this, prices are bound to fall and buyers can negotiate affordable prices. What this means is if you're thinking about investing in San Jose property, this is the time to do this!
