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Purchasing a Homes in San Jose CA - Is Now the Time to Buy San Jose Real Estate



There are many things about San Jose real estate that you'll need to know before you begin getting serious about the properties for sale there. By October 2010, there are particular price trends, demand trends, total inventory of homes, and market conditions that you should 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 looking very good right now. In November of last year, prices were a little steep in a median of $540,000 as opposed to just under $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 offered.

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The demand for homes raised and lowered a bit from January to May of this year. In May, the demand for house skyrocketed within the popular spring buying time as the average number of days available on the market plummeted from 150 days to around 80. Since then, the amount of days that San Jose real estate stays available on the market prior to being sold has leveled out at about 100.

The amount of "inventory" only denotes the quantity of San Jose real estate that's for sale. Once the inventory is higher, there's a great supply for buyers to choose from, allowing them to possess a greater say in setting the price.The number of properties for sale in San Jose has been climbing steadily since mid January of the year. Then there have been 1,500 properties for sale and as of October 3, 2010, 2,858 homes were for sale.

The marketplace conditions have been heading steadily in one direction since January of this year. By taking median price, inventory levels and days on the market into account, it is possible to calculate what kind of sell it off is. Currently, listed homes can last for several months on the market while maintaining a present sale rate. This is called a "cold market" or a buyer's market. In markets like this, prices are bound to fall and buyers can negotiate affordable prices. What this means is if you're thinking about purchasing San Jose real estate, this is the time to do this!