How Much To Offer on a Sunnyvale Home With Multiple Offers

The real estate market for Sunnyvale town homes and condos for sale is pretty crazy right now. There are hundreds of new town homes springing up for sale in the eastern part of Sunnyvale but even so, the resale market is still on fire for sellers in Sunnyvale. Normally, if there is a lot of new construction the resale homes with suffer. This is not the case in Sunnyvale. The demand for homes has so far out paced the town homes available for sale in Sunnyvale that prices continue to appreciate and buyers need to offer more than list price to have the winning offer.

The closed sales of Sunnyvale town homes and condos was only 4.5% over list price, but that was a reflection of Sunnyvale town home and condo sales in December. By February the average sale price was 5% over the list price of Sunnyvale town homes and condos for sale. In March through May the average sale price was almost 8.5% higher than the list price of Sunnyvale town homes and condos for sale. So far in June the sales price is 11% more than the list price, reflecting the sales in May. 

So if you are faced with making an offer for a condo or town home in Sunnvale how much should you offer? Unfortunatley there is no simple answer. Logically we can not expect 10% apprecition every time there is a sale. However, the number of people looking is not decreasing significantly. What is decreasing a little is the number of investors. As the prices have skyrocked, the return on investment for a rental property is decreasing. The amount you can get for rent has not increased at the same rate as Sunnyvale town home and condo prices have. In fact, so many investors have purchased rental properties there is actually a glut on the market nation wide, and a balance in the bay area. 

The market is starting to turn back to buyers with loans intending to live in the property are the majority of people making offers, not investors with all cash.

So to the answer the question, how much should you offer on a Sunnyvale town home or condo for sale is not simple, but it is not an impossible question to answer.  Look at the true market price, not the list price, which can be anywhere from 15% below market value, true market, of 10% higher than market. Take the true market value and go up a percent or two if you want it, and maybe 5% if you REALLY want it and can cover the difference between market value and your offer in cash since the bank will only lend based on market value. You may not win every time, but eventually you will get your Sunnyvale home.

If you have any questions about buying or selling a Sunnyvale town home or condo please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

DRE 01191194

650-619-9285

Some Of The Many Ways A Lender Can Derail Buying Your Sunnyvale Home

Buying a home in Sunnyvale is not easy. There has never been more competition and other very qualified buyers. Prices are at historic highs and inventory at historic lows. Decisions must be made quickly and very often in a multiple offer situation if the Sunnyvale home buyer asks for a contingency for anything they will most likely not be the winning bid.

Making a non contingent bid on a Sunnyvale home is risky, especially if you need for the home to appraise because your down payment is only 20%. In fact, I do not recommend that anyone take that chance. Fortunately my latest Sunnyvale buyers did not have to make a non contingent offer to get the home they want, because they were in the position of only having 20% down at this point. 

Being able to have an offer accepted with a loan contingency for a Sunnyvale home was lucky for them, because the mortgage broker almost derailed the sale.

My clients were pre approved with a mortgage broker from a well known and respected company. The husband had a resident alien visa and he and his wife were pre approved through the mortgage company for a jumbo loan with 20% down. The mortgage broker was going to use Chase.

My clients made an offer on a home in Sunnyvale that is on a fairly busy street and unlike many other Sunnyvale homes for sale was not listed under priced. They were the only Sunnyvale buyers making an offer and so they were able to ask for a loan and appraisal contingency and the sellers agreed.

The appraisal was fine, but the day the contingency should have been removed Chase said they did not qualify for the loan because resident aliens needed 30% down for a jumbo loan. This information should have been known by the mortgage broker, but it wasn't. I can not explain why.

Fortunately the sellers gave my Sunnyvale buyers an extension and the mortgage broker found another lender who would loan 80% on a jumbo loan and managed to close only 2 days late. 

However, this could easily have gone the other way. The sellers could have not given an extension. The mortgage broker could have not found another loan. The mortgage broker could have found another lender but they may not have appraised the house for the offered price.

Bottom line this should not have happened. The mortgage broker should have known the rules. This could have cost my buyer the sale.  I can not tell you how many times my Sunnyvale buyers said they should have used my favored lender.

I did not say I told you so. Not needed.

If you have any questions about buying or selling a home in Sunnyvale please feel free to contact me.

If you would like to search for homes for sale in Sunnyvale click here.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

CAL BRE 01191194

650-619-9285

New listing: Sunnyvale 4 Plex

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1008 Helen Ave, Sunnyvale, CA Sunnyvale 4 Plex in a Superb Location Near El Camino and Lawrence 8BR/4BA Multi-Family, 4 units offered at $915,000 Year Built 1961 Sq Footage 2,910 Bedrooms 8 Bathrooms 4 full, 0 partial Floors 2 Parking 4 Covered spaces Lot Size 6,708 sqft HOA/Maint $0 per month DESCRIPTION Great 4 plex in a great location near Lawrence and El Camino. This large 4 plex offers the investor an excellent chance to take advantage of the HOT Sunnyvale rental market. see additional photos below PROPERTY FEATURES - Tile floor - Living room - Refrigerator - Stove/Oven COMMUNITY FEATURES - Covered parking - Laundry on-site OTHER SPECIAL FEATURES - 4 units, 2 bedroom 1 bath each - Pretty garden area - Great location - Excellent upside rental potential - Room air-conditioners ADDITIONAL PHOTOS Front Side Rear Side Garden Carport Kitchen Kitchen floor Bedroom Bedroom Bath Bath Laundry Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: May 25, 2012, 7:07am PDT

Sunnyvale Market Update, Jan 31: Condos

Here's today's market update for condos/townhomes in Sunnyvale--

92 active listings

27 pending sales

2 sales in the last week

What does this mean? Things are very similar to last week. There are 4 more active listings than last week but 2 more pending sales. We aren't quite at a 1 to 3 ratio of pending to active sales, but things aren't getting worse--so at this point, there shouldn't be big changes in condo prices.

If you're interested in finding the final selling price of any home, anywhere, you can do it on my website. Click here to get to my website. Once there, click on Cyberhome Home Valuation. You can then type in any address next to the search icon and get the county records.

If you need anything else, please feel free to contact me. I'm here to help you.

Marcy Moyer, Intero Real Estate

marcy@marcymoyer.com

650-619-9285

Sunnyvale Market Update, Jan 31: Single Family Homes

Here's today's snapshot of the single family home market in Sunnyvale--

132 active listings

51 pending listings

4 sold homes in last week

What does this mean? There isn't much change from last week, when there were 129 active and 54 pending listings. The sold number is a little less. In the under 550K market there's still more activity than in the higher end, but the pending to active ratio is a little worse than last week. My expectation is that once the conforming loan limit goes back to $729,500, which the 2009 Stimulus Package has promised to do, the market will be active up to the 800K mark.

If you are interested in finding the final selling price of any home, anywhere, you can do it on my website. Click here to get to my site--once there, click on Cyberhome Home Valuation. You can then type in any address to get the county records.

If you need anything else please, feel free to contact me--I'm always here to help you.

Marcy Moyer, Intero Real Estate

marcy@marcymoyer.com

650-619-9285

Sunnyvale CA. Market Update, Dec. 27th

Sunnyvale Ca. Market Update 12-27-08

As of this morning here is a snapshot of the inventory of homes in Sunnyvale:

Single Family Homes:
130 Active listings
56 Pending Sales
4 homes sold in last 7 days

Condos/Town homes:
76 Active Listings
20 Pending Sales
2 Closed sales in last 7 days

What does this mean? Right now the market in single family homes is better than condos, as evidenced by a better ratio of active to pending listings. Otherwise, there is not much we can garner from these numbers. There wouldn't normally be too many closed sales at the end of the year because of the holidays. The inventory of both classes is shrinking, but that is to be expected as most sellers do not put their homes on the market at this time of year, preferring to wait until after the New Year. I will have a better idea of where the market is going a few weeks into January. If the inventory goes up a lot faster than the pending sales, we will see price declines. If the inventory stays the same and pending sale rate stays the same, we should have some stability in prices. If the inventory goes down and pending sales stay the same or increase, we could see some appreciation. I am not betting on any of those scenarios over another at this point.

If you are interested in finding the final selling price of any home, anywhere, you can do it on my web site. Go to http://www.marcymoyer.com/ and click on Cyberhome Home Valuation. You can then typed in any address and get the county records.

If you need anything else please feel free to contact me. I am here to help you.

Marcy Moyer Intero Real Estate
marcy@marcymoyer.com
650-619-9285
www.marcymoyer.com

Sunnyvale Market Update!!!

As of Dec. 10th, 2008

Single family homes--

Active listings: 136

Pending sales: 53

Closed in last 7 days: 1

Condo/Town homes--

Active listings: 81 

Pending Sales: 21

Closed in last week: 0

What does this mean?

The market has a lot of inventory, so there are plenty of choices for buyers interested in Sunnyvale. However, the ratio of pending sales to active listings is not too bad--1 to 4 for condos, and less than 1 to 3 for single family homes. These numbers are better than the ratios in Palo Alto. It is a very good example of how the lower end of the market is more active than the upper end, as jumbo loans are more difficult to get and a lot more expensive than conforming loans.

Sunnyvale is a wonderful city that I have a lot of experience with--if you have any questions about the area or the market, please contact me!