Biggest Home Seller Mistakes

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Data provided by ActiveRain.com.

ActiveRain is an online community of real estate professionals who exchange best practices, write real estate blogs, and get free education from the industry and their peers.

San Jose Willow Glen(95125) Market Trends Update

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San Jose, 95125 Summary

The median sales price for homes in ZIP code 95125 for Sep 13 to Dec 13 was $785,000. This represents a decline of 2.5%, or $20,000, compared to the prior quarter and an increase of 12.1% compared to the prior year. Sales prices have appreciated 20.8% over the last 5 years in 95125, San Jose. The median sales price of $785,000 for 95125 is 29.54% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95125 was $981,932 for the week ending Dec 04, which represents a decline of 1.2%, or $11,537 compared to the prior week and an increase of 4.2%, or $39,879, compared to the week ending Nov 13. Average price per square foot for homes in 95125 was $508 in the most recent quarter, which is 21.82% higher than the average price per square foot for homes in San Jose.

Housing markets rebound faster when foreclosures proceed quickly

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Appraisal industry experts have posited that real estate markets rebound much faster in areas where state
law permits foreclosures to proceed quickly. Allowing homes with defaulted loans to move into new
owners’ hands quickly prevents them from being tied up in court procedures for years, which negatively
affects values of neighboring properties and the overall health of the housing market.
Making sense of the story:

 Delays are most pronounced in judicial states, where post-default proceedings can stall
foreclosure completions for two to three years or even longer.

 The fastest-rebounding markets, comprised of strong sales, price increases and low inventories of
unsold houses, were located in so-called nonjudicial states, where foreclosures can proceed
without the intervention of courts.

 Home-price recoveries are hindered when lenders are prevented from recovering and reselling the
units to buyers due to legal limbo. Also, investors and other buyers can’t swoop in and return
them to residential use rapidly.

 Since California is a nonjudicial state, some of the best-performing market areas were Los
Angeles and San Diego. In California, foreclosures now account for just 10 percent of all sales,
while in slow-moving judicial states, 25 to 50 percent of sales are foreclosures.

 The worst performers were judicial states. Specifically, Florida markets such as Tampa and Fort
Myers, as well as parts of Illinois and Wisconsin.

 Research reveals nonjudicial states bottomed out sooner than judicial states, and have seen greater
appreciation since the bottom (typically 50 to 80 percent compared with just 10 to 45 percent for
judicial states).

Read the full story

http://www.latimes.com/business/realestate/la-fi-harney-20131201,0,7128552.story#axzz2mKppZw7N

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San Jose Almaden Valley(95120) Real Estate Market Trends

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San Jose, 95120 Summary

The median sales price for homes in ZIP code 95120 for Aug 13 to Nov 13 was $1,020,000. This represents an increase of 1.7%, or $17,000, compared to the prior quarter and an increase of 15.9% compared to the prior year. Sales prices have appreciated 3% over the last 5 years in 95120, San Jose. The median sales price of $1,020,000 for 95120 is 67.49% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95120 was $1,420,151 for the week ending Nov 13, which represents an increase of 1.8%, or $24,818 compared to the prior week and a decline of 42.1%, or $1,034,109, compared to the week ending Oct 23. Average price per square foot for homes in 95120 was $477 in the most recent quarter, which is 14.39% higher than the average price per square foot for homes in San Jose.