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San Jose Cambrian 95124 Area Real Estate Market Trends

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San Jose, 95124 Summary

The median sales price for homes in ZIP code 95124 for Feb 12 to Apr 12 was $597,750. This represents an increase of 11.2%, or $60,000, compared to the prior quarter and an increase of 5.8% compared to the prior year. Sales prices have depreciated 19.2% over the last 5 years in 95124, San Jose. The median sales price of $597,750 for 95124 is 48.33% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95124 was $649,408 for the week ending May 09, which represents a decline of 1.7%, or $11,553 compared to the prior week and a decline of 1.8%, or $12,011, compared to the week ending Apr 18. Average price per square foot for homes in 95124 was $375 in the most recent quarter, which is 26.26% higher than the average price per square foot for homes in San Jose.

San Jose Real Estate Market Trends Update

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San Jose Summary

The median sales price for homes in San Jose CA for Feb 12 to Apr 12 was $403,000. This represents an increase of 6.1%, or $23,000, compared to the prior quarter and an increase of 3.6% compared to the prior year. Sales prices have depreciated 38% over the last 5 years in San Jose. The average listing price for San Jose homes for sale on Trulia was $570,427 for the week ending May 09, which represents a decline of 0.4%, or $2,522, compared to the prior week and a decline of 1.2%, or $6,947, compared to the week ending Apr 18. Average price per square foot for San Jose CA was $297, a decrease of 92.1% compared to the same period last year. Popular neighborhoods in San Jose include Willow Glen, Evergreen, Edenvale, Alum Rock, South San Jose, and Berryessa.

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7 Hot Home Improvement Trends That Make Your Home Work For You

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Home improvement trends embrace energy efficiency, low maintenance exteriors, and double-duty space.

 

Trend #1: Maintenance-free siding

We continue to choose maintenance-free siding that lives as long as we do, but with a lot less upkeep. But more and more we’re opting for fiber-cement siding, one of the fastest-growing segments of the siding market. It’s a combination of cement, sand, and cellulosic fibers that looks like wood but won’t rot, combust, or succumb to termites and other wood-boring insects.

At $5 to $9 per sq. ft., installed, fiber-cement siding is more expensive than paint-grade wood, vinyl, and aluminum siding. It returns 78% of investment, the highest return of any upscale project on Remodeling magazine’s latest Cost vs. Value Report.

Maintenance is limited to a cleaning and some caulking each spring. Repaint every 7 to 15 years. Wood requires repainting every 4 to 7 years.

Trend #2: Convertible spaces

Forget “museum rooms” we use twice a year (dining rooms and living rooms) and embrace convertible spaces that change with our whims.

Foldaway walls turn a private study into an easy-flow party space. Walls can consist offancy, glass panels ($600 to $1,600 per linear ft., depending on the system); or they can be simple vinyl-covered accordions  ($1,230 for 7 ft. by 10 ft.). PortablePartions.com sells walls on wheels ($775 for approximately 7 ft. by 7 ft.).

A Murphy bed pulls down from an armoire-looking wall unit and turns any room into a guest room. Prices, including installation and cabinetry, range from $2,000 (twin with main cabinet) to more than $5,000 (California king with main and side units). Just search online for sellers.

And don’t forget area rugs that easily define, and redefine, open spaces.

Trend #3: A laundry room of your own

Humankind advanced when the laundry room arose from the basement to a louvered closet on the second floor where clothes live. Now, we’re taking another step forward by granting washday a room of its own.

If you’re thinking of remodeling, turn a mudroom or extra bedroom into a dedicated laundry room big enough to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent.

Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.

Trend #4: Souped-up kitchens

Although houses are trending smaller, kitchens are getting bigger, according to theAmerican Institute of Architects’ Home Design Trends Survey.

Kitchen remodels open the space, perhaps incorporating lonely dining rooms, and feature recycling centers, large pantries, and recharging stations.

Oversized and high-priced commercial appliances—did we ever fire up six burners at once?—are yielding to family-sized, mid-range models that recover at least one cabinet forstorage.

Since the entire family now helps prepare dinner (in your dreams), double prep sinks have evolved into dual-prep islands with lots of counter space and pull-out drawers.

Trend #5: Energy diets

We’re wrestling with an energy disorder: We’re binging on electronics—cell phones, iPads, Blackberries, laptops–then crash dieting by installing LED fixtures and turning the thermostat to 68 degrees.

Are we ahead of the energy game? Only the energy monitors and meters know for sure.

These new tracking devices can gauge electricity usage of individual electronics ($20 to $30) or monitor whole house energy ($100 to $250). The TED 5000 Energy Monitor ($240) supplies real-time feedback that you can view remotely and graph by the second, minute, hour, day, and month.

Trend #6: Love that storage

As we bow to the new god of declutter, storage has become the holy grail.

We’re not talking about more baskets we can trip over in the night; we’re imagining and discovering built-in storage in unlikely spaces–under stairs, over doors, beneath floors.

Under-appreciated nooks that once displayed antique desks are growing into built-ins for books and collections. Slap on some doors, and you can hide office supplies and buckets of Legos.

Giant master suites, with floor space to land a 747, are being divided to conquer clutter with more walk-in closets.

Trend #7: Home offices come out of the closet

Flexible work schedules, mobile communications, and entrepreneurial zeal are relocating us from the office downtown to home.

Laptops and wireless connections let us telecommute from anywhere in the house, but we still want a dedicated space (preferably with a door) for files, supplies, and printers.

Spare bedrooms are becoming home offices and family room niches are morphing into working nooks. After a weekend of de-cluttering, basements and attics are reborn as work centers.

Are You Facing a Short Sale or Foreclosure? What to Consider Before Making that Decision

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With distressed properties, including foreclosures (or REOs)
and short sales, making up about half of all single-family home
sales in California in January, according to the CALIFORNIA
ASSOCIATION OF REALTORS®, many underwater sellers will
face the tough decision between a foreclosure or a short sale.
Some of the most important factors to consider before making
the decision include deficiency judgments, tax implications,
credit consequences and timing.

Deficiency Judgements and Tax Implications

The good news is that California offers some protections for
consumers against deficiency judgments after short sales and
foreclosures. A homeowner is generally protected against a
deficiency judgment after short sale for a one-to-four residential
unit property. The instances in which a homeowner is generally
protected against a deficiency judgment following foreclosure
include, among other things, a non-judicial foreclosure or a loan
that is all of the following: 1) owner-occupied, 2) secured by a
one-to-four unit dwelling and 3) purchase money. Homeowners
are also protected against deficiency judgments after
foreclosure of seller financing.

Sellers may be responsible for taxes on, among other things,
cancellation of debt (COD) income, which is approximately the
difference between the outstanding loan balance and the fair
market value. The exceptions to being taxed on COD income
include bankruptcy, insolvency and forgiveness of a
nonrecourse debt after foreclosure.

Nonrecourse debt in California is when a loan is made to
purchase a one-to-four unit, owner-occupied property or
when the seller carries back financing. In the case of a short
sale or foreclosure, the Mortgage Forgiveness Debt Relief
Act of 2007 also provides an exception from federal taxation
when the following conditions are met: 1) property must be a
qualified principal residence as defined, 2) loan is secured
by the residence, 3) income relief is capped at $1,000,000
for married couples filing separately and $2,000,000 for all
others, and 4) loan is discharged after January 1, 2007 and
before January 1, 2013. Additional rules apply under
California law.

Credit Consequences and Timing
Credit may be adversely affected regardless of the type of
sale—foreclosure or short sale. Credit score declines can
vary and the negative mark may remain on the credit report
for seven years. Both foreclosures and short sales might
affect the ability to quality for a loan to purchase another
home. In some short sale cases where the seller may have
even been current with mortgage payments but sold the
home for less than the outstanding loan amount, the credit
report could indicate that the debt was settled for less than
what was owed and the impact may be less severe.

In the event of a foreclosure, a borrower may not be able to
qualify for another home loan for seven years without any
extenuating circumstances, or five years with extenuating
circumstances, under current Fannie Mae guidelines. The
wait may be less with short sales. If payments are in arrears
in a short sale, buyers may qualify to purchase another
home within about two years for a Fannie Mae backed
mortgage, or approximately three years for a FHA loan. If
payments were current, consumers may qualify for another
loan immediately, but it can be difficult to find a lender.

Exceptions and additional considerations apply to the
conditions discussed, depending on individual
circumstances. For consumers facing these difficult choices,
it is advisable to seek professional assistance from an
attorney and/or an accountant who can evaluate your
specific situation.

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