Table of Contents:
- Cambrian Park real estate market
- Noteworthy economic trends
- Why invest in Cambrian Park real estate?
- Explore the best of Cambrian Park real estate today!
Cambrian Park real estate marketAny savvy investor would know that the first step to any big financial purchase is to do your research. In real estate, you should take note of aspects such as current property values, appreciation rates, typical property types and home amenities, and dominant market trends that can work in or against your favor. For your convenience, here’s a detailed overview of the Cambrian Park real estate market in 2022:
Property types and market valuesBetween 2021 to 2022 alone, Cambrian Park home values rose by 30.6%. In the past decade, typical home values increased from $755,000 to $2,230,000, resulting in a stunning 195% total appreciation rate. As of June 2022, homes in Cambrian Park can fall anywhere between $899,000 to $3,200,000, depending on factors such as location, property size, amenities, and other features. In this San Jose residential community, you can expect property types such as:
Single-family homes. As a suburban neighborhood, Cambrian Park real estate consists mostly of medium to large single-family homes. You can expect these homes to have 3 or more bedrooms, with spacious backyards, a private driveway, a deck or patio area, and a separate office space or game room.
Townhomes. In Cambrian Park, townhome living is a great option for homeowners who want to enjoy the benefits of owning a home without the necessary upkeep or maintenance. For a monthly homeowners’ association (HOA) fee, utility services such as pest control, HVAC inspections, and garbage disposal are also done for you.
Understanding a seller’s marketAccording to Redfin, 15.2% of Cambrian Park homes were sold over list price, and go pending after around 7 days on the market (as of May 2022). Most homes also receive multiple offers, some of which come with waived contingencies. Because of this, Cambrian Park received a Redfin Compete Score of 95, making it one of the most competitive local housing markets in the region. This is what the real estate industry refers to as a “seller’s market,” characterized by rising home prices, quick home sales, bidding wars, and a limited number of houses available for sale. To put it simply, it means that the demand for homes in Cambrian Park exceeds its supply, which places home sellers in a more advantageous position at the negotiating table. However, this doesn’t mean that you’re inevitably going to have a difficult time as a buyer. It also doesn’t guarantee a smooth home selling experience if you’re a seller. A crucial part of any successful real estate transaction is having an experienced and dedicated real estate team on your side, who can help you navigate the ins and outs of deeply localized markets like Cambrian Park. To help you out, here are a few tips that can make your real estate journey easier. FOR BUYERS
Be prepared and decisive. Your potential home won’t stay on the market for too long, especially if it has everything you wanted but you were too late in realizing it. When you start searching for properties, make sure that you know what you want in a home and have a mortgage pre-approval in hand. This can help you save time on deciding and preparing a competitive offer.
Know how to compromise. As its name suggests, a seller’s market puts you, the buyer, at a disadvantage. It’s advisable that you don’t push for any specific contingencies, repairs, or closing dates outside of the standard home inspection and appraisal, since it asks the seller to do more work and can make your entire offer less desirable.
Don’t give in to buyer fatigue. A big part of buying a home in a seller’s market is accepting the fact that you may lose out on Cambrian Park homes that you place an offer on. Many buyers get caught up in bidding wars that cause them to spend beyond their budget, while others make offers on homes they’re not really interested in, simply because it’s available and has less competition. It’s important to be patient and wait for a home that’s truly worth the investment.
Prepare your home. A little preparation goes a long way in getting the best market value for your home. Make sure to clean and organize your home before marketing and showing it to potential buyers. You can also make cosmetic repairs and improvements such as fixing leaky faucets, a fresh coat of paint, and simple landscaping.
List at the right price. Although there’s a high chance that your home will sell for more than its asking price, it’s wise to price your home at or slightly below fair market value. Not only will this attract better offers, but it can also encourage a bidding war that can push your home’s selling price above your original asking price.
Consider offers carefully. While it’s tempting to accept an offer from the highest bidder, you must examine the financial strength of the buyer first. Accepting an unrealistic offer will just end up with your home going back on the market for extended periods of time. Make sure that your potential buyers have a mortgage pre-approval or any other proof that they can secure the funds they promised. Moreover, keep an eye out for stipulations that allows the potential buyer to easily back out of sales contracts, such as mortgage and home sale contingencies.