By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.
But this holiday season, sellers in our neck of the woods in Northern California sit in an incredibly fortunate place. A recent analysis of markets nationwide showed that the three best cities to sell your home right now are all in Silicon Valley and the Bay Area.
A local real estate and information company analyzed the 100 most populated cities in the country and highlighted Fremont, San Jose and San Francisco as the top three markets for home sellers. They based their analysis on much more than list price alone, looking at the number of homes on the market, average time it took to sell, crime rates, school quality, unemployment rates and median household incomes.
With this mix of variables in mind, Fremont came out on top. The East Bay city has a median listing price of $640,000, with a median 25 days on the market. The median household income stands just above $98,000.
San Francisco came in at number two with a median home listing price of $799,000, and a median 50 days on the market. The city also has a low unemployment rate of 5.4%.
San Jose was number three on the list with a median listing price of $609,000 and median days on market at 43 days. While San Jose’s unemployment rate was a bit higher at 7.2%, there’s no arguing the economy benefits from strengths in the technology sector.
San Jose was also named by Zillow in a list of the top 10 hottest markets for 2014. To compile its list, Zillow looked at data for unemployment rates, population growth and home values.
If you live in one of these markets and have been on the fence about selling, here’s some ammunition to help your decision. The market appears to be in your favor now and going into 2014. Like 2013, the wildcards going into next year will be the ever-present threat of rising interest rates and the continuing inventory shortage.
While you can never time the market perfectly, there seems to be no time like the present for sellers in Fremont, San Francisco and San Jose.