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Has the market changed that much since January 09?????

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Ok... the home I'm interested in is not a reo or short sale, it's a regular sale in san jose.I have heard that I can not rely on the comps at this time to come up with an offer because the market is different now vs Jan.- April. 2009. Four houses sold between those dates and ranging from 300k-326k on the same block. I thought comps were the best way to come up with a offer pirce???? If I can't rely on them what should I do?

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FriendshipProperties
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In a changing market, comps with-in 3-4 months should be very accurate. You can go up to 6 months, but factor in depreciation. Property value is priced based on what a buyer is willing to pay, and you find that out by what they have already bought.

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Oddly enough, builders in South Bay are still putting up more inventory.
Does not seem they will stop anytime soon. Expect prices to continue
to decline even after the selling season.

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July 01

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What did they sell for before 1997 in San Jose? then add inflation..30%.
Typical med price SFH were around 200-250k on 1700-2000 sq.

So your looking at around 260-280K or so.

Prior year comps are useless, they too are resetting as prices continue to decline.

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July 01

Eric142
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If anything prices have gone lower since January and April comps are still quite reasonable, only 2-3 months old. I'm not from CA, but I highly doubt the market has changed all that much in the last few months.

As mentioned in the previous thread, if the comps are old in a declining market, for very similar houses I suggest bidding below the old comps by a decent amount (~10%?, maybe so maybe 270-300k?).

Either way, in this market I think bidding a little lower is safer than overpaying for a house that will probably lose value over the next few years. Worst case, you move on to the next house, it's not like there is a shortage of houses for sale.

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