RE market is hot in San Jose, CA

[Julia Tse]

Housing market here in San Jose is really HOT especially for price under $1.2 mil.  In North San Jose (95131 zip code) price up more than 10% compare to last year.  Let me give you an example, my buyer made an offer to a townhouse in this year, it listed for $748K, we offered $820K with no contingency.  Seller received multiple offers and our offer was not high enough so we did not get it.  However, appraisal came back $780K, so that buyer had to come up cash for the difference.  We had made over 10 offers in this area within a month, each one is way over the asking price, but we had no luck of getting the offer accepted.