Thursday, April 24, 2008

San Jose Numero Uno Market For Sellers

Prices are down 6 percent from the peak, sales are at near record low levels, but compared to the nation's 40 largest metros, San Jose is the top town for home sellers. Find out why. (More Silicon Valley news.)

by Broderick Perkins
© 2008 DeadlineNews.Com

Deadline Newsroom - Much of San Jose, CA is a buyer's market, but sellers have a whole lot to crow about too.

San Jose was recently named the No. 1 Best City For Home Sellers, according to And San Jose's neighbor to the north, San Francisco, won the No. 2 spot.

In fact, seven of the top 10 spots went to cities in the West.

To ferret out the best cities for home sellers from the nation's 40 largest metros, Forbes examined unsold inventories, market tightness, construction starts, home vacancy rates, job creation and the impact of new higher conforming loan limits.

No. 1 for home sellers, San Jose is considered the capital of Silicon Valley, a region where home prices are down 6 percent from peak prices and home sales are the lowest they've been in 10 years. The city also has one of the nation's most expensive housing markets.

However, when compared to other large metro areas, relatively speaking, that hasn't stopped buyers.

The region's high-tech industry and the flow of venture capital makes for one the nation's best job-creation markets. These aren't small potato jobs, but high-paying high-tech jobs. Both job centers and good schools continue to attract buyers.

Also, San Jose's temperate climate and proximity to other desired destinations in the Golden State makes it a big draw for buyers out of town.

Forbes also says San Jose is the nation's tightest housing market. It has the lowest home vacancy rate on the list.

With much of the same appeal, San Francisco is also a world-class city with a much sought-after liberal, open lifestyle. The City By The Bay has also siphoned off a chunk of the technology industry from Silicon Valley and it is often rated as one of the world's top travel destinations.

The other metros in Forbes' Top 10 Best Cities For Home Sellers list are: Salt Lake City, UT; Austin, TX; Kansas City, MO; San Antonio, TX; Denver, CO; Providence, RI; Charlotte, NC; and Seattle, WA.

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews.Com, a real estate news and consulting service, and the new Deadline Newsroom, DeadlineNews.Com's new backshop. In both cases, it's where all the news really hits home.

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