The city of Cupertino, California has seen a 8.3% increase in home prices over the past year according to the Zillow real estate website. This puts the average price of a Cupertino home at just over $1.9M. Prices are beginning to settle down and the economists at Zillow expect that prices next year will only increase a modest 2.7%. This calm in the market should allow buyers who have been dealing with competitive bidding situations a chance at getting into a home.
Home prices in Cupertino have skyrocketed over the past six years. In 2012 prices were around $900k. The market is generally considered healthy with a little more than 1% of home owners sitting on property with negative equity.
Of course, making smart home improvement/remodeling choices is one of the best ways to increase your home equity. Make bad choices and you will actually decrease your equity. By investing more in a project that you are likely to be able to recoup when you sell, you are losing money/equity in your home. Working with a real estate expert in Cupertino is the best way to make these decisions. A local realtor will be able to advise you on where you money will be well spent and where it will be wasted.
One amazing statistic we discovered while reviewing the data on Zillow is that currently 0% of home owners in Cupertino are in default.