San Jose, officially the City of San José, is an economic, cultural, and political center of Silicon Valley and the largest city in Northern California. With an estimated 2016 population of 1,015,785, it is the third most populous city in California (after Los Angeles and San Diego) and the tenth most populous in United States. Located in the center of the Santa Clara Valley, on the southern shore of San Francisco Bay, San Jose covers an area of 179.97 square miles (466.1 km2). San Jose is the county seat of Santa Clara County, the most affluent county in California and one of the most affluent counties in the United States. San Jose is the largest city in both the San Francisco Bay Area and the San Jose-San Francisco-Oakland Combined Statistical Area, which contain 7.7 million and 8.7 million people respectively.
Before the arrival of the Spanish, the area around San Jose was inhabited by the Ohlone people. San Jose was founded on 29 November 1777, as the Pueblo de San José de Guadalupe, the first city founded in the Californias. Following the American Conquest of California and its subsequent statehood in 1850, San Jose became the state's first capital. Following World War II, San Jose experienced an economic boom, with a rapid population growth and aggressive annexation of nearby cities and communities carried out in the 1950s and 1960s. The rapid growth of the high-technology and electronics industries further accelerated the transition from an agricultural center to an urbanized metropolitan area. Results of the 1990 U.S. Census indicated that San Jose had officially surpassed San Francisco as the most populous city in Northern California. By the 1990s, San Jose and the rest of Silicon Valley had become the global center for the high tech and internet industries, making it California's fastest-growing economy.
San Jose is a global city, notable as a center of innovation, for its affluence, and high cost of living. San Jose's location within the booming high tech industry, as a cultural, political, and economic center has earned the city the nickname "Capital of Silicon Valley". San Jose is one of the wealthiest major cities in the United States and the world, and has the third highest GDP per capita in the world (after Zurich, Switzerland and Oslo, Norway), according to the Brookings Institution. With a median home price of $1,085,000, San Jose has the most expensive housing market in the country and the fifth most expensive housing market in the world, according to the 2017 Demographia International Housing Affordability Survey. Major global tech companies including Cisco Systems, eBay, Hewlett Packard Enterprise, Cadence Design Systems, Adobe Systems, PayPal, Brocade, Samsung, Acer, and Western Digital maintain their headquarters in San Jose, in the center of Silicon Valley.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in San Jose, Sunnyvale, Santa Clara, California. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In San Jose, Sunnyvale, Santa Clara, California, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0-5.5%
Very Competitive Commission: 4.5-4.99%
The median existing single-family home price in the West rose 7.5%, to $372,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of California, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Anaheim, Santa Ana, Irvine||$788,000||6.5%|
|Los Angeles, Long Beach, Glendale||$514,200||7.1%|
|Riverside, San Bernadino, Ontario||$342,100||8.4%|
|Sacramento, Roseville, Arden, Arcade||$340,000||6.9%|
|San Diego, Carlsbad||$605,000||8.0%|
|San Francisco, Oakland, Hayward||$950,000||8.6%|
|San Jose, Sunnyvale, Santa Clara||$1,183,400||9.1%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in California.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
In 2014, the U.S. Census Bureau released its new population estimates. With a total population of 1,015,785, San Jose became the 11th U.S. city to hit the 1 million mark, even though it is currently the 10th most populous city.
|Black or African American||3.2%||4.7%||2.5%||0.4%|
|Hispanic or Latino (of any race)||33.2%||26.6%||19.1%||n/a|
|Two or more races||5.0%||n/a||n/a||n/a|
The 2010 United States Census reported that San Jose had a population of 945,942. The population density was 5,256.2 people per square mile (2,029.4/km²). The racial makeup of San Jose was 404,437 (42.8%) White, 303,138 (32.0%) Asian (10.4% Vietnamese, 6.7% Chinese, 5.6% Filipino, 4.6% Indian, 1.2% Korean, 1.2% Japanese, 0.3% Cambodian, 0.2% Thai, 0.2% Pakistani, 0.2% Laotian), 30,242 (3.2%) African American, 8,297 (0.9%) Native American, 4,017 (0.4%) Pacific Islander, 148,749 (15.7%) from other races, and 47,062 (5.0%) from two or more races. Hispanic or Latino of any race were 313,636 persons (33.2%). 28.2% of the city's population were of Mexican descent; the next largest Hispanic groups were those of Salvadoran (0.7%) and Puerto Rican (0.5%) heritage. Non-Hispanic Whites were 28.7% of the population in 2010, down from 75.7% in 1970.
The census reported that 932,620 people (98.6% of the population) lived in households, 9,542 (1.0%) lived in non-institutionalized group quarters, and 3,780 (0.4%) were institutionalized. There were 301,366 households, out of which 122,958 (40.8%) had children under the age of 18 living in them, 162,819 (54.0%) were opposite-sex married couples living together, 37,988 (12.6%) had a female householder with no husband present, 18,702 (6.2%) had a male householder with no wife present. There were 16,900 (5.6%) unmarried opposite-sex partnerships, and 2,458 (0.8%) same-sex married couples or partnerships. 59,385 households (19.7%) were made up of individuals and 18,305 (6.1%) had someone living alone who was 65 years of age or older. The average household size was 3.09. There were 219,509 families (72.8% of all households); the average family size was 3.54.
The age distribution of the city was as follows: 234,678 people (24.8%) were under the age of 18, 89,457 people (9.5%) aged 18 to 24, 294,399 people (31.1%) aged 25 to 44, 232,166 people (24.5%) aged 45 to 64, and 95,242 people (10.1%) who were 65 years of age or older. The median age was 35.2 years. For every 100 females there were 101.1 males. For every 100 females age 18 and over, there were 99.8 males.
There were 314,038 housing units at an average density of 1,745.0 per square mile (673.7/km²), of which 176,216 (58.5%) were owner-occupied, and 125,150 (41.5%) were occupied by renters. The homeowner vacancy rate was 1.6%; the rental vacancy rate was 4.3%. 553,436 people (58.5% of the population) lived in owner-occupied housing units and 379,184 people (40.1%) lived in rental housing units.
The cost of living in San Jose and the surrounding areas is among the highest in California and the nation, according to 2004 data. Housing costs are the primary reason for the high cost of living, although the costs in all areas tracked by the ACCRA Cost of Living Index are above the national average. Households in the city limits have the highest disposable income of any city in the U.S. with over 500,000 residents.
San Jose holds the distinction of being a United States Foreign-Trade Zone. The City received its Foreign Trade Zone grant from the U.S. Federal Government in 1974, making it the 18th foreign-trade zone established in the United States. Under its grant, the City of San Jose is granted jurisdiction to oversee and administer foreign trade in Santa Clara County, Monterey County, San Benito County, Santa Cruz County, and in the southern parts of San Mateo County and Alameda County.
San Jose lists many companies with 1,000 employees or more, including the headquarters of Adobe, Altera, Brocade Communications Systems, Cadence Design Systems, Cisco Systems, eBay, Lee's Sandwiches, Lumileds, PayPal, Rosendin Electric, Sanmina-SCI, and Xilinx, as well as major facilities for Becton Dickinson, Ericsson, Hewlett-Packard, Hitachi, IBM, Kaiser Permanente, KLA Tencor, Lockheed Martin, Nippon Sheet Glass, Qualcomm, and AF Media Group. The North American headquarters of Samsung Semiconductor are located in San Jose. Approximately 2000 employees will work at the new Samsung campus which opened in 2015.
Other large companies based in San Jose include Altera, Atmel, CEVA, Cypress Semiconductor, Echelon, Extreme Networks, Harmonic, Integrated Device Technology, Maxim Integrated, Micrel, Move, Netgear, Novellus Systems, Oclaro, OCZ, Online Trading Academy, Quantum, SunPower, Sharks Sports and Entertainment, Supermicro, Tessera Technologies, TiVo, Ultratech, and VeriFone. Sizable government employers include the city government, Santa Clara County, and San Jose State University. Acer's United States division has its offices in San Jose. Prior to its closing, Netcom had its headquarters in San Jose.
On July 31, 2015, Cupertino-based Apple Inc. purchased a 40-acre site in San Jose. The site, which is bare land, will be the site of an office and research campus where it is estimated that up to 16,000 employees will be located. Apple paid $138.2 million in cash for the site. The seller, Connecticut-based Five Mile Capital Partners, paid $40 million for the site in 2010. Real estate experts expect that other tech companies currently located in Silicon Valley will also follow in Apple's path by purchasing land or property in San Jose.