There’s no doubt many homeowners in Santa Clara County are suffering but we are lucky to be located in an area where we have a better real estate market than most. The number of listings for Santa Clara County is down. Down almost 34% over last year!
In this area, the percentage of active distressed single family homes is 29% and for townhomes/condos it is higher at 46% (combined it is 30.6%). Just to give you an idea Phoenix closed sales were 62% distressed properties!
Guidelines for lending have changed dramatically and they now account for many of the home sales that are not completing.
The need for a knowledgeable Realtor is more important than in past years. The possible pitfalls to the sale or purchase of a home can be navigated around with a Realtor who has on the ground experience in this market and markets of years past.