Seniors are moving less

Seniors have been moving less.

Often the biggest source of retirement funds for seniors is the equity in their homes and reduction in equity was significant in the last few years for many.  I find some seniors are waiting to recoup the money they “lost” (which could be a long time depending on the location of the home). Continue reading

If we had double the inventory we could have easily done double the sales

The real estate market in Santa Clara County has been HOT!!   We have a very low inventory of only 1659 homes and condos/townhomes.   Investors, first time buyers and move up buyers and sellers are out in full force. I recently had an open house with 125 attendees in 3 hours and this was on a blustery day. The rapid change really started in the last 2 months.

So here is the Sales Statistics Update Report. Remember we have a population of 1.8 Million people.  Continue reading

What can a rehabber do?

Fixer Upper in Dorena

The Santa Clara County real estate market has heated up so much in the last 2 months.

There have been many properties especially at the lower price range in San Jose that are getting 30+ offers. The resulting sales price might not work now for the “rehab and sell” investor.

Some of the reasons why? Continue reading

Silicon Valley Real Estate is HOT!

Sizzle (album)

As of March 31, 2012 active listings in Santa Clara County are a scant 1671.  That is right just 1671 houses, condos and townhomes in the entire county.  What is the population of that area?  1.7 Million!

The breakdown of that number is – single family homes, 1320 and condo/townhomes, 351. These numbers were down 52% from last year’s figure!

The number of homes and townhome/condos that went into contract over the last 30 days was 2041 (single family – 1476, condo/townhome – 565). This figure was slightly less than last year.

Just a note if we had the inventory we would have sold a lot more homes!  Many areas are seeing multiple offers on properties.  In the low end housing there are up to 30 offers.  Mid-range is seeing 5+ depending on area.  The Peninsula is HOT.

The number of closed sales in March were 1324 (918 were single family homes and 406 were condo/ townhomes). The closed sales are even with last year.

Home prices in the area are close to the lowest they have been and interest rates on mortgages are really low. Now might be your time to check out the Real Estate market.

Make it a great week!

Pat Chadwell, broker
Certified Real Estate Specialist
Realty World – Residential Specialists
408-927-6565 x 11 (direct)
www.patchadwell.com

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How to cut the number of strategic defaults?

How to cut the number of strategic defaults?

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DSnews reported – An alarming number of homeowners see strategic default as a viable option should their home continue to depreciate. Almost half of the homeowners participating in an online poll from Housing Predictor say they will walk away from their mortgage obligation if falling home values persist.  See Full Story

I have a theory.  The current model of doing loan modifications for people that are behind is fine.  HOWEVER, the banks are rewarding the people who are NOT making their mortgage payments while the ones that are diligently continuing to pay their mortgage are pretty much getting forgotten or given short shrift.  Homeowners that are current see the inequity of this. They think “To get any help I must give in and go delinquent”. Continue reading

Will the real estate market change signal move ups?

Will the change in Real Estate market signal the return of move up sellers?

Since 2007, quite a few past clients, their friends and family had stopped making moves to new homes if they could put it off.

Now 4-5 years later, time has marched on and these clients have further outgrown their homes.

While lending requirements have changed dramatically the need for a real estate change has not.  I am talking to more individuals who are preparing to make a change in the coming year. Continue reading

Santa Clara County Update – distressed vs. traditional sales

Santa Clara County Update

If you look at the amount of regular active listings below and closed sales of Single Family Homes you will see we are running between 60-68% of the sales being non-distressed properties.

Last year at this time the percentage of non-distressed sales were running at 52%. So the traditional/regular sellers are coming back to the market again. REO sales for last year were at 24%, compared to 15% this year.

Pat Chadwell, broker
Certified Distressed Property Expert
Realty World – Residential Specialists
San Jose, CA
408-927-6565 x 11 (direct)
http://www.patchadwell.com

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Foreclosure ratings by San Jose zip codes

This graphic gives you a perspective on # of new foreclosures  in San Jose by zip code (as of 01/12).

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Interesting to see the differences by zip.  What have you seen?

Pat Chadwell, broker
Realty World – Residential Specialists
408-927-6565 x 11
http://www.patchadwell.com
CRS, SRES, CDPE, CIAS, ePro, SFR

Sunnyvale has a bright future

English: Two booths at Farmers market in Sunny...
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I wanted to start with the condo/townhome properties in Sunnyvale.  The stats are really impressive.  The number of condos/townhomes on the market is only 17, with pending sales for the last 30 days at 33 and closed sales in February were 21. From last year the active listings are down 72% and closed sales are up 30%!  These are great statistics. Continue reading

Santa Clara, CA is performing well

Can you believe it  the number of active single family homes in Santa Clara (city) is 30, the pending sales in the last 30 days were 71 and closed sales for February were 25?

Active listings are down 43% compared to last year.  Closed sales are up about 10% and pending sales were even when compared to last year’s figures. Continue reading