Santa Clara County’s Active Real Estate Inventory is Miniscule

silverlake small frontWe have the lowest active inventory since 2006 when I started tracking local statistics.  The total of active single family homes, townhomes and condos was just 555 on January 2nd!  That is in a County with over 1.9 million people!  No wonder prices have been steadily increasing.   Last year was also low with 20 more than this year.  To give you some perspective – in 2008 there were more than 6000 listings. 

The number of active single family homes was 449 and condos/townhomes were 106. The number of active homes is about 45% lower than last month.

The number of homes and townhomes/condos that went into contract in December was 760. It was made up of 546 single family homes and 214 condos/ townhomes. The pending sales were down about 34% from November, due to the lack of inventory. 

December saw more closings than in November.  November was the first month that felt the effect of the new lending requirements rolled out in October.   The number of closed sales in December was 1133 (816 were single family homes and 317 were condo/ townhomes).  The closed sales were up 13% from last month and up 15% from last year’s figure. Find out more market conditions in specific areas in Santa Clara County.

What does this mean to you? If you are a buyer, you need to be ultra prepared and have a knowledgeable Realtor to guide you. As a seller, you can reap the rewards of this good market. How much your home sells for can be very improved with proper guidance on how to prep and market your home.

I am daily in the trenches with real estate. I have been through 31 years of ups and downs in Real Estate.

Understanding your options both in Real Estate and lending is critical now as guidelines have changed making the real estate market fluid. Want to know your options? Call me!

For more information on this local market, go to my website – Pat@PatChadwell.com 

Pat Chadwell,
Broker, CRS, ePro, SRES, CDPE, CIAS, SFR.
I have 31 years helping clients with their Real Estate needs.

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

Cambrian condos/townhomes are the stars!

Cambrian condos/townhomes are the stars!  The number of condos/ townhomes for the Cambrian area of San Jose is just 19 actives.  This is a huge reduction in inventory from last year’s 35!

There were 13 pending sales in the last 30 days and 13 closed condos/townhomes in January.  Pending plus closed sales are way up!  In fact last year there were only 2 closed sales of condos/townhomes in the area for January.  These are good signs of the real estate marketing returning to San Jose. Continue reading

Santa Clara County – 3rd Quarter Real Estate Stats

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.

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HAFA short sale approvals are not created equal

I had the experience recently on a property with a HAFA short sale approval in place. My client put in his offer and within 72 hours we had the short sale lender approval! FAST. The seller’s loan, by the way, was through Wells Fargo. Continue reading

August closed sales for Santa Clara County were up 18% from last year’s figures!

Location in the state of California
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August closed sales for Santa Clara County were up 18% from last year’s figures!

The August active listings in Santa Clara County were 3289, of that the single family homes were 2438 and condos/ townhomes were 851. These numbers were down 28% from the 8/31/10 figures. This is significantly different than last year. Continue reading

Different spaces create different value

A bedroom in an AIMCO apartment home
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Different spaces create different value.

While on a real estate home tour this week I had the opportunity to consider how some homeowners’ ideas of a good addition are flawed.

Take the boxy looking home that has a bedroom on the other side of a bedroom. The original bedroom becomes a pass through to the new 2nd bedroom.  Are you kidding me???  What was the owner smoking?  The best thing for the space might be a woman’s walk-in closet!  All the cost of that added room was best used for a closet or storage area. Continue reading

Bravo to the Freddie Mac First Look Program!

Freddie Mac
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Starting September 2010, this program gave owner-occupied buyers 15 days to buy homes before investors can get into the offer process.  Last year I was seeing investors with all cash swooping in on prime real estate and winning the contract while interested first time buyers were unable to get a toe-hold in the home buying process.

I think this program will let the number of owner occupied buyers rise up again.

I commend Freddie Mac for taking this sane initiative.  We need more sanity in the real estate arena.  Click here to get the press release – http://www.freddiemac.com/news/archives/servicing/2010/20100915_firstlook.html 

Care to comment?

Pat Chadwell, Broker
Realty World – Residential Specialists
www.patchadwell.com

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Santa Clara County – Q4 2010 and annual Real Estate update

We proceeded through the last months of the 4th quarter 2010 with sales increasing even though generally it would have been a time of decreasing sales as we went into the holiday season. This was a good sign. A not-so-good sign was the increase in the days on market for both single family and condo/townhomes alike.

The median price range is an indicator of how many homes are selling in the different price ranges. The lower median price indicates more inexpensive homes were sold.

Year-over -year the sales for both groups held steady (see graph below).

The critical point right now is really the lending environment. How easy will it be for interested buyers to get loans?

What do you think 2011 will be like?

Pat Chadwell
Realty World – Residenial Specialists
www.patchadwell.com

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Senior Needs Being Met

Picture of the RT2 (Roundtable No 2) in Zurich...
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Last week a group of individuals for Santa Clara County met to network on senior needs. This group was recommended by a fellow thoroughly committed to helping seniors, Skip Frenzel.

I work a lot with seniors so I have been gathering a list of attorneys, care providers, estate organizers on my own.  I want to have good contacts for them in the different fields. Seniors often call well before they need to move to ask questions and ask for a referral to different parties.

Imagine my surprise when there was a room full of senior advocates/business persons. I felt I hit the jackpot. My eyes could not believe my good fortune. My pen was feverously scribbling notes.

When the meeting had completed I had access to three times the resources I had before the meeting. It is so nice to see caring individuals with the desire to help our senior population.  It was good old fashioned social networking.

www.seniorroundtable.com

Pat Chadwell
Broker, Senior Real Estate Specialist
www.patchadwell.com

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