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.

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

Are you a senior or helping a senior?

Leaves!

Are you a senior or helping a senior?

I have found a great tool to help seniors organize their estates.  It is a simple and none threatening way to let the heirs know where are the records, bank accounts, safe deposit boxes, data on retirement accounts and possessions, etc.

I had the pleasure of again running into Jeanne K. Smith of Exit Stage Right.  She gave a very informative talk about what she finds in homes after the passing of a loved one.  I remember when I first heard her over 10 years ago that she was onto something important. Continue reading

Someone asked me – What are all those acronyms after your name?

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What are all those acronyms after your name – CRS, ePro, SRES, CDPE, SFR?

Why use Realtor with alphabet soup initials after their name?

Those acronyms point to an agent’s further education and knowledge. Those agents value education so they can do a better job at representing their client’s needs. It shows a commitment to our industry and wanting to excel in what you do.

CRS – Certified Residential Specialist – only 3.5% of the Realtors have this designation. A CRS has extensive experience, confirmed sales, and an advanced education especially on the Internet.

ePro – An e-PRO certified real estate professional joins the ranks of a special community of highly skilled and continuously trained professional who provide high quality and innovative online-based real estate services. Only 4% of Realtors are an ePro.

SRES – A designation only held by 1.5% of Realtors. A Seniors Real Estate Specialist® has demonstrated the necessary knowledge and expertise to counsel senior clients through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home.

CDPE – A Certified Distressed Property Expert® has specific understanding of the foreclosure avoidance options available to homeowners. Currently only 28,000 Realtors have this designation

SFR – The SFR certification program provides training and support that helps real estate professionals specializing in short sales and foreclosures build confidence and become a trusted resource for their clients.

Hope that helps.

Pat Chadwell, Broker
CRS, ePro, SRES, CDPE, SFR

www.patchadwell.com

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Senior Needs Being Met

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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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Tales of a probate sale and a trust sale

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I have a client whose father up and died without a will and no trust in place.  Just to be clear he was in his late 70s. 

1)      Did he do this on purpose (not putting himself in a trust) to see how the heirs fended for themselves?  Was he thinking it would “bring the family together”?

2)      Or was his intelligence such that he was considered a few steers short of a full herd (I’m married to a Texan so I get these expressions all the time) or was he not playing with a full deck (also married to a poker player)?

3)      Or did he fail to predict what he needed to do and do it in a timely fashion namely BEFORE his death (or in some other people’s cases prior to losing the faculty to make the decision)?   Continue reading

We’ve decided to sell our parent’s home – what next?? Part 3

One of the most important elements is finding a real estate professional who understands the needs of the senior population.  There is a designation called a Senior Real Estate Specialist (SRES) who has training with elder needs.  They can guide you to many resources saving lots of time and money especially if the family does not reside in the same area as the parent. Continue reading

Mom is safely situated in a good place now and OH NO – even more questions come up. Part 2

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You now have found a great place for mom to live. She has a home and you find you are trying to figure out what to do now.

You thought the questions would finally end and you could concentrate on yourself and your children. After all we are all trying to get some extra time for ourselves, aren’t we?

First you ask – Will mom recover enough to return home someday?

Then next – Should we rent the home month-to-month or leave the home vacant in case she does return? Our lives are so busy right now and the demand of upkeep of another home seems too overwhelming.  Continue reading