The media has been telling us it is a buyer market for some time. The real estate community talks about it too. Everyone seems to believe it.
I think the Buyer's Market is over!
A buyer's maket makes buyers to believe that they are in the driver's seat, calling all the shots, and can get homes for 10% or 20% off the market value. No more.
Last Friday, I put in an offer of $400,000 for my client on a traditional listed home for $389,900. It was listed for 4 days and sold for $425000. We now see many offers on bank owned properties. As someone with multiple buyers who have been this drill several times, and who are frustrated, and disappointed...is this a buyer's market? No, at least not in their minds.
"An article in the MercuryNews" can explain this point very well. My point is we need to trully understand our particular markets and individual niches so we do not mislead buyers making decisions based on misinformation.
Showing posts with label Santa Clara Market Statistics. Show all posts
Showing posts with label Santa Clara Market Statistics. Show all posts
Tuesday, May 5, 2009
Wednesday, February 4, 2009
Santa Clara Home (REO) Statistics
Here's my Market Report for Santa Clara County as of 02/03/2009
There are currently 5699 Active Listings (single family homes, townhomes, and condos) in Santa Clara County, but 2805 are Bank Own (REO) and Short Sales. That is 49% Bank Owned/Short Sales.
There are currently 2224 homes that are in pending, but 1692 homes are Bank Owned (REO) and Short Sales. Therefore, 78% of the Pending homes are Bank Owned REOs or short sales.
The bank deals are the MARKET right now. That is why it's important for sellers to know so they will have to price closed to what the banks are selling or they will not attract buyers. Foreclosures are going to increase and values are going to continue to decline. Unless you absolutely need to sell your property DON'T. If you must sell, please call me.
If you are a buyer, you need to be buying. Prices are incredible awesome and mortgage rates are at low. If you are waiting for the bottom you may very miss it. The only way we will know we have hit bottom is when it is in our rear view mirror.
There are currently 5699 Active Listings (single family homes, townhomes, and condos) in Santa Clara County, but 2805 are Bank Own (REO) and Short Sales. That is 49% Bank Owned/Short Sales.
There are currently 2224 homes that are in pending, but 1692 homes are Bank Owned (REO) and Short Sales. Therefore, 78% of the Pending homes are Bank Owned REOs or short sales.
The bank deals are the MARKET right now. That is why it's important for sellers to know so they will have to price closed to what the banks are selling or they will not attract buyers. Foreclosures are going to increase and values are going to continue to decline. Unless you absolutely need to sell your property DON'T. If you must sell, please call me.
If you are a buyer, you need to be buying. Prices are incredible awesome and mortgage rates are at low. If you are waiting for the bottom you may very miss it. The only way we will know we have hit bottom is when it is in our rear view mirror.
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