Santa Clara County Real Estate Stats Nov. 2008
QUICK UPDATE:
The units sold in October 2008 v. October 2007 were up 57%. Most of that activity happened in homes under $500k, short sales and REO (Real Estate Owned by the bank after foreclosure or how you would want to call it “Real estate Opportunity”) In addition, the 1 million plus range seems to be moving better than the deep-freeze we were in from October 10 to the end of October. During the last 5 weeks buyers are buying 1 million dollar plus homes at a faster rate than in September - October. It’s a great opportunity to upgrade from smaller homes which lost relatively less to larger, more expensive home.
WHAT IT TAKES TO SELL IN THIS MARKET:
Price and condition of the home become even more critical than in the past. Homes that are still selling are either priced more aggressively or upgraded and in good Condition. The homes that are priced well and remodeled are attracting the most attention and getting sold faster.
Of course location is of utmost importance. Being in a good school area improves the saleability of the house immensely.
WHO IS BUYING TODAY?
Relocation Folks; First Time Homebuyers; Investors in anticipation for appreciation for under 400K market; Move-up Buyers making a lateral move; Folks that have been sitting on the sidelines for a few years; Folks at all price points that have been pushed out of the market by multiple offers over the last 4-5 years
Investors:
If you are planning to buy a short sale, check with your real estate lawyer. There are too many law suits going around due to innocent mistakes or not knowing the laws and regulations.
QUICK RATE UPDATE: please note, the actual rate that you can get depends on your credit history and down payment amount.
30 Year Conventional 6.000% @ 0 pts up to $417,000
30 Yr Agency Jumbo 6.375% @ 0 pts up to $729,750
5/1 ARM Super Jumbo 6.125% @ 0 pts up to $4M
Tags: Buyers, condition, expensive, homes, house, investors, location, Price, Real estate, remodeled, REO, Santa Clara County, short sale