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Santa Clara County Housing Market Update May 2010
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Santa Clara County Housing Market Update May 2010

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  • 1. Santa Clara County Market Update May 2010
  • 2. Mar 2010 to Apr 2010 INVENTORY CLOSED SALES MEDIAN SALE 2546 975 $630,000 6.8 % 5.0 % 6.3 %
  • 3. Apr 2009 to Apr 2010 34.0 % INVENTORY CLOSED SALES MEDIAN SALE 31.0 % 2546 975 $630,000 6.8 %
  • 4. Apr 2009 to Apr 2010 50 % 67 % NORMAL SHORT SALES REO 66% 19% 15% 90 % MARKET MIX – CLOSED SALES
  • 5. Interest Rates Interest rates on conforming, 30 year fixed mortgages are now 5.000%. Interest rates on conforming, 15 year fixed mortgages are now 4.250%. Act quickly to lock in these low rates!
  • 6. Timing the Bottom?
    • The true cost of home ownership for buyers with mortgages is their monthly mortgage payment.
    March 2010 Purchase Price = $630,000 20% Down = $126,000 Mortgage = $504,000 30-Year Rate = 5.000% Monthly Payment = $2,706 March 2011? Purchase Price = $567,000 20% Down = $113,000 Mortgage = $454,000 30-Year Rate = 6.000% Monthly Payment = $2,722 1% increase in interest rate offsets 10% decrease in purchase price
  • 7. Thirty Second Update
    • Market conditions vary by area and price range
    • Inventory is down over 30% from a year ago
    • April closed sales were the highest since 2006
    • Median sale price is up 34% over April 2009 as we move toward a more normal market mix
    • 30-year fixed rates are currently 5.000%
    • All real estate is local, especially in this market, which area and price range are you interested in?
  • 8. More Talking Points
    • 48.6% of listings sold for more than asking price
    • Median days on market was 16 days, lowest since 2007, which indicates competition for bargains
    • Many of the REO bargains have been snapped up by all cash investors and first time homebuyers
    • Normal listings account for 66% of closings
    • Short sales have risen from 10% to 19% of closings
    • REOs have fallen from 45% to 15% of closings
  • 9. About Me
    • Everything you need to know about buying or selling a home can be found by visiting my website at HeideWolfReid.com .
    • As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground.
    • Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.
    • I go the extra mile to help you achieve your goals.
    • Call or email me today!
    Heide Wolf-Reid ALTERA REAL ESTATE 1125 Meridian Avenue San Jose, CA 95125 Phone: 408-667-9298 Email: [email_address]
  • 10. Thank You For Choosing Altera Real Estate!

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