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

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

    • Santa Clara County Market Update May 2010
    • Mar 2010 to Apr 2010 INVENTORY CLOSED SALES MEDIAN SALE 2546 975 $630,000 6.8 % 5.0 % 6.3 %
    • Apr 2009 to Apr 2010 34.0 % INVENTORY CLOSED SALES MEDIAN SALE 31.0 % 2546 975 $630,000 6.8 %
    • Apr 2009 to Apr 2010 50 % 67 % NORMAL SHORT SALES REO 66% 19% 15% 90 % MARKET MIX – CLOSED SALES
    • 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!
    • 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
    • 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?
    • 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
    • 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]
    • Thank You For Choosing Altera Real Estate!