Santa Clara County Housing Market Update May 2010

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Santa Clara County Housing Market Update May 2010

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

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