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Santa Clara County Housing Market Update September 2010

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the lates sales and pricing information for the Santa Clara County Housing market, Inventory numbers, Market snapshot Y interest rates

the lates sales and pricing information for the Santa Clara County Housing market, Inventory numbers, Market snapshot Y interest rates

Published in: Real Estate
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  • 1. Santa Clara CountyMarket Update
    September 2010
  • 2. Jul 2010 to Aug 2010
    INVENTORY
    CLOSED
    SALES
    MEDIAN
    SALE
    1.0
    %
    14.3
    %
    1.2
    %
    3280
    864
    $630,000
  • 3. Aug 2009 to Aug 2010
    INVENTORY
    CLOSED
    SALES
    MEDIAN
    SALE
    12.5
    %
    11.7
    %
    41.4
    %
    3280
    864
    $630,000
  • 4. Interest Rates
    Interest rates on conforming, 30 year fixed mortgages are now only 4.25%.
    Interest rates are at or near the bottom of the past 40 years.
    Act quickly to lock in these incredibly low fixed rates!
  • 5. Timing the Bottom?
    The true cost of home ownership for buyers with mortgages is their monthly mortgage payment.
    September 2010
    Purchase Price = $630,000
    20% Down = $126,000
    Mortgage = $504,000
    30-Year Rate = 4.25%
    Monthly Payment = $2,479
    September 2011?
    Purchase Price = $567,000
    20% Down = $113,000
    Mortgage = $454,000
    30-Year Rate = 5.25%
    Monthly Payment = $2,507
    1% increase in interest rate offsets 10% decrease in purchase price
  • 6. Still Waiting to Move Up?
    The value of your old home may have fallen, but the
    marginal cost of moving up may have fallen more.
    September 2009
    Old House = $700,000
    Move Up = $1,000,000
    MU Margin = $300,000
    30-Year Rate = 5.25%
    Margin Payment = $1,657
    September 2010
    Old House = $630,000
    Move Up = $900,000
    MU Margin = $270,000
    30-Year Rate = 4.75%
    Margin Payment = $1,408
    As the market drops, the cost of moving up drops.
    This is a great time to think about moving up!
  • 7. Thirty Second Update
    Market conditions vary by area and price range
    Inventory is up from a year ago, but flattening out
    Closed sales have declined sharply since May 2010
    August 2010 median sale price was up 12.5% over August 2009 as our market mix has stabilized
    30-year fixed rates are currently 4.25%
    All real estate is local, especially in this market, which area and price range are you interested in?
  • 8. More Talking Points
    36.5% of listings sold for more than asking price
    Median sale price has been about $630,000 for the past four months with only minor fluctuations
    Many of the REO bargains have been snapped up by all cash investors and first time homebuyers
    Normal listings account for about 70% of closings
    Median initiated sale price is $545,000, which means that more offers are being accepted, but ultimately falling through, in lower price ranges
  • 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-ReidALTERA REAL ESTATE
    1125 Meridian Avenue
    San Jose, CA 95125
    Phone: 408-667-9298
    Email: realreid@earthlink.net
  • 10. Thank YouFor Choosing Altera Real Estate!

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