Housing Market Update for Santa Clara County November 2009


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Housing sales, Home sales, Housing Inventory, Interest rates, Month over month Housing Sales, Year over year Housing sales, current inventory

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Housing Market Update for Santa Clara County November 2009

  1. 1. Santa Clara County Market Update November 2009
  2. 2. Sep 2009 to Oct 2009 8.2 % 3.8 % 5.0 % INVENTORY CLOSED SALES MEDIAN SALE 2143 1026 $593,000
  3. 3. Oct 2008 to Oct 2009 7.8 % INVENTORY CLOSED SALES MEDIAN SALE 57.0 % 2143 1026 $593,000 26.8 %
  4. 4. Interest Rates Interest rates on conforming, 30 year fixed mortgages are now only 4.75%. Act quickly to lock in these low rates!
  5. 5. Timing the Bottom? <ul><li>The true cost of home ownership for buyers with mortgages is their monthly mortgage payment. </li></ul>November 2009 Purchase Price = $593,000 20% Down = $118,000 Mortgage = $475,000 30-Year APR = 4.75% Monthly Payment = $2,478 November 2010 ? Purchase Price = $533,000 20% Down = $107,000 Mortgage = $426,000 30-Year APR = 5.75% Monthly Payment = $2,486 1% increase in interest rates offsets 10% decrease in purchase price
  6. 6. Thirty Second Update <ul><li>Market conditions vary by area and price range </li></ul><ul><li>Inventory is less than half of what it was a year ago </li></ul><ul><li>October closed sales were the highest since 2005 </li></ul><ul><li>Median sale price now higher than October 2008, due to shift toward a more normal market mix </li></ul><ul><li>30-year fixed rates are currently only 4.75% </li></ul><ul><li>All real estate is local, especially in this market, which area and price range are you interested in? </li></ul>
  7. 7. More Talking Points <ul><li>46.0% of listings sold for more than asking price </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>Foreclosure activity remains high, but we are no longer seeing waves of REOs hitting the market </li></ul><ul><li>Median asking price of $785,000 indicates high end market is saturated and selling very slowly </li></ul><ul><li>Gap between initiated sales and closed sales indicates that many deals are falling through </li></ul>
  8. 8. 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]
  9. 9. Thank You For Choosing Altera Real Estate!