Housing Update January 2010

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Information about Housing Update January 2010

Published on January 9, 2010

Author: realreid

Source: slideshare.net

Description

The latest sales and inventory numbers for Santa Clara County and a brief market overview

Santa Clara County Market Update January 2010

Nov 2009 to Dec 2009 17.8 % 6.8 % INVENTORY CLOSED SALES MEDIAN SALE 1584 938 $564,000 4.3 %

Dec 2008 to Dec 2009 10.2 % INVENTORY CLOSED SALES MEDIAN SALE 59.7 % 1584 938 $564,000 38.8 %

Interest Rates Interest rates on conforming, 30 year fixed mortgages are now 5.25%. 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. January 2010 Purchase Price = $564,000 20% Down = $113,000 Mortgage = $451,000 30-Year Rate = 5.25% Monthly Payment = $2,490 January 2011? Purchase Price = $508,000 20% Down = $102,000 Mortgage = $406,000 30-Year Rate = 6.25% Monthly Payment = $2,500 1% increase in interest rates offsets 10% decrease in purchase price

The true cost of home ownership for buyers with mortgages is their monthly mortgage payment.

Thirty Second Update Market conditions vary by area and price range Inventory is down almost 60% from a year ago December closed sales were the highest since 2005 Median sale price is up 10.2% over last December as we move toward a more normal market mix 30-year fixed rates are currently 5.25% All real estate is local, especially in this market, which area and price range are you interested in?

Market conditions vary by area and price range

Inventory is down almost 60% from a year ago

December closed sales were the highest since 2005

Median sale price is up 10.2% over last December as we move toward a more normal market mix

30-year fixed rates are currently 5.25%

All real estate is local, especially in this market, which area and price range are you interested in?

More Talking Points 46.4% of listings sold for more than asking price Many of the REO bargains have been snapped up by all cash investors and first time homebuyers Foreclosure activity remains high, but we are no longer seeing waves of REOs hitting the market Median asking price of $725,000 indicates high end market is saturated and selling very slowly Gap between initiated sales and closed sales indicates that many deals are falling through

46.4% of listings sold for more than asking price

Many of the REO bargains have been snapped up by all cash investors and first time homebuyers

Foreclosure activity remains high, but we are no longer seeing waves of REOs hitting the market

Median asking price of $725,000 indicates high end market is saturated and selling very slowly

Gap between initiated sales and closed sales indicates that many deals are falling through

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]

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!

Thank You For Choosing Altera Real Estate!

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