When running sales statistics of home sales for San Jose homes, I was pleasantly surprised to see prices up across the board from last year. It’s interesting that the media is still telling the world how bad everything is in our area. When I look at inventory, it appears that there is less than 5 months of homes for sale in Santa Clara County. Less than 6 months reflects a seller’s market while over 6 months reflects a buyer’s market. I suppose that since we’re not seeing homes go up at a 20% per year clip, the media thinks of it as a bad market.
Anyhow, another factor soon to be playing a role: The stalling of foreclosures being repossessed by the bank. According to Steve Goddard, President of The California Association of Realtors®, certain banks in the state have ceased their foreclosure process to ensure that they are complying with certain laws and processes. In the short term, that may limit the number of homes coming on the market thereby increasing prices. Over the longer term, I suspect it will take until the end of 2011 for a large price surge, but it is coming. Take a look at the appreciation chart on my website. To see it, click on the link on the left that says “Appreciation by Area”. For the top 10 ways to get the most money when selling your home, call or click Gary Nobile at http://www.garynobile.com/ or (408) 247-4029.