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Real Estate Stats

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  • Miri Bialik
    Inventory has converged with the sale pending amount. Homes that are priced right (priced to sell) are being sold very fast and some with multiple offers. In
    Message 1 of 6 , Jun 1, 2009
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      Inventory has converged with the sale pending amount. Homes that are priced right (priced to sell) are being sold very fast and some with multiple offers. In South San Jose, Blossom Valley area and Almaden, small condos sell with 4-6 offers rising 25% above asking price. In Cambrian, Willow Glen, Campbell and Santa Clara , homes that are in good locations and priced right also sell very quickly and some at above asking price. South Sunnyvale, Mountain View, Los Altos, Palo Alto and Cupertino were a little slow in the early spring, but now, if they are priced to sell, they move fast and even sell with a couple of offers for above asking price.. The number of buyers that come to open houses have increased substantially.  Buyers are aware of the fact that rates are very low and home prices have likely reached their lowest point.  

      There is a positive feeling in the air. This is partly because it is springtime and people are on the move (most relocations are done this time of the year), and partly because people want to take advantage of the large selection of homes and low interest rates.

      Lenders are making things very difficult, especially timing-wise. They want at least a 17 day loan contingency and even longer appraisal contingency. It’s almost impossible to get a loan if you do not have recorded provable income. Having learned a hard lesson banks want to know that you are steadily employed and that you will not default on your loan. There are special programs for buyers who do not have sufficient down-payment funds but those programs have the famous $729,750 limit (in a High-Cost Areas like ours) on these loans. Buyers who want to buy homes above $1M have to bring more down payment money and have a higher income.

      Feel free to email/call me if you have questions.

      Happy spring! 

       

       

      2006

      Single Family Res.

      Condos/ Townhomes

      2007

      Single Family Res.

      Condos/ Townhomes

      2008

      Single Family Res.

      Condos/ Townhomes

      2009

      Single Family Res.

      Condos/ Townhomes

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      1/3/2006

      1518

      1070

      549

      415

      1/8/2007

      1979

      840

      787

      343

      1/2/2008

      3940

      616

      1311

      238

      1/5/2009

      3931

      1598

      1461

      422

      1/9/2006

      1617

      988

      604

      369

      1/16/2007

      2086

      862

      790

      367

      1/7/2008

      4034

      574

      1340

      212

      1/12/2009

      3998

      1615

      1505

      456

      1/17/2006

      1667

      987

      646

      386

      1/22/2007

      2140

      872

      799

      377

      1/14/2008

      4172

      562

      1385

      201

      1/19/2009

      4081

      1615

      1527

      483

      1/23/2006

      1736

      1000

      619

      439

      1/29/2007

      2196

      938

      795

      411

      1/22/2008

      4293

      600

      1462

      215

      1/26/2009

      4115

      1685

      1525

      510

      1/30/2006

      1754

      1063

      622

      471

      2/5/2007

      2164

      1019

      803

      447

      1/28/2008

      4331

      670

      1497

      222

      2/2/2009

      4036

      1705


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    • Miri Bialik
      Summer is over, it s getting cooler outside and as every yearly cycle, inventory is coming down and so is the demand for homes. My clients are asking me why
      Message 2 of 6 , Sep 28, 2009

      Summer is over, it’s getting cooler outside and as every yearly cycle, inventory is coming down and so is the demand for homes.

      My clients are asking me why there are so few homes for them to see in a specific area. The sellers are still insisting on getting high prices and some of them succeed if their homes are beautifully upgraded or located in a desirable area. Many buyers offer “Low Ball” offers, meaning much lower than asking price. The sellers then counter offer them closer to the asking price and many times the gap is too large to bridge and the sellers wait for a better offer.

      You can see on the graph that inventory (BLUE DOTTED LINE) is stabilizing and sale pending remains the same as well. There is about a 1.5 month of supply of homes in Santa Clara County – much lower than six months ago. It’s all about the laws of Supply and Demand. With supply this low and demand remaining high, it’s bound to become a seller’s market.

      Interest rates are as low as ever. They should remain low until the end of the year, as long as the Feds are buying loans. There is no telling what will happen in the beginning of 2010.

      Starting in November it will be harder to get loans for condominiums. Lenders will enforce stricter rules as to the rental/ownership ratio. With the new Appraisal restrictions and the condominiums restrictions, loans will take even longer to approve. If we ask for 17-day loan contingencies now, we’ll have to ask for longer contingency or perhaps even retain contingency until the loan is funded. Please feel free to ask me any questions about any real estate matters.

       

       

      2006

      Single Family Res.

      Condos/ Townhomes

      2007

      Single Family Res.

      Condos/ Townhomes

      2008

      Single Family Res.

      Condos/ Townhomes

      2009

      Single Family Res.

      Condos/ Townhomes

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      1/3/2006

      1518

      1070

      549

      415

      1/8/2007

      1979

      840

      787

      343

      1/2/2008

      3940

      616

      1311

      238

      1/5/2009

      3931

      1598

      1461

      422

      1/9/2006

      1617

      988

      604

      369

      1/16/2007

      2086

      862

      790

      367

      1/7/2008

      4034

      574

      1340

      212

      1/12/2009

      3998

      1615

      1505

      456

      1/17/2006

      1667

      987

      646

      386

      1/22/2007

      2140

      872

      799

      377

      1/14/2008

      4172

      562

      1385

      201

      1/19/2009

      4081

      1615

      1527

      483

      1/23/2006

      1736

      1000

      619

      439

      1/29/2007

      2196

      938

      795

      411

      1/22/2008

      4293

      600

      1462

      215

      1/26/2009

      4115

      1685

      1525

      510

      1/30/2006

      1754

      1063

      622

      471

      2/5/2007

      2164

      1019

      803

      447

      1/28/2008

      4331

      670

      1497

      222

      2/2/2009

    • Miri Bialik
      Inventory keeps falling whereas many homes get into contracts and sell. Homes priced competitively sell with multiple offers. Buyers who want to become home
      Message 3 of 6 , Oct 26, 2009

      Inventory keeps falling whereas many homes get into contracts and sell.

      Homes priced competitively sell with multiple offers. Buyers who want to become home owners rush to take advantage of the low interest rates and $8000 credit, (due to end in a month but might be extended). Buyers who want to upgrade to larger- more expensive homes enjoy the drop in prices in the high end market.

      Look at this short summery of the desirable areas:

       

       

        Los Altos

      • 193 homes sold (compared to 227 for the same period in 2008)
      • There are another 29 homes currently under contract but have not yet closed escrow
      • The average price was $1,664,365 (15% less than the same period in 2008)
      • The median days on market was 45 (compared to 13 in 2008)

      Los Altos Hills

      • 49 homes sold (compared to 55 for the same period in 2008)
      • 13 homes are currently under contract but have not yet closed escrow
      • The average price was $2,746,934 (6% less the same period in 2008)
      • The median days on market was 80 (compared to 39 in 2008)

        Mountain View

      • 184 homes sold (compared to 215 for the same period in 2008)
      • Another 31 homes are in contract but have not yet closed escrow
      • The average price was $936,211 (12% less the same period in 2008)
      • The median days on market was 33 (compared to 15 in 2008)

        Cupertino

      • 246 homes sold (compared to 271 for the same period in 2008)
      • Another 42 homes are in contract but have not yet closed escrow
      • The average price was $1,101,827 (11% less the same period in 2008)
      • The median days on market was 36 (compared to 16 in 2008)

        Palo Alto

      • 290 homes sold (compared to 310 for the same period in 2008)
      • Another 58 homes are in contract but have not yet closed escrow
      • The average price was $1,520,840 (14% less the same period in 2008)
      • The median days on market was 26 (compared to 14 in 2008)

       

       

      2006

      Single Family Res.

      Condos/ Townhomes

      2007

      Single Family Res.

      Condos/ Townhomes

      2008

      Single Family Res.

      Condos/ Townhomes

      2009

      Single Family Res.

      Condos/ Townhomes

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      Date

      Active

      Pending

      Active

      Pending

      1/3/2006

      1518

      1070

      549

      415

      1/8/2007

      1979

      840

      787

      343

      1/2/2008

      3940

      616

      1311

      238

      1/5/2009

      3931

      1598

      1461

      422

      1/9/2006

      1617

      988

      604

      369

      1/16/2007

      2086

      862

      790

      367

      1/7/2008

      4034

      574

      1340

      212

      1/12/2009

      3998

      1615

      1505

      456

      1/17/2006

      1667

      987

      646

      386

      1/22/2007

      2140

      872

      799

      377

      1/14/2008

      4172

      562

      1385

      201

      1/19/2009

      4081

      1615

      1527

      483

      1/23/2006

      1736

      1000

      619

    • Miri Bialik
      After a few months of fairly stable market conditions with inventory slightly higher than sales the market is becoming balanced. The inventory is low, but
      Message 4 of 6 , Nov 17, 2010
      • 0 Attachment

         

        After a few months of fairly stable market conditions with inventory slightly higher than sales the market is becoming balanced. The inventory is low, but activity is growing steadily since the bottom on Jan-Feb of 2008. If you look at the table below you can compare the active listing with sales pending. You can see that in 11/2008 there were almost twice as many homes for sale as compared to 11/2009 and this year the inventory is up slightly because of the huge increase in short sales.  This quarter, October-January is usually less active. People are getting ready for the holidays and unless they have to sell they’ll wait for the spring when their front and back yards blossom beautifully with flowers and shrubs and the spring smell in the air helps sell any home. Buyers are still active, they want to take advantage of the low interest rates and low prices but the selection is low.

        If you have a home in the Homestead high area there is always demand for these homes. You will have no competition from other sellers.

        If you are only interested in refinancing, you can get a great loan with no closing costs. Our in-house lender promises a painless procedure. If you are only going to live in your house for less than 5 years you can lower your interest rates to less than 3%.

        Many people ask me if it’s worth it to buy instead of rent. When we weigh the advantages of buying vs renting, many factors go into consideration, like enjoyment and pride of ownership, knowing that no one can tell you to leave, building wealth for the long run, and of course tax benefits.

        I’ll be glad to meet you for a one-on -one complimentary seminar. I’ll explain the process of buying or selling a home with Real Estate terminology and 18 years of hands-on experience.

         

         Enjoy the wonderful weather,

        Miri 

         

        2008

        Single Family Res.

        Condos/ Townhomes

        2009

        Single Family Res.

        Condos/ Townhomes

        2010

        Single Family Res.

        Condos/ Townhomes

        Date

        Active

        Pending

        Active

        Pending

        Date

        Active

        Pending

        Active

        Pending

        Date

        Active

        Pending

        Active

        Pending

        1/2/2008

        3940

        616

        1311

        238

        1/5/2009

        3931

        1598

        1461

        422

        1/4/2010

        1548

        2546

        591

        1139

        1/7/2008

        4034

        574

        1340

        212

        1/12/2009

        3998

        1615

        1505

        456

        1/11/2010

        1656

        2458

        639

        1112

        1/14/2008

        4172

        562

        1385

        201

        1/19/2009

        4081

        1615

        1527

        483

        1/18/2010

        1729

        2497

        674

        1101

        1/22/2008

        4293

        600

        1462

        215

        1/26/2009

        4115

        1685

        1525

        510

        1/25/2010

        1796

        2528

        716

        1123

        1/28/2008

        4331

        670

        1497

        222

        2/2/2009

        4036

        1705

        1501

        520

        2/1/2010

        1799

        2561

        746

        1122

        2/4/2008

        4348

        707

        1488

        239

        2/9/2009

        4177

        1714

        1540

        528

        2/8/2010

        1868

        2659

        785

        1140

        2/11/2008

        4504

        749

        1532

        278

        2/16/2009

        4200

        1779

        1513


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      • Miri Bialik
        Interest rates climbed almost 1% since their lowest point back in summer of 2010. If you are waiting for them to go down, don t hold your breath, they will
        Message 5 of 6 , Feb 15, 2011

        Interest rates climbed almost 1% since their lowest point back in summer of 2010. If you are waiting for them to go down, don’t hold your breath, they will probably keep climbing. There are signs of inflation in China and Europe .  We are part of a global macro-economic market. The influence cannot be ignored. If you look 3 years back the jumbo loan rate was over 7%. It is now around 5%. The rates are still very low, so if you haven’t refinanced, go ahead and use this opportunity. This is also a good time to upgrade to a better/larger home. Small homes lost less in value than larger homes. The affordability of homes in California went up substantially. 

        Many people ask me if it’s worth it to buy instead of rent. When we weigh the advantages of buying vs. renting, many factors go into consideration, like enjoyment and pride of ownership, knowing that no one can tell you to leave, building wealth for the long run, and of course tax benefits.

        I’d be glad to meet you for a one-on-one complimentary seminar. I’ll explain the process of buying or selling a home with Real Estate terminology and 18 years of hands-on experience.

         

        Please call me with any questions, Miri Bialik, 408-315-6555 or email me miri@...

        Broker Associate, Eco Broker, Intero Real Estate Services. DRE# 01164715

         

        2009

        Single Family Res.

        Condos/ Townhomes

        2010

        Single Family Res.

        Condos/ Townhomes

        2011

        Single Family Res.

        Condos/ Townhomes

        Date

        Active

        Pending

        Active

        Pending

        Date

        Active

        Pending

        Active

        Pending

        Date

        Active

        Pending

        Active

        Pending

        1/5/2009

        3931

        1598

        1461

        422

        1/4/2010

        1548

        2546

        591

        1139

        1/3/2011

        2169

        2326

        1108

        892

        1/12/2009

        3998

        1615

        1505

        456

        1/11/2010

        1656

        2458

        639

        1112

        1/10/2011

        2259

        2248

        1125

        902

        1/19/2009

        4081

        1615

        1527

        483

        1/18/2010

        1729

        2497

        674

        1101

        1/17/2011

        2306

        2228

        1137

        918

        1/26/2009

        4115

        1685

        1525

        510

        1/25/2010

        1796

        2528

        716

        1123

        1/24/2011

        2349

        2254

        1151

        971

        2/2/2009

        4036

        1705

        1501

        520

        2/1/2010

        1799

        2561

        746

        1122

        1/31/2011

        2318

        2301

        1156

        983

        2/9/2009

        4177

        1714

        1540

        528

        2/8/2010

        1868

        2659

        785

        1140

        2/7/2011

        2294

        2382

        1118

        1021

        2/16/2009

        4200

        1779

        1513

        567

        2/15/2010

         

         

         

         

        2/14/2011

        2382

        2476

        1123

        1063

        2/23/2009


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