As expected, Santa Clara County home sales were down in July, dipping nearly 50% under last year. Meanwhile, prices remain high, though with little change year over year. One thing to watch is the time properties spend on the market, which is stretching out and providing more opportunity for negotiation.
It should come as no surprise that rising mortgage interest rates have a direct impact on home buyers and sellers. These two charts help make those impacts crystal clear, especially when it comes to purchasing power, inventory, and selling price. As you can see, an interest rate increase of just 0.5% triggers a 4.4% increase in home price but also a 4% decrease in active listings.
Meanwhile, the median house price is down 4.7% month-over-month but still up 4.5% over last year. This means home affordability is tracking down, so the time to act is now, or you risk waiting out the current economic fluctuations.
As we discussed in this week’s Chic vs. Geek, our job as real estate agents is to provide buyers and sellers with nuanced perspectives on their properties. One key element in setting home values is a Comparable Market Analysis that looks at sales activity for similar homes. Send us an email to request a report today!
It’s hard enough remaining competitive in the housing market when inventory is down and interest rates are up. It gets even harder when many homes are purchased by foreign nationals and businesses. Typically, these homes sit vacant, taking up space while their owners wait for a chance to flip for a profit.
Willow Glen is known for tree-lined residential streets, shopping along bustling Lincoln Avenue, great schools, and friendly neighbors. Casual dining options include family-friendly restaurants, bakeries and pizzerias, and the neighborhood frequently holds downtown festivals, including art and wine walk events.
The Geek already did his Number Talk for this week, but we want to share some recent stats from local listings (see below). As in many Bay Area neighborhoods, homes are staying on the market in Willow Glen a little longer these days, and there are more homes up for sale.
If you’re on a budget of about $2M, and looking for a decent size home in the San José area, this gem of a neighborhood might be the perfect fit at the right time. Check our Properties page for a look at some listings.
