So you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!
Hiring a real estate professional to guide you through the process of buying a home or selling your house can be one of the best decisions you make! They are there for you to help with paperwork, explaining the process, negotiations, and helping you with pricing (both when making an offer or setting the right price for your home).
One of the top reasons to hire a real estate professional is their understanding of your local market and how the conditions in your neighborhood will impact your experience. Team Patereau is your local resource and we welcome your business.
Here’s a report published by Intero Real Estate Services, Inc., about the Real Estate Market in Santa Clara County for the month of May, 2016.
May 2016 is a Seller’s market! The number of for sale listings was up 8.7% from one year earlier and up 6.2% from the previous month. The number of sold listings decreased 3.6% year over year and increased 5.8% month over month. The number of under contract listings was down 1.2% compared to the previous month and down 3.1% compared to the previous year. The Months of Inventory based on Closed Sales is 1.2, up 9.5% from the previous year. The Average Sold Price per Square Footage was up 4.7% compared to the previous month and up 7.4% compared to last year. The Median Sold Price increased by 1.4% from last month. The Average Sold Price also increased by 4.2% from last month. Based on the six month trend, the Average Sold Price trend is Appreciating and the Median Sold Price trend is Appreciating. The Average Days on Market showed a downward trend, an increase of 5.6% compared to the previous year. The ratio of Sold Price vs. Original List Price is 102%, a decrease of 4.7% compared to the previous year.
It is a Seller’s Market Property Sales (Sold) May property sales were 1039, down 3.6% from 1078 in May of 2015 and 5.8% higher than the 982 sales last month. Continue reading →
Here’s some 2016 Real Estate Market Projections/Predictions for 2016 from CNBC. “Total homes sales next year are expected to reach the highest levels since 2006 on the back of new construction and the existing housing market, realtor.comreported Wednesday.
The report contains several surprises. Among them, Providence, Rhode Island, ranked as the hottest market for 2016, and millennials are expected to make up the biggest demographic of homebuyers next year.
Sales of existing and new home sales are expected to reach 6 million for the first time since 2006. The pace of growth of existing home sales and prices is expected to slow to 3 percent but remain strong overall. Meanwhile, new home sales are seen increasing 16 percent.
Realtor.com anticipates new home starts will increase by 12 percent.”
As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t mean activity drops off completely – in fact, fall’s arrival presents opportunities for homebuyers, in part due to a “back-to-school mentality,” according to a survey by ERA Real Estate. If you’re a prospective homebuyer, tap into that renewed sense of motivation – and consider the following perks – while hunting for a home this fall.
You can enjoy year-end tax breaks.Buying before the year’s out allows fall homebuyers to take advantage of tax breaks such as the mortgage interest and property tax deductions. “There are certain deductions that can be claimed by homeowners only,” explains 1040Return.com Founder John Gregory. “If you have taken out a homeowner’s loan, consider these deductions as Uncle Sam’s gift to you.” To learn more about the tax benefits available to homeowners, click here.
You can sidestep the multiple-bid minefield.Bidding wars dominated low inventory markets this summer, but competition tends to wane as activity slows in the fall. With fewer folks searching for homes, fall homebuyers can spend less time chasing supply and more time finding – and getting – the perfect home.
You may have more bargaining power. Aside from less competition, fall homebuyers may have the opportunity to purchase their home of choice at a reduced price, especially when negotiating with sellers who had hoped to unload their homes over the summer.
You’ll be home for the holidays – literally. As ERA reports in their survey, fall homebuying activity is also fueled by emotional motivation. “As vacations wind down after Labor Day and people become more focused, the desire to be in a new home for the holidays is a historically strong driver of fall home sales,” says ERA President and CEO Charlie Young.