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!
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 →
Nationally, appraised values were nearly 2% lower than homeowner expectations.
Gap between appraisal and owner estimates widened for first time in six months – albeit slightly.
Home values increased 1.51% in February and rose 3.89% year-over-year, according to national HVI.
DETROIT, March 8, 2016 – Quicken Loans, the nation’s second largest retail mortgage lender, today announced home appraisals were an average of 1.99 percent lower than what homeowners expected in February, according to the company’s proprietary Home Price Perception Index (HPPI). The study compares actual appraised values to what refinancing homeowners estimated their home was worth at the beginning of the mortgage process. February brings a reversal to the previous five-month trend of a narrowing gap between the two data points.
Home values showed continued growth in February, making up for the slight dip in January. Nationally, appraised values increased an average of 1.51 percent according to the Quicken Loans Home Value Index (HVI) – the only measure of home values based solely on appraisals. The index has increased 3.89 percent when compared to February 2015.
There’s lots you can do to fix up your home. Here are 5 projects that seem to pay off for home sellers in the long run. Watch the video and then answer this question: What’s the project you want to do?