If this summer's sizzling real estate market hasn't created a call to action, well, now is the time!
- For sellers, this is a great time to list your home for sale -- Buyers are ready, willing, and able and interest rates are the lowest in 50 years.
- For investors, now is the time to get a property that can cash flow on day one.
- For buyers, we are back to 2002 prices, rates are low, and prices in many areas have stabilized and in some are even appreciating.
A few interesting facts about the Silicon Valley market you should note this year:
- We currently have 60% LESS housing inventory available for sale in Santa Clara County (SCC) vs. July of 2011 - Only 1.1 month's supply in SCC and 1.2 in San Mateo County (SMC)
- 30% of all current properties in SCC are under contract (29% in SMC)
- The median price for a single-family home in SCC has risen to over +$700,000 for the first time in 10+ years!
- What cities have the lowest level of housing inventory available? Currently Mountain View and Sunnyvale take the cake at only 3 weeks and 2 weeks supply, and subsequently their compressed markets have pushed the median price +10% to July of 2011 in each city
Remember it is always a good real estate market for someone -- the key is whether you are a buyer or a seller in the market at the right time with the right price. Just don't sit too long on the sidelines and miss the market.
Whatever you decide, just remember it could be worse - We could be living somewhere other than the beautiful Bay Area!
Your Silicon Valley Housing Scorecard: