Thursday, October 23, 2008

Housing Market Update - The Truth

The truth about the Santa Clara County Housing Market:

· Inventory levels holding constant for past 6 weeks
· Average closings at 220/week for past 6 weeks
· No significant changes between September ’07 & September ‘08
· The market is moving toward stability for at least the short term
· The new loan limit that Bush put into place earlier this year will be expiring December 31st, 2008 and will be reverting to $625,000.
· I have had the pleasure to help 2 more buyers purchase in the past 60 days.

The housing stats I’ve reviewed and interest rates below show a market trend in the direction of stabilization. We currently have about a 6 and a half months supply of housing. In this type of market, deals can be made. It is uncertain where the trend is heading, but if you are purchasing for the long term, now is a great time to purchase when prices are low and interest rates are desirable.

"Patience has its limits. Take it too far, and it's cowardice."
* George Jackson (1941 - 1971)

Enjoy the rest of your week and if you know of a friend, co-worker, family member or even a stranger who really wants to buy a piece of property and needs some motivation, or accountability, let me know. I’ll be sure to help them get what they want.

The table represents aggregated values based on MLS data for the specified date.

If the table above does not appear you can click here to view it over the web.