The Santa Clara County real estate market is adjusting to the tightening credit standards and subsequent loss of Buyers. From about 2002 to 2006 the real estate market was kept more active than the underlying fundamentals would justify because of the liberal financing and easy credit standards. Buyers didn't need a down payment, they didn't to verify their income and they used deeply discounted adjustable interest rate loans to qualify to financing. All of this is "coming home to roost" and the low-end of the market, in particular, is very soft. Well-priced homes in good locations are still active.
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In Santa Clara County (Silicon Valley), California, experienced Listing Agents strongly encourage the Seller pay for a full battery of "pre-sale" inspections (termite, general property, roof, chimney and swimming pool/spa, if applicable) and provide copies of those inspections in the h...
In 32 years as a California Realtor® I don’t think I've ever met a homeowner who didn't prefer an "AS IS" sale. An “AS IS” sale is much easier, especially for Senior Citizen Sellers. In California, a Seller of residential property may legally sell their home in “AS IS” condit...
Bloomberg.com reported that Joseph Stiglitz, the Nobel Prize winner in economics in 2001, speaking before a Japanese audience said that the decline in the U.S. housing market and drop in prices would result in reduced consumer spending which would slow the U.S. economy, and therefore the world ec...
One of the many valuable services Realtors® have traditionally offered clients, and prospective clients, is an estimate of the Market Value of a home the client is thinking about buying or selling. Realtors® estimate the Market Value of a property by analyzing how much Buyers have paid for simi...
One of the important causes of the boom in the Santa Clara County, State and national housing market has changed. Namely, the easy, liberal credit standards that have been extended to so-called “sub-prime” borrowers has come to a screeching halt. For the past 6-7 years home buyers with marginal...
The dynamics of the Santa Clara County Real Estate market in Fall 2007 are the same as the Summer 07. That is, low-priced, entry-level homes are selling poorly because the liberal financing which fueled that segment of the market since 2001 is no longer available. Mortgage lenders are now retu...