DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.
The San Jose Real Estate Market is in a weird state right now. The homes that are listed aren't selling unless it's an extremely good deal for buyers. The price has to be under the last comp by at least 2%-3%. If not, it just sits and sits there with no offers for weeks and months. Buyers are not buying unless it's a great deal.
I've talked to Realtors with homes listed for 90 to 100 days and they can't seem to figure out why their listings are not selling. Some of the homes are in great shape and listed for a pretty fair price.
June 2007 numbers just came out and it is says that the sales are down from last month. The inventory for Single Family Homes and Condos are at the highest point since I can remember. Santa Clara County has approx 5,900 total homes on the market and more inventry is piling up each day. That's approx 4300 single family homes and 1600 condos.
Buyers looking for a good deal should buy because interest rates are low and there is much supply to choose from. Sellers should price their homes under the market price in order to get the attention of the "Zillow Saavy" and "price conscious" buyer. In other words, pricing your home higher because you have granite counters and pergo floors just won't work anymore.
DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.
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