What a difference a week makes! The Almaden Valley real estate market showed signs of growth this past week. After several months of stagnation, the number of available single family homes surged from 58 last week to 64 this week, which is the highest it has been since late November. The number of homes under contract dropped from 49% to 46%, but this is due in large part to the increase in new listings. Distressed properties (auction, bank owned and pre-foreclosure) dropped slightly as well.
Despite earlier talk of increasing mortgage rates, some banks have held their rates steady and even dropped them slightly for certain loan classifications. With the percentage of total listings under contract hovering close to 50%, it is clear that buyers are keen on taking advantage of the historically low interest rates. It’s too early to tell if sellers are finally being lured into entering the market to take advantage of these eager buyers, but those that do are bound to find interest in their homes. This unique situation creates a win/win for both buyers AND sellers. If you’d like to learn more how you can take advantage of this market as a buyer and/or seller, give me a call and let’s talk!