Silicon Valley Short sales and Foreclosures Trend Down Again
Silicon Valley Short sales and foreclosures trend down again
January 29, 2013
After running the latest numbers today from the MLSListings.com database, the site used by licensed real estate agents, we only have about 8.6% distressed homes (both short sales and foreclosures) out of all the active listings in Santa Clara County, which is a huge jump down compared to the beginning of 2012 when we had 34% of the current available listings that where short sales or foreclosures. Distressed condos went down from from 265 to 36 units for sale or from 50% to 27.1%, another huge drop in short sales and foreclosures. Obviously our market has changed alot, and as a broker for 25 years, I have been amazed at the turnaround in 2012.
Certainly these types of properties can good values. If you are interested in these types of properties, click Santa Clara County short sales and foreclosures.
The real estate market improvement in 2013 and coming years may be the final leg of gains and back to normalcy, however there have been so many changes since this financial crisis started that it will still take a while to stabilize.
The inventory is the lowest in many years so the prices are going up fast, which those in the market will probably attest to. Per MLSListings.com, there are only 672 houses for sale in Santa Clara County as of today compared to 1494 houses for sale at the beginning of 2012 so you can see the dramatic reduction of supply of homes. What does this mean to you? It means prices will likely go up, lots of competition to buy, and it may mean it can be better to buy sooner than later. This can be a sign of some volitility and correction to come... can you say "real estate bubble?"
I still see that the timing is good to buy, sell or invest with caution. Interest rates are at historic lows. Prices still not at peak for many places in Silicon Valley. If your job is stable, growing family, and tired of wasting money on high rents, then it can be a winner. Run the numbers to make sure. No crazy negative cash flow deals again, please! Know it is a long term purchase. Buying low is good hedge to be a smart consumer. Sellers moving out of the are or buying up are probably going to do well too.
As I help clients with short sales and am a short sale specialist, I believe that we still have a couple years left to go with short sales, and Congress approved a one year extension on eliminating the taxes from the taxable gains from the amount you save or "shortage" to the bank so if you have a possible or potential financial hardship and considering your options, then contact my office for a free consultation and find your best options. With the highly valued and supported Certified Distressed Property Expert designation (CDPE), I have many resources and tools at the ready. Information is king in this arena of so much technicality and changes, so contact a specialist with experience if you are considering this option.
Silicon Valley Short sales and foreclosures trend down again. How do you feel about the market? Contact me if you have any questions.
Orignally posted at http://www.pastduenomore.com/Blog.aspx