The (Santa Clara County) real estate market has shifted from buyers’ market to sellers’ market from last year now we are in full swing. How come the Santa Clara homes market shift?
1. Ecomanics is up. Jobs are back. 2. Interest rate low, 3. Home inventory is low.
The home inventory of Santa Clara county is historical low. As today it only has 1106 homes available which is about half as a normal balanced market. The city San Jose is one of largest cities in California and enjoyed one of top 7 highest home price gained in California. Most of those short sales and bank owned homes went away. There a t 2 to 3 home buyers for every homes on the market. One San Jose bank owned home, small home in downtown San Jose,received over 100 offers small home in downtown San Jose. As how I am going to adapt the new market shift.
1. How will this shift affect buyer agents vs seller agents?
This market shift affected to buyer agents more than seller agents. The buyer agents have to work on many offers until one got accepted. The offer needs to be clean and neat.. The price needs to be high and all cash will be the best.
2. What marketing strategies will you need to change?
The #1 Priority is to get more listing.
3. What are you already experiencing that is causing you grief in your current efforts?
The grief will be how to find a home for buyer. We have no idea how long will take for a perfect home will come up in the market.
4. What fears, if any, do you have about this change?
My fear for the home buyers is they could be priced out of the market .
One buyer even decided to move out of Silicon Valley because they cannot find a home.
5. What are the top three things a buyer's agent or seller's agent must do to be successful in the new market?
Top 3 things for Silicon Valley Sellers’ agents :
1) Systematically prospect for the sellers’ lead include of connecting with past clients, NOD, FSBO, Mail out farm areas, door knocking, blogging, social media everything.
2).Listen home sellers’ need and offer help. Practice listing presentation. Be on time.
3).Offer excellent market plan include using property domain name.staging, vendors referral etc.
Top 3 things for Silicon Valley home buyers’ agents:should do;
a). Get internet savvy because NAR stated that over 90% home buyers started home searching from internet even 4 months before.
b). The buyers’ agent focus on the motivated home buyers because it could drag on for a while. You may be better result with motivated ones.
c). Do a good job for them.