Well the month of July just ended and it was an interesting one for San Benito County. We had a whopping 60 Single family homes closed in July which is up from 42 and 36 for the previous two months. San Benito Counties number of new listings (single family homes added to the market) for July was 92 - which is down from 117 and 128 for the previous two months. The total inventory for July was 529 units - which is down from 568 and 575 for the previous months.
RealtyTrac reports foreclosure filings for June-July declined 3% from the previous month. Interest rates have been holding somewhat constant at about 6.5% for the 30 year conforming fixed.
About 70% of the homes available in San Benito County are under $600,000 with 29% of them being under $300,000. Almost all of the homes under the $400,000 are either Short Sales or Bank Owned Properties. With rental homes in short supply since shortly after the foreclosures started the quantity of folks contacting our office looking for investment properties has increased. It is our opinion that the folks purchasing properties in today's market will have an excellent opportunity to build wealth over the next ten years.
What does all of this mean? If you want to catch this wave, now is the time to talk. To sell well, you need to price competitively, then stage and market effectively. If you're looking to buy, you will find the best inventory and pricing available.
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