Gene Hunt, Realtor CalDRE 01124702 The William Jefferies Co. CalDRE 01124702
Memorial Day, the unofficial start of summer, is weeks ago. The summer solstice, the astrological beginning of summer is also behind us. The fourth of July celebrations are over. And, along with the summer heat, comes the summer doldrums in the Real Estate market.
Key Factors
Interest Rates
We saw, at the beginning of the year, what appeared to be a good market developing despite where interest rates were at the time. At the beginning of the year there had been a downward trend in mortgage rates which tends to bode well for those looking to buy or sell. Buyers benefit from the lower rates making their purchase more affordable and sellers benefit by the increasing numbers of buyers in the market resulting in growing sales prices and frequent multiple offer situations.
Tariff Panic & The Stock Market
Then the panic over tariffs hit with a brief panic in the Treasury market as well resulting in spiking interest rates. Since then the stock markets; DOW, NASDAQ and the S&P all recovered and they’re now setting new record highs. Likewise the Treasury market has returned as the fear of the tariffs died down. All the while, inventory continued to be added to the available stock of homes for sale while homes that entered into contract slowed.
Home Inventory
Currently the inventory of available homes for sale is at its highest point for the year so far. Of course, with thousands of homes being available in past years, to have around 2200 now still seems low. At the same time, however, there are only about 950 homes currently under contract in Santa Clara County. Graphing the inventory of available homes and those under contract shows a widening gap between the two as new listings continue to be added but those going into contract appears to have leveled off.
Informed Buyer & Seller
So, how can you, a buyer or a seller, use this information? Well, it would seem buyers have more choices and more time to look at homes as the days on market grows when sales slow. You can be more deliberate. For sellers, be patient. Recognize the market shift but also realize the number of homes available remains low and property values continue to rise. In fact, well presented and priced homes in desired areas still bring multiple offers. My most recent sale had eight offers and sold for more than 112% of the list price.
To accomplish your goals in Real Estate, you want a Realtor with knowledge, experience and understanding. With 28 years in the local market my knowledge is second to none. Years of working with people like you, I’ve learned to fully grasp your needs and wants. Contact me and find, “there’s no one more dedicated to your goals.” Reach out right away by calling: (408) 887-4731 or email me at: geneshomes@earthlink.net.
Gene Hunt, Realtor CalDRE 01124702 The William Jefferies Co. CalDRE 01124702
I Look Forward to Hearing From You
W. Gene Hunt
"There is no one more Dedicated to your Goals" A motto earned not just a jingle made of hope. Angela D. says; "I feel you really got to know me as a person and by doing so you understood my needs and preferences."
Lisa D. had this to say; "I attempted to renegotiate my loan with my bank. Much to my dismay, the bank low-balled the value of my home…even in light of the improvements I’d made. I am glad to report that my experience with you was a much happier experience. I found my business dealings with you to be professional, efficient and courteous."
Linda R. sent this in; "Thank you for the help you provided in refinancing our house. I thought you would like to know that the "cost" of refinancing turned out better than we expected it would."
