Relax and enjoy your home, unless you want to jump on sales
opportunities
The median California home as of October 5, 2005 was $538,777,
an increase of over 17 percent from last year. Whoa, doggies! I
thought you might be interested to know what that would buy you
here.
In San Benito County, there are 15 homes on the Multiple Listing
Service in the $525,000 to $550,000 price range. They vary from
1000 to 1400 square feet. In the Gilroy and Morgan Hill areas there
are 9 properties, ranging from 780 to 1400 square feet. Given the
amount of inventory we currently have, 188 in San Benito County and
299 in south Santa Clara County, you can see we’re not exactly
sitting in the cheap seats.
Relax and enjoy your home, unless you want to jump on sales opportunities
The median California home as of October 5, 2005 was $538,777, an increase of over 17 percent from last year. Whoa, doggies! I thought you might be interested to know what that would buy you here.
In San Benito County, there are 15 homes on the Multiple Listing Service in the $525,000 to $550,000 price range. They vary from 1000 to 1400 square feet. In the Gilroy and Morgan Hill areas there are 9 properties, ranging from 780 to 1400 square feet. Given the amount of inventory we currently have, 188 in San Benito County and 299 in south Santa Clara County, you can see we’re not exactly sitting in the cheap seats.
On Nov. 29 of this year Fannie Mae and Freddie Mac announced an increase of its single-family mortgage loan limit from $359,650 to $417,000 in 2006. According to an analysis by the California Association of Realtors (C.A.R.) more than 28,590 families in California will be able to benefit. Based on 2006 sales projections C.A.R. predicts 304,700 sales in the state will fall into the price range made viable by the higher loan limits, an increase of 72,070 homes over the 2005 loan limits.
“While this is good news for many homebuyers, Fannie Mae’s and Freddie Mac’s new loan limits do not go far enough to benefit most homebuyers in California,” said C.A.R. President Vince Malta. “Conforming loan limits need to more accurately reflect the cost of housing in California, where the median price of a home is more than double that of the nation.”
The California median price of $538,777 is 29 percent higher than the new conforming loan of $417,000. Now you understand why so many of your neighbors are cashing out and choosing to move to another state!
Oh, well. Let’s recap the week in the local market. The inventories in our area are dropping a little bit as you probably noticed. Last week San Benito had 20 new listings ranging from $410,000 to $1,450,000. Contracts were accepted on 10 homes, and 3 of those under a pending release clause. There were 12 properties which were removed from the inventory, and 8 homes closed escrow.
In south Santa Clara, 28 homes came onto the inventory ranging from $599,000 to $2,050,000. Happy buyers closed escrow on 31 homes. Contracts were accepted on 18 properties, 3 with pending release. Say good-bye to the opportunity to purchase the 15 homes dropping out of the market.
In the course of my workweek, I talked to several agents in the San Mateo County market, and they all agreed their inventories were declining as well. We can expect this trend to continue through the holidays. It happens every year. Usually the inventory picks up again in the spring.
Remember: This could be the time to beat the rush and have less competition in the marketplace if you hope to sell your home soon. Talk with your agent to see if it makes sense for you to list now. Your home probably looks its best as it sparkles with holiday cheer!
Please remember during this time of the year that your house is a home, and not just an investment. Make as many happy memories as you can because they will remain long after the house is sold. So what if the gravy splatters on the carpet or the dog lifts his leg on the packages under the tree? There are carpet cleaners just waiting to see you in January! Go ahead and put a few nail holes in the wall to hang a garland of greenery.
Smile when the kids run their new remote car into the wall and dent the sheetrock. A little spackle and touch-up paint will come to your rescue. The Christmas tree leaks onto the hardwood floor? Buff it out and you’re good as new.
The four walls of a house contain the spirit of the family. Let it shine with happiness and joy this year. Life is too short to worry about if the pine needles will clog the vacuum cleaner.
You might want to think about Santa Claus, too. (No one contacted me with Mrs. Claus’ first name. It’s really beginning to bug me.) When was the last time you cleaned out your chimney flue? Hah! I thought so. You might want to give your chimney sweep a call. Your local real estate agent will have a network of service providers for any holiday challenges you may face. A good real estate professional is good for more than just a transaction. You might as well use their expertise on an on-going basis. You’ll be glad you did.
And as always, be kind to your Realtor!
