I often am asked by friends how the housing market is where we live, and I ALWAYS give the exact same answer – it depends upon where you are and what you want to do. The market for selling a condo unit in Cupertino is drastically different than the market to buy a single-family home in Hollister. In general terms, though, we are still in a very strong seller’s market.
Across Santa Clara County we have only 0.82 months supply of inventory for single family homes, and 0.55 months supply of inventory for condos and townhouses. To put this into perspective, the National Association of Realtors® declares a “balanced” housing marketing to have 6 months of supply. This means that if no new homes came on the market and what is for sale sells at the current rate, then every single home would be gone in about three weeks. Three weeks! This frenzied housing market is one we haven’t seen in at least a decade.
So what does this mean for you? Speak with a licensed real estate agent. Ask them questions. Speak with a lender if you are thinking of buying a home and find out what your comfort level is for monthly payments (don’t forget property taxes and general upkeep expenses!). If you are considering selling a home talk with an attorney about possible tax consequences you may face.