Santa Clara County a Seller's Market?

The number of single family homes available at the end of December 2009 in Santa Clara County stood at 3,372 units.  A drop of 53% from the prior year of 7,158.   The chart illustrates how the housing market in the County has been strong over the past 8 months.    If you are thinking of selling your home in the near future, now is the time to list and market your home .  Inventory levels are so low that if you price your home right, it will sell.  

Inventory levels are expected to increase throughout the first quarter 2010 as the seasonal spring pattern approaches but it appears inventory levels will be lower than 2009. 

Demand for homes is expected to continue to be strong in the first half of 2010.  This is due to low mortgage interest rates, the federal $8,000 tax credit for first time home buyers and the $6,500 tax credit for current home owners. The tax credits expire by July 1, 2010 and the home must be in contract by May 1, 2010.    The government's intervention to stabilize the financial markets by  purchasing U.S. Treasuries and mortgage-backed-securities is expected to end by April 2010.  If the government doesn't renew the purchase plan, mortgage interest rates are expected to rise. 

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