Silicon Valley Short Sale Listings

How's the Silicon Valley real estate market doing? One way of taking the market's temperature is to check in on the number of short sale listings (most of which will become bank owned properties in time).

In many areas of Santa Clara County, the number of short sale listings is not rising much, if at all. Here's a quick peek at a few of the markets in the Santa Clara County (the San Jose, or Silicon Valley, area):

Active Listings of Short Sale Single Family Homes, Condos, Townhouses
	3/26/2008	4/22/2008	5/18/2008
Los Gatos	5	9	8
Monte Sereno	1	0	0
Saratoga	0	1	1
Los Gatos Mtns	3	2	2
Cambrian Park	59	54	63
Santa Clara	56	60	63
Campbell	13	19	19
Cupertino	1	2	1
Los Altos	0	2	2
Sunnyvale	50	59	58
Blossom Valley	196	202	217
San Jose (all)	1534	1674	1777

As you can see, of the San Jose or Silicon Valley areas being tracked here, Blossom Valley and San Jose as a whole are experiencing rising numbers of short sales, while many of the West Valley communities are fairly flat or rising only slightly.

What seems to be happening is that the entry level markets are taking the biggest hit while the more expensive areas are a little more insulated from the rising numbers of short sale properties for sale in Santa Clara County. This has been the trend over the last 6 or 9 months and it appears to be remaining consistently true.

There's an old real estate adage about Location, Location, Location. Realtors tend to tell buyers to "buy the most home in the best neighborhood you can afford". Sometimes buyers heed this advice, but often they are infatuated with granite, stainless steel, and other finishing touches that may induce them to buy in a less desireable area. It's a hard temptation to resist, but the current market bears out the old wisdom that location is the MOST important thing in home buying.

If you'd like assistance with buying or selling your Silicon Valley home, please contact me now!

Warm regards,

Mary Pope-Handy
Keller Williams Realty
Serving all of Silicon Valley since 1993

RE: Silicon Valley Short Sale Listings

Hi Arvind,

I tried phoning you but it rang off the hook. I do not have your email addrss so cannot respond to you by email.

 Personally, I do NOT recommend trying to buy a short sale since most of the time, you cannot  close escrow as the banks are too overworked. I am not taking on any short sale buyers anymore because I've found them to be lots of work and no pay (because they seldom close escrow).

Best of luck to you!@

Mary