Its been nearly 5 years since home inventory in Santa Clara’s real estate market has been so low. Considering the additional inventory from short sales and bank owned homes, inventory among regular sellers is very low. Its not just Santa Clara but other cities in the Santa Clara Valley. Homeowners for one reason or another are deciding to put off selling. As a result, the market is experiencing multiple offer situations and homes that were languishing are going pending.
In just a matter of months the market has changed dramatically. If the inventory level’s persist expect home values to rise. Buyers seem to be getting anxious, as rents have risen 20% in the last year alone. For some buying a home would result in a lower monthly living costs then renting. Here in the valley the job market has remained steady and some hiring has even picked up. As more buyers enter the market and wait for more homes to come the market is likely to turn more to a seller’s market. So if you are considering selling, this current real estate climate is a good opportunity to list your home.