Now, Some Sellers Are Having To Lower Their Expectations
A report from Los Altos Online in California. "Santa Clara County Assessor Larry Stone discussed current trends at the Rotary Club of Los Altos. Stone noted the median price of single-family homes over the last seven months has declined 16 percent in Silicon Valley."
From ABC 7 News. "There are signs of hope for potential home buyers in the Bay Area. Inventory is up, and in the South Bay, home values have dropped at least a small amount. In the San Jose metro area, inventory is up nearly 45-percent, and home values have actually dropped."
"What a difference a year makes. There are more homes for sale. That means buyers may not be competing against others and putting in offers above the asking price."
"Gustavo Gonzalez is the owner of Valley View Properties. He sees the San Jose housing market starting to normalize. 'I don't know if we'll open a floodgate,' he said. 'I think what we'll do is we'll the buyers that are out there looking, maybe have a better opportunity of finding a house.'"
From SCV News. "March also marked the tenth consecutive monthly increase in the number of properties listed for sale throughout Santa Clarita, the Association reported. At the end of the month there were 559 active home and condominium listings. That was up 48.3 percent from a year ago. For two-and-a-half years the local supply of active listings fell lower every month, but beginning in June 2018 the inventory started growing by double-digit numbers compared to the prior year."
"'Resale prices have been softening in recent months after soaring ever higher for years,' said Tim Johnson, the Association’s chief executive officer. 'Now, some sellers are having to lower their expectations in the face of slowly growing inventories and rising buyer resistance to high prices.'"
From Market Watch. "A new report paints a picture. And it’s not pretty. Between 2003 and 2018, the share of adults with student debt in the Bay Area has nearly doubled, jumping from 6.2% to 12.2% and collectively these 735,000 borrowers owe $26.6 billion, according to a report released Tuesday by the Federal Reserve Bank of San Francisco and the San Francisco Office of Financial Empowerment."