06/05/2023
May 2023 stats for Santa Clara County single-family homes. Inventory is still low, which is very unusual for this time of the year. There is one major issue holding sellers back – high mortgage rates. The vast majority of those planning to sell their home in the next 12 months are also planning to buy a new home. And because most of these sellers will be taking on a new mortgage, this creates a major affordability hurdle. A lot of these seller-buyers feel "locked in" by their currently low mortgage rate. As a result, more than half of seller-buyers who are planning to sell in the next 12 months said they are waiting for rates to come down because giving up a 3% mortgage rate for one in the 6-7% range is a tough pill to swallow. As you can imagine, this also creates a low inventory issue.
If you’d like to discuss the market in more detail, please give me a call. Everyone’s circumstances are unique, and there are ways to make the best out of every situation. I can help!
*monthly stats are compared to the previous 3 months' average
Dora Deivert
Broker Associate | COLDWELL BANKER REALTY
Mobile: 408.396.1515
Email: [email protected]
CalRE #: 01839659