The housing market is rebounding and the Bay Area is experiencing an even stronger surge. Marianne Favro reports.
Looking to buy a home?
You may drive miles through San Jose neighborhoods before spotting a for sale sign on a house. Santa Clara County is experiencing a home sales surge.
On average sales are up 13.5-percent compared to this time last year according to the president of the Santa Clara County Association of Realtors Barbara Lymberis.
“Buyers caught fire, inventory is very low and many people felt because of low interest rates they may be missing out so they started buying in droves” said Lymberis.
In the Willow Glen area of San Jose she says sales have skyrocketed a whopping 21.1 percent compared to last year. In addition to low interest rates Lymberis says Facebook is helping fuel high sales in the county.
“I think Facebook is driving home sales throughout the entire Bay Area” said Lymberis.
She also says the Bay Area has seen a significant decline in foreclosures and short sales. Now she says it is not uncommon for a seller to receive 15 to 25 offers which is also driving prices up.
Lymberis says one property in the Berryessa area recently received 40 offers.
She says this is a sellers market so if you do plan to buy a home she suggests you get pre-approved for financing first, attend the very first open house and make an offer right away with very few restrictions.
She also says don’t expect prices to drop anytime soon.