Santa Clara County Real Estate Statistics 2017 May

May 2017 Sales Statistics

SINGLE-FAMILY HOMES
Year-Over-Year 

• Median home prices increased by 7.3% to $1,200,000 from $1,117,900. 
• The average home sales price rose by 1.9% to $1,446,930 from $1,419,890. 
• Home sales rose by 10.3% to 1,061 from 962. 
• Total inventory* fell 0.2% to 2,249 from 2,253. 
• Sales price vs. list price ratio rose by 1.3% to 105.8% from 104.4%. 
• The average days on market fell by 6.2% to 18 from 19.

Compared To Last Month 

• Median home prices improved by 3.4% to $1,200,000 from $1,160,000. 
• The average home sales price rose by 1.2% to $1,446,930 from $1,429,430. 
• Home sales up by 27.4% to 1,061 from 833. 
• Total inventory* increased 8.3% to 2,249 from 2,077. 
• Sales price vs. list price ratio dropped by 0.3% to 105.8% from 106.1%. 
• The average days on market increased by 5.9% to 18 from 17.

CONDOMINIUMS
Year-Over-Year 

• Median home prices increased by 2.2% to $710,000 from $695,000. 
• The average home sales price dropped by 1.8% to $764,090 from $778,407. 
• Home sales rose by 6.7% to 412 from 386. 
• Total inventory* rose 3.0% to 752 from 730. 
• Sales price vs. list price ratio fell by 0.4% to 104.9% from 105.3%. 
• The average days on market fell by 2.7% to 16 from 16

Compared To Last Month 

• Median home prices slipped by 0.0% to $710,000 from $710,000. 
• The average home sales price fell by 1.8% to $764,090 from $778,377. 
• Home sales up by 21.9% to 412 from 338. 
• Total inventory* dropped 3.3% to 752 from 778. 
• Sales price vs. list price ratio increased by 0.2% to 104.9% from 104.7%. 
• The average days on market dropped by 16.8% to 16 from 19.

* Total inventory is active listings plus pending listings. Active listings do not include pending.


Jun. 2, 2017 -- Even with a Monday holiday, there was lots of fresh data out this week for markets to consider, but most of it seemed to tend toward the softer side of things. As expected, mortgage rates were mostly level this week, but current indications are that we might see a bit of a decline next week, should markets hold where they are at the moment. Spending on new construction projects dropped off in April. The overall decline of 1.4 percent in outlays contained no bright spots this time around, as outlays for residential projects fell 0.7 percent, commercial construction dipped by 0.6 percent, and spending on public-works projects slumped by 3.7 percent. The residential figure is surprising, but already suspected from the easing in the housing starts report; commercial interests are probably growing a little wary given the troubles that retailers are having, but there should be plenty of public works projects that need attention. Spending on roads and schools and the like using taxpayer dollars have now declined in four of the last six months. A spate of mostly modest to moderate date (to borrow a phrase from the Beige Book) and a lack of emergent price pressures would be sufficient to trim interest rates a little bit even if we didn't continue to have a difficult political climate. Expectations for significant tax and regulatory relief haven't completely bled out of the market, but those hopes have faded considerably on recent months, tempering the outlook and expectation that the economy will soon be growing faster. Collectively, the environment is sufficient to keep rates both low and stable, and we'll need to see some warmer news to move rates up. That may come, but probably not next week; based upon where we finished this one, we are likely looking at another 3-4 basis point decline in the average conforming 30-year fixed rate mortgage as reported by Freddie come next Thursday morning. Softer

BofA "Doctor" Loans helps new doctors become home owners

New medical professionals have a difficult time qualifying for a home early in their careers because they often have a sizable student loan debt, which in turn makes it difficult for them to save up down payment funds early on.  The BofA "Doctor" Loan aims to help this segment of people.  The benefits of the Doctor Loan include:

--Low down payments.  As little as 5% down on mortgages up to $1 million and 10% down on mortgages up to $1.5 million.  (Minimum down payment requirements vary by property type and location.)

--Student loan debt may be excluded from the total debt calculation.  This helps lower the applicants debt-to-income ratio, which helps them qualify for the mortgage loan.

--Delayed job starts are ok.  The new position can start up to 60 days after the close of escrow of the home purchase.

How to Opt-Out of "Prescreened" Offers of Credit

After applying for a loan, you might notice you are suddenly getting more "Prescreened" Offers of Credit based on information in your credit report indicating that you meet certain criteria.  How do you Opt-Out of this?

OptOutPrescreen.com

If you get lots of credit offers and want them to stop, you can request that through OptOutPrescreen.com. The service works with all the major credit reporting agencies (Experian, TransUnion, Equifax and Innovis) and you can use it to opt out of credit offers for 5 years or permanently—or opt back in if you decide you'd like to receive them again.

https://www.optoutprescreen.com/opt_form.cgi
Please select from the options listed below to Opt-Out of lists supplied by Equifax, Experian, Innovis and TransUnion for firm offers of credit or insurance. If you have previously completed a request to Opt-Out from receiving firm offers and would like to Opt-In, you may also complete your request on this website.
To exercise your right to Opt-Out of firm offers of credit and insurance, you'll be asked to provide your personal information set out below.

• Name
• Address
• Social Security Number
• Date of Birth

Your Social Security Number and Date of Birth are not required to process your request. However, providing this information will help to ensure that we can successfully process your request. This website’s security protocols and features are designed to protect your personal information from unauthorized access or alteration. As an added security measure, we only display the last four digits of your Social Security Number on the confirmation screen. If you do not provide your Social Security Number, we will attempt to process your request without this information.
Once you click submit, you will be prompted to enter your personal information. You will have 15 minutes to complete your request.

Opt-In: Your name will be eligible for inclusion on lists used for Firm Offers of credit or insurance. Electronic Opt-Out for Five Years: Your name will not be eligible for inclusion on lists used for Firm Offers of credit or insurance for five years. Permanent Opt-Out by Mail: Your name will no longer be eligible for inclusion on lists for Firm Offers of credit or insurance (In order to complete your Permanent Opt-Out election, you must print and mail the Permanent Opt-Out Election form. See FAQ - What is Permanent Opt-Out)

After you fill out all the requested information and submit, you will get the following confirmation screen:

The following is a confirmation of your 5 year Opt-Out request. Please click here to print this confirmation for your records. Your request will be completed within 5 business days. Although your request becomes effective with Equifax, Experian, Innovis and TransUnion within five business days of your request, you may not see an immediate reduction in the amount of offers you receive. This is because your name may have already been provided to some companies that have not yet mailed their offers to you. You may continue to receive certain firm offers for several months. While your name will be removed from the lists that Equifax, Experian, Innovis and TransUnion provide to businesses for the purpose of making you a firm offer of credit or insurance, you may continue to receive offers from sources that do not use Consumer Credit Reporting Companies to compile their lists.

Date and Time: 2017/06/09 07:28:14

Tip for managing junk mail:

When junk mail does arrive, don't let it pile up. Instead, get rid of it as soon as you walk in. If you don't have a shredder, keep scissors on hand so you can cut up anything that might contain sensitive information (like credit card offers). Sorting your mail as soon as you get it will keep it from cluttering up your home.

What types of buildings are subject to Rent Control in SAN JOSÉ

The current San Jose rent control ordinance only applies to triplexes and larger buildings that were built before Sept. 7, 1979 and excludes:
• Multifamily units built after September 1979
• Rental units located in a building containing two or fewer dwelling units
• Single family homes
• Condominiums
• Townhomes
• County property within San José’s boundaries

2bed 1bath condo for around $400,000 at Chiechi Avenue, San Jose 95126 under contract

2bed 1bath condo for around $400,000 at Chiechi Avenue, San Jose 95126 under contract

HVAC Licensing Requirements for California

The California Contractors State License Board (CSLB) regulates and licenses the state’s construction industry, which includes the HVAC industry (i.e. Heating and ventilation systems and their installation, maintenance and repair). The remit of the CSLB covers 44 different license classifications and HVAC is one of them. The board operates different classifications for the different construction trades. The HVAC trades are classified as a Class “C” Specialty Contractor’s License and given a designation of C20 – Warm-Air Heating, Ventilating and Air-Conditioning Contractor. No educational qualifications are necessary to take the licensing examination in California. However, relevant work experience is a requirement for the board to accept your application for licensing. This is known as your “qualifying experience”. “You must possess at least four (years) industry experience. Only experience earned at a journeyman level is accepted as a minimum. Further experience in roles such as foreman, supervisor, contractor or owner-builder will also apply. Any experience gained as a trainee or during an apprenticeship is not adequate for licensing purposes.”

California Requirements For HVAC Installations

According to the Department of Energy the heating and air conditioning is responsible about 40-45% of a typical residential energy bill. Lack of insulation or leaky ductwork ends up wasting air-conditioned air into non-conditioned spaces (such as a crawlspace, attic, garage or basement). A leaky system can reduce your efficiency by 20-30%. The state of California understands the energy waste and the importance of sealed ductwork and that is why Title 24 came about. In addition to losing conditioned air and energy, ducts that leak bring in dust and debris from the non-conditioned space into the home causing problems like allergies, etc. Another issue with holy ductwork is that rodents can access the area where air flow goes to the home and with that air carries the by-product of the rodents to the home’s air flow. Rodents often also have access to the home when this happens. As of July 1, 2014 things changed in California. California now requires duct pressure testing for all California climate zones under the 2013 Title 24. The 2013 Title 24 rules are not simple guidelines to understand and be compliant with. Vendors attend classes, read articles and go to meetings to review these standards to support their customers. Title 24 is the minimum efficiency standards, set by the California Energy Commission. When you wish to replace a gas furnace, evaporator coil, or A/C condensing unit – the city or county building department issuing your permit will require duct pressure testing in all Climate zones. What this test does is determine the amount of pressure leaks in the ductwork. If the amount is excessive according to the standards then the ductwork must be examined and repaired to be able to pass the permit inspection. California Title 24 requires all counties to pressure test. Even if a vendor is a BPI (Building Performance Institute) certified company, a licensed HERS Rater is needed to complete the testing to verify the paperwork and craftsmanship pass the minimum standards. The HERS rater is a third party special inspector that tests and verifies the efficiency and performance of your home’s heating and air conditioning systems. PG&E estimates that the average single family home has a duct leakage between 30% – 40%. Whenever HVAC (Heating Ventilation and AC) equipment is installed a minimum standard must be satisfied in regards to the duct pressure loss. Installations with no duct replacement must have 15% or less leakage in the ductwork Installations with ductwork replacement must have 6% or less leakage in the ductwork (this percentage is slated to be reduced to a mere 5% in the near future – stay tuned). The HERS rater’s responsibility is to report the findings to the state and local building department in order to sign off on the Heating, Ventilation and Air Conditioning (HVAC) improvement permit. Many times the HERS rater will notify the heating and ac contractor if the leakage is too high, providing an opportunity to remedy the leaks so the installation can pass the leakage test and the subsequent (city or county) inspection to satisfy the permit. Upon request, some vendors will process the permits for their clients and provide assistance to help navigate through this testing and reporting maze of Title 24. Occasionally some clients prefer to obtain the permit with the city on their own. The firm also provides a list of the third party duct leakage companies for testing, or the client is free to find one on their own to hire. It is critical that when an independent HERS Rater is chosen for testing that they are not employees of the company replacing the HVAC equipment or ductwork. Many HVAC contractors have a HERS rater on staff, but they should not be checking their own work. HERS raters are typically independently owned and licensed by the state to perform the required tests and report the findings. To be as energy efficient as can be, equipment efficiency for both heating and cooling in the US (not just in CA) have to meet a minimum SEER (Seasonal Energy Efficiency Ratings) for air conditioning and AFUE (Annual Fuel Utilization Efficiency) for furnaces. If any measures do not pas,s the client or the HERS rater contacts an/the installing HVAC contractor to seal the system until it passes. Some things to look for when choosing an A/C vendor: A+ rating with the Better Business Bureau Diamond Certified heating and air conditioning contractor in Santa Clara County NATE certified technicians and installers High tech diagnostic tools