Our office meeting was especially enjoyable this morning. We started by serving over fifty agents a waffle and quiche breakfast with all the trimmings to start off our Habitat for Humanity campaign with a bang.
Then we moved on to a discussion about the local real estate market. We haven't yet seen repercussions due to the tightening of the Jumbo loans, but there are factors coming from other changes in the lenders' requirements that we may see soon enough. For one thing, the equity lines of credit on present properties that buyers are using as down payments on their next homes are shrinking, and may soon be based on the borrower's ability to qualify for all the loans involved. This could mean a resurgence of contingent offers, even in previously "hot" areas.
We are also seeing County listings in higher numbers than in the last five years. Strangely, although figures in Santa Clara and the north end of Sunnyvale are beginning to mirror San Jose, the more expensive areas continue to have limited inventory. I promise to watch the market closely and provide regular reports "from the trenches."
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