Despite headlines about foreclosures and bank owned properties, our Santa Clara Valley market has been relatively untouched by the drop in values when compared to Southern California and the Central Valley.
Last week, Realtors from all over the state were in San Jose for CAR (California Association of Realtors) meetings. Yes, we've seen a lowering of property values here, but agents are still selling houses, a large portion of which are neither bank-owned nor facing foreclosure. Because banks everywhere are slowly dribbling their inventory into the market, Realtors I met from other sections of the state complained that they had nothing to sell, and many of them were in rough shape financially.
They had a hard time believing that we are still seeing multiple offers.
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