For some time, the San Jose Mercury News weekend real estate section has been a compendium of articles gleaned from national wire services. The problem with this is that the local market is not really served, or even reflected well.
When a buyer or seller in Santa Clara County reads a huge front page headline (accompanied by a cute picture of young buyers) that says, "No Harm in Asking...Buyers have more leverage than ever to get sellers to come to their terms,"
they think that they are still in a buyers' market.
They are likely to read the headings and miss the part that says "How much give there is depends on the market. Despite current tough times, there are areas where many homes are selling above the list prices since there's little inventory....There are homes receiving 15 offers, with all above listing price."
This is a perfect description of our section of the Bay Area. Right now, there are a total of 2200 properties on the market in all of Santa Clara County...including houses and condos. A year ago, there were around 6000. Until inventory increases, this will remain a sellers' market.
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