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Alain Pinel Realtors
Real Estate News
From Lisa Sgarlato
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Q1 2018 - Santa Clara County


The Santa Clara County spring real estate market remains ultra-hot. Multiple offers abound at almost all price points in virtually every geographic marketplace with sellers receiving an astounding average of 111% of their asking price. The single family median sales price now stands at $1,224,000! The available-to-purchase inventory level is currently 26% below this same point last year while the pending sales are 4% below the same period last year. Clearly, the demand for homes continues to exhaust all available supply. All of this translates into a red-hot seller’s market that is continuing to present challenges for all buyers. The only relief in sight for buyers may be the fall market, which is historically slower. Real estate in Santa Clara County is truly a very hot commodity!

Q1 Santa Clara Summary


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Considering a Second Home?

Many Californians are still sorting through the implications of the Tax Cuts and Jobs Act of 2017. Effective Jan. 1, 2018, this law introduced changes that may affect those looking to purchase a second home. The new rules limit interest deductions on home equity loans, home equity lines of credit, and second mortgages. These tools are often used to purchase many second homes in lieu of all cash transactions.

Second home buyers in California are not daunted. Tahoe and Carmel-by-the-Sea remain as popular as ever among those seeking a private getaway. According to U.S. census data, both ranked among California’s top 10 cities with the highest proportion of second home ownership. In Tahoe, 39.1% of homes are second homes with 38.3% in Carmel-by-the-Sea.

Fortunately, Alain Pinel's broad network of experienced agents connect Bay Area and international buyers with both communities. With our deep inventory and skilled agents, our team connects buyers to overcome the region's low inventory to identify idyllic second residences.

Once you've selected a home, there is the question of financing. Financial advisors recommend paying cash if possible. Liquidating portfolio holdings to finance a purchase remains a popular option for many. In consultation with your financial advisor, absent an all-cash purchase, you might consider taking a first mortgage on the second home rather than take a second mortgage or use the equity in your primary residence. With mortgage interest rates still at historic lows, this approach allows for low-cost borrowing.

Whether you're ready to move on that second home or still have questions, let me know if you'd like to discuss your options. I can advise you on properties, as well as connect you with appropriate financial advisors to explore a financing option that makes sense for you.

Lisa Sgarlato
Lisa Sgarlato
License #01342694
Alain Pinel Realtors
Alain Pinel Realtors ®
750 University Avenue, Suite 150
Los Gatos, CA 95032
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