San Jose has suddenly become a buyer's market in terms of housing.
According to Redfin, the Bay Area's biggest city saw a 30% spike in home sale listings, the highest percentage jump in the county.
Although the spike is suitable for realtors, many question whether there will be more competition and home buyers.
"It just really worked out with our personal plans. So we decided to list now," said Jorge DeLuna of San Jose. "We were not ready at the end of last year and this is just the right time for us."
Deluna listed his 100-year-old four-bedroom, two-bath Spanish-style house on Gordon Avenue for just under $1.8 million without realizing it was included in the 30% hike.
Realtors claim the jump is due to more people accepting the current interest rate of about 7% and the usual spring sales uptick.
"The reality is that people are looking at different areas of the Bay Area, DeLuna said. "Even though there’s a hike, there’s still a lot of potential out there for houses to be sold right now.”
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Clint Moore, DeLuna's realtor, said about 60 people visited the home during the first open house and an additional 30 last weekend.
“It’s not a bad thing to have more competition out there in terms of more houses because it can make your house really shine, Moore said. "If you’ve got a special property, buyers are going to go look at other houses and then see why yours is such a special place.”
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According to the Santa Clara County Association of Realtors, even with the spike, buyers still vastly outnumber the homes for sale.
“I’m excited to see more homes on the market because we have so many buyers that really want to own homes and now they actually have a chance and they don’t have to fight against 20 or 40 other people for the same home," said Michael Gordon, the Realtors Association's president-elect.
