By rssfeeds-admin 
In real estate right now, inventory is up and prices are down, but there are still several factors that are preventing home buyers from making an offer.
Open houses happen every weekend, and realtor Tracey Esling says one day they’re packed, and then the next weekend no one shows up. It’s an unpredictable industry, but she’s starting to notice slow improvements.
“I think we’re seeing a push down, we’re definitely feeling pressure, downward pressure on the price point,” Esling said.
The president of the Bay East Association of Realtors says houses are stacking up.
The city of Pleasanton, for example, has 145 homes for sale, and homes average 41 days on the market. A big reason for that, according to Esling, is that most buyers have to put at least 20 percent down.
There are 6,000 members of the Bay East Association of Realtors, spread all over the Bay Area. If home prices and interest rates stay where they are, members want to see changes in mortgage rates.
“There was a time when we had the 80-10-10, the 80-15-5 — that allows for 10 percent down and borrowing the other 10 percent,” Esling said. “We aren’t seeing those as much yet.”
The good news, according to Esling, is that with more homes on the market, buyers have room to leverage and negotiate prices. If you’re not able to get a seller down to a reasonable price point, there are other options to get you out of the world of renting and start building equity.
“When the market is where it is right now, you will see condos and townhomes start selling quite a bit because they are more reasonable in price range, so I will always tell buyers that’s a good place to start,” Esling said.
A report done this year by Santa Clara County shows that property values are seeing slow growth, up three percent from last year.
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