Collins: Behind the listings — professional perspectives on today’s real estate market

Coming off a challenging housing market last year, I wanted to check with some of our members to get a pulse on how 2024 is shaping up.

Despite low inventory and fluctuating interest rates, Doug Goss of Keller Williams Bay Area Estates feels optimistic about 2024.

“We have several buyers in the market and it’s just a matter of finding the right home for them,” Goss said. “Unfortunately, we’ve been getting out-bid by multiple offer scenarios on great opportunities, but with more homes coming on the market, we are confident that we will find them the right home.”

Traditionally, inventory and sales tend to spike following the Super Bowl and remain strong throughout the summer months.

Goss shared that several of his listings have been driven by life-changing events rather than a desire of his clients to step up or scale down their housing situation. Three of his sellers have moved for various employment reasons, another seller wanted to relocate closer to their children in Napa and one transaction was the result of homeowners passing away, forcing the children to sell.

Perennial top producer Cathy Jackson of Intero also feels like this year’s market is headed for a rebound.

“The continued reduction in interest rates and the growing job market fuels my optimism,” Jackson said. “Recently my open houses have had more traffic than I have ever seen.”

Realtor Debbie Giordano of Master Brokers has already closed two sales so far and is optimistic that this year will be better than last year. She has several clients who are considering listing their homes for sale so they can relocate to a more affordable location in retirement.

Michelle Perry, our 2024 president of the Santa Clara County Association of Realtors, also had a wonderful experience with a couple preparing for retirement. She recently worked with a couple of longtime employees of San Jose. This couple was in their mid-50s and had rented their entire life. They never imagined they would ever be able to afford the purchase of a home.

Through a chance introduction of a mutual friend, Perry was introduced to the couple. Perry provided them with counsel on how to approach this housing market and connected them with a lender. They started their housing search in San Jose, but ended up falling in love with Hollister. Within a matter of weeks, the couple had their offer accepted and for the first time, they had a backyard where they could entertain their friends and an extra bedroom for their daughter and grandchildren when they visit.

This year’s housing market seems to be off to a good start. There is also no doubt this market will also continue to have its challenges with low inventory and multiple offer scenarios. Housing affordability will continue to be a challenge for many. However, opportunities do exist for those who have taken the time to prepare.

Do not underestimate the value of working with a highly experienced realtor. Real estate professionals could be the difference in making your dream of homeownership a reality.

San José Spotlight columnist Neil Collins is CEO of the Santa Clara County Association of Realtors, a trade association representing more than 6,000 real estate professionals in Santa Clara County and surrounding areas. Contact Neil at [email protected] or follow @neilvcollins on X, formerly known as Twitter.