HAS THE MARKET STALLED? Sudden Spike in Interest Rates last week Caused Mortgage Demand to Dip

 




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Sudden Spike in Interest Rates Last Week Caused Mortgage Demand to Dip
 How's the real estate market stalled? Talking to my buyers. 

Current Market Conditions
Talking to my buyers, talking to my title rep seems that the market has slowed down just a bit. It's absolutely true. Remember, I'm talking about supply and demand actually coming down, so this might be a good time to look at purchasing a house if it's something you're interested in doing.

Economic Factors Impacting Real Estate

Right here, Scottsman Guide, a Mortgage magazine, has this article saying, sudden spike in interest rates last week caused mortgage demand to dip. we saw a pretty big dip.

Eight and a half percent in demand. Last week, the Fed came out and said tariffs are bad for inflation and the economy. All of a sudden everybody's freaking out and saying, should I buy a house now? Can I afford a house?

What happens if I get laid off? What happens if the world falls apart? this is when you make money. the purchase of a house is where you make the money, right? you buy on the dips. When the market stalls or goes down a little bit, this is the time to do it because more people go back on the fence to watch and see what happens.

Same thing last week when the stock market crashed, I bought some stock, and I knew it was coming back up. It will come back up. It's just an eventuality. It could be five years from now, 10 years from now. That's money that I have to wait, not money I need to live off of.

Here it says, the economic uncertainty, the current volatility of rates, is likely to make at least some prospect of buyers more hesitant to move forward with a purchase. Yeah, people go back on the fence. It's absolutely normal to see that kind of stuff. It's good news if you're in the home-buying world right now, if you've been waiting for five years, you've already missed a boat.

The market is not gonna collapse down to five years ago pricing. It's not, it's just not, it's not gonna go back to 2008. You cannot buy a house in San Jose for $480,000 today. Unless we see an economic turmoil like we did in 2008, I don't think that's gonna happen, though. But don't listen to me.

I'm not an expert in the economy. I'm a supply chain guy. I understand economics. 



Understanding Mortgage Rates
So 30-year jumbo, 7.03. Last week was the exact same number, $2 million house, $400,000 down, 30 year fixed, excellent credit score. You're buying a point. dropping it down to six point a half percent.

That's not bad. That's gonna be the new normal. Five point a half to six point a half is the new normal If you buy a point, it shouldn't really affect your decision. If you're FHA, you can ask the seller to help you out, especially if you have a house that's been on the market for 30 plus days.

Real Estate Listings and Analysis




Then the market is more willing to work with the seller, most often,n but don't fall in love with the house, right? This is a great house listed at $2 million. This is what you get in San Jose for $2 million. This is Santa Clara County, $2 million, not my listing. Five bedroom, three bath, Blossom Valley, right down the street.

This backs into my kids' high school, right? That's the reason why it's taking a little bit longer for it to sell. 2,500 square feet. And if you look at the map, this is where it is. And that's where Santa Teresa High School is. So, guess what you get to see? You get to see football lights, you get to see the crowds,and  hear the crowds cheering.

Whenever they have a football game, which is what, like six times a year, they have the band practicing all weekend or all summer during band season. It's loud. I live here. And when I'm at the park, I can hear the ban.d I like it 'cause my kids were ithe n band.

I love hearing it. When I'm walking my dogs, I can hear them playing,g and it's nice. But I'll tell you what, you will hear this for a few weeks, a few months. And it might drive you nuts. So that's what you get for $2 million in San Jose. It's the only $2 million house in Blossom Valley right now.

The rest is Cambrian, Almaden, Willow, Glen, and South, or west of Santa. 17. And yeah, you get these ones here, right? This one, Masteron. A three-bedroom and it's in the Silver Creek complex, so you know, you get a lot of different options there. What you get for a million dollars is Lone Bluff, not my listing.

Three bedroom, two bath, 1,128 square feet, built in 1961. And I want to tell you that this is a flip, but I can't tell you a hundred percent. Lone Bluff Way, by the way, is right across the street from the golf course there. Can't remember. Coyote Creek? No, it's not Coyote Creek, but this is the golf course.
There's speculation that they're gonna close this one down 'cause it's owned by the city and turn it into residential. So if you do buy this house, your house might go up in value after the dust settles. If they do close this down and develop, it's going to take on a whole new.

IThe issuefor you, which is a lot of dust. let's take a look inside here real quick. This one's flipped. you can see the paneling, the laminate flooring. This is nice. It's three bedrooms. It's cozy, right? A million dollars. And speaking of, you're right by the golf course, so your backyard is just a bunch of poles, so that might be a while for that one to sell.

This one's been on market 17 days. I think it'll sell though. nothing else has changed here because this is by the month. Once we're done with April, we'll see. 

Seasonal Trends in Real Estate
We're gonna see months of inventory climb just a little bit over the next couple months because it's the summer months.
In the summer people tend to go on vacation and they don't think about buying a house. They think about enjoying their time with their kids or going on vacation In September, October, it'll pop back up again because kids are back in school. So there you go. 

Conclusion and Sign-Off

That's it.

Have a great weekend. I'm Vito with Abano. Thanks for watching. We'll see you out there. 



🔴 Video Living in San Jose in the No. 4 spot. in US  https://youtu.be/hxw5k739OKU?t=521

Vito Scarnecchia


Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg




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