Lower Mortgage Rates Bring a Trickle, Not a Surge, of Homebuying Demand

 


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Lower Mortgage Rates Bring a Trickle, Not a Surge, of Homebuying Demand
The New Regulation 
San Jose Real Property Transfer Tax Increases for homes sold over $2.3 million. 
Cupertino Home of the Week 
Willow Glen Home of the Week 
Luxury Home of the Week 
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Lower Mortgage Rates Bring a Trickle, Not a Surge, of Homebuying Demand
All right, so this is a news article that came out right as rates lowered, so we really don't know what the numbers mean. Last week, we saw rates come down a half percent in anticipation of the FOMC testimony at the end of September. We understand that it's probably gonna come down a quarter percent, where we really need a half a percent.

Current Mortgage Rates and Buyer Sentiment

The point is that rates are still too high for buyers to come back into the market, even though it come down to half a percent on average for mortgages, we're now at 6.5%. You can bring that down to five under 6%. You can probably get even five and a half, but it's not enough to.

Get the fence sitters off the fence. That's what this article's talking about. And by the way, this link is in my blog. You can go to the blog down below, into the description, and we can knock that out. You can go take a look at it. 





Seasonal Market Trends

Sales aren't surging. We didn't anticipate the sales to surge number one.
We're past the selling season, March, April, May, summer doldrums, and we're in September. And by the end of this month, we might see something come down if it's good news. And to me, good news is if the FOMC drops a half a percent or 500 bps, mortgage rates haven't come down significantly enough to bring back a flood of buyers.





Seller Motivations and Market Conditions

Buyers should keep in mind that while there are more sellers than buyers in the market, some home sellers are now opting to stay put because they don't think they'll get the price they want. There's no need for somebody to sell. There's a want. I want to move to another house.

I want to move to another city. There's no negative equity. So we're in a precarious situation where sellers are holding their cards close to their chest. We're on a motivational side where you have to motivate the buyer to come and talk to you, or at least look at your house, and then make sure that the quality of that house meets the price based on the location, condition of the house, and the market.

So there you go. Now you can go into this, all these blah, blah, blah, these numbers. But the numbers, really, all they're saying is what the title proves or proves what the title says. And yeah, we're down number of volume. We're gonna go into that today with the 12 Bay Area County sales report. 






Cupertino House of the Week
This is Cupertino House of the Week. Brand new on the market, not my listing. Crescent Court. $5 million, five bedrooms, four baths, 3,900 square feet. Built in 2009. If you want to know where it is, it's right here. This is A little valley right here, and the way you would get to this house is you have to go up to Foothill, down this road, down to Crescent, in on Crescent Court, and I think this one goes right into Stevens Creek, that's right.

That's cool. We can take a quick look at it inside. This is a pretty house. This is beautiful.

Wow, this is gorgeous. We're also talking about the luxury home of the week, too, so make sure to stay tuned. Yeah, guys, this is a beautiful house. The one thing I would tell you is that this might have a flood cert issue on it. Yep, there you go. Because it's so close to Stevens Creek, which is that blue line, right?

Hmm. There you go.


This is Cupertino House of the Week, right here at Crescent Ave. And then here it is, right here. This is Stevens Creek. This is the little valley right here that goes down, and it goes back up. So that's how you would get to the thing.

And then here are the houses or the pictures.

So inside's really pretty, I like the beige. Probably would've spent time painting it and fixing up the carpet or replacing the carpet, especially since it's $5 million. Nice pantry. So this house is vacant. It's ready to go. It's staged up. So you can tell when a house is staged, which makes it look like it's very inviting.





There's a nice pool, nice. San Jose, this is Morgan, Willow Glen House of the week. Iris Court, not my listing. 1.83. Bedroom two bath, 1882. And the reason why I picked it is that it's really close to walking down to Lincoln Ave. You're walking distance to the Shark Tank, and you can make a day out of it or a night out of it. You can be very entertained by living in areas that are close to the main street, USA.

And we don't talk much about the Alameda because it's fairly busy. And it's not as quaint as Lincoln Ave or Main Street in Los Gatos or what have you, but it's still a nice place. This house is rock and roll old. Okay, so when you're telling a story about a house, the first thing you want to do is show the front and then not go right into the bedrooms.

You want to show off the kitchen; unless the kitchen is old and dreary, it's nice. It's a little dated, but if you're putting nice pictures on the MLS, you want to tell a story. You want to have them walk through from the front of the house to the back of the house and then show off the bedrooms and bathrooms, and garage.

But this one goes right into the bedrooms. And then the bathrooms, without looking at the kitchen first. And that's, I think, a mistake. And they didn't do a floor plan, so shame on them. 





Luxury Home of the Week
Luxury. Home of the week, Tallwood Court brand spank in new $24 million. Not my listing. Six bedrooms, seven and a half baths on an acre.

10,000 square feet built in 2025. This is brand spanking new. And if you wanna see where it is, right there, Atherton.

Let's take a quick look at the pictures. Yeah, that's dark. That makes a very difficult picture to see. Look at thatYouou can't even see the detail. I'm not a big fan of the dark.

And again, no floor plan and very choosy. I don't know. I mean, I get it. When you're selling a luxury home, you want to kind of show things off. But no floor plan, no exterior shots. I don't know. I'd probably pass on this one. 






Home Inspection Checklist
This episode is brought to you by the home inspection checklist. If you haven't done so yet, download it just to get your honey-do list started.

No, home is perfect. No Home has perfectly level floors or plumbed walls, so make sure you know you're gonna have rises and falls with the seasons when it rains, the soil expands, and you're gonna get cracks. Make sure you take a look at this; it'll help you understand what you need to fix if and when you do go to sell your house.








Santa Clara Sales Volume and Pricing Strategies
We're at 13.5 billion in Santa Clara for sales volume, which is far and above everything else. Alameda is second by half. Well, a little more than half, but there you go. The median sales price is 1.999. Still, we call it $2 million and 2.4 for the average and list price, the sales price when you price it right.

It's important for you to understand when you price it right. Your house will sell for about 5% over. That means you drop the price about 5% and then you bring in the right buyers, and then you sell your house fairly quickly, which in Santa Clara is 19 days, and in Blossom Valley, it's 18 days. 

In Napa, it's 67 days. That hasn't changed for a while, and you can buy a house there for about a million dollars. At 5% off. If different counties have different strategies. In Santa Clara, we list about 5% low, and then we go in and bring in the buyers and choose the best offer.

If you have it overpriced, it's gonna sit on the market, period. If you have it overpriced by a hundred dollars, your house is gonna take a long time to sell overpricing a house. All you're doing is letting the buyers say next. 

Conclusion and Final Thoughts

That's it for now. Thanks for watching. I'm Vito with Ano. 


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Vito Scarnecchia

Real Estate Broker, Veteran, Dad

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408-705-6817

Vito@abitano.com

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