Mortgage Rates Inch Higher as Housing Activity Picks Up



 


Mortgage Rates Inch Higher as Housing Activity Picks Up
PROBATE AND ESTATE SALES
How your Home will be Marketed
Los Gatos Home of the Week 
Santa Clara County Price Reductions 
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Happy St. Patrick's Day. This is my green. I have green underwear, green shorts if you want. Yeah. Happy St. Patrick's Day. 

Why Rates Stay High
Today we're talking about mortgage rates and why they're. Not going down further than what we thought it would. I never thought it would go anywhere. I thought we could go a bit lower, but we're hovering around 6% qued.

Right. And why is that? 

Balanced Market Explained

Here's the thing: We have to balance the market. We need to keep the market balanced. We don't want to make it unfair for buyers and overly favorable for sellers, as it has been for the last 20-30 years. So right now we're actually pretty balanced out. And if the mortgage rates went down, that means sellers could take advantage of that 'cause more buyers would enter the market, meaning there's more competition, meaning prices would artificially go higher.

So right now we want our prices to normalize. Don't forget the last five years we saw prices go incredibly high, right? We, as owners, have seen that and enjoyed it. And last year we peaked and plateaued, and it went down a little bit, which is okay in most areas. But what we're saying right now, what the market is saying, is we don't want to have a bull rush.

Of course, agents and loan officers want to sell multiple loans and multiple houses. Of course, we. But we don't want to do it where it's easy picking and shooting fish out of a barrel and telling you you have to go up $400,000 over a list price. We just don't

because it's unfair to buyers.  

Loan Options And Points

So, because rates are normalizing around 6%, it doesn't mean you can't get a loan for five or five and a half. It's pretty normal. Right? Right. Now we're seeing a. The regular 30-year is at 6%, and the 15-year is 5.5. We don't really talk about fifteens because I don't think it's all that great of a deal. After all, your price, your, your monthly goes up.

If you're going to do that, you gotta do it from a 30-year perspective and make yourself disciplined, because sometimes you might have a bad month or a couple. Yeah, so a 30-year fixed mortgage returned to 6.11, which is an inch up a little bit, but again, you can buy the points down. I talk about that every Thursday.

 Buy the points down. You're in it for 12 to 20 years anyway, so you might as well enjoy low rates and the comfort of that, so buy it down.

Stop Waiting For Lower Rates

Why is that important for us to understand? Because if you're a buyer and you're waiting for the rates to go down further, probably not gonna happen. If you're a seller waiting for the mortgage rates to go down because you want to take advantage of the market and heat it up and get it into a, it's not gonna happen.

It probably won't happen. Not unless we go into a massive economic meltdown. We have to lower rates again to help save the economy, to get people to start buying everything. But during the last six, five years, we saw prices go crazy high, and we need to normalize them because. If you look at the straight line hit, I talked about this three times in the last week.

If you see the price of housing shot up and the affordability is still kind of going up slowly, and it's gonna take a while for us to get to parity, and that's why we're seeing such a divestiture of massive amounts of buyers coming out right now because 6% is normalized. Right. 










What Homes Actually Sell
That said, houses that sell typically are one of a couple of different things, right?

They're completely turnkey or model home level, or they need a little bit of work, and they're just lived in, or they're complete rundown, non non maintained lipstick on a pig, icing-on-a-cake type houses. And those typically don't sell very well, right? Because. People can see through that. When you put a lack of effort and energy into what you're selling, you are not going to get the results you want.

Set it up there, Kobe sales. If you're taking over for your family or your parents, and they're going into an adult community or a care facility of any kind, let me know because I can help walk you through that entire process. That's what this whole page is for. We'll get you started from a pre-inspection checklist, or just send me an email or a text, and I'm happy to help you out.

All right. Okay. 

Ten Million Dollar Cautionary Tale

This house right here, this is the highest-priced house that sold in the last seven days in Santa Clara County for $10 million. Let's go into a, it almost took a year to sell, and it started off at $14 million. It's also the lowest list price to sales price ratio, 73.4%. Why? Sell ego.

Why does a house not sell? Seller ego, $14 million. It's either that or the agent said, " Yeah, sure, we can try for a little bit, but I don't know because your house is in all that great shape. But in the mindset of the seller, they said, oh, you have to sell it because of the acreage. And it has such a great view.

People aren't gonna spend 15 $5 million extra on a view. They might spend maybe a million. But you go into it, you take a look at this house, and it's. Run down. It's not maintained. It's okay, right? There's nothing great about it. And yeah, you get the land, but then you also have to pay the fair plan.

Everything. I don't have a problem with this house at all, but listing it and waiting a whole year for it to come back down,n and you're like, okay, let's see what the market says instead of, I dunno. Let's do this one. 

Pricing To Spark Bidding Wars

This one right here. Inglewood Drive in San Jose, not my listing.

They started off at $1.9 mill, and it sold $2.7 million 2.7. Why in 10 days? Why? Because they knew how to attract the market. You know, we talk about this all the time, Bob, market value, it's gonna sit 'cause you're only attracting 5% of the market, not luxury. Talk about standard stick homes, right? If you're at market value, you're attracting 25% of the value market.

You're tracking only 25% of the eyeballs that are out there. You want as many eyeballs on the listing as possible, right? 5% below market, you're getting 50%, so 10 to 20. Yeah. If your house is worth 1.5, listed at 1.3, 1.35, what do you get to lose?  You're gonna get more eyeballs on it, and you're gonna get into contract a whole lot faster.

This one right here on Inglewood Drive. They didn't mess around. They probably sold or gave away a hundred flyers.
That must have been it; the open houses must have been crazy, busy, right? We don't even have to look at the condition of the house. 




Lowest Sale And 55 Plus Reality
And this is the lowest sales price of the week for Santa Clara County. It's in Morgan Hill. Yeah, it's a 55 and over. It's a two bedroom, one and a half bath, 1100 square feet, and it took 56 days to sell.

I wanna say it's attached. Yeah, it's attached. So it's like a duet, a duplex, but there are two APNs on it. Yep. There you go.  55 and overs don't sell the same way. You still have to kind of moderate the price a little bit. But look, it took 60 days to sell because you were 10,000, 20, $15,000 over list price.

You just, you're not serving yourself when you set a high sales price. 





Los Gatos House Spotlight
20 Nicholson Avenue in Los Gatos. This is the Los Gatos House of the Week, $2.4 million for a 3,300 square foot lot. And here's the only saving grace. I don't want to see how long this will take to sell the Saving Grace Graces. You can actually walk down to any street on Main Street, which is Santa Cruz.

Have. And then get sloshed and stumble home, and you're safe. You always have to deal with parking,g though, which kinda sucks, but it is what it is. You know, Los Gatos does have ample parking, but on busy nights,s you're gonna get people parking on the streets there. Not that they're allowed to, they just do.

Okay. And this one's been renovated.

Still small for two and a half million dollars. Not my style, not my thing, not my gig. All right. 

County Stats And Price Cuts
And then, because it's Thanksgiving, because it's St. Patrick's Day, I made everything green for you, a bit of the Blarney stone. There are all the numbers that we just went through. We do have 1100 active single-family homes in Santa Clara County.
We need to be at about 2000, and we've seen 171 price reductions. What does that mean? Price reductions? That means that we're seeing people kind of overprice their houses. So do yourself a favor. We just went through this, right? If you overprice your house, it's gonna take forever to sell. If you underprice, the house buyers will come in droves and bid it up to the value where it should be.

That's just it, right? Look, there's nothing special about this house. It was the original cabinets.

Does he even have cooling?

Yeah, it has our a c so, yeah, but it's, it's just a standard house. Everything's based on it. Ooh, they upgraded the bathrooms, so there you go. The more you know. All right. 

Wrap Up And Thanks

Thanks for watching Veto with Ano. Let's see you out there.

 


Santa Clara County Highs and LLows
🔴  5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46  
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