Mortgage Rates Fall for the First Time in 5 Weeks

 






 

Mortgage Rates Fall for the First Time in 5 Weeks, Opening up a 'Window of Opportunity' for Home Buyers –MarketWatch


Introduction to Mortgage Rates
They say that mortgage rates have fallen for the first time in five weeks. However, I looked at rates today, and they're actually up now. This report came in last week, but I wanted to make sure that we understand. Don't listen to headlines, because the rates go up and down every day.

You have to be very careful about what's going on in the market. I don't think we're going to see a huge change in rates when FOMC testifies next week. They are set to testify on June 17th and 18th. 

Current Market Trends

We're looking at a funky trend right now where homes are staying on the market a lot longer.

As a matter of fact, 40 days on market is over 300 right now. 

Seller Strategies

Sellers, you have three choices. Lower the price. Be patient. Or do some upgrades. You have to add value to attract buyers. There might be a thousand buyers out there, but they're very picky and taking their time; my affordability right now is out the window. Just take an inventory of what your house looks like and understand that prices are coming down quite a bit. Be patient. If you haven't priced it right and you have one buyer, you don't control the tempo, you don't control the negotiation.

You have to handle that one offer with kid gloves. Just understand that we're trying to make it so that your house sells. We control a lot of things. We control the marketing. We control what's going out there. We control the internet, we control, you know, all that other stuff which we control.

The Sherpa, the guide for getting your house ready to sell. And if it's not ready to sell. Buyers will be turned off on something, and we will get excuses like, the house is too small, or it's too boxy. Or, one lady told me the yard's too small, even though there's a big side yard for their dog.

The sellers had dogs in their house before. I get it.





Understanding Pricing
You look at it, 7%, yeah, you can knock it down to six point a half. Everything's hovering at six point a half right now. You can knock it down. You absolutely can. But if the feds dropped it by a half percent. That means we're nominally at six, six and a half, and then you'll be seeing 6% or even sub-6 % teasers to get you in and sold.

So if you're thinking about selling your house, get everything fixed up before you sell it, period. It's not a question of whether I should do it? No, you should do minor repairs. Get the house fixed up. Don't make it perfect. I looked at my house yesterday and I saw cracks in the grout, my master, and right there in the corner office where I had turned my damage before, I had it repaired.

I see some floor issues, so no house is ever perfect. No house is perfectly level. No rooms or walls are perfectly plumbed or squared. Humans made your house. Just understand that you can make your house look nice and pretty and dressed up and staged, right, and have curb appeal.

But if you have the house priced too high, tires are gonna pass. My house down the street, two doors dow,n was on the market for, I wanna say 30, 40 days, and then they took it off market, waited a month, put it back on market, much lower and attracted buyers, and now it's sold at 1, 8, 7, 5. So price is very, very important.




Real Estate Examples
In my little microcosm, if you're looking for bank-owned properties, like this one right here, this is a bank-owned property, not my listing. One bedroom, one bath, 700 square foot home in trade winds for sale. For $429,000. Obviously, it's bank-owned, and the bank wants as much as it wants.

They originally priced it a 4 79. Now it's down to 4:29. It's been on the market 118 days. Price is important, guys, right? Unless you are in Cupertino next to Apple, then you can just throw out a crazy number, like on Waterberg Terrace, which is not my listing for $3.5 million. Granted, this is a brand new house, and if you have an old house and you're thinking about doing something crazy, this is a great way to enhance your nest egg.

For yourself and your kids. If you have an older house in a high-volume area like Cupertino, Sunnyvale, consider moving out and then bringing in a contractor to make it a brand new house. This is what people are looking for. This is what buyers are looking for right here. Brand new house, four bedrooms, three and a half baths, 3000 square feet on a standard lot.
And I can tell you, for example, it's on a busy street, which kind of sucks. But these houses here, I wanna say 70, 80% of 'em are all old and small and, 11, 1200 square feet and three bedroom, one bath or what have you. If you have that kind of house in an area that's a high volume.

Very attractive areas like Cupertino, Apple, Sunnyvale, or Santa Clara. Consider enlisting, I'll bring 'em to you, and then we can talk about it. Instead of selling it for 1.8, you can put some money into it and increase your nest egg by probably twice.

Just think about it. All right, these links are at my blog and down in the description below. You're very welcome to look at it anytime you want. 




Staying Active and Social

Mountain View Home of the Week, and the reason why I chose it is 'cause it's right next to Castro. It's walking distance to Castro.

This is attractive to me because I can walk down to the main street of that city, have a cup of coffee, say hi to people, get to know people, and be social. As you get older, you need to be mobile, flexible, fit, and social. You need to be out there and have your brain move.

I go to the gym and every day I see this guy who's 83 years old and he's working out, and you know, he is doing 2, 3, 4, 5-pound weights. The other day I went up to him, he's Navy. And I'm a Marine. We're busting each other's chops and telling jokes about each other's service.

And it's fun, right? It's not mean, it's just that's how we have camaraderie. The other day, I pulled him aside and said, Hey, I appreciate you coming out every day. I see you at the gym. You're exercising, moving, being fit and flexible, and being social.

He goes, yeah. And then after this, I go to Panera and have coffee with my friends. I'm like, see, you're gonna live forever. This is great. This is your mindset to live longer. You are smart to do what you need to do. The reason why I'm telling you that is 'cause my parents love my parents, but they're fairly stationary.

We just moved them to Nevada and to Henderson, my mom lit up when we got the house, and we went into the. Community center, the little clubhouse for the Dell Web community, that's where she's gonna be social. You need to be social, you need to be mobile, you need to be flexible. You need to be fit.

You always have to be moving. California Street, not my listing. $2.7 million, three bedroom, two and a half bath, 2,500 square feet. Built in 2014 and walking distance to Mountain View. Get your coffee, buy this house, and get your coffee in the mornings or stumble home at night at the bars and restaurants.
But yeah, this is nice. And thank you, listing agent, for putting a floor plan in. You need to have a floor plan. It's huge to allow people to understand the flow of each room. So just keep that in mind. If your agent doesn't offer that, that's not a good thing.

Market Inventory Insights
40 days, 90 days on market, they're going up a bit except for the bank-owned ones, which are just hovering at 40 days on market. My. Automatic email that comes in. This thing right here, this link to this portal, tells me that anything over 250, I can't show anymore. So, unfortunately, we're at a point where 40 days on market inventory in Santa Clara County is up above the norm.
It's a little high. My thoughts are. We're seeing a stall, and it's either that the buyers are waiting for the rates, or the buyers are just not going to buy until Prices come down. We don't know where we are right now, 
90 days on the market. Hedging up a little bit. You can see these right here. 40 days on market's ticking up quite a bit. 90 days on market's ticking up a little bit. The bank has just ticked up a bit from 2:33 to 2:44; the bank is located in the Bay Area. Actually should be up. I don't know why it didn't go up.

San Jose's weekly homes for sale inventory actually dipped. We're past the peak of our selling season, March, April, and May. We're well into June now, and we're seeing inventory tick down, which is also a good indicator for current home sellers because the inventory that's out there, there's not gonna be a whole lot more coming on.

So take what you got and that's it. And that's actually good because if FOMC does drop the rates to a half percent lower, which brings it down to six and a half, we're gonna have a lot more buyers in the market. That means more competition, and there's speculation. It's an arbitrary number, but for every full point that comes down, they say a million buyers are coming to the market. I wanna be conservative. For every half point, it'll be about three to 400,000 people that come into the market. So that's good. So inventory's coming down.

Homes are staying on the market a little bit longer, and we're hoping the rates come down next week. So that's where we are. 

Conclusion

That's it for now. Thanks for watching Vito with Abano. We'll see you out there. 



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🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be



Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-479-2427
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