Mountain View sees lowest property value growth in Santa Clara County
Mountain View sees lowest property value growth in Santa Clara County
Homebuyers resurface as mortgage demand gains steam
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Mountain View sees lowest property value growth in Santa Clara County
Introduction: Mountain View Property Growth
Mountain View sees lowest property growth in Santa Clara County. Now what does this mean? this is from the Mountain View Voice. It's a local rag that talks about the goings on in Mountain View, and I'm here to report on it. So what is it? What's going on? Why is Mountain View hurting so much more?
Mountain view's a very small place. It's not a huge attraction area for big, huge companies outside of LinkedIn and Facebook over in Shoreline area. They're saying that it's because commercial properties are being hurt right now, and maybe more people from big tech companies are working at home versus going to the office. Now, if you look at just the real estate side, you notice that house in Mountain View is crazy expensive. Compared to Santa Clara, Sunnyvale, Cupertino Mountain View is just weirdly expensive. Maybe it's 'cause it borders Palo Alto and that kind of offshoots.
The Palo Alto residents from moving. To Palo Alto and instead moving to Mountain View, and it's a safer, less expensive option and people are just kind of holding off right now. But I think what they're saying is. Their commercial property is the reason why, is because there's more office rentals than anything However, I don't know what to tell you other than, that this is all based off of a tax When you look at the tax roll increases maybe there's just not a lot of commercial property being sold. And if you know with, with San Jose or Santa Clara County and California, we have Proposition 13 and maybe there's just not a lot of movement in Mountain View on the commercial side, that could be a problem as to why there's.
A lower growth there, so I don't know if there's something to worry about or if it's something to consider, but just be aware. All right.
Mortgage Rates and Home Buyer Trends
Mortgage rates have gone down a trickle. 6.87 is the 30 year jumbo non quote. But if you plug in the numbers for an average house in Santa Clara County at $2 million with $400,000 down, and you have excellent credit, and you pay almost a point, you're at 6.2% and your payment's $9,700 a month.
Home buyers resurface as mortgage demand gains steam. Mortgage demand continues to resurgence. Seasonally adjusted application volume rising 9.4% from the prior week's note total. And it says here, climb 13%. It's a third week in a row of overall mortgage demand has accelerated, but why are we not seeing homes?
Home buyer demand is being fueled by increasing housing inventory and moderating home price growth. More buyers are coming out to see what's out there. But on the back end, I don't see a lot more houses going into contract.
It's not like a hockey stick chart, it's just. Pretty much average. So maybe they're just getting ready to see when the Feds testify, if they pull the rates down, they will pull the trigger. That could be that. So there you go. What do you get for a million dollars? In Santa Clara County, this is mostly San Jose.
Can't really get anything on the west side of 17 or eight 80. So I picked,
I picked this one right here, Orlando, because it was pink. Who sells a pink house? Crazy. Three bedroom, two bath, not my listing. A million dollars. 1400 square feet built in 1960. And let's take a look inside. It's a flip. They flipped this sucker. Look at this look.
1960 is still 1960. They didn't do anything to the bathroom. They didn't do anything to the outside. They just put a new kitchen and new floors and new paint, and I can bet you that this thing's gonna sell pretty quick. This here is on the east side of 1 0 1, right by Reed Hillview Airport, and let's see what you get for $2 million.
What you get for $2MM Santa Clara County
Which one did I pick? yeah. Alex, this is the one I picked. Alex Drive, not my listing. $2 million, three bedroom, two bath, 1200 square feet. Built in 1963. Let's take a look at this. New paint, new floors, new lighting, new kitchen. Let's take a look at the bathroom. Yep. The bathroom was updated. Looks like they still have the same tile in the shower.
this one looks like it's been updated. you can tell it's a flip because they didn't do the backyard. They put tan bar 'cause it's the cheapest way to do it. at least they did a floor plan. Tiny little bedrooms, nice, bigger, primary.
This floor plan's just weird. Why didn't they put the guest bath over here? They did it because all the plumbing's right here. All the plumbing is all in one section, so that means it's probably a slab in case there's any problems. But here you go. Westgate Village. Right by Saratoga Ave, which turns into keto and 85.
Actually, I went over here just last week to go see my daughter for half a minute. Brought my dogs out. She's out traveling with the band and yeah, there you go.
Market Analysis: Current Trends and Predictions
I haven't updated these numbers We're still seeing. homes selling in most counties under six months.
So we're not really in a buyer's market. However, some people suggest we're in a balanced market. Anywhere you go. Napa has been issue. the last couple years because there's not a whole lot of industry up there. And now we're seeing homes just sit on market for a long time.
Could this be a harbinger of destruction for our economy, for our area? Not yet. I don't think so. And this is for Santa Clara County Single family homes. We still are far below the six month mark. Not every city is seeing the same thing.
However, this is Monte Serino, so that's not different in San Martin, and that's a really small town between Gilroy and Morgan Hill, there's just not a lot of people moving there. So everything else is really healthy. Under four months. This is Los Gatos and then this is Morgan Hill.
Morgan Hill's seen a little bit of a slowdown and Blossom valley where I live, we're seeing a slowdown as well. it's kind of a natural thing where when you look at the market, the real estate market is kind of like a epicenter where you see, or you drop a pebble into a pond, you see things go out and contract.
The, further out areas like Morgan Hill, San Teresa, blossom Valley start slowing down faster than San Jose proper, Cupertino or Palo Alto. And Palo Alto is really the epicenter of our market. ' that's where all the VC money is. So we're seeing things slow down. As the market contracts. I have been talking to a lot of agents out here because I have listings and they're seeing the same thing. There's just not any showings. I have a house that's been on market for, 40 days now and we're not seeing anything.
I haven't had a showing in two and a half weeks, Is that an indicator that the market is slowing? Yeah, but we're also in the middle of July. This is the slow time of the year. August, September timeframe. You're gonna see people popping back in, getting back into the market and hopefully the rates come down.
So we'll see a whole lot more people come in and suck up this inventory. I'm gonna go shave 'cause I have a listing appointment. And I have to go down to Gilroy to let in a termite guy. Have a great weekend. I'm Vito with Abano. Let's see you out there.
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Vito Scarnecchia
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