Mortgage Rates Drop to Lowest Level in 10 Months

 


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NAR Secures Win for Veterans as VA Home Loan Reform Act Becomes Law

NAR's Controversial Reputation

NAR is trying everything they can to polish the turd that became their name. Ever since we realized on mass that NAR really doesn't represent realtors, nor do they represent. The client, the home owner, the home seller, or the home buyer. They're just there to make money and be a political resource to bully Congress into doing their wishes.

Now they're trying to bolster and say NAR secures wins for the veterans. They didn't do anything. This has nothing to do with what they did. It has everything to do with reinforcing the help that veterans desperately need, and this is just a continuous, ongoing thing that we're doing for veterans.

Not just on an association side, but a regulatory side, and for the veterans and for the entire real estate industry. They really weren't part of this. They're spinning it so that it looks like they're trying to do it. Because if you remember last year, they got sued for billions of dollars, and I think it went down to hundreds of millions of dollars. There was massive reform massive all sorts of stuff, and it was a big black eye on NAR because they weren't doing everything they could for the consumer or their agents. So even though I am forced to be a realtor.

I don't use that term anymore because I don't think it means what it means anymore. What originally started out as, and shame on them for trying to spin this as they're like, oh, we did this, and they're advocating for the don't shame on you. 



Mortgage Rates Drop to Lowest Level in 10 Months, Upping Purchasing Power in a Buyer-Friendly Market 

Mortgage Rates and Market Trends

Mortgage rates dropped to the lowest level in 10 months, upping purchasing power in a buyer-friendly market.

Even though Powell hasn't dropped rates, we're still lowering rates because the industry is requiring it. This isn't going to bring in a flood of buyers. This is going to bring in buyers that are.

Kind of looking at the market and seeing what's going on and waiting for the rates to drop. Well, guess what, Rates drop today, we're 25 bips or basis points down from the all-time high, which was, actually, 7.68, seven point, 8%. Today we're down to 6.72, 6.57, which is a 30-year fixed 6.72 for a jumbo, and if you're quoted, you're looking at 6%, which you can drop that down to five and a half, I bet. If you pay enough points. 


Real Estate Market Dynamics

My point is here that five point half to 6% is the parity in order for buyers and sellers to meet and be happy together, making that a balanced market. I always talk about a balanced market.

For the last 30 years, it's been a seller's market, and sellers are very spoiled right now, expecting, as is, high prices, and what have you. Over the last three months, we saw buyers turn away and say, I've had enough. I'm not gonna play those games anymore. I'm just gonna sit and wait and watch houses sit on a market, and a lot more houses have sat on the market.

Houses are still selling quite fast. In Santa Clara County, the 12 Bay Area counties, they're still selling rather fast, but if they're not priced properly, they're going to sit on the market, and then the seller is going to think that the agent is an idiot. The market is demanding that buyers take their time. The market is saying that if I'm a buyer, I'm going to look at it, cause there's a ton of properties out there and there's not a lot of buyers. I'm going down to Monterey this weekend and three of the houses that we're looking at.

And these are high-end houses. I was already in contract, and it was less than 20 days after they went into contract. It's not abnormal. I had a house go on the market, and within five days, I had two offers. So if your house is properly priced based on the condition, location, and the market that's demanding it, meaning you're looking at the comps and saying, This is what my house, I think, is worth, your house is gonna sell fast.

If you're overpriced, you're going to sit on the market, so please take a look at it. The links are also in the. Comments, 


Los Gatos House of the Week

Los Gatos House of the Week, not my listing. It's a busy street, $2.7 million, three bedroom, two bath, 1800 square feet, and it is on the university.

I like this house because it's within walking distance of downtown. You get a lot of traffic on this street, though. Just be aware, it's a nice little cottage. There's nothing great about it, but it's your place in Gatos Gato, and you can walk to downtown, you can walk to Santa Cruz Ave.

And that's why I like it. 



Santa Clara County Highs and Lows

Highs and Lows in Santa Clara County

Alright, this is highs and lows. In Santa Clara County, this is the highest sold home in Santa Clara County, $3.8 million Kingsgate Drive. It's a four-bedroom, two-bath, 2200 square feet, built in 1958. If you're looking at a map, it is right here in 2 80, 85, right in Sunnyvale, and there you go. This is a standard. Ranch home. Nothing super fancy. It looks like they updated it back in the 1990s or early two thousands. There's a little wine fridge there. So yeah, it's a nice house. But here's the thing: when you list a house, don't be a market maker.


Attract the market. Go below what the home value is, and buyers will come. If you have six open houses and 40, 50 people come through and you still don't have an offer, chances are your house is being marketed correctly, but you're overpriced, right? This is the highest, the lowest list price of sales price ratio, which is, 70% original list price is $1.3 million. This is a Morgan Hill. It's in fire country, but not in the Mass Hills, this is, holiday estates. At 37 days on market. This one looks like it was distressed, and somebody found out. And guess what? They took advantage of it and dropped the price.


$390,000 off of this price. 70% off this price because of the condition. This house is a total beater. There's no reason it should have ever started off at 1.35. That looks like a kitchen. No, that's a bathroom.


Staging Your Home for Sale


Should you stage your house? Yeah. If your house is lacking in any area, meaning your kitchen's older, or your bathroom, the original stage, paint it up, make it look fresh. Make it ready to sell to somebody to move in, right? If I came into a house and I go, there are five different colors on the walls, and I need to redo the floors, and I need to redo the kitchen.


I'm not gonna pay a premium for it. I'm gonna pay less for it. There you go. Thanks for watching on Vito with Abano. We'll see you out there. 


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🔴 The Five Biggest Turn-Offs For Homeowners https://youtube.com/shorts/lwknH5DCS5c 

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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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If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!

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