50-year mortgage as affordability option | Santa Clara County HI/LO of the Week

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50-year mortgage as an affordability option
Affordability Improves Slightly for Veteran Homebuyers, But Most Homes Are Still Out of Reach
Santa Clara County Highs and Lows 
Los Gatos Home of the Week 
Santa Clara County Price Reductions 
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Introduction: Veteran Home Buyers' Affordability

Affordability improves slightly for veteran home buyers, but most homes are still outta reach. It's a similar, very familiar topic, not just for veterans, but for all home buyers right now. And I think if you look at the market right now, you're seeing homes stay on the market longer. Of course, we have the outliers in Cupertino, in Los Gatos and Saratoga, but for the regular blue-collar worker  

Current Market Conditions and Advice for Buyers

If you're a homeowner or a potential home buyer, you're probably waiting for the market to do something with whether you lower your rates, whether prices come down, whether the economy gets better, or what have you. As a buyer. We had open houses this weekend, and we had nobody show up.

So as frustrating as that is, it's also seasonal. We're heading into the holiday season, so if you could be patient, stay on the market. If not, pull it off until March. That's probably the best advice for buyers. If you see houses out there that fit your needs and are at the expectations you want, this is a great time to buy because you have virtually zero competition.

That's the best advice I can give you right now. If you wanna watch this or read this article, the link is in my blog. So please go through that and take a look at it. 

Veterans Day and Blog Promotion

By the way, happy Veterans Day, and again, happy birthday to all my Marines from yesterday, 250 years, not a small feat.

 

Trump and Pulte's 50-Year Mortgage Proposal

Trump and Pulte float a 50-year mortgage as an affordability option. Let me tell you why this is a stupid idea. Stupid because we saw just oh, four or five years ago, say 2021, when rates went down to 2.5%. What happened there was a firestorm of buyers. People put their houses on the market, and they were getting two, three, $400,000 over list price competition soared, and everybody basically wound up with the house that they didn't want with the rate that was a forever rate.

The same thing's gonna happen here anytime you try to affect the market massively. Competition floats in and increases prices, so this will only hurt us from an inflationary standpoint. This is just another angle, another way for the administration to look at how we can float the housing market and make it more attractive to buyers to come in.

Yes, your rates are going to come down a little bit. Your payments are gonna come down substantially, but so is everybody else's, so that means you're going to have more competition if this becomes an option. 50 year mortgages, you're gonna be paying roughly 25% less for your mortgage payment.

But it doesn't mean your taxes or your insurance are going to go down. And guess what? Insurance is gonna continue to go up. So are your taxes. So if you're at a place where you're barely affording it. Saving 25% on the principal and interest, it's not really gonna help. And by the way, after a 50-year term, you're gonna be paying like 1.3 times the amount of the actual original loan.

So if you bought a $100,000 loan, you'll probably be paying 200 to $250,000. This is just as useful as an interest-only loan. If you wanna make extra payments towards principal, get an interest-only loan that's a seven or a 10, your fixed rate, and then it starts to float.

It's interest only, so the payments are going to be a lot lower. Virtually the same thing as a 50-year loan. If you wanna make extra payments, you can. You can do the same thing with a 50-year loan. But this is not a real solution, that's what I'm saying. Those are three reasons why I don't think this is a great idea.

Los Gatos Home of the Week

Los Gatos Home of the Week. Oak Meadow Drive, not my listing. $5 million, four bedroom, four and a half bath. 4,000 square feet built in 1890. So this is a. Colonial Yardhouse farmhouse. I do remember all the crazy wallpaper. You have a Chic Decor movie theater. If you're gonna have one, you might as well prop it up and make it look like, yeah, okay. This house it's a nice house. The reason why I picked it is 'cause you can walk down to Santa Cruz Ave, which is San Los Gatos is Main Street USA, and you also have Persona Lake right across the street.

So you can take a nice walk in the park with your puppies and say hi to everybody. And there you go. So this is a great bye. It's been on the market for 46 days, and prices. Oh, same price, so it's strong on the price list. 

Price Reduction of the Week

Price reduction of the week is Las Waco. Drive in nine five. 1, 2, 3. That's San Jose. It is a standard ranch.

It's 1900 square feet, which is not small. It's a bedroom, two baths. It was built in 1969, 1.675. Yep. And thank you for putting the floor plan out. It's nice that people do this. Agents, I tell you, this is the best way to service your agent because when you're looking at a house online, a floor plan allows you to see the flow of the house. So it's nice that you do this.

So thank you very much for doing this. You don't have to put the square footage or whatever. Or the measurements of every room, I'd probably tear down that wall, and then I would tear down that wall, and then you'd have a nice big area, and probably convert this into a wall, get rid of this wall, and put all the serving area right here.

But that's just. Okay. 

Market Trends and Statistics

Started playing with charts again, just so you can have a visualization of where we are. In July, we saw the peak of price reductions at 350-ish, 360, but now we're seeing price reductions go down. In June, July, it was 22 to 25%, and now we're ranging at 27 to 28%. So it's the percentage of homes that are active versus homes that are price reduced is a little bit higher right now, so something to chew on right there, just so you know, the highest sold was 11.88.

The lowest sold price was 798,000. Both of those came in at a hundred percent, the lowest list price to sales price listed at 1.5, and sold around 900,000. It sold for 60% of the original list price. That's crazy. And conversely, the highest list price was 120. Percent.  I can probably drop that in so you can take a quick look.

But other than that, that's it. Here's your highest list price gain. That's your highest list Price sold. Price home right here. And the lowest list price sold was 7.98.

And then let's take a look at 1.5 sold for $900,000. It was on the market for 50 days. Oh man. You know what they call this? Fugly. Let's take a quick look. Yep. This thing's ly. I think this is attached too, right? Yeah, it's an attached unit. So you're buying half of this.

You can see that the two painted sides should never have been listed at 1.5; sellers set the list price due to ego and nothing much else. Oh, maybe Zillow, but when is Zillow ever really? A hundred percent, yeah, and then the condition of this house is pretty basic. Looks like it was updated in the early two thousands, so put in some, put in what you can.

There you go. Go to Home Depot and get the cheap stuff and put it in your house. This is what you're gonna get. All right. 

Conclusion and Final Thoughts

Thanks for watching.  

🔴  5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46  
🔴 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
Vitos@abitano.com 
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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

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