Listing cancellations are mounting before Fed rate decision comes with intriguing subplots
Fed rate decision comes with intriguing subplots
2026 Predictions: Welcome to The Great Housing Reset
Wednesday Real Estate Snapshot 🦅 🌎 ⚓️
PROBATE AND ESTATE SALES
REO of the Week
Apple Home of the Week
Mountain View Home of the Week
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Fed rate decision comes with intriguing subplots
Fed Testimony and Mortgage Rates
Today we're talking about what's going on today at two 30. Eastern Time, The feds are gonna testify and talk about the rates where the money's going. Here's the thing you need to know. It doesn't matter. You think that's gonna be the savior?
It doesn't matter. Even if it does drop a quarter point, the mortgage rates have already been absorbed into that. They've already figured that out, saying if it happens, this is what's gonna happen. We're already used to it. Not just the sky is falling, but the boy who cried wolf, and over and over and over again. Huh. Done with it.
Market Reactions and Predictions
We know what's going to happen. It's going to drop down maybe a little bit, and buyers are still gonna be picky. Sellers are still gonna be stubborn. It's not going to jostle the market enough. It might change the stock market here and there. But it won't make it better for sellers or buyers. Bottom line, it might be better for short-term personal loans, maybe better on the credit. But for mortgages
Fed Rate Decisions and Implications
Fed rate decisions come with an intriguing subplot. This is what you get when you get the vice of politics, politicians, media, pushing each other, and yeah, we probably have some dissension in the ranks.
And the Fed poll. The Fed board. I don't care. It doesn't really matter cause all I care about is putting food on my kids' table. I don't care about what's going on up there. So October, we saw two formal dissents, blah, blah, blah. Jumbo 50 base point in Kansas City was in favor of maintaining the status quo. That's where we're going here.
Current Mortgage Rate Trends
Bottom line right here and highlighted in intriguing gray is that it likely leaves a 30-year mortgage hovering at the low 6% range. Drifting down only gradually, rather than snapping back to the three to 4% levels of the last cycle.
We're at 6.45 last couple of weeks. We've been hovering around 6.25, 6.3. So rates do come down. It's only gonna come down maybe 10 points, pips, bips, whatever you want to call it. It's just gonna be status quo, just like it says right here, status quo. And in another article from Mortgage News Daily.
Can the Fed pull mortgage rates off the ceiling? Bottom line is the rate cut means nothing for mortgage rates. Volatility will come from the 2:00 PM Eastern time dot plot. The chart shows that each fed member's rate outlook,
And they said somewhere around here that there's an 88% chance that we are gonna see the rates come down that quarter point. And it really doesn't matter because nothing's going to change. Buyers are still gonna be buyers; they're gonna be picky. Sellers are still gonna be stubborn. There's not enough inventory right now to make any major changes.
And here's the thing. Until we get it down to five and a half, which is not that far apart. And quite frankly, you can buy a rate down to five and a half right now if you think about it. You can absolutely do that. Let me show you 9 5 0 6, which is not even doing that. Two, two oh. That's the going rate, and you have good credit and 20% down payment.
You're looking at. 5.7. So yeah, rates will come down, but you're looking at 5.625 when rates come down. There's your five and a half. You have to think outside the box, there's a little bit. All right.
Advice for Home Sellers
If you think about selling, this is the time to get this inspection checklist done. Download it. Go through your house.
If you're thinking about selling in March, April, or May, that's our selling season. Start now, don't procrastinate. I know you're thinking about Christmas and all that other stuff, but let's think about it out here. It's going to take some time for the handyman and the painter and the plumber, and the landscapers to get on schedule and get you the quote and get it working, and get it done. So why not get it done now when they're slow?
REO of the Week
REO Property of the Week
Okay, this is the REO Bank of the bank owned property of the week. This is a fantastic deal because this is in downtown Monterey, and this thing will go for close to one and a half to two once it's finished right here. Five-bedroom, 1800 square feet, built in 1920. It got some work started on it, and I can almost bet you a dollar that it's been red tagged, meaning that the permit department came in and said, Stop what you're doing. You didn't pull permits. It looks nice, however.
You need to stop what you're doing right now, and we're gonna need to look at this, so I can almost, I'll bet you a dollar that this was red tagged and then they fell out of, they couldn't live in it. And they probably paid 1, 2, 1, 3 for it, and they didn't get to finish it. Super sad. Super sad that this is not happening.
So this is a great buy. It's a Monterey. If you wanna buy it, let me know. We'll go take a look at it. I'll walk you through the whole process.
Apple House of the Week
This is Apple House of the Week, $1.7 million. Kylie Boulevard, $1.7 million in Santa Clara. What's going on? Why is it so low? It's 1100 square feet, built in 1956.
Let's take a look inside, see what it looks like. It's nicely staged by the way, right now until April 1st. We're including staging in all of our listings means you have to empty out the house. I put staging in, and it looks a lot nicer. Okay. So it's all, not original, but updated years ago. This is not a bad deal.
Looks like it was flipped. Yeah, 'cause you can see like the backyard and whatever washer and dryers were left. I don't think this one came with cooling. Did it have cooling? It's been on the market 19 days, no cooling. So yeah, I would put air conditioning into it. I want you to expect this. If you're gonna sell your house and you're not in my area. I expect you to get a floor plan.
If you don't have a floor plan on it, you're not helping yourself and the agent, and your agent should know how to do this. If not, you're working with the wrong agent.
There you go. It's nice. Nothing great, nothing spectacular, but it's a small home, and it's affordable. In Santa Clara County, this is Mountain View Home, and I picked this. I think we talked about this last week, but I just want to keep looking at it because I think it is overpriced, first of all, outside of the fact that it's a mountain view.
But it is on the other side of the tracks. This is Castro right here. This is where everybody wants to go, right? But it's a nice house. It looks like this was the original structure, and that was a detached garage. And they put an A DU on top. And really, what it is probably two bedrooms here and then two bedrooms of the A DU.
It's vacant right now. Yep. I think this one's gonna be on the market for a tad bit. Yeah. See, this is a primary. And a second bedroom here. And then upstairs over the garage is a bedroom, a living room, and a bedroom. And you have to get to it through the stairwell, right?
Is there a stairwell? No, it's right here. I guess you would've to walk up to it that way. Yeah. Weird. Maybe there's storage down below. Maybe it's an office. I don't know. It's weird. Okay, so that's the weird house of the week, as well as the Mountain View House of the week. There you go.
Market Analysis and Trends
And I told you, I talked to you about the numbers are dwindling houses.
On the market are lowering, but let's take a look at what's for sale. It's going down. The number of houses that went into contract in all of San Jose was 2023. The number of houses that went into contract in all of Santa Clara County is 53. We're used to a hundred twenty, a hundred thirty, a hundred forty, a hundred sixty, a hundred seventy-one.
Of course, that's during the war, but it's normal. Remember, this is normal. This is winter. We've had 30 homes come back on the market in Santa Clara County.
We had 10 withdrawals in the last week. We've had 38 canceled. That means it's you know what? Let's just take it off the market because my house didn't sell. For whatever reason, I'm a stubborn seller. I'm not going to lower the price, or I just didn't get the traction I wanted to.
So let's hold until March, April, May 38. Those guys will come back on, guarantee it. Because they wanna move. I get it. That's the way it is. So again, nothing's going crazy. 90 days on market's ticking up just a bit. Nothing crazy for sale. It's going down. Pending are down, closed are down. Same with Santa Clara County, and everything's just all right.
Conclusion and Sign-Off
That's it for now. Thanks for watching on Veto with Abano.
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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-479-2427
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