Bay Area Real Estate Market Still Hot!
Recently, I featured a new home listing on Ludlow Court, in the Evergreen area of San Jose. I wanted to update you on the final outcome.
This home - a cute 1400-ish square foot home - sold in 12 days and had a total of 7 offers. It was listed at $679,000 and sold for $720,000. The property was remodeled by the owner (the kitchen was updated by Jerry, the contractor we recommended) and was beautifully staged by our fabulous stager Margo. People were impressed with the final outcome. We hired a professional photographer and he also filmed a virtual tour. We had inspections done ahead of time so that all prospective buyers knew going in everything about the home. The key to this success was knowing the market, pricing it correctly and implementing a unique marketing plan. This combo is what ultimately genterated the 5th, 6th and 7th offers-in my opinion. The closed sales price of this home is a local high for the neighborhood for homes of similar age and square footage.
Please let me know if you are interested in selling your home or buying a home.
Interest Rates Have Dropped
Since we wrote to you last month, mortgage interest rates have dropped slightly, in part, in reaction to fears over "Brexit," following the results of the referendum in the UK in which voters chose the option to leave the European Union, a transition that creates economic uncertainties with potential global spillover economic effects.
We do not know whether low rates will continue, rise or drop some more. Opinions seems to be divided. Just in today's Wall Street Journal, one article says Why Ultralow Interest Rates Are Here to Stay and another one says 35-Year-Old Bond Bull Is on Its Last Legs, meaning rates could rise again! Confusing? Yes!
Perhaps the best advice might be Carpe Diem! Seize the Day! If you would like to explore whether refinancing is right for you, please call me at (408) 399-4999!
Current rates as of July 14, 2016*
30-year fixed: 3.375% (3.52% APR) at 0 points
15-year fixed: 2.625% (2.76% APR) at 0 points
5-yearr fixed/ARM: 2.75% (3.02% APR) at 0 points
Super Conforming: $417,000-$625,500
30-year fixed: 3.625%(3.88% APR) at 0 points
15-year fixed: 2.75% (3.02% APR) at 0 points
5-year fixed/ARM: 3.00% (3.19% APR) at 0 points
30-year fixed: 4.00% (4.13% APR) at 0 points
15-year fixed: 3.375% (3.55% APR) at 0 points
5-year fixed/ARM: 3.25% (3.36% APR) at 0 points
FHA LOANS AVAILABLE WITH JUST 3.5% DOWN to $625,500.
No Points, No Fees also Available!
APRs calculated on these factors: loan amount of $350k (conforming), $600k (high cost conforming,) and $750k (Jumbo) 21- day lock, 60% Loan to value ratio, with impounds, 780 middle fico score.
Your actual rate will vary depending upon your specific situation. Call for a customized quote.
* Information deemed reliable but not guaranteed.
Hope you are enjoying the long Summer days!
- Mary Beth
Mary Beth Huey
Real Estate Broker
CA BRE # 00942000
InterBanc Real Estate Services
1999 S. Bascom Ave, Suite 700
Campbell, CA 95008
If your home is already listed with another broker, this is not a solicitation of that listing.