Here is a snapshot of rates for new home purchases:
- Jumbo Rate Snapshot 3/19/2014
- 7/1 ARM 3.375%
- 30 year fixed 4.25%
Just Listed 2 Bedroom Condominium in Fremont
Top floor condominium with vaulted ceilings throughout; open floor plan with kitchen, dining and living rooms combined and spacious bedrooms. Bright property with over sized balcony overlooking greenbelt, updated and move-in ready! Open House this weekend from 1:30PM to 4:30PM. Let me know if you have you or anyone you know maybe interested in this listing! Listing details located at 37000 Meadowbrook Common, Unit 202, Fremont.
Samples of Market Activity
I like to give my clients a few samples of what I have been running into in the marketplace so you have a pulse on the market.
- Single Family Home in Newark 40+ offers
- Single Family Home in Milpitas 17+ offers
- Single Family Home in Downtown Mountain View sold $230,000 over list, multiple offers
- Townhome in South San Jose 4 offers, all cash offer won
- Fremont home misses appraisal by $100,000, but was up against a cash offer
- Single Family Home in Dublin 10+ offers
- Single Family Home in San Mateo 8+ Offers sold over $100,000 over asking
Here are some of the transactions that I have been involved in. These will give you more concrete examples of how various areas are performing.
- 35208 Noel Place in Fremont
- Multiple offers one of the top offers was cash. My Buyer went strong
and won this home even with a loan behind it. Cash offers often low
ball because of their cash positions, a loan offer positioned right can
beat out a cash offer. This requires a Buyer with a strong financial
- New home community in Los Altos under contract!
- There was a long wait-list of Buyers, but my clients just made it!
The long line of Buyers is an indication of the demand for homes.
- 2362 Tulip in San Jose
- At times the best opportunities are homes that have potential and
require effort to fix up or expand. This unit has a decent lot, but on
paper was only a 2 bedroom 1 bathroom home. My Buyers are looking to
expand this home as there is space inside and out to do so. At times
you have to see the potential of a home to find possible opportunities
in this market. Still had to offer over list price against multiple offers.
- New Home Development in San Jose - This community started in the recession and as the market rose, they just wanted to finish it up as it had been over 5 years. So we had opportunities to negotiate a bit here when usually we wouldn't have. Often opportunities arise when you least expect them.
- 2423 Fernwood Avenue in San Jose -
Home closed this year. This is another example of a home with the
right location and area, but a 3 bedroom 1 bathroom on paper. There is
potential for expansion later which is an opportunity and we had less competition because of this configuration.
- 11 Buttercup in San Carlos -
Another multiple offer home that closed this year. It is very
important to package an offer right. It made a huge difference in
coming out on top on this home.
- New Home Development in Santa Clara - Closed this year. A relationship with the Builder was a critical component in this home sale.
- New Home Development on the Peninsula - At times you have to go into a lottery. Lotteries are fair and they don't care if you have a large down payment or not. In our case the 5th time was the charm.
- New Home Development in San Francisco - San Francisco continues to be red hot as tech recruiting is at an all time high, talent from across the nation continues to flood the Bay Area and they all want to live in the City. Rents are off the charts as well as home prices. This market continues to be resilient and unique. A 2 bedroom 1 bathroom at 753 square feet is renting for $3,400!
- New Home Development in San Jose (Townhome, Single Family) -
Two customers have bought in this early release community. Ask me
about the details!
Likely 2014 won't be the year that the market settles down unless the rates do something drastic. If we are lucky we may hit a market in equilibrium, but likely that won't be the case. Hence, if you are a Buyer and you want or need to buy in this market you must come strong. Ask me to define a strategy on how to position yourself in the strongest way possible. For Seller's out there, if you have been thinking about selling, prices have risen on average 25% year over year over the last 2 years. It is a great time to sell if you have been thinking about it. You will never catch the peak, the opportunity is available at the present.
I wanted to take a moment to thank all of you for your referrals. I truly appreciate each and every one of you keeping me top of mind for your real estate needs.