Great news if you are in the midst of shopping for a house for sale in San Jose or surrounding area with homes for sale, for instance Los Gatos and Cambrian area have several hundred homes for sale that need a good buyer bump.
These rates are far below what we have become accustomed to over the last several years and we all should naturally expect an improved housing market. Right? Will it improve our Real Estate Market? I will come back to that question in a moment.
Another question might be- “How can I take advantage of these low mortgage rates?”. If you currently own a home now may be the best opportunity of refinancing to lower your payment. You, as a potential home buyer, might want to snatch up a bargain and get a super low mortgage rate. I suggest you start shopping for a mortgage approval from a reputable source, first, and then visit homes for sale that meet your price range. Now, about that housing market question…
Will this help the housing market recover? Professor Sam Chandon from the University of Pennsylvania’s Wharton school of business said on FOX news this morning “…this will not help the suffering housing market it is just a reactionary adjustment to the bond market…” I am glad someone agrees with me!
This means we can expect the same market we have had for the last couple of years. One that seems to waver from ‘doing better’ to ‘no measurable increase’ to ‘small price reduction’. Basically, a wide range of neighborhood specific market indicators. Seems to me…. location, location, location is still the best way to judge your local area housing market.
However, I do believe homes sellers in San Jose and homeowners in all of the surrounding areas that have homes for sale in Los Gatos, Cambrian, Willow Glen, Blossom Valley etc… should expect a small surge in traffic for the next week or two.
Buyers aren’t stupid and will take advantage of these rates for the near term. Overall a small window opened up and smart buyers and sellers will find a way to gain an advantage. It’s free to talk so, talk to your Realtor and get their opinion.
The Fourniers-
{ 2 comments… read them below or add one }
my APR now is 2% for 5 years and will be 3% for 5 years more ,than 4.25% for the rest of the loan life ,how is that .do you think this is a good deal ?
Hi Helen, That is a fantastic program! Anyone would have to be pleased with that! Which lender offered that super mortgage to you?