Nearly 70% of home listings in the San José metro area went above asking price in August 2021, Just one year later, that number fell to 38% for the same month, and year-over-year price-cut percentages doubled to 25%. The Chronicle has more about how rising mortgage rates are impacting the local market.
In case you need more evidence that we’re in the midst of a market shift, year-over-year numbers for Silicon Valley will set you straight. Sales and prices are down across the board, which could mitigate the downside of high mortgage rates. And with properties spending more time on the market, there’s opportunity to negotiate a good deal that fits your budget. Contact us to talk about it.
With increasing interest rates and inflation catching up with the real estate industry, rents are also on the rise, making a lot of folks dream of a fixed-rate mortgage. Want to see the trends in your city? Use this tool from Zumper.
Did you know? According to the Environmental Protection Agency (EPA), an average home produces about twice as much greenhouse gas pollution as the average car.
Meanwhile, a recent study showed that a $1 reduction in annual energy bills resulted in more than a $10 increase in home resale value. Indeed, appraisers account for efficiency improvements because they contribute to the livability and economic stability of the home.
Additionally, the Federal Housing Administration (FHA) has ruled that the cost of energy efficiency measures can be added to a mortgage. And homebuilders find that homes with efficiency upgrades sell faster and at higher prices than similar homes nearby. All the more reason to invest in an upgrade!
Last week’s heat wave was historic, and that’s not hyperbole. Scorching temperatures broke records around the Bay Area, including a high mark of 116 degrees in Livermore, the highest mark EVER RECORDED by the National Weather Service in our region.
Get the story hot off the presses from SFGate.
