Last week, reported open house activities in Silicon Valley area have seen warm, anxious house hunters, first-time home-buyers and/or just curious/nosy neighbors jumped in.
One agent in Mountain Views stated she couldn’t talk to everyone pouring into her open house. She had a two bedroom, two bath condo open from 1p to 4p, and there were constant flow of guests coming in. At one time, she said, “There must be 50+ people in this not too big 1100 sq feet place. We were all very cozy together. Elbows to elbows.” The condo is listed at $499K, approximately 9% lower than last month. That’s the reason drew so much attention to the crowd.
Meanwhile, interest rates still sitting at all time low. 30 year fixed is hovering around 5% or lower in some days. FHA loans seem to pick up and 3% low down which attract first-time buyers. Re-finance loan still dominate the loan market since the beginning of the year. Not only owners who purchased homes in the past 3-4 years. Right now, even beyond this last ARM type time frame, homes bought beyond 2005, start to attract owners whom have rate higher than the current ones and whom missed the chance to re-fi from last rate dropped.