Market Update 12-15-2016

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VIDEO OUTLINE
1) Milpitas MLS Update-
(16) pending single family home sales
2) New Milpitas Listings:
-1951 Wellington Dr $1,388,000 4bd 3ba 2698sf
-904 Los Positos Dr $1,288,999 4bd 3ba 2886sf
-190 Douglas Ct $1,180,000 4bd 3ba 2304sf
-2216 Shiloh Ave $988,000 4bd 2 1/2ba 2074sf
-71 Duttonwood Ln $898,888 3bd 2 1/2ba 1498sf
-1079 Hay Ct $825,000 3bd 2 1/2ba 1680sf
3) November 2016 Santa Clara County Housing Statistics
– Milpitas/ Single Family home $883,346-Average price, 24 Days on Market
4) Current interest rates:
-4.15% 30 year fixed conforming limit
-3.51% 1-yr adjustable rate
-3.45% 5/1 adjustable rate
5) Down Payments on the Rise-
-17.13% average down payment (based on 30 yr mortgage)
– First time homebuyers on rise
– Strength in residential real estate market
6) Home Equity Wealth is on the Rise-
-Nationwide over 13 million American homeowners (more than 23%) are equity rich
-5.2% forecast for appreciation this coming year 2017
-Homeowners staying in homes longer (7.94 yrs on the average)
-Equity can be used for small business startups, move-up buyers, freeing more
inventory for buyers
7) Milpitas News Updates-
-McCarthy Ranch- $2.2M 3 single story new buildings- retail/warehouse
-California Urgent Care LLC- $323,862 new medical office- Landess Ave
-Infineon, $1.29M semiconductor manufacturing company, N McCarthy Blvd
8) New high-end hotel brand arrives in Silicon Valley
-former site “Beverly Heritage Hotel”, 236 room hotel is now Sonesta Silicon Valley,
-property purchased for $52M
-reimaging of rooms/ meeting rooms/ restaurant will begin
9) BART 85% complete
-Montague Expressway now has a street-level bridge that will pass over
future BART that is in a trench below

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