Milpitas Real Estate Market Update 05-17-2018

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1) Milpitas MLS Update
-24 pending sales
-new listings:
-436 Elm Ct 6bd 4ba 2651sf lot size 11,213sf $1,450,000
-1746 Yosemite Dr 4bd 2ba 1451sf lot size 5423sf $1,199,888
-1331 Edsel Dr 3bd 2ba 1787sf lot size 7432sf $1,185,000
-840 Heflin St 3bd 2ba 1290sf lot size 6659sf $1,088,000
-205 W Capitol Ave 3bd 2ba 1614sf lot size 5400sf $950,000
-41 S Temple Dr 3bd 2ba 1200sf lot size 5900sf $888,888
-Open House Activity past weekend-
335 Coelho St and 395 Dixon Rd…..over 60+ groups through!
-Open House Sat/Sun 5/19 & 5/20- 1pm-4pm
1601 Yellowstone Ave $1,298,888
-Open House Sat/Sun 6/09 & 6/10- 1pm-4pm
309 Norwich Ave $1,098,888
-New listing- 676-678 N Abel St, $1,398,888
-Coming Soon- 1117 Nicklaus Ave $1,298,888
– 1845 Blue Spruce Ct TBD
Santa Clara County Single Family Residence Data
-Milpitas average price $1,224,772 median price $1,244,000
2) Current Interest Rates
-4.75% 30 yr fixed conforming
-4.25% 15 yr fixed conforming
-4.75% 30 yr fixed jumbo
-4.37% 15 yr fixed jumbo
3) San Jose Mercury News Articles
-“What to expect on closing day”- 5/13/18
Closing day represents the last step in the buying process…don’t make major plans
because things will come up that you will never foresee, never consider, never even
think could be possible…
you need to pore over every document before signing…although there is a couple of
day’s lag, and then the loan funds….then there is 24 hrs before they record (the title)
so you have 24 to 48 hrs to review everything again…
-“Get organized now-it’s good for you”- 5/12/18
It fosters a sense of calm….
-It’s safer
-It can save money
-Focus on the easiest project first
-Tackle a couple of small projects over a weekend
-Work on the space where you feel most relaxed
-Even if you have allowed years of clutter to build up, do not lose faith!
-“Show me your money”- Why homebuyers are opening up their money lives
-When you talk to a lender seeking a mortgage, you must reveal a complete picture
of your finances, from how steady your earnings have been to whether you’ve
accumulated credit card debt. Such financial intimacy can be unnerving, but
professional ethics dictate that lenders keep the information private. Especially
when a buyer offers more than the list price, he needs a strong profile, because
it’s possible he would need more in down payment or get a mortgage larger
than indicated in the letter.
4) California Association of Realtors- meeting 5/18
-Fight for property rights, locally, especially “rent control” which will damage
-Appeal “Costa-Hawkins” would make entire state rent control, new apt. buildings
may not be built in California
-Accessory Dwelling Units (ADU’s) funding- put Bond on ballot
-Portability of transferring property tax- Prop 13- apply to entire state,
and any county