Milpitas Real Estate Market Update 10-19-2017

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1) MLS Market Update
-21 pending sales
-new listings:
1370 Cuciz Lane 4bd 2 1/2ba 1868sf lot size 3900sf $1,188,899
285 Falcato Dr 3bd 2ba 1502sf lot size 6300sf $950,000
28 Firethorn St 4bd 2 1/2ba 1750sf lot size 5995sf $949,000
29 Whittier St 4bd 2ba 1556sf lot size 6000sf $849,900
-Open House Activity past weekend….
1386 Lassen Ave, Milpitas 5bd 2 1/2ba 1769sf lot size 5500sf
$998,888,,,,,,,,,,Parktown remodeled home! Excellent condition!
over 65+ families through open house….offers due this week!

2) Current Interest Rates:
-4.0% 30 yr fixed conforming
-3.375% 15 yr fixed conforming
-4.25% 30 yr fixed jumbo
-3.625% 15 yr fixed jumbo
Producer Price Index (PPI) rose 0.4 percent from August, in line with estimates,
while annual PPI jumped 2.6%, the biggest gain since February 2012, which
strips out volatile food and energy, rose 0.2% as expected from August to
September, whichl the annual Core PPI was up 2.1%

The Federal Open Market Committee meeting minutes from August revealed
the Fed said the economy is strong enough to withstand an increase to the
Fed rate later this year. This is the rate banks lend to one another overnight.
However, the Fed will be closely watching inflation readings and other key
economic indicators in the coming weeks and months….

3) “Do Your Homework to Avoid the Great Domino Effect of Contingent Offers”-
San Jose Mercury News- Sunday 10/15/17
-The idea that your house will sell before you’re able to find a new one is
a classic “first-world problem”, of the real estate sort. The thought of
finding temporary housing and putting your belongings in storage creates
stress. So if you cannot go non-contingent- here are some solutions:
-Select an agent that can navigate a clear solution, and juggle the
conditions….coordinating with the new seller/ and lenders/ timeliness
-Secure back up bridge loan financing to pull out equity/ or use
line of credit
-Offer a very attractive asking price for new property, showing your
intended willingness, and a good down payment

“New Choices for Older Buyers”-San Jose Mercury News- Sunday 10/15/17
-As America Ages, the housing industry is racing to provide desirable
options…..The sheer number of Boomers is upping demand for new
senior-geared options. Here are some popular options:
-Active Adult (AA) Communities:
-Residents must be 55 or over, but these communities are usually,
gated, with pools and amenities. These communities are being
built near urban centers, instead of outer suburbs. The average age
is 65 to 75..and rental units are popular
-Independent Living (IL)
-These apartments or homes offer a minimal number of services,
such as one prepared meal daily. IL housing is often on the same
site as communities providing more care.
-Assisted Living (AL)
-This category has seen big growth following the recession, since
seniors who need this option would buy into it regardless of the
economy.
-Continuing Care Retirement Communities (CCRC)
-These include more intense nursing care, along with IL and AL
housing on the same site.

4) News Update from the Milpitas Unified School District
-Red Ribbon Week 10-23 to 10-31…
This was declared by the School Board to bring awareness to the
issues of alcohol, tobacco and drug/violence prevention. Assemblymember
Kansen Chu will be providing schools with red ribbon educational
materials.
-Milpitas High School Student honored for leading donation drive to help
Texas school devastated by Hurricane Harvey….Anvi Brahmbhatt, was honored
at a recent School Board meeting…she is a member of the Milpitas High School
leadership counsel…..her drive raised more than 3,000 school supplies and
monetary donations….and expanded district wide.
-Proposed boundary change for Rose and Burnett elementary (pockets)….
check with the Milpitas Unified School District for any updates
-U.S. Secretary of Education Betsy DeVos, visited four classes at Thomas
Russell Middle School on 10/12/17!!!!!!

For City of Milpitas Updates…..www.ci.milpitas.ca.gov