Milpitas Real Estate Market Update 10-26-2017

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1) Milpitas MLS Market Update
-23 pending sales
-new listings:
-72 Butero Lane 4bd 3 1/2ba 2426sf lot size 1640sf $1,285,000
-1157 Fox Hollow Ct 4bd 3ba 1996sf lot size 4,000sf $998,000
2) Current Interest Rates
-The October National Association of Home Builders Housing Market Index rose
four points to 68, as homebuilders rebounded from the initial shock of Hurricanes
Harvey and Irma. The Index measures sentiment among builders and any reading
over 50 is considered a positive sign.
Despite recent rallies in U.S. Stock markets that negatively impacted Mortgage Bond
prices and the home loan rates tied to them, home loan rates remain near historic lows.
-4.125% 30 yr fixed conforming
-3.5% 15 yr fixed conforming
-4.375% 30 yr fixed jumbo
-3.625% 15 yr fixed jumbo
3) San Jose Mercury News Articles
-“Spiraling Bay Area Home Prices”-10/22/17….
San Jose home values have gone up 8.5% over the past year and Zillow
predicts they will rise 3.0% within the next year.
Tricks to get buyers offers accepted….
-24 hrs to put earnest money in escrow
-the mortgage lender to call the listing agent
-increase cash down payment
-“What are the signs of home electrical problems”- 10/21/17
-Circuit breaker problems…they trip when the circuit is overloaded..
also when they get old….homes built between 1950-1990 may
need to have the panel upgraded
-Electrical shocks…experiencing a mild shock when touching an
appliance, a ground fault improper wiring is a likely cause
-Hot ceiling fixtures…check for warmth, some may pose a fire hazard
-Flickering lights…replace the loose bulb, if still continuing, the fault
may be in the light fixture
-Light switches or electrical outlets not working….wiring may be loose,
or the device may be cracked internally
-“Bay Area Sheds 4,700 Positions”- 10/21/17
-September losses are worst since 2010, as some employers cut and
others can’t hire needed workers….
4) City of Milpitas Update
-Pumpkins in the Park……Saturday 10/28/17 10:00am- 1:00pm…
Cardoza Park…..4th annual event…enjoy family time, wear costumes
-Highlights…..City Council meeting 10/17/17
-request approval for bid to change landscaping services for 26
City parks….Brightview Landscape Services…best price/best service
-change of by-laws on procedure for appointing commissioners
-Community Choice Energy Programs-pooling of energy demands
with other governmental agencies
-Closure of Comcast Cable Store-597 E Calaveras Blvd, amend
franchise agreement with City of Milpitas