Silicon Valley, like the rest of the country, has experienced a bad slowdown in the real estate market. Home sales dipped 27.5 percent year over year last month. For the Bay Area as a whole, the number of transactions in July was at the lowest point in 15 years.
The recession has put mortgage rates at historic lows. Really, these are the lowest rates have been since 1955. This is not going to last forever. Soon rates will jump back up and they'll probably stay there.
You have a few choices. You can let the current economic slowdown dampen your mood or you can make the best of the situation and take advantage of historically low rates. (Or you could just pick-up all your stuff and move to Spain. Okay, I'm kidding - unless you really feel like moving to Spain!)
Take Advantage of Record-Low San Jose Home Loans
According to the San Jose Mercury News, record-low mortgage rates have created plenty of inventory and motivated sellers willing to take less than even the comparable-sales prices their real estate agents are suggesting. Buyers are snatching up what they hope will eventually look like great deals.
So what's this mean for you?
Work with a San Jose Home Loans Professional
This is a great opportunity to evaluate your financial situation and see if refinancing or even buying with San Jose home loans is the right choice (it probably is). Refinancing will save you cash by lowering your monthly mortgage payment. Depending on your financial situation, you could save thousands in interest by locking-in a lower rate.
As a Quicken Loans home loan expert licensed in San Jose, I have helped many clients buy a new home or refinance into a lower monthly mortgage payment with a home mortgage. Whether you want to refinance or buy a home, if you're ready to move forward get in touch with me at Quicken Loans today!
A Word from Tim Birkmeier
Let me leave you with some advice from my friend and mentor Tim Birkmeier, Vice President of Quicken Loans. He stresses doing your own research and empowering yourself to make the best financial decision possible when start refinancing or are looking to buy a home. Go online, ask family and friends, and always consult a trusted mortgage professional. Good luck!