Jump on these low interest rates because as soon as the market stabilizes, mortgage rates will likely rise.
LOS GATOS, Calif. (PRWEB)
October 22, 2019
The Leading 100, REAL Trends’ annual guide to the top 100 Bay Area real estate professionals has, in conjunction with LuxeSF, San Francisco magazine, and Silicon Valley magazine, named Julie Wyss the #29 top professional in the SF Bay Area.
With over $100,000,000 in sales in 2018, Julie has a deep understanding of the local market. She knows what it takes to buy and sell homes at the best possible price, even in a market fraught with anxiety.
“Inventory has increased, and interest rates are low, so it’s very buyer-friendly—but it’s not technically a buyer’s market. If anything, inventory levels still point to a seller’s market,” says Julie. “Baby boomers are moving out in droves. They’re escaping the traffic, long lines, and the high intensity of Silicon Valley, which opens up the market to an influx of qualified millennial buyers. That, coupled with low mortgage interest rates, makes this a key time to snap up property close to the biggest tech employers in the world.”
But many buyers are nervous about jumping into the market as it ebbs from its height of $1.7M in some Bay Area counties. “The tech industry is bringing in buyers from all over the world,” says Julie. “These buyers—young, dual-income tech couples—want homes that are as close as possible to leading employers like Google and Apple because they work extraordinarily long hours and don’t want to waste time sitting in commute traffic. They also want access to great schools, and they’re willing to pay top dollar for that.”
This means the smartest people in the world who command top salaries from the world’s most coveted tech employers are the buyer’s competition. Buyers who wait out the market to save a few thousand dollars on asking price could spend those same thousands on higher interest rates or a longer commute. “Jump on these low interest rates,” advises Julie. “Because as soon as the market stabilizes, mortgage rates will likely rise.”
In other words, it’s still a good time to buy.
Julie has advice for sellers too, “Sellers are worried their home will sit on the market and go through multiple price reductions before selling—and that is happening—but it’s a byproduct of overpricing. Sellers are frustrated that they missed the peak of the market, and they’re having a hard time letting go of the higher home prices of 2018.”
But Silicon Valley real estate prices are no longer at their zenith, and homes are only worth what buyers will pay for them. “Despite a certain level of anxiety, buyers are feeling more powerful with the higher levels of inventory, so negotiations are fierce,” Julie warns. “The best thing sellers can do is face the fact that they missed the peak of the market and just enjoy the high sales prices their homes will bring them simply because of their prime location in Silicon Valley.”
To contact Julie, call 1.408.687.2026. http://www.juliewyss.com
About Julie Wyss:
Julie offers full-service residential real estate services to buyers and sellers around the San Francisco Bay Area. She is nationally recognized in the Wall Street Journal as one of the elite top 1,000 agents in the country and consistently ranks in the top 100 Bay Area agents by The Bay Area Leading 100. Learn more at juliewyss.com. BRE# 01350871.