interest rate – The Real Estate Beat

Historically Low Interest Rates

I feel like I’ve said this a few times — but history is always in the making. Right now I’m seeing historically low interest rates! As low as 3% — 4% — that is some affordable money!

What does this mean? If interest rates are low — the cost of borrowing money is low — meaning you can borrow more money – IE a larger loan — for the same monthly rate that you did before with a higher rate and a smaller loan. So your purchase power goes UP because the cost of borrowing went down. But don’t wait too long. Interest rates adjust daily and until you’re in contract and have locked your rate — they might as well be birds on a wire.

The market cools each Fall and if the Feds maintain this low interest rate — we’re looking at some great buying opportunities. Right now the San Francisco Peninsula has excess inventory, homes that didn’t sell in the first two weeks are getting lost in the shuffle and as a result — dropping their price to get new eyes in the door.

Don’t wait for a price reduction to get the home you want — just contact The Caton Team and let us work our magic.

Oh – and if you already own a home — it’s time to take a look at your loan and see how much you can save with a refi.

If you need a great lender to chat with — contact The Caton Team and we’ll put you in touch with our amazing team of lenders!

Got Real Estate Questions? The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true. How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

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Mortgage Rates Set New High for 2015

Mortgage Rates Set New High for 2015

Fixed-rate mortgages were back on the rise again this week, with the 30-year fixed-rate mortgage rising above the 4 percent average for the first time in nearly a year, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged,” says Len Kiefer, deputy chief economist at Freddie Mac. “Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 11:

30-year fixed-rate mortgages: averaged 4.04 percent, with an average 0.6 point, rising from last week’s 3.87 percent average. Last year at this time, 30-year rates averaged 4.20 percent.
15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, rising from last week’s 3.08 percent average. A year ago, 15-year rates averaged 3.31 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.01 percent, with an average 0.4 point, rising from last week’s 2.96 percent average. Last year at this time, 5-year ARMs averaged 3.05 percent.
1-year ARMs: averaged 2.53 percent, with an average 0.2 point, dropping from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.40 percent.

Source: Freddie Mac

I read this article at: http://realtormag.realtor.org/daily-news/2015/06/12/mortgage-rates-set-new-high-for-2015?om_rid=AACmlZ&om_mid=_BVex4kB9Cpzh$V&om_ntype=RMODaily

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A Cinderella Story – Michael and Two Condos

With 25+ years of combined Real Estate experience, The Caton Team is blessed with working with our clients one home after the other.

When Michael bought his first condo with Susan years ago – it was only natural for him to call her again now that he was ready to buy his next home. By now Susan & I had teamed up and I had the joy of working with Michael as well.

Such a professional and patient gentlemen, we started our journey early in 2013. Faced with limited inventory and competition we took our time to find choice properties and enjoyed finding the right condo complexes that would fit his lifestyle.

Finally on a sunny Tuesday we found a great 2-bedroom 2-bath condo in San Mateo. It was a short sale but we were up for the task. Offer in, up against three other offers – we were so happy to let him know his offer was accepted.

Then the wait begins. For a short sale, the seller has a long to-do list. Great clients do what they need to do to get a short sale approved. Other types of people brush their responsibility off. We knew short sales take time to get approved. We knew short sales are a LOT of work. Each week we checked in with the seller’s agent and received short and useless updates. We grew suspicious and Susan hit the Internet to do some investigating. Much to our surprise, the unit was set for foreclosure auction the following day! Quickly The Caton Team reached out to the seller’s agent to implore the urgency of a true update. Sadly, not all Realtors are created equal and this particular agent brushed us off again. We did all we could do as the buyer’s Realtor and the following day, with baited breath, we watched the auction site to see if it would be postponed. Right before our eyes the unit was sold at auction. When we called the sellers agent to get a handle on this situation – she kindly hung up the phone.

Without missing a beat Susan called Michael and we hit the ground running looking for a new home. It didn’t take long, another unit, very similar to the one we just lost, was for sale – but they were taking offers the following day!

Michael is a trooper; he met Susan at the home the next morning, saw it, wrote the offer and submitted by the deadline. By that evening we had the joy of telling him is offer was accepted! Within less than 24 hours we went from bad news to fantastic news.

It ain’t over till it’s over though – that is a fact. As the escrow proceeded we had a hiccup – the unit did not appraise for our offer price….which was less than the last sale of an identical unit. When interest rates went up – the market had turned from a sellers market early in the year to a different market in a matter of weeks. The appraiser was cautious – and we can’t blame him for being prudent. No one wants another bust! Thankfully both the listing agent and the sellers understood the situation and we were able to re-negotiate a win/win deal that evening.

The best feeling in the world is handing over the keys. Though it was a long and bumpy ride, The Caton Team was able to get our client a better home and in the end Michael is happy – and that makes everything worthwhile.

How can The Caton Team help you?

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