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With the recent hike in interest rates, many people have begun to question how this will affect the housing marketing. According to experts, rising rates will have an impact on the housing market, although the degree of that impact and when it will be felt the most is anyone’s guess. A higher interest rate makes the larger loans needed for homes more expensive which in turn lowers the budget available to home owners. If buyers do not have a hefty savings or an income that is beyond what was initially allocated, then the overall budget to purchase a home stands to decrease from what it would have been previously.

Will rising rates slow down the hot market we have seen in recent years?

According to Daryl Fairweather, the Chief Economist at RedFin, most home buyers are still encountering bidding wars, but competition is beginning to cool as borrowers reassess their goals. Fairweather expects bidding wars to cool down dramatically as rising mortgage rates will ultimately price more buyers out of the homes they want and lessons the competition within the market.

Will rates continue to go up? Is now still a good time to buy?

According to Robert Heck, who serves as VP of Mortgage at digital mortgage marketplace Morty, the future of interest rates and whether they will continue to increase may come down to inflation and whether or not the market settles in at these rate levels.

If inflation were to spiral out of control and the Fed takes even more aggressive action, he says, rates could rise to a level at which they could send demand and affordability into a steep downward spiral. That said, Heck notes that current market indicators are not projecting interest rate levels in the next ten years to reach a level that would send mortgage benchmarks above 7%. So now may still be a good time to buy.

“Affordability has certainly taken a hit as prices and rates have gone up, but there’s still opportunity in the market for those that are ready to buy, and current rate levels don’t automatically mean you should sit out the market entirely.”

What will inventory look like with rising interest rates?

In the face of rising rates, it’s important to remember that there is still a supply shortage – there are just not that many homes for sale. Also, given that most homeowners today have locked in their own mortgages at 4% APR or lower, it could be a tough financial position for them to list their home for sale to move. As such, there may not be a surge of inventory coming onto the market to help lower prices.

Ready To Buy? Consider These Strategies

If you are hoping to get into the housing market before rates rise further or rental prices creep up more than they already have, there are some strategies that can help you qualify for a mortgage. Ian Katz, a Licensed Associate Real Estate Broker with Compass in NYC, says your first course of action should be tapering back the budget a bit and looking for properties offering a bit more value or an opportunity for a discount.

For example, properties 10% below a buyer’s maximum price budget would “allow for a lower purchase price and loan size to offset the increased rate environment,” he says. “If a buyer is comfortable purchasing a home that needs a bit more aesthetic TLC or has another manageable trade-off, then monthlies can be kept similar through a less expensive purchase and less debt.”

Finally, CEO Nik Shah of Home.LLC. says that one fast way to bring down your mortgage cost is coming up with a hefty down payment. Not only will you get to borrow less this way and pay lower interest costs overall, but lenders may give you a lower rate to boot.

If you put 20% or more down, you can also eliminate fees like private mortgage insurance (PMI) and monthly mortgage insurance premiums, says Shah.

Source: Forbes

You will love this bright, single-level floor plan with separate living, family, & dining rooms. The open kitchen boasts new quartz counter tops & backsplash, new built-in double ovens, a gas range, and a skylight. Turn key and ready to move in with an incredible amount of upgrades! New roof & gutters, copper plumbing, new AC, recessed lighting, double pane windows, updated electrical panel, new interior & exterior paint, new pavers in driveways, upgraded LVP flooring throughout, remodeled bathrooms, new interior doors & handles, new garage epoxy flooring, & so much more! The wonderful yard has new synthetic turf, drought tolerant plants, potting beds, & fruit trees. There is a large side yard with a separate driveway perfect for RV, boat, or additional storage. Perfect location just a few houses from Catadli Park! Northwood Elementary School, shopping, convenient commute to many high tech companies and just minutes from the proposed Google Campus.

Offered at $1,548,800. Contact Eric Woodward at [email protected] or 408-623-7204.

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For more photos and information, click here! 

Fabulous condo in the heart of Silicon Valley just a few steps away from the future Google Diridon West project. Don’t miss out on this incredible opportunity. Executive 2-bedroom condo. Floorplan includes spacious living room, dining area, open kitchen, and 2 private bedrooms. Beautiful, new luxury vinyl plank flooring and new paint throughout. Open kitchen concept features granite counters and stainless steel appliances. Bright and sunny home with city views. Includes 2 parking spaces. The Plant 51 building is a former Del Monte fruit packing and canning facility that is now converted to a modern condo complex. Amenities include top-notch fitness facility, lounge with billiards table, and barbecue area with outdoor dining and seating. Centrally located with easy access to VTA Light Rail, CalTrain, Highways 880, 280, 87/101. Easy walk to SAP Center, San Pedro Market, restaurants and shops on The Alameda. Steps away from Google Diridon West campus.

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Offered at $950,000. Contact Tony Sum at (408) 891-8289 or [email protected]

Comfort and convenience without compromise at Park Townsend where living is easy in the ideal downtown location. This incredibly spacious condo offers two primary suites complete with huge walk-in closets and en suite bathrooms, one of which features a large soaking tub separate from the standing shower. The gourmet kitchen features stainless steel appliances, granite counters, and updated tile. The kitchen looks out to the living area where a wall of windows spans the length of the space and a set of sliding glass doors opens onto the large balcony. This spacious living area is light and bright and features a gas fireplace. Other features include new carpeting, fresh interior paint, a wash/dryer, and an 11’x8.5′ storage unit as well as 2 parking spaces in the secured garage. The community offers a pool, spa, and fitness center complete with saunas. Location is within easy walking distance to the restaurants and entertainment in San Pedro Square, Little Italy, and Downtown San Jose. Convenient access to highway 87, 280 and VTA Light Rail. Close to the future Google campus.

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For a full video tour, click here!

Open house Saturday & Sunday, May 21st and 22nd from 1:30pm-4:00pm.

Contact Eric Woodward at (408) 623-7204 or [email protected]

Incredibly spacious single-family home in a great Berryessa neighborhood. This 4-bedroom, 2.5-bathroom home offers a huge bonus room upstairs that could also be used as a 5th bedroom. Meanwhile there is ample living space downstairs with a formal living room, separate dining room, and an inviting family room off the kitchen. Gorgeous new bamboo flooring runs throughout the ground floor while brand new carpeting has been installed on the second floor. The spacious primary bedroom features a stately double door entry way and remodeled en suite bath.

Other features include copper plumbing, new electrical panel, new heat & air upstairs, remodeled kitchen and bathrooms, double pane windows, a large laundry room, and an attached 2-car garage. The large backyard offers plenty of space to enjoy outdoor living along with a private pool. Centrally located near the highly rated Vinci Park Elementary, Penitencia Creek County Park, Commodore Park, shops, major freeways, and San Jose Municipal Golf Course.

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Offered at $1,680,000. Contact Eric Woodward at [email protected] or 408-623-7204.

This charming single-family home exudes curb appeal with a classic white picket fence and well-kept landscaping. The charm continues indoors with original touches mixed with beautiful upgrades. This 4-bed, 1.5-bath home has great bones with an updated foundation, copper plumbing, central forced heat and air, and tankless water heater. Original hardwood flooring runs throughout the living area and bedrooms. Meanwhile, interior upgrades include new LED recessed lights, new outlets and switches, updated bathrooms, and fresh paint throughout. The stunning kitchen has been beautifully updated with painted cabinets, granite counters, stainless steel appliances, a Viking range, and tons of cabinet space.  Bay windows in the dining room add to the already spacious room which is perfect for entertaining.

The fenced-in backyard is huge with a large turf lawn area, mature fruit trees, and a detached garage. For additional storage space, the home offers a massive, unfinished basement that spans the length of the house. Great Naglee Park location! Walking distance to restaurants and cafes, close to downtown, easy access to freeways, and just a few minutes from the future Google Diridon West project.

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Coming soon! Check back for pricing and information. Contact Eric Woodward at 408-623-7204 or [email protected]

Incredible condo at the highly desirable Villagio at River Oaks Village. You will love this top floor, bright property with a wonderful floor plan and loads of upgrades. Large gourmet kitchen with beautiful granite counters, gas stove, stainless steel appliances, wine refrigerator, and more.

Relax in the spacious master suite with tall ceilings and an abundance of natural light. Enjoy incredible storage space in the large walk-in closet while a luxurious attached bathroom offers a dual vanity and oversized soaking tub. With 948 square feet you also have space for a desk adjacent to the kitchen. Huge 2-car garage (tandem) with loads of storage. The community boasts beautiful landscaping, a pool and a spa. Located near a plethora of Tech companies as well as the future Google campus.

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Offered at $699,800. Contact Eric Woodward at 408-623-7204 or [email protected]

There is only one theater remaining in downtown San Jose, but 3Below theaters is ready to accept that challenge. They are a true one-stop-shop for entertainment with something for everyone. Feature films, retro films and cult classics, live shows, comedy, and even a drag brunch!

In September of 2017, Guggenheim Entertainment leveraged three decades of success as a theatrical production company to renovate, rebrand, and revitalize what was Camera 3 Cinemas in Downtown San Jose.  GE led the redevelopment of the venue and reopened as 3Below Theaters in January, 2018, thus integrating Guggenheim Entertainment’s award-winning programs along with partners Cinequest and San Jose Playhouse.

A dynamic entertainment destination, 3Below Theaters & Cafe serves as another jewel in San Jose’s crown for accessible, quality “third place” experiences.  By creating a space that is inviting, intriguing, and includes a myriad of programs, GE invigorates the Downtown San Jose gem and gives visitors a unique experience from the moment they walk into the facility.  When guests exit the three fully themed theaters and head into the creatively themed lobby, they are greeted by caring and capable staff and find themselves always impressed by the commitment to ensure quality customer service for every aspect of the venue.

Take advantage of 3.5 hours of validated parking and come see the live shows.  There is a 5-musical professional show series along with live events for all ages.  And take advantage of 2 movie theaters where first-run movies are shown year-round.  Didn’t have time to eat before coming to the theater?  No problem.  There is an extensive menu of food and beverages, along with, of course, delicious popcorn.

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