Hard to miss the appearance of new For Sale signs all over San Carlos…which means it’s time to check out realtor Chuck Gillooley’s White Oaks Blog to find out what’s going on.
Gillooley writes of the week ending September 17, its, “likely the highest number of purchases in a single week in San Carlos in quite a few weeks,” including a house at 1374 Geneva – listed at $899,000 – that went pending in just three days. Another C.G. observation: more houses in the high $800,000s, a range not seen on the market for some time.
Click here to check out the full story by C.G., but before you do…some information about interest rates.
Louie Serpas, a Wells Fargo Bank mortgage consultant says people are buying not because of low interest rates, but because home prices are more affordable. Still, Serpas says he takes a conservative approach and advises clients to lock in when they can because, yes, interest rates may go up.
Stefanie Hartsell, Senior Loan Consultant & Mortgage Planning Specialist with Princeton Cap says she gets phone calls from buyers nervous about the possibility of rising interest rates. Hartsell’s advice? Don’t worry so much. With rentals at a premium and the ability to fix a major cost over the long term, it makes sense to buy.
Hartsell agrees with Serpas. “Homes are more affordable now than in the last decade,” she said, adding limited land on the Peninsula means a limited supply of houses and steady demand.
According to Hartsell, interest rates aren’t a factor for everybody. Of the transactions she handles, she estimates one out three homes, “are bought with cash.”
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