Market Pulse – Silicon Valley Housing Market Goes Crazy

Here are the updates of some transactions happened over the past few days, which give you the closest feel of how the housing market is going in Silicon Valley – “Hot ! Hot! Hot!”

  • 795 ENCINA GRANDE DRIVE, Palo Alto 94306 – listed April 10, offer due date April 17.  Listing price: 1,595,000

About 100 people came through our Sat and Sun open house.
5 offers.  1 was all cash at 1.7m
Two offers with financing over 1.8m

  • 5148 MCCOY AVENUE, San Jose 95130 – listed April 10, offer due date April 18. Listing price is 585,000.

10 offers, sold close to $630K

  • 1188 QUEEN ANN DRIVE, Sunnyvale 94087 – listed April 11. offer due date April 18. Listing price is 1,199,000

12 offers. sold over 1,400,000.

  • 1029 HUNTINGDON DRIVE, San Jose 95129 –  listed April 11.  Listing price is  $899,000

28 offers. sold over 1,050,000, 600k down payment

 

 

 

Where to Find a Single Family House with Good Schools and Reasonable Price in Silicon Valley

Houses in Silicon Valley is expensive, especially those with good schools.  The common definition of good schools are elementary schools with API score 900 or above, middle schools with API 850 or above and high school with API 800 or above.

Palo Alto, Cupertino, Sunnyvale 94087 area and west San Jose 95129 area are what most buyers know the area with good schools. However, most of houses in these areas are old and very expensive.

If you want newer houses, good schools and yet a more friendly pricing, look for them in Milpitas.  I have an open house this coming Sunday. Here are the details:

1220 Ridgemont Dr, Milpitas in Silicon Valley Santa Clara County nearby Cisco and Sandisk

Open house time: 1-4 pm Sunday April 22

Address: 1220 Ridgemont Dr

  • 4 Bedrooms, 2.5 bathrooms.  1987 sf living area, 4356 sf lot.
  • Outstanding Schools: John Sinnott Elemetary (API 900), Rancho Milpitas Middle (API 870) and Milpitas High (API 812)
  • Brand new floor throughout downstairs. Gourmet Kitchen with Granite Countertops and Stainless Steel Appliances that will be all included in the purchase. Large Master Suite with Vaulted Ceiling
  • Walking Distance to Park and Community Pool. Enjoy Peacefulness of Foothills
  • Beautiful Shapell Home in Highly Desirable Hillcrest Villas
  • Offered at $669,950

I will see you there.

 

30 Year Mortgage Rate Hit 3.75%

Interest rates are very low again after recent spike. 30 year mortgage rate for conforming loan hit 3.75% with no closing cost and no point.

Below is a snapshot of  the Best Rates on 4/13/2012

The conforming 417K:

1) 30 year fixed 3.75 (APR 3.775%)

2) 15 year fixed 3% (APR 3%)

3) 5 year ARM, 2.5
4) 7 year ARM, 2.75


High-balance (super conforming):
1) 30 year fixed 3.99 (APR 3.99%)

2) 15 year fixed 3.25% (APR 3.25%)
3) 5 year ARM, 2.875

Jumbo Loan

7 Year ARM 3.25%

For ready to lock loans, with no point, no prepay penalty. Primary home.

For ARM loans, if prepaid interest is zero (closing at end of month), the APR = 1 year libor index + 2.25

 Rate subject to change as well as lender’s approval and qualification

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