3/29 Home Buyer Zoom Workshop:

Buyer demand picked up in February as we observed more open house traffic, higher number of offers sellers received, and shorter days to close. Median sales price also increased for both San Francisco and San Mateo County compared to the previous month. After dropping considerably in January from a November peak, mortgage rates climbed again in February, with big impacts on loan application rates. As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. Higher mortgage rates may be a hurdle for home buyers. But qualified home buyers today face a lot less competition. And as the spring months brings more new listings, home buyers will have a bigger selection of homes to choose from. There is a saying: “you marry the house and date the rate.” Don’t miss out on this opportunity to find your gem home. A home mortgage can be refinanced with lower rates and thus reduce a homeowner’s monthly payment when the rates improve!