Buyers are taking advantage of their increased buying power and low interest rates
Burlingame, CA (Vocus/PRWEB) June 24, 2011
Mary Ann Teixeira has been in the Peninsula real estate market for many years. As such, she has been affected by the local, state and national real estate and economic fluctuations of the last few years. Though it’s been a rough ride, she is starting to see more activity as low home prices and the threat of upcoming changes in lending standards are motivating people to buy or sell.
Real estate prices are relatively affordable, says Teixeira. According to the San Mateo County Association of Realtors sales statistics from the local MLS, the median home price in the City of San Mateo in April 2011 was down $25,000, or 4%, from the same time last year.
Impending changes to real estate lending policies are also affecting the market. As part of Congress’ 2008 stimulus package, jumbo loans were raised to $729,500, but this limit is set to revert back to $625,500 in September. “For those who need to sell a property, this may be the right time to do it,” said Teixeira. “There may be fewer potential buyers come fall.”
“Buyers are taking advantage of their increased buying power and low interest rates,” says Teixeira. “You can’t beat current interest rates, which are hovering at around 5%. And buyers who want to take advantage of jumbo loans are moving now to beat the looming changes coming this fall.”
About Mary Ann Teixeira
Mary Ann Teixeira is a licensed REALTOR® with McGuire Real Estate in Burlingame, California who specializes in relocation services, homes for sale, and luxury homes. She is a seasoned buyer’s agent who serves the San Francisco Bay Area Peninsula communities of Atherton, Burlingame, Cupertino, Hillsborough, Los Altos, Los Altos Hills, Los Gatos, Menlo Park, Mountain View, Palo Alto, Portola Valley, Redwood City, San Carlos, San Jose, San Mateo, Santa Clara and Woodside.
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