Joe Wilson's Silicon Valley Real Estate Blog

Ok, so take a close look at the chart above which graphs the average rate for 30 year fixed rate mortages over the past 47 years. Right now rates for these mortage products are running in the high 4% range with zero points!

Secondly, with now plentiful FHA financing a buyer can easily purchase a home now with only 3.5% down plus closing costs. Of course you have to have decent credit and you'll have to document your income, but 3.5% down deals are being done routinely now throughout the valley.

Thirdly, look at the chart below which graphs median price for single family homes in Santa Clara County. For anyone still thinking that the real estate market hasn't bottomed, you can see that not only have we bottomed but we're about half way back to where we were when the market peaked back in 2007! So, while median prices bottomed over a year ago, prices are still significantly off their peaks.  And with the new low interest rates, Buyers may actually have lower monthly payments now than they would have had they purchased at the market bottom! So, Buyers...What are you waiting for?