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Real estate experts say it's a seller's market; Tech CU helps buyers move as quickly as possible to secure a purchase.
San Jose, CA (May 30, 2012) — The local housing market is heating up, but inventory levels are still very low, which means home sellers are receiving numerous bids and even cash-only offers. Real estate experts say this is quickly turning the Bay Area into a seller's market — putting buyers at a disadvantage when it comes to finding the home of their dreams. To help, Technology Credit Union offers pre-approvals for home loans and a Quick Close Guarantee for those who qualify: If Tech CU doesn't close a buyer's purchase loan within 10 business days, the buyer will receive a $500 gift card!*
"The market looks very different than it did just a year ago," said Steve Donahue, VP of mortgage origination for Tech CU. "Today, it's critical that home buyers move as quickly as possible once they've found a home to buy. We can help them with this because of our local decision-making and approval process. A Tech CU mortgage can be approved within days not weeks, ensuring the buyer can close escrow on time."
To Donahue's point, Intero Real Estate Services EVP and Co–Founder John Thompson said that inventory has reached one of its lowest levels in 10 years, with April seeing a 40 percent drop from the same time last year in properties for sale in the single family and condo market.
"That, coupled with the fact that buyers are coming out of the woodwork, has created a situation where home sellers are getting multiple offers in all price ranges — in most cities in the Bay Area," he explained. "In the high¬–end markets, buyers can expect to compete with not one, but sometimes as many as 30 or more offers on properties — especially in the Valley."
"There has been a lot of money sitting on the sidelines for the last few years that is now starting to flow back into real estate, particularly as consumer confidence improves," said Tech CU Chief Banking Officer Joe Anzalone. "People are feeling better about future economic growth and job security in Silicon Valley. All of this impacts how people invest, especially when it comes to real estate. It's a good sign for everyone."
For those who are in the market for a new home, Tech CU offers a variety of personal home loan options with affordable rates, including: adjustable- and fixed-rate mortgages, out-of-state loans, FHA loans, first-time homebuyer loans and more. Tech CU also offers jumbo home loan programs up to $3 million.
For existing homeowners who are interested in a home equity line of credit (HELOC), Tech CU offers HELOCs with interest rates among the lowest in the business. Plus, if the homeowner's current equity lender charges an early closure fee, Tech CU will pay it.*
In addition, Tech CU's Corporate Banking Group is now offering commercial real estate and multi-family loans. Contact Corporate Banking for more information at (800)448-1467.
ABOUT TECHNOLOGY CREDIT UNIONwww.techcu.comFounded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, Tech CU has extended its membership benefits to small and medium-size businesses and individuals who live and work in the greater Bay Area. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU's 68,000 members have access to 60,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches in the Bay Area, and comprehensive wealth management and small business services.
*Conditions, restrictions and limitations apply. For details, please speak to a Mortgage Consultant. For more information on Tech CU home mortgages and home equity lines of credit, and for disclosure information, visit our Home Mortgage page.
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