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According to nar.realtor, mortgage rates are starting to decline as the Federal Reserve hints at a possible rate cut in September. Freddie Mac reports that the 30-year fixed-rate mortgage averaged 6.35% this week, with economists predicting further decreases in the coming weeks. The announcement from Federal Reserve Chair Jerome Powell that "the time has come for policy to adjust" suggests that an interest rate cut is likely during the Fed’s mid-September meeting. Sam Khater, Freddie Mac’s chief economist, notes that “mortgage rates fell again this week due to expectations of a Fed rate cut.” However, while potential homebuyers are closely monitoring these changes, a significant increase in purchase activity is unlikely until rates drop even further. Currently, mortgage rates are significantly lower than they were a year ago, when the 30-year fixed-rate mortgage averaged 7.18%. This drop in rates could result in substantial savings for homebuyers. For instance, at this week’s 6.35% average rate, a monthly mortgage payment on a $400,000 home with a 20% down payment would be approximately $1,991. In comparison, at last year’s high of 7.79% in October 2023, the monthly payment would have been $2,301, a difference of $310 per month or $3,720 annually, as explained by Jessica Lautz, deputy chief economist of the National Association of REALTORS®. “This is the lowest mortgage interest rates have dropped in the past 15 months,” Lautz says. “This improvement in rates significantly enhances housing affordability for potential buyers.” Despite these positive changes, some homebuyers remain cautious, hoping for even lower rates. The Mortgage Bankers Association (MBA) reports that mortgage applications for home purchases only saw a slight 1% increase recently and are still 9% lower than they were a year ago. Joel Kan, MBA’s deputy chief economist, says, “Prospective homebuyers are staying patient now that rates are moving lower and for-sale inventory has started to increase.” If you're considering buying or selling a home, now may be the right time to act as mortgage rates continue to trend downward. Contact Benson Group today  to explore your options and make the most informed decision for your real estate needs. ---------- Source: nar.realtor

Luxury homes need to be as functional as they are aesthetically pleasing. According to usnews.com, the luxury real estate market continues to thrive, driven by buyers who prioritize wellness, at-home entertainment, and security. While many buyers face challenges in the current market, the luxury real estate sector remains strong, supported by financially robust buyers. Whether you're already a luxury homeowner or aspire to be one, here are the trends shaping these high-end properties. Wellness-Centric Features Luxury buyers increasingly invest in wellness-promoting features. Outdoor kitchens, water features, and custom outdoor gyms or yoga spaces are on the rise, offering both physical and mental benefits. Cold plunge pools and infrared saunas are also gaining popularity as buyers seek to create low-stress, wellness-focused environments. Beyond Just Pools Pools have always been a luxury staple, but now homeowners are enhancing their pool areas with outdoor kitchens, bars, dining areas, and fire pits, turning them into comprehensive entertainment hubs. Fire Pits and Fireplaces Custom-designed fire pits and outdoor fireplaces are becoming must-haves, extending the usability of outdoor spaces into cooler months and serving as stunning focal points. Privacy and Security Privacy and security are top priorities for luxury homeowners. Gated communities and waterfront properties with private docks are highly sought after, offering exclusivity and peace of mind. Elevated Curb Appeal Luxury buyers invest heavily in curb appeal, with a focus on impressive outdoor lighting, sophisticated landscaping, and high-end exterior finishes. Paver driveways are also becoming more popular for their long-lasting aesthetic appeal. Enhanced At-Home Entertainment Luxury homes now often feature recreation areas equipped with home theaters, gyms, and hobby-specific rooms like basketball courts or wine rooms. Custom exercise areas, including putting greens and pickleball courts, are also trending. Prioritizing Utility and Function Functionality is crucial in luxury homes, with multiple utility areas like laundry rooms, butler's pantries, and dedicated home offices becoming standard. The work-from-home trend has further emphasized the need for these functional spaces. Source: realestate.usnews.com

< Back 105 W Santa Inez, Hillsborough 105 W Santa Inez, Hillsborough Leased $11,000/mo Property Description The tranquil setting envelopes this Mediterranean-style home. Painstaking cared for the last 30 years. Beautiful chef's kitchen, formal living and dining rooms, sunroom looking out to the fountain area. 4 bedrooms and bath plus a full apartment above the garage for an au pair or young adult home from college. Full finished basement runs the length of the house for storage or a bonus room for a ping pong table! Beautiful grounds with pool, fruit trees. Convenient to shopping and transportation. Contact Agent Benson Group (650) 245-4530 bensongroup@compass.com Request More Info Property Details Property Type Single Family Home Bedrooms 5 Bathrooms 4 Size 3,610 sqft Side Represented Seller Year Built 1910 Property Location 105 W Santa Inez Ave, Hillsborough, CA 94010, USA

< Back 604 Midway Ave, Daly City 604 Midway Ave, Daly City Sold $868,000 Property Description Sold off-market. Contact Agent Benson Group (650) 245-4530 bensongroup@compass.com Request More Info Property Details Property Type Single Family Home Bedrooms 3 Bathrooms 2 Size 1,440 sqft Side Represented Seller Year Built 1949 Property Location 604 Midway Ave, Daly City, CA 94015, USA

< Back 4054 Ben Lomond Dr, Palo Alto 4054 Ben Lomond Dr, Palo Alto Sold $2,862,500 Property Description Picture perfect inside and out, this updated Eichler home boasts expansive windows, a designer color palette, an ideal open-concept floor plan, privately located bedrooms, and fabulous indoor/outdoor flow. The living/dining room combination overlooks the patio and yard and features a to-the-ceiling fireplace, high ceilings, and direct access to the granite-appointed kitchen. Just off the living room, the family room offers a quiet space to relax and entertain with sliding glass doors to the yard. The primary suite features a wall of closets, a spa-like en suite, and a door to the patio, while two additional bedrooms enjoy tall picture windows. And outside, the private yard wraps around the home and offers numerous paver stone patios, stretches of lawn, fresh landscaping, and mature trees. All of this, just steps from Cubberley Community Center, commute routes, shops, and restaurants. Contact Agent Benson Group (650) 245-4530 bensongroup@compass.com Request More Info Property Details Property Type Single Family Home Bedrooms 3 Bathrooms 2 Size 1,688 sqft Side Represented Seller Year Built 1955 Property Location 4054 Ben Lomond Dr, Palo Alto, CA, USA