Local bank vs Online bank for Bay Area home loans? | Weekly Bay Area Real Estate Tip #15

Local bank vs Online bank for Bay Area home loans? | Weekly Bay Area Real Estate Tip #15

Every Tuesday, I go into detail a question I frequently get asked. Should you use a local bank vs online bank for bay area home loans. While interest rates are always very important, there is one piece you need to be most aware of.


Online banks have gained significant market share over the years claiming to be very customer centric and streamlining the process. They even advertise some of the lowest rates you will see! Check this latest ad out from Quicken Mortgage. They are offering loans for under 2% for a 15 year fixed rate! And they are not the only ones. They are clearly doing very well as their parent company, Rocket Mortgage just IPOed last week making Dan Gilbert the 28th richest person in the world.


But, should you use them for your home loans here in the Bay Area? It depends. Let’s talk about home purchases first. While these online banks are commonly used in a lot of markets across the country, they don’t do many purchases here in the Bay Area for several reasons. Because of how fast properties move, the time it takes to close is very important. They don’t have the same sense of urgency to be competitive with the banks that are local. Many banks even as busy as they are today can close as fast as 15-18 days. 2nd online banks don’t have local contacts that you can chase! The benefit with working with someone local is that reputation matters a lot. It means a lot to me as a top Realtor for future transactions, but also for them to do a good job so that they can get future business with you.. They have much more on the line with their credibility than someone that doesn’t have a focus of a particular area.. Last but not least, it is the ability to actually close the loan! When you are in contract, you would have 3% EMD or Earnest Money Down. This is your commitment amount that you need to fulfill the loan. No slight interest rate improvement is worth this risk! I’ve personally seen many of these loans claim that they have these amazing interest rates, only to fall out of contract weeks later jeopardizing the entire deal and the buyer’s EMD altogether.


Now where is it a good option? Refinances are a great solution because you don’t have the time constraint and the monetary risk of breaking a contract. You are welcome to shop around and try to get those teaser rates. Worse comes to worse, the refinance doesn’t go through so while you lose time and have a headache, at least you aren’t losing tens of thousands of dollars. Just be wary of the fine print. A lot of banks can go very low if you pay points. Think of interest rates and your closing costs as a sliding scale. Anybody can go really low if they are willing to pay a higher closing cost for it. Let’s look at that same teaser rate, while the rate is at under 2%, the closing costs are at close to 1 point which is a lot of money here in the Bay Area.


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If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today!


📧Spencer@spencerhsu.com

📞 (408) 547-4590

⏰ Set up a time to chat: https://calendly.com/spencerhsure

🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/

🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate

📸Follow me on Instagram: https://www.instagram.com/spencerhsure

🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu

🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7

🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW

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My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money!

Spencer Hsu, MBA, Realtor

Spencer@SpencerHsu.com

408-547-4590

EXP Realty DRE #02077253

https://www.homesbyspencerhsu.com/

#BayAreaRealEstate

Jaksot(362)

Apple Not Backing Down From Hybrid Work Model | Bay Area Real Estate Market Report July 2, 2021

Apple Not Backing Down From Hybrid Work Model | Bay Area Real Estate Market Report July 2, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:Apple isn’t backing down from its hybrid work model, according to internal note (1:41)Bay Area home sales slow, but prices don't (4:01)Silicon Valley tech buildings are bought in $142 million deal (6:55)Rent increased in 3 major Bay Area cities when California reopened (9:08) Levi Strauss to renew lease for entire SF HQ, the city's biggest deal during the pandemic (11:22) Peninsula cities double down on downtown street closures amid local support (13:18)Pending home sales reach highest May mark in 16 years (15:57)Client Story (17:00) https://www.redfin.com/CA/San-Francisco/1868-Van-Ness-Ave-94109/unit-401/home/113439209Latest Market Data for all counties in the Bay Areahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharing  San Mateo County 19:19Santa Clara County 21:18Alameda County 22:08San Francisco County 23:05🗓 Want to schedule a time for a free consultation? Find a time that works for you!  https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88 📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

2 Heinä 202125min

New Home Sales at its Lowest Pace in a Year | Bay Area Real Estate Market Report June 25, 2021

New Home Sales at its Lowest Pace in a Year | Bay Area Real Estate Market Report June 25, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:New home sales fall to lowest pace in a year (1:11)https://www.housingwire.com/articles/new-home-sales-fall-to-lowest-pace-in-a-year/Mortgage applications rise again, despite rates jump (4:16)https://www.housingwire.com/articles/mortgage-applications-rise-again-despite-rates-jump/More Bay Area homes are now selling above asking price. Is it demand or 'cruel' pricing strategies? (5:12)https://www.sfchronicle.com/local/article/Bay-Area-homes-real-estate-asking-prices-16263716.phpAre Wall Street hedge funds buying up homes in the Bay Area? (7:45)https://www.sfchronicle.com/local/article/Are-Wall-Street-hedge-funds-buying-up-homes-in-16260880.phpSunnyvale site near Apple Park spaceship campus lands local buyer (10:58)https://www.mercurynews.com/2021/06/21/sunnyvale-site-apple-park-spaceship-lands-local-buyer-tech-real-estate/Client Story: (11:56)https://www.redfin.com/CA/San-Jose/1309-Bottle-Brush-Ln-95118/home/920990Latest Market Data for all counties in the Bay Areahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharingSan Mateo County 15:41Santa Clara County 17:02Alameda County 17:42San Francisco County 18:16🗓 Want to schedule a time for a free consultation? Find a time that works for you! https:/www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️Listen to my podcast: https://bit.ly/3bJx88📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

26 Kesä 202121min

How To Compete in This Hot Market and Win!

How To Compete in This Hot Market and Win!

Nobody said buying a home in a sellers market would be easy, but with the right real estate agent by your side and the tools to succeed, your offer can and will be accepted. Even when inventories are low and you got outbid, watch this video to WIN.Are you thinking of buying a home in the Bay Area? Wanting to sell your home and get multiple offers? I'd love to help! Reach out to me below and let's chat! #YourTechRealtor🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

22 Kesä 20217min

U.S. Housing Market Short 5.5 Million Homes | Bay Area Real Estate Market Report June 18, 2021

U.S. Housing Market Short 5.5 Million Homes | Bay Area Real Estate Market Report June 18, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:Intro(0:00)US housing market is short 5.5 million homes, NAR says (0:15)https://www.housingwire.com/articles/us-housing-market-is-short-5-5-million-homes-nar-says/Homebuilder confidence falls to lowest level since August (2:24)https://www.housingwire.com/articles/homebuilder-confidence-falls-to-lowest-level-since-august/San Jose real estate deal shows city’s mall areas are “premium” sites (3:44)https://www.mercurynews.com/2021/06/15/san-jose-real-estate-deal-valley-fair-santana-row-mall-premium-site/New housing tower to sprout a block from downtown San Jose Google village (5:15)https://www.eastbaytimes.com/2021/06/10/new-home-tower-sprout-downtown-san-jose-google-village-real-estate/Client Success Story (8:12)Latest Market Data for all counties in the Bay Areahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharing San Mateo County 12:49Santa Clara County 15:01Alameda County 17:57San Francisco County 18:52🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

18 Kesä 202121min

Facebook and its Workers Go Remote! | Bay Area Real Estate Market Report June 11, 2021

Facebook and its Workers Go Remote! | Bay Area Real Estate Market Report June 11, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:Intro(0:00)Facebook says it will expand remote work to all employees (1:20)Amazon shifts return-to-office stance, says remote work is OK 2 days a week (3:58)Big tech companies resume hunt for Silicon Valley offices (4:48)Tech titan agrees to sell big office campus in Mountain View (7:18)Snap signs Palo Alto sublease for enough space to employ hundreds (8:21)As San Francisco Reopens, Rents Rise (9:15)Homebuyers are growing weary of the housing market (10:06)Client Success Story (13:06)Latest Market Data for all counties in the Bay Areahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharing San Mateo County 18:31Santa Clara County 20:23Alameda County 21:06San Francisco County 22:05🗓 Want to schedule a time for a free consultation? Find a time that works for you!  https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88 📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

11 Kesä 202123min

Why YOU NEED TO KNOW an Arborist!

Why YOU NEED TO KNOW an Arborist!

What exactly is an arborist and why is it important? Well, an arborist is a tree surgeon that plants, maintains and removes trees using their knowledge of tree anatomy and biology. So when exactly should you call one? We know how important landscaping is when selling or buying a home and arborists can help bring back to life essential trees on the property or remove some that grow over property lines. 🌲🏠Watch below as I interview Josh Johns who works for Arborist Now where we go over what an arborist does and how their important work is much needed in the real estate industry!🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️Listen to my podcast: https://bit.ly/3bJx88📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253

8 Kesä 202125min

Rising Silicon Valley home prices aren't deterring buyers| Bay Area Real Estate Market Report June 4

Rising Silicon Valley home prices aren't deterring buyers| Bay Area Real Estate Market Report June 4

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:Intro(0:00)High-end home sales surge twice as fast as mid-priced homes (1:44)Golf course property deal bolsters Bay Area country club (1:57)SRI campus in Menlo Park may become a big mixed-use neighborhood (3:55) Fewer people are submitting mortgage applications (6:13)Rising Silicon Valley home prices aren't deterring buyers (7:50)Latest Market Data for all counties in the Bay Areahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharing San Mateo County 8:07Santa Clara County 20:58Alameda County 22:12San Francisco County 23:23🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88 📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

4 Kesä 202128min

The Absolute MUST-SEES in Mountain View!

The Absolute MUST-SEES in Mountain View!

Mountain View is known for its breathtaking views of the Santa Cruz Mountains and is birthplace of the Silicon Valley, but did you know there are other plenty of iconic must-sees that any native will tell you to be true? Besides being home to successful tech companies like Mozilla Foundation, Intuit, NASA Ames Research Center, Synopsys, Microsoft, etc, you may want to check out some of its outdoor natural beauty, like Shoreline Amphitheatre and Park. If sitting outside enjoying life while dining on something tasty is more your style then Castro Street will be a treat for you. What's number three on the list? Well, you're going to have to find out here!If you or anyone you know is looking to move to Mountain View or the Bay Area itself, please reach out to me with the contact details below! The market is hot! #YourTechRealtor🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor​​🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/​​🎙️Listen to my podcast: https://bit.ly/3bJx88​​📸Follow me on Instagram: https://www.instagram.com/bayareatech​​...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhs...🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7​​🏠💲Track the value of your home and see if it's beneficial to refinance! Do you know your home value or how desirable your market is?Born and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 60 families have been helped in the last 16 months. You could be next! Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253​​

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