East Bay Area Real Estate

East Bay Area Real Estate Market

Here we are in the first weeks of January and the homes being held open are very well attended and there are multiple offers on plenty. In fact, one REO (Real Estate Owned – by a lender) property on the hill in Berkeley had 10 offers. In other locations in Oakland and El Cerrito the same holds true. Of course it always depends on how the home looks and overall condition. “Short Sale” sales are more troublesome and take a long time to agree/close.

We are really encouraged by the low interest rates- in some cases below 5%. Refinancing is once again on a roll, clogging the system for availability of appraisers; fortunately purchase contracts are at the top of the pile.

Financing

Here are a couple of things to be cautious about: . If you do not know your credit score, you should get a credit report. Your mortgage broker can order one easily enough. If you need help, contact me.

Depending on your score, the interest rate varies.

. The conforming loan rate is $625,500 but lenders are still blending some rates with the old conforming rate of $417,000. If you loan is under $417,000 the interest rate will be low, as long as your credit score is low. All of these numbers get thrown into the pot for the calculation.

. If you are refinancing, plan on it taking 2 months. And you should be advised if the lender quotes you a rate and locks you into that rate, the lock is usually good for only 1 month. As the loan is delayed, the interest rate could change.

Guest Blogger: Diane Verducci, Realtor
http://www.dianeverducci.com
510-982-4409
Pacific Union, GMAC Real Estate
Residential Real Estate Agent
Expert in Residential marketing, promotion and negotiation
Knowledgeable in all aspects of real estate sales
Sellers and Buyers agent