East Bay Area Real Estate Market and Financing

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.
[Read more…]

East Bay Real Estate Market in 2008

Barbara Hendrickson and Cindy Wilson, REALTORS at Red Oak Realty have an interesting post on their new blog  JustSellMyHouseBlog.com about the Real Estate Market in 2008.

We have all heard the words “Change” and “Challenge” a lot lately, particularly in every political campaign out there … well, they are good ones to apply to this year’s real estate market.

There are at least 3 good reasons we can think of that would indicate that this next year will be an awesome time to buy and maybe a good time to sell.

With information on Bargains, Low Interest Rates, and Tax Breaks with City’s median price charts.

Bay Area Home Prices Flat

Bay Area home prices were flat last month while the sales pace was the slowest pace in a decade, a real estate information service reported. A total of 7,488 new and resale houses and condos sold in the Bay Area last month. That was up 3.9 percent from 7,204 in November, and down 19.9 percent from 9,347 for December last year, according to DataQuick Information Systems.

Sales have declined on a year-over-year basis the last 21 months. Last month’s sales count was the lowest for any December since 1996 when 7,180 homes were sold. The average for all Decembers since 1988 is 8,339.

“Clearly the market is in a lull while potential buyers wait for lower prices. Because of seasonal factors prices may edge down during the next two months, but are likely to move up again in spring. An important factor is whether or not mortgage interest rates stay where they are. If they do, we should expect the market to pick up in March or April,” said Marshall Prentice, DataQuick president.

Source: DataQuick Real Estate News – Read Full Article