I hope that all of you are enjoying a beautiful but warm summer in the Bay Area. I have had a-lot of inquiries on when lower mortgage rates will return for refinances and purchases. With the government bail out of Fannie Mae and Freddie Mac it appears the market has had some restored confidence at least for right now. Lower rates are critical for many Buyers who are on the fence on buying a property.
Back in May there was a quick dip to a 6% rate for a 30 year fixed loan and these lower rates appear to have returned. For those of you that were planning to refinance or make purchases it may be time to reassess your financials and determine whether you should consider refinancing or planning on purchasing a home.
Please consult your loan agent, or if you do not have one I highly recommend my partner for 5 years Mya Tran with Coldwell Banker. She can be reached at (408)472-7558 or e-mail directly her at firstname.lastname@example.org for a personalized loan consultation.
For those of you that read the Mercury News here is the latest article on the subject http://www.mercurynews.com/news/ci_10430565.
Reduced Price 607 Valley Forge Way #4 by Over $41,000
607 Valley Forge Way has been reduced from $366,888 to $325,000. If you know of anyone who is interested in this upgraded condominium please forward this onward.
State of the Market
The market continues to have short sales converting into bank repossessions foreclosures. These are all dependant on area, the nicer areas are seeing slight dips from the surrounding areas. The subprime troubled areas are where many of the short sales and bank repossessions are occurring. There are gems to be found in the nicer areas on the Condominium and Townhome fronts. I have even been noticing that the newer Single Family Homes have been dipped below $800,000 for the first time in quite sometime.
Looking at the statistics the increase in Active homes listings has held steady while Pending homes have slightly increased and held steady.
These trends are not exciting trends but a note that folks are slowly reentering the market.
Please let me know if you or someone you know would like a personal assessment of your home situation. I am always available to serve you.