Well if the stock market is any indication, one would guess that we are heading in the right direction. It is trending higher and with that generally goes the housing market. For this year mortgage rates are expected to remain lower, further fueling buyer interest.
Rates are expected to stay in high 3s to very low 4s. This is great news for buyers as it comes down to affordability. Low rates equates to low monthly payments.
FHA loans however are expected to get more expensive with some added cost for borrowers such as increased MI. Refinancing will slow as many of the refinance candidates have already locked in these historically low rates.
Foreclosures will also continue to fall as lenders favor short sales and will promote this option to their struggling borrowers.
Housing starts are rising and the stocks of the big builders are already reflecting the anticipated returns from those companies with Lennar and DR Horton posting some nice upward movement in their stock prices.
Northern California will continue to be strong as there are many investors and first time home buyers in the market and more will show up with check books in hand for the spring market. Additionally, job growth in the region is also moving up nicely. San Ramon and Danville office space vacancies are down which generally equates to stronger employment and hiring.
All of this is good news for the housing market and is shaping the new normal.
Author:Kevin Kieffer Phone: 925-300-8000 Dated: January 30th 2013 Views: 702 About Kevin: Kevin R. Kieffer is a Broker Associate and Realtor with Compass. His primary focus is the East Bay r...
The EastBayPro Team of Compass Real Estate consist of the following professionals: Kevin R. Kieffer, Broker Associate, Naomi T. Kieffer, GRI, Realtor, Scott & Rochelle Maher, Realtors, Realtor, Matt Rubenstein, Realtor, Ken Wilson, Realtor, Taylor Pollard, Realtor & Heather Gowdy, Realtor. This team is ranked in the top 1% of Contra Costa County and are Five Star Agents as seen in Diablo Magazine - Offices in Walnut Creek & Danville - serving communities throughout the East Bay
Home ownership is commonly associated with a sense of accomplishment a
"Charlotte has been absolutely fantastic through out our home buying process. She has guided us through every step in an honest and open fashion. And she works at lightening speed... always very prompt and courteous. She helped us close a deal overnight! She is also great at negotiations and made everything very stress free. Not only has she helped us find our dream home, she has also become our friend in the process.
If you want your dream home, work with Charlotte. There will be no chance for any disappointment!"