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Mid Summer Market Update For Bay Area Real Estate
Although there is much talk of rates rising, the mortgage market still has favorable rates for buyers looking to get into the Bay Area housing market. Purchase rates are still hovering near 4% and ARM rates are even lower than that. The 4th of July weekend generally ends the lull in the market that naturally occurs between June 1st and Independence Day celebrations. Graduations are done and early summer vacations are wrapping up. Those motivated buyers and sellers return to the bay area with plans to purchase, sell, downsize and upgrade prior to the September time frame.
Days on market during Summer are generally higher than Spring providing buyers some unique opportunities to purchase in a not so frantic pace. The East Bay market currently has 4,230 properties pending, 429 properties that are new to the market (listed in last 7 days) and 3,183 properties that are active overall. The ratio of active to pending properties illustrates we are still in a sellers market with more homes pending than active, but that ratio is improving and we expect to see that to continue through the Fall season.
We expect to see the market shift slowly to a more balanced market in Fall and this will provide buyers an opportunity to purchase homes without as much competition as we have seen over the past few years. Generally speaking mortgage rates start to move up in anticipation of a rate hike and we have seen the effect on rates with nearly all conventional 30 year rates moving firmly out of the mid to high 3% level and up into the low 4% level.
Winning the offer battle still requires buyers to include some key features in an offer. Some of those features include high down payment, quick contingency removal, short close of escrow such as 21 days and rent back which is sometimes free up to 60 days. All cash offers can be the clincher but we are not seeing as many buyers coming to the table ¨all cash¨ as we have in the past.
To see all recent listings and price reductions you can click on any of the cities below for a comprehensive list of homes for sale for each city. Feel free to call us or anyone on our team if you are looking to purchase or sell a property in the East Bay. Last year we were recognized as the #1 real estate group for Keller Williams Realty in all of California and Hawaii. This year it looks as though we will have similar results. We look forward to working with you when the time is right.Major East Bay cities include: Walnut Creek, Pleasant Hill, Martinez, Alamo, Lafayette, San Ramon, Danville, Orinda, Moraga, Concord, Brentwood, Oakland, Fremont, Pleasanton, Dublin & LivermorePlease call us and let us put our expertise and track record to work for you. You can reach our team members at 925-304-6346 - Kevin R Kieffer, Broker Associate - Team Leader for Keller Williams Realty's EastBayPro Team - Our team members include Naomi T Kieffer, Matt Rubenstein, Dana Grant, David P Johnson, Heather Gowdy, Jamie Duvnjak, Scott Maher, Nina Kasper-White & Ken Wilson - Please call and "Let Us Exceed Your Expectations".