THE LATEST:
Well, rates finally jumped this week--up roughly a full quarter point from the prior week's record-equalling lows. However, even at 4.42% for 30 year fixed rates mortgages, we're still near all time lows, and STILL in a range where it pays to be seriously house hunting--and holiday time off be damned! Prices seem to be in a state of flux when compared to recent weeks and months. While there had been a general upward trend--slow but upward, this past week has shown somewhat of a reversal of that compared to the prior month's figures. No-one is yet certain if it is more financial uncertainty or just a reaction to the election's results from a couple of weeks ago.
From this observer's point of view, however, for buyers prices are still bargains as compared with levels of a couple of years ago and, even if they rise, they're still going to be bargains for a while. Rates also are still hovering at very low levels and should be grabbed.
For sellers, we are seeing things very much on a property by property basis. Properly priced, homes are getting offers and closing. However, sellers still dreaming of the days of 2006 and 2007 are getting a rude intro to reality when/if they persist in pricing at those levels. Not saying we'll not get back there, but for now, let's be more reasonable in our pricing goals.
Also, for you followers in Mill Valley and Tiburon, if you're not yet receiving our printed quarterly report on prices and sales, and you want to get it, by email or snail mail, send me an email at pjrichmond@pacunion.com, and we'll be happy to oblige.
Happy Thanksgiving!