Happy November! As we look forward to the Thanksgiving holiday (just 20 days away!), it's time for an update and for the most part, good news. As everyone is aware, one of the keys to a revived housing market is an increase in employment.
Well, the latest numbers just came out and, while they're still a long way from where we want and need to be, they do show a continuation of recent weeks' improvement. Nationally, the unemployment rate dropped to a flat 9%, while here in Marin, it's now down to 7.9%. More folks working means a better opportunity to sell homes, and as this figure improves, it is deemed likely that prices will follow suit. It's going to take some time, but any good news is something to cheer.
Next, we have interest rates. They have inched up a tiny bit, but are still near historic lows. Thirty year fixed rate money is available, fully amortized in the low four percent range. This is good news whether you're a buyer or seller. As a buyer, you can afford more house, or pay less to get the same one. As a seller, more people can afford to buy your home.
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See you next week.