Well, what did we have last week? Let's see. Once again, when some folks don't believe that mortgage rates can slip any lower, they hit new record lows. Thirty year fixed loans were at 3.78%, and 15 year loans at an unbelievable 3.04%. As Chubby Checker used to sing on "Limbo Rock", "How low can you go?"
Separately, as the market continues its recovery, we see an interesting dichotomy regarding renters. As has been happening for the last 6-12 months, rents have been continuing to climb and rapidly. This is fueled by an increasing number of renters and too little rental property to satisfy them. Some of the new renters flooding the market are former homeowners who have lost their homes to foreclosure or short sales. Unable to get a mortgage and buy, they are piled on top of existing renters and further squeezing the market. This presents an interesting opportunity for investors--buying rental property. Whether your budget and preferences are to individual units, home or condo, or to a multi-unit property, there are some good opportunities available. Call us and we can help get you into investor ownership, be it first time or an expansion of your real property portfolio.
On the flip side of rentals, however, is an interesting trend. AS rents rise, more and more financially qualified renters are realizing that they can qualify for mortgages at the present low rates, and are, therefore, jumping into the purchasing end of the market with both feet. Even better if you're thinking of selling is the fact that many of them are not low end 'entry level' buyers. Many are middle or higher end buyers. If you're thinking of selling ands unsure of the value of your home, give us a call. We'd be pleased to help. Peter: (415) 279-6466; Jane: (415) 531-4091.