Tuesday, May 22, 2012

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.

Friday, May 11, 2012

Well, for those of you who follow this page regularly, you know that I have regularly posted many good reasons to list your home for sale. Now, there is a new one! Added to the growing pool of buyers is a new one: an increasing number of long time renters who have decided this is the time to buy. As rents increase, many have made the decision that if they have to pay more, it might as well be time to grow their own equity instead of their landlords'. With this additional growing group of possible buyers champing at the bit for your home, can you remain on the sidelines any longer? If you've been thinking of selling, NOW definitely is the time! Check out the following link and then give us a call: Peter: (415) 279-6466 or Jane: (415) 531-4091. Here's that link:  http://bit.ly/KCG8y6 .

Thursday, May 03, 2012

All the Latest: Multiple Offers & New Low Rates!

Well, this week, we've got a pair of things to get excited about! First, in the past 3-4 months, we at Pacific Union, as well as the market at large, has been seeing an increasing number of sales involving multiple offers. In fact, our own three most recent closings were ALL with multiple offers--as many as six in one case! However, there's a new twist to this situation from the last time we went through this. Unlike in the early 2000's, when it was near insanity and everybody just HAD to overbid the competition, today's incidences of multiples is based on a far simpler set of circumstances. It's the old 'Supply and Demand' factor. The sale with 2, 6, 8, even in one case I am aware of, 27 offers, is due very simply to a combination of lots of buyers, cash in hand or fully mortgaged pre-approved, and far too little inventory to satisfy all of their wants and needs. Will this continue, and, if so, for how long, is tough to predict. One thing is certain. If you are thinking of selling, and your house is properly priced, you couldn't have a better situation to step into. If you're considering selling, call us! We know how to price your home to get you the best results possible.

Second, I know you've heard me say this before (countless times). But the rates continue to be historically low. Just announced was this week's figures, and once again, the rate for 30 year fixed mortgages hit a new all-time low--3.84%! This will benefit you either as a buyer or a seller. As the former, you can afford more house, or at least pay less to obtain it. As the latter, you can benefit from more people qualifying for a loan to be able to buy your house at, or if there are multiple offers, above what you're asking for it. Either way, you're a winner! Give us a call if you need help or advice in either case: Peter: (415) 279-6466 or Jane: (415) 531-4091.