Rates & Jobs--BOTH Important!
Well, here it is again, the end of the week and new weekly interest rate reports. And just as it has been for the past several weeks, the rates dropped even lower! New records all around. Rates for 30 year fixed loans are now at 3.49%, while fifteen year loans are priced at an average of 2.80! There was one area where a slight rise was experienced, but even here the resulting rate is unbelievably low! This was for adjustables. ARM's rose a few tiny fractions of a point, with five year loans now priced at 2.74% and one year loans at 2.71%. As I said, even with the minuscule increases, these rates are unbelievably low. Great time to buy or, get the buyers enthusiastic about buying from you!
Now, jobs. Jobs nationally, are only improving very slowly. However, here in California in general and the Bay Area in particular, the improvements in the job increases are very strong and mean only one thing--more folks can once again afford to buy a house--YOURS, perhaps! In figures just released this week, the Bay Area showed a 3.8% increase in jobs as compared with a year ago. California overall was up, but by a less spectacular 2% year to year.
Let's face it. If someone is not working, he/she is not very likely to be able to make an offer on your home no matter how badly he wants to buy it. No jobs means no money and no mortgage, which means no sale. Employed, that buyer becomes a horse of another color and someone who could very well take advantage of the low rates and make you a great offer. So, if you're thinking of selling, now is definitely the time to get your home ready. Fix all of those little things you've been putting off until later (whenever 'later' is) and get the house in the best condition and appearance it can be. Remember--buyers usually prefer "done" to "there's lots of work to do". If they accept the latter, it will be for a lower price than the former. Curious about what your home is worth? Want to get some advice on prepping your home for the market? We can do it all. Give us a call. Jane is at (415) 531-4091 and Peter is reachable at (415) 279-6466. We're here for you! Give us a call.