Rates & Jobs UP!! So Are Prices!
The first sounds bad, but isn't and the second sounds good -- and IS! First, mortgage rates. As those of you who follow this blog already know, I have often emphasized the importance of the continuing low rates. Well, this week they increased, but not to worry! The increase was minimal--just seven hundredths (lenders call these 'basis' points) of a percent from last week. So still excellent rates if you're a buyer. If you're a seller, they are still excellent rates for potential buyers to be able to make an offer for your home. So, either way, you benefit.
I have also recently emphasized that a seller has a better chance if there are more people with jobs, because if someone is working, he/she is more likely to be able to get a loan and buy a home. Well, in figures released today, over 163,000 new jobs were created. While that's nationally, part of those numbers are right here in the Bay Area and some of those in Marin. So you now have more folks who may be legitimate candidates to buy your home.
Finally, the comment at the top about prices being up is based on the most recent Case-Shiller report, released at the start of the week. For the first time in nearly four years, all twenty municipal areas that comprise the report were all up. That's good, but what's even better for sellers is that the highest jump was right here in the Bay Area, with an increase of over 3% from a year ago. While that makes it a bit more costly for you buyers, there are still many opportunities for the buyer who is pre-approved for their loan and moves quickly. For sellers, the figures speak for themselves.
Need some advice or assistance? That's what we're here for. Call Jane at: (415) 531-4091 or Peter at: (415) 279-6466.