How Is the Real Estate Market?

The real estate market has had its ups and downs for the past few years. Good news is that it is finally leveling out! The market is based on many different aspects everywhere, including California. As stated in #3 of The Best Buyer Tips a few weeks ago, it doesn’t matter what the market is doing, buying a home should be done when you are ready, not when the market seems right. 

According to The Sierra Sun Times, the market is improving. As of July 2014, Equity home sales have improved; and short sales and REO (foreclosures or bank owned) sales have lessened. This is a sign of improvement in the real estate market.

Banking My Way says that the sale of distressed properties is the lowest it has been in six years. What this means is that there are less fixer-uppers on the market and the homes for sale are more evenly matched than in previous years. The amount of distressed sales is still higher than average, but it has improved drastically.

  • Buyers can shop around and make an educated decision on their future homes, and the interest rates are still attractive. 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending September 11, 2014, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 4.57 percent (read more).

Home prices are increasing, and depending on the area, some markets can still be extremely competitive (e.g. Santa Clara County). Below are snapshots of the 2Q2014 housing statistics for different areas.

Buyers can shop around and make an educated decision on their future homes and the interest rates are still attractive. Home prices are increasing, but with the competition being fairly equal, negotiations are less aggressive.

Written by on Monday, 15 September 2014 12:22 pm

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