Home Prices, Sales Jump – Good News!
By: The Guy In The White Hat, Broker Forest Tardibuono
“Home prices, sales jump”
This is today’s front-page headline from my local newspaper. It must really be good news as they usually are such gloom and doom about real estate – in spite of the facts within their own articles. But I digress.
The current market is hot, hot, hot, where I live in Sonoma County, California. This article also stated that the market, which is already hot, is expected to strengthen. Check these statistics for your area. I’ll bet the numbers are similar.
The main hotness gauge is median price. Median means half sold for more and half the homes sold for less. The median price in this County rose in April by 8% over March. The number of homes sold in April increased by 22% over a year ago.
Sales for the first 4 months of the year are the strongest since the 2005 market, which by many estimates, is when the bubble burst.
Because I am in the know, the most telling statistics are the ones that show sales of the move-up homes. Those are the sales of homes to what were entry-level buyers selling that home and getting a more expensive one. Those higher end homes are now seeing multiple offers. Not only that but upper end homes over $1 million have had their best month “in more than 3 years”.
Finally, 30 year fixed rates were the lowest ever last week. Lowest ever! In my Hard Money business, March and April saw the highest numbers ever for Buyers applying for home loans using Hard Money.
The trend will only continue. This morning already, I Pre-Approved a Buyer who is short selling a rental property and had 2 of them foreclosed 2 years ago. He is renting a home right now and has picked out a house in the same neighborhood he used to live in. His house payment will be just a bit more than his current rent, but with the tax savings by owning instead of renting, his house payment is way lower than his rent!
What are you waiting for??
It can’t get better than this.
Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with more than 24 years of
experience in real estate and lending. His phone number is (707) 523-2099. Email is
DRE license #01000559. NMLS #289456.