Hello Everyone,
Last week I sent you a link to a Time Magazine Article about the national real estate market. http://www.time.com/time/magazine/article/0,9171,1713483,00.html
The author stated his opinion that we are at or near the bottom of the market. Shortly after I sent out that information, I picked up the Sunday, February 17 Marin IJ. The front page of the real estate section had the usual column by Mary Southall, under the heading "Mortgage broker: Business is up." Southall quotes Marin County mortgage broker Rick Cunniffe. Here is what she said about their conversation: "The morning we spoke, Cunniffe said he had a dozen calls for pre-approval letters. These are letters for people looking to purchase, not to refinance-----" "Cunniffe says investors are getting back into the real estate market. They are quietly picking up properties at low prices and at low interest rates." She continues:" 'My opinion is, the market has hit its valley; and when you're at the bottom, there's nowhere else to go but up', Cunniffe states."
Ms. Southall's bottom line? "Allow me to once again point out that the phrase, 'The market is picking up' is usually equivalent to 'There is more competition for available housing'. In Marin County that translates further to 'Prices will start going up' ". And finally: "If you've even been thinking about buying a Marin County home, consult a real estate professional today".
Couldn't have said it any better myself!
Last week every price segment for both SFR's and Condo's increased its percentage-in-contract numbers, with the exception of the $2M to $2.99M SFR segment which went down only slightly, and only due to the activity on one home in the segment. The SFR $0-$999K and $1M to $1.99M segments made it into balanced market territory after moving up slowly but consistently for a period of several weeks. Mortgage rates did take a slight bump up last week, and I could be wrong but I sense that the market has turned. We will find out for sure soon enough!
More next week---
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please visit my website at http://www.fredanlyan.com
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