What’s Going On With Real Estate?
Any changes in the local Real Estate Market this week?
We have seen many changes this week as construction has now recommenced, occupied properties are permitted to be viewed in-person (occupants cannot be present), and seller motivation and buyer demand have both increased! Many more listings have hit the market which complement news from lenders of an increase in buyer pre-approvals – some stating over a 50% increase in pre-approval requests as compared to the last 2 months. It seems as buyers and sellers have become more accustomed to the issues around them, the 2020 Spring home selling season has cautiously resumed.
Interest Rates this Week
Interest rates are still low. 3.25% on a 30 Year Conventional Loan with 20% down.
What’s on the market?
This week in Alameda, 5 properties have Sold (1 sold below list price, 2 sold at list price and 2 sold for above the list price). This same time last year, 9 properties Sold (1 at list price and 8 sold above the list price). Still quite a discrepancy in closed transactions compared to last year, however the recent increase in inventory may help make up for a slower March and April.
If you’d like data for any other cities, let me know.