How Low Can You Go?

Market Update
Author

Kyle Paquin

Published

August 8, 2024

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Rates are down and sales are slightly up from last year. Hey, that’s good news. Ask I talk to my friends in real estate, they are all saying the same thing- “The nice houses in established areas are still crazy competitive, the crappy houses are sitting and taking price cuts, condos are a mess (too much inventory), and (weekly) the market can go from hot to cold, and back again.” We live in a wild market that doesn’t seem to want to find a new normal.

It’s not you. Real estate is just bananas right now.

Mortgage and Me

This section is the summary of the ongoing sitcom, “Mortgage and Me”, where you get news of what the banks are doing and how it affects us all.

Mortgage Rates: Finally Going Down

It actually happened. Rates went down ladies and gentlemen. This is the lowest rates we have seen since May 2023. I am calling for a summer surge on housing that will make the fall numbers MUCH better than last year.

Refinance Volume: Still Rising

Refinancing is growing back in popularity. We are only halfway back to “normal” again for this market segment but since we just had a major rate drop, normal may come sooner than expected, at least in the short term.

East Bay Area Market Update

East Bay Area July Yearly Trends
Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 944108 980000 3.8%
Average Price per SF 607 634 4.4%
Number of Sales 1524 1743 14.4%
Median DOM 12 14 16.7%
Copyright © EBValueReport.com

Need a Referral?

I have a growing list of local professionals who can service your needs, send me an email if you need someone to help a client with:

  • Home Loans

  • Home Insurance

  • Construction

  • Commercial Brokering (Sales and Leasing)

  • Estate Planning

  • Financial Management

  • Rural or Out of Area Appraisal

  • Window Treatment Cleaning

Services for Agents

Pre-Listing Appraisals

With today’s market, every listing is precious. Don’t go into a sale blind, call us for a pre-listing appraisal today and say GOODBYE to the real estate grind.

Divorce/Estate Appraisals

If you have client that needs appraisal work for estate, taxation or ligation purposes, we can help! Our firm services the East Bay Area, but we have a wide network of referrals and resources available for your clients.

About the Author

My name is Kyle Paquin.

I have been a Certified Residential Real Estate Appraiser since 2015 within the East San Francisco Bay Area. My firm provides expert valuations on residential properties in the region. I have a passion for teaching and appraiser education which has led me to develop instructional courses for the Real Estate Appraisers Association (REAA). I currently live in Benicia where I operate a mid-term rental ADU with my wife and child.

The divide between agents, appraisers and lenders is not healthy for our clients. I aim to bridge the gap between us all so we can serve the market with a higher level of trust, integrity and knowledge. The mission of this blog is to provide greater clarity into how the East Bay Area markets are moving on a monthly basis. If you like this work or think that it sucks, please let me know.

My contact information

Office #: 925-937-3307

Email: office@valuableappraisal.com

Website: https://www.valuableappraisal.com/

Thanks for reading this market update