New Year, New Me, New Sales

Market Update
Author

Kyle Paquin

Published

February 1, 2024

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I was a teenager when Nickelback became popular and sold out arenas across North America. Somehow, they lost favor in the eyes of the public and became “uncool.” This feels like the current narrative for real estate. We set records in 2020-2022 and then cratered last year.

BUT LOOK AT THIS GRAPH!

No seriously, the market is looking less lopsided and more “healthy” as we start 2024.

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: 6.6% is Sticking Around

Mortgage rates stayed around 6.6% for all of January. Some people say that rates will go lower around the Summer months. I am not smart enough to figure out why that is supposed to happen but 6% is the golden rate. At 6%, the public and investors feel that they can make financial (and home) moves without getting ripped off.

Refinance Volume: Up from the Grave

So many people hit the refinance market in the past few years that we likely won’t see a great return to “normal” for another few years. While the index recovered 100 points in a short time, we need another 550 point recovery to get back to “normal.”

East Bay Area Market Update

It is nice to see an increase in prices year-over-year again. This January was about the same as last year. This means that with the current lack of inventory, spring will be nuts again unless we get a glut of listings. Remember, less homes on the market mean higher prices. Real estate is still supply and demand at its fundamental core.

East Bay Area January Yearly Trends
Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 765000 785000 2.6%
Average Price per SF 518 544 5.0%
Number of Sales 863 855 -0.9%
Median DOM 30 25 -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

  • Construction

  • Commercial Brokering (Sales and Leasing)

  • Estate Planning

  • 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.

Measurement Services

The county says “this” and the owner says “that.” You don’t want to get to the end of the sales process only to discover the size is quite different. For a nominal fee, any new listing can have an “Appraiser-certified” statement of Square footage [SqFt] complete with a floorplan. Give yourself and your clients peace of mind with our reliable and accurate measurement services.

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 and we specialize in ADU valuation and advanced market analysis. 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