Rosy Stats in the Month of Love

Market Update
Author

Kyle Paquin

Published

March 5, 2024

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Cash is king! WHY? Mortgage rates are unpredictable. You cannot rely on economists, social media commentators, or even your favorite loan expert to forecast rates. No one knows what will happen. Lots of people have cash these days though, you just have to find them.

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: 7% is Back

Rates at 6.6% injected some much needed energy into the market. Too bad we are back to 7% so soon. If this continues for too long, we will have a false start to the spring market if listings continue to go live at the current rate without the buyer demand to match them. Expect more wonky market dynamics.

Refinance Volume: N/A

The website I normal get these trends from was not operational at the time of writing. Refinances are more of the same: non-existent.

East Bay Area Market Update

February saw a positive return of buyers buoyed by lower interest rates. We had about 1000 more sales in the month compared to last year. Days on market hit a record low averaging around 12 days over all three counties. Stats look rosy but don’t get ahead of yourself. The market may be more competitive but that doesn’t mean that all homes are selling for much more than last year.

East Bay Area Feburary Yearly Trends
Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 800000 910000 13.8%
Average Price per SF 550 609 10.7%
Number of Sales 907 1062 17.1%
Median DOM 19 12 -36.8%
Copyright © EBValueReport.com

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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