The Promise Land

Market Update
Author

Kyle Paquin

Published

October 4, 2024

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We make it folks. 6% rates and a disaster with Commissions. Not exactly the promised land we were led to believe. What do these changing dynamics mean for the market? There are more buyers for the same low inventory. But now have to pressure them to sign an agreement before showing anyone a house. As if they can’t look it up online. What is this world we are living in?

Sorry I missed last month, I was in Dallas learning about the new national appraisal system (UAD). By the way, Commissions are not Concessions. 90% of the contracts I’ve reviewed have the standard 2.5% compensation to the buyer broker. There is nothing to panic about 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

Just shy of 6%. Dang.

Refinance Volume: A Low Normal Again

Refinancing crossed the its historic low threshold this month (1000+) as the rates and narrative change over housing. The last time the index was at 1000, rates had just crested 5%. That was over 2 years ago now. Do you know that the average homeowner has nearly 40% equity (or more) in their home?

East Bay Area Market Update

East Bay Area September Yearly Trends

Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 945000 915000 -3.2%
Average Price per SF 624 610 -2.2%
Number of Sales 1433 1462 2.0%
Median DOM 12 17 41.7%
Copyright © EBValueReport.com

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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