Increasing Rates AND Prices?

Market Update
Author

Kyle Paquin

Published

September 8, 2023

It seems like we need to start hiring private investigators to find new listings. Overall volume is down 20% from last year with some areas showing almost 1/2 the sales of the prior year? Oh and prices are officially within 5% of their pie-in-the-sky peak of last summer.

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: Highest in 22 Years

We briefly hit a major headline of rates being the highest in 22 years. The rates immediately ducked out of the way of that major news. I am still seeing multiple offers for remodeled homes. What are you seeing?

Refinance Volume: Seems Bad but Watch Out

Without surprise, refinance volume has dipped with more rate hikes. I’d like to to back at 6% personally. The market is in the worse possible loop right now with high prices, expensive loans, and lack of inventory.

East Bay Area Market Update

Sales volume will continue to decline through the rest of the year. With the clamor to get into homes we currently have, will prices continue to rise above their peak of last year? I think they will unless rates go up over 7.25%.

East Bay Area August Yearly Trends
Alameda, Contra Costa, Solano
2022 2023 % Change
Median Price 910000 905000 -0.5%
Average Price per SF 597 601 0.7 
Number of Sales 2009 1601 -20.3 
Median DOM 19 12 -36.8 
Copyright © EBValueReport.com

Need a Referral?

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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