For months, housing prices have plummeted in the Bay Area. Now, according to news reports, sales are on the rise. In fact, one property recently garnered 42 offers, a record for 40-year Real Estate veteran Ron Renner. Click here to view the news video.
San Francisco may not be alone. Positive new is beginning to spread from coast to coast about a real-estate rebound. On March 18, 2009 the Wall Street Journal reported an increase in home construction.
“Home construction jumped by a seasonally adjusted 22% in February from the previous month following seven consecutive declines as apartment construction soared and single-family home-building edged higher, the Commerce Department said. Single-family home construction climbed 1.1% to a 357,000 annual rate, while groundbreaking on multifamily dwellings like townhouses and apartment buildings surged 82% to a 226,000 rate.” Full article
Adding to the news, thirty-year mortgage rates hit a record low of 4.85% on March 27, 2009. Fifteen-year fixed and five-year adjustable rate mortgages followed suit, also reaching record lows. Potential homebuyers are taking notice! Full article
Locally, we have noticed an increase in inquiries, showings, and other real estate buying activities. According to the Glynn County Multiple Listing Services, 22 properties changed to pending status (indicating a pending sales contract) in the month of February; while in March, 43 properties changed to pending status. Prices are favorable, choices are more plentiful than we’ve experienced in years, and interest rate are very affordable.