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Winter 2012 Market Update
The rising numbers of REO’s and foreclosures are misleading many buyers to think that they can scoop up properties very easily. This is not really the case. Lenders have become very strict due to the economic downturn and in the case of many distressed sales, the original lender who is carrying the first loan on the distressed home for sale will not even look at an offer by Joe’s Mortgage and Loan based in San Leandro. They want to see an approval letter generated by Bank of America, Wells Fargo, Countrywide or other major lenders. So, It’s not all cream and peaches. You have to be a serious buyer with a serious 20% down payment, then you can scoop up the deals.
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| Average Home Price | $525,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 15-20% |
| Average Time on Market | More than 120 days |
| Prices As % of Asking Price | 85-90% |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Multiple Offers? | No |
| Housing Inventory | Good supply - Some Prices |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Rates are at an all-time low, and many sellers are in distressed sales conditions (not all) and need to unload the financial burden their homes have now become. |
| Nearest Metro Area | San Jose |
| Housing Hot Spots | Mission San Jose Area of Fremont, Mission Hills, Parkmont Homes, Ardenwood and Glenmoor Areas. |
| Average Sold Price | $525,000 - View Graph Trend |
Fremont Local News
Sluggish housing market in line for a better 2012, according to quarterly survey
The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.
The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.
Click here for full article...
The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.
The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.
Click here for full article...
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Mortgage Rates
– Feb 11th, 2012 –
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30 yr. fixed rate: 3.89%---------------------------------
15 yr. fixed rate: 3.21%
30 yr. jumbo rate: 4.60%
15 yr. jumbo rate: 3.96%
Home Values
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