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Spring 2012 Market Update
As mentioned before, Sellers who are on the market right now should be motivated to sell. Buyers should be educated on the differences between foreclosures, shortsales, and REO properties before they believe that they can get something for nothing. Homes in the east bay are still more expensive than many parts of the state. Buyers should also be prepared to place 20% down on a home unless they are using an FHA program where 5% is still accepted.
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| Average Home Price | $125,000 - View Graph Trend |
| Average Price Compared to Last Year | No Change |
| Average Time on Market | 60-90 days |
| Best Selling Price Range | $100,000 - $149,000 |
| Worst Selling Price Range | $400,000 - $449,000 |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Buyer Activity for the past 90 days in Union City is | Increasing |
| Seller Activity for the past 90 days in Union City is? | No Change |
| Multiple Offers? | No |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 15-20% |
| Is Financing Available For Qualified Buyers? | Yes |
| Housing Inventory | Good supply - Some Prices |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Good economic news |
| Nearest Metro Area | Atlanta |
| Housing Hot Spots | First-time buyers can get real good deals that include a 2 car garage in the Union City Townhomes off of Union City Blvd and Alvarado Blvd priced at $225,000. Also, There are higher end 4 bedroom homes in Union City off of Union City Blvd and Lowry, Pioneer Park around $550,000. The former used to sell for 350k and the latter near 700k. |
| Average Sold Price | $125,000 - View Graph Trend |
Union City Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
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