Although there is much talk of rates rising, the mortgage market still has favorable rates for buyers looking to get into the Bay Area housing market. Purchase rates are still hovering near 4% and ARM rates are even lower than that. The 4th of July weekend generally ends the lull in the market that naturally occurs between June 1st and Independence Day celebrations. Graduations are done and early summer vacations are wrapping up. Those motivated buyers and sellers return to the bay area with plans to purchase, sell, downsize and upgrade prior to the September time frame.
Days on market during Summer are generally higher than Spring providing buyers some unique opportunities to purchase in a not so frantic pace. The East Bay market currently has 4,230 properties pending, 429 properties that are new to the market (listed in last 7 days) and 3,183 properties that are active overall. The ratio of active to pending properties illustrates we are still in a sellers market with more homes pending than active, but that ratio is improving and we expect to see that to continue through the Fall season.
We expect to see the market shift slowly to a more balanced market in Fall and this will provide buyers an opportunity to purchase homes without as much competition as we have seen over the past few years. Generally speaking mortgage rates start to move up in anticipation of a rate hike and we have seen the effect on rates with nearly all conventional 30 year rates moving firmly out of the mid to high 3% level and up into the low 4% level.
Winning the offer battle still requires buyers to include some key features in an offer. Some of those features include high down payment, quick contingency removal, short close of escrow such as 21 days and rent back which is sometimes free up to 60 days. All cash offers can be the clincher but we are not seeing as many buyers coming to the table ¨all cash¨ as we have in the past.
To see all recent listings and price reductions you can click on any of the cities below for a comprehensive list of homes for sale for each city. Feel free to call us or anyone on our team if you are looking to purchase or sell a property in the East Bay. Last year we were recognized as the #1 real estate group for Keller Williams Realty in all of California and Hawaii. This year it looks as though we will have similar results. We look forward to working with you when the time is right.Major East Bay cities include: Walnut Creek, Pleasant Hill, Martinez, Alamo, Lafayette, San Ramon, Danville, Orinda, Moraga, Concord, Brentwood, Oakland, Fremont, Pleasanton, Dublin & LivermorePlease call us and let us put our expertise and track record to work for you. You can reach our team members at 925-304-6346 - Kevin R Kieffer, Broker Associate - Team Leader for Keller Williams Realty's EastBayPro Team - Our team members include Naomi T Kieffer, Matt Rubenstein, Dana Grant, David P Johnson, Heather Gowdy, Jamie Duvnjak, Scott Maher, Nina Kasper-White & Ken Wilson - Please call and "Let Us Exceed Your Expectations".
Author:Kevin Kieffer Phone: 925-300-8000 Dated: July 5th 2015 Views: 745 About Kevin: Kevin R. Kieffer is a Broker Associate and Realtor with Keller Williams Realty. His focus is the Eas...
Kevin R. Kieffer is a Broker Associate and Realtor with Keller Williams Realty. His focus is the East Bay residential home market. He is a top producing agent and also leads leads successful team of Realtors as one of top producing teams throughout all of California (Real Trends Ranking). He was recognized as a Five Star agent numerous years through an independent survey and has been featured in Diablo Magazine. He closed out 2014 in the top 1% of all agents in Contra Costa & Alameda counties and is currently one of the top producing agents in 2015. He has offices in Danville & Walnut Creek and has a team of experienced Realtors focusing on markets throughout the East Bay. Please give him a call and let him exceed your expectations! Office Phone: 925-304-6346 Cell Phone: 925-300-8000
Spring is commonly known as the best time to sell and surprisingly the
"Even having done our homework, my wife and I were still nervous and unsure of what to expect when we began shopping for our first home. Adding to the uncertainty of being first-time homebuyers, we were also renting a home that would require us to terminate our lease agreement early should we purchase a home before the expiration of our contract. Enter the EastBayPro Team of Kevin and Naomi Kieffer. Let me start off by saying Kevin and Naomi are without a doubt experts in the business of real estate. Buying, selling, renting, flipping, investing, property management…you name it, they know it. With that being said, we came across Kevin’s phone number when we drove passed a house we thought we might be interested in viewing. Kevin was the listing agent for the property and within a couple of short hours after speaking to him over the phone, we were back at the property and he was showing us the home. Kevin did a great job and was extremely knowledgeable of the property he showed us but in the end it was too small for our family’s needs. We later decided to have EastBayPro Team represent us as our buyer’s agent and we made a wise decision in doing so.
Kevin was always responsive in that whenever a property came on the market that we were interested in, all we had to do was give Kevin a call and he was there to show us the property within hours. We also spent a day with Kevin in which he showed us properties that he thought we would be interested in. I would like to note that we have four small children and they were with us at every showing. Kevin was great with them and had more patience with them than we did. It was on this day, that we found the house we fell in love with and Kevin was on top of putting an offer in for us immediately. The house was a short sale and as complicated as these transactions can be, they made it happen. We worked mostly with Naomi after our initial offer and as great as Kevin was, Naomi was even better (Sorry Kevin but your wife has you beat). Naomi was extremely responsive to any questions or concerns we had. When problems came up during the inspection process, Naomi was on top of it and was able to negotiate the price down beyond what we were expecting. Excellent job! Naomi was extremely organized and made the process, all the way through closing, run very smooth. But their service didn’t stop there. After closing, Kevin called our property management company for the house that we were leasing to see what it would take to break our lease earlier and minimize any penalties. Throughout the homebuying process, Kevin and Naomi fully represented our best interests and we believe that they went above and beyond what most agents would do for their clients. Two thumbs up for the EastBayPro Team of Kevin and Naomi as we would highly recommend!"