Real Estate and Mortgage Market Updates and Commentary Videos by Russ Boyd are uploaded to Youtube, MetaCafe, Veoh, Vimeo and Yahoo Video by Tube Mogul
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As I was reviewing the Market Activity Reports for December it was easy to see why the past two years felt like a roller coaster ride. I invite you to take a look at these graphs that cover the period from December 2007 through December 2009.
Although there are 10 reports for each county available at our resource center, I’ve used the graphs which reflect the median sold price for single family homes in San Mateo, Santa Clara, Alameda and Contra Costa Counties covering the past 25 months. It’s pretty clear looking at these graphs that the bottom of the market was this time last year. It’s an amazing turnaround; for all bay area counties, median prices and number of sales are up and available inventory is down dramatically. The majority of buyers this past year have been either investors or first time buyers and competition remains intense for well priced homes in the bay area. The recovery has been aided by record low interest rates and tax credits for first time buyers plus, with the changes made in November, some move up buyers.
To qualify for the tax credit, buyers must be in contract by April 30, 2010 and close escrow by June 30, 2010. In addition to the soon to expire tax credit, the Fed is scheduled to stop buying mortgage backed securities from Fannie Mae and Freddie Mac by the end of the first quarter. The unknown, is what will happen when these props are removed from the housing market. For an orderly transition back to a true “market based” real estate and mortgage market I believe the Fed will have to remove its support within a pre-established time frame. One thing that markets react badly to is uncertainty. In my opinion, the tax credit and the Feds intervention in the credit markets stabilized the housing market. It is my opinion that it is time to begin the return to a “market based” housing market by removing artificial government support within an established framework.
Now, more than ever buyers and sellers will benefit from the advice and guidance that an experianced REALTOR® can provide. If you are in the San Francisco Bay Area, I invite you to start at our Resource Center, www.AboutBayAreaHomes.com. There you will find links for active home listings, including bank owned and short sales, home loans,market activity reports, home seller strategies, staging and decorating, a suite of 19 calculators, plus my book, “Let’s Make a Deal, The insiders Guide to Buying and Selling Real Estate” and more. Of course I am always available to discuss your real estate or mortgage related questions or concerns, just call, text or email me for a prompt response.
Russ Boyd and his team professionally assist buyers, sellers and homeowners in the Peninsula Communities of the San Francisco Bay Area. They serve clients in San Mateo, San Francisco, Santa Clara, Alameda and Contra Costa counties. Licensed as a Real Estate Broker by the California Department of Real Estate, 01264240.
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