Q4 2024 East Bay Real Estate Market Watch
Hi!
Happy New Year! Mortgage rates are at their highest level since June, hovering around 7.15% for a 30 year fixed. It seems that we are now in the ‘higher for longer’ territory. On the surface this is bad for buyers and sellers, higher rates affect a buyer's ability to borrow. And if you are a seller it shouldn’t come as a surprise that there are fewer multiple offer situations, and you may not get as much for your property as expected. But looking more carefully at the market there are definite silver linings on both sides.
If you are a buyer, we may be able to negotiate a rate buy down from the seller and combine it with friendly down payment assistance options from one of our preferred lenders. For example, a 15K credit towards a reduced rate will save you hundreds each month, vs using that credit towards the final sale price, which would maybe save you 20 - 30 dollars in monthly payments. If you are ever curious to learn more about the various options available and how they impact your monthly payments we can easily put you in touch with one of our preferred lenders. They are always excited and happy to hear from us.
If you are a seller, take a look at the Quarterly Numbers in the tables below - our year over year sale prices are up across the board, except Oakland which is down 5%. Both Alameda and Contra Costa Counties are flat from 3rd Quarter to 4th Quarter, which I think is a good sign, given the 4th Quarter is historically slower and more of a value market. So prices are stable. Next month we want to see more new contracts or solds vs new listings. The only way prices are going to go down substantially is if there is a big uptick in inventory. For now things seem to have reached a status quo.
Quarter over Quarter housing statistics for Alameda County, Contra Costa County, Oakland, Berkeley, Martinez, and Pleasant Hill
