Tracy, ca Real Estate Market Report for March 3ed 2008
0 Comments Published by Brian W. Barringer on Monday, March 03, 2008 at 2:53 PM.
ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 883 902
# of Short Sales: 251 221
The Median price of all Homes for sale in Tracy: $349,900 $369,975
The Average price of all Homes for sale in Tracy: $375,854 $398,734
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000
PENDING Status:
Number of properties currently under agreement: 171 111
# of REO: 122 76
# of Short Sales: 14 12
Average pending price: $335,102 $386,227
Avr. pending home is 4bd, 3ba, 2089 sq.ft at a price $329,450 and 49 days on the market.
SOLD Status:
Residential property sold over previous 30 days: 42 homes or 14,413,463 in sales; 46 homes or $16,666,252 in sales.
Low: 150K (440 sq.ft home)
What it looks like from my prospective is in the last year the banks have been slowly testing the waters as they went lower and lower in price and now we have seemed to come to some sort of agreement between buyers and sellers on fair market for a home. Banks are putting prices slightly below market value and getting muli-offer situations. Its like buyers have been waiting for a good deal and the banks have caved to the market.
From the desk of Alex Alverez (National City Mortgage Banker) regarding interest rates:
Don't miss the boat. Mortgage bankers are always struggling with the mis conceptions of the media with respect to the mortgage rates. Bottom line is that the Federal government does NOT control our mortgage rates. When the Federal Reserve drops their rates they are dropping rates that they charge banks. Banks in turn drop their "prime" rate which immediately helps customers that have lines of credit, some credit card holders and business lines of credit and loans. The regular residential loans however drop, or increase, in reaction to what the Federal Reserve did. As of late there has been much volatility in our mortgage markets. My staff and I have found ourselves telling borrowers that rates are pushing UP while the media is telling them the rates are coming down.
Here is a scenario:
Three weeks ago a borrower was looking at a $300,000 loan at 5.375% P&I would be $1681.67. They really needed to bid up the price and take a loan of $330,000 to get the home they wanted. P&I would be $1821.67. They waited.
If they were to find that home today at the price they wanted they would get their $300,000 loan. Rates have moved up though. $300,000 at 6.375% is now $1873.06.
This means if they would have purchased that house 3 weeks ago and received a $330,000 loan they would have been better off than waiting! This is how the rates can come into play.
Now I believe rates will ease again. Not sure if they will reach the levels we had three weeks ago but the bottom line is this. We have great homes prices, we have low rates. The combination of the two is creating extraordinary opportunities for homebuyers. Beware though, if you wait for the perfect storm (low interest rates and low purchase prices) the boat will be history!! Get on that boat before the storm hits!!
Alex Alvarez
Branch Manager/ Mortgage Banker
Construction Mortgage Specialist
National City Mortgage, a division of National City Bank
2880 N Tracy Blvd Ste 2
Tracy, CA 95376
(209) 839-2880 Office
(209) 839-2889 Fax
(800) 399-1820 24 Hr Service
Alex.Alvarez@ncmc.com
www.TracyHomeLoans.com
A Hot List:
Here is a link to all of the REO(bank owned homes) I think are an excellent investment. I have seen most of these with other clients and some have offers on them already. It will be totally different next week. (link)
Century-21 M&M/Barringer Team/Buyers Agent
209.613.8945
800.894.7282
www.TracyHomes.com
800.894.7282
http://www.tracyhomes.com/ and www.tracyrealestate.blogspot.com
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