As we put closure to the month of March 2012 we take a look at our last real estate market update for Lafayette, Moraga and Orinda
Lafayette had 23 sales of single-family homes the average days on market was 33.
Prices range from $365,000-$1,295,000.
The average list price was $920,220 – $395 per square foot.
The average sold price was $904,219. That's $383 a square foot or a 1.7% drop in price.
The median house price was $769,000.
The median sold price was $750,000. That is a 2.5% drop in price.
7 listings sold over their asking price anywhere from one to almost 9%.
30% of the homes in Lafayette sold either at asking price or above asking price.
Moraga had 18 single-family homes and condos that sold in the month of March.
Prices range from $119,500-$1,349,000.
The average list price was $771,049 or $350 per square foot.
The average sold price was $763,166 or $346 per square foot a 1% drop in price.
The median list price was $797,000.
The median sold price was $781,750. That's 1.9% drop in price.
7 listings sold at or above the asking price.
39% of the homes in Moraga sold either at asking price or above asking price by as much as 3.5%.
Orinda had 18 sales with an average days on the market of 64.
Prices range from $339,000-$1,595,000.
The average list price was $974,722 or $391 per square foot.
The average sold price was $955,166 or $384 per square foot a 2% drop in price.
The median list price was $927,000.
The median sold price was $921,000 less than a 1% drop in price.
5 listings sold at or above the asking price anywhere from 1% to 5% above asking.
28% of the homes in Orinda sold either their asking price or above asking price.
Saturday, March 31, 2012
Wednesday, March 21, 2012
theKAUFMANS: Multiple offers again!
theKAUFMANS: Multiple offers again!: There is a general sense of optimism being displayed by the recent surge of buyers that have been missing from the real estate market for th...
Multiple offers again!
There is a general sense of optimism being displayed by the recent surge of buyers that have been missing from the real estate market for the past two years.
We believe it's due in part to the pent up frustration and uncertainty of the national employment market and the economic malaise that was ever present in 2010-2011.
With interest rates at an all time low, and no immediate end of these low interest rates in sight, buyers are coming back to the market.
A fair market valued home is getting multiple offers on it again. This is happening in all the Lamorinda areas.
For an up-to-the-minute report on the recent sales and pending properties in Lafayette, Moraga and Orinda simply email us or call directly.
We believe it's due in part to the pent up frustration and uncertainty of the national employment market and the economic malaise that was ever present in 2010-2011.
With interest rates at an all time low, and no immediate end of these low interest rates in sight, buyers are coming back to the market.
A fair market valued home is getting multiple offers on it again. This is happening in all the Lamorinda areas.
For an up-to-the-minute report on the recent sales and pending properties in Lafayette, Moraga and Orinda simply email us or call directly.
Tuesday, March 6, 2012
A lot of pent up demand
There is something going on in the Lafayette Moraga and Orinda real estate market of recent. It appears as though the short sale is no longer chipping away at overall home prices in the area and we are starting to encounter some signs of a new beginning.
Last month in the Lafayette Moraga and Orinda area, there were 23 properties that sold. Of the 23, 17 were detached homes.
The average list price was $1,006,000. The average sale price was $982,000 a drop of about 2 percent.
There is also something else that's happening in our market. The return of the multiple offers. There were three houses in the past two weeks that had a minimum of 10 offers on each.
What's causing this phenomena to return. First, let's look at the fact that not a lot of real estate sold between 2008 in 2011. There appears to be a pent-up demand with not a lot of inventory, consequently we are seeing multiple offers on good lots.
I say lots rather than houses because it is the piece of land that has been the key selling point in all of these cases.
Last month in the Lafayette Moraga and Orinda area, there were 23 properties that sold. Of the 23, 17 were detached homes.
The average list price was $1,006,000. The average sale price was $982,000 a drop of about 2 percent.
There is also something else that's happening in our market. The return of the multiple offers. There were three houses in the past two weeks that had a minimum of 10 offers on each.
What's causing this phenomena to return. First, let's look at the fact that not a lot of real estate sold between 2008 in 2011. There appears to be a pent-up demand with not a lot of inventory, consequently we are seeing multiple offers on good lots.
I say lots rather than houses because it is the piece of land that has been the key selling point in all of these cases.
Thursday, March 1, 2012
Points and Mortgages
The New York Times
Points lose favor
With interest rates at or near record lows, many borrowers are seeing little reason to pay points when buying or refinancing a home. Some are even opting for what’s known as “negative points,” agreeing to a slightly higher rate to help pay closing costs.
Making sense of the story
Paying points enables a borrower to “buy down” the interest rate on a mortgage in exchange for an upfront fee. The trend away from points partly reflects borrower sentiment that rates are already low enough, according to industry experts.
A point equals 1 percent of the loan amount, so paying one point on a $250,000 refinancing costs an extra $2,500 at closing, in addition to other mortgage fees, taxes, and escrow amounts. Paying a point usually reduces the interest rate by 0.25 points over its term, so for instance, instead of 4 percent, the rate is 3.75 percent.
The average number of points paid in 2011, according to a Freddie Mac survey, was 0.7 percentage points, less than half the levels people paid in the 1990s. The average has been 0.7 percent for three years, after it hit a low of 0.4 percent in 2007; in 1995 it averaged 1.8 percent, according to Freddie Mac data.
The primary advantages of paying points are a lower rate and monthly payment. To decide if paying points is worthwhile, borrowers should consider two key decisions: How long they plan to live in the home, and how much they can afford in close costs.
Many mortgage professionals suggest following this rule: If the borrower plans to live in the home for at least five years, paying points will help the homeowner to reap savings.
Some borrowers are even going for negative points, which is also called a lender rebate or points in reverse. In exchange for accepting a higher interest rate, the lender agrees to give the borrower a credit, which is usually used for closing costs.
Points lose favor
With interest rates at or near record lows, many borrowers are seeing little reason to pay points when buying or refinancing a home. Some are even opting for what’s known as “negative points,” agreeing to a slightly higher rate to help pay closing costs.
Making sense of the story
Paying points enables a borrower to “buy down” the interest rate on a mortgage in exchange for an upfront fee. The trend away from points partly reflects borrower sentiment that rates are already low enough, according to industry experts.
A point equals 1 percent of the loan amount, so paying one point on a $250,000 refinancing costs an extra $2,500 at closing, in addition to other mortgage fees, taxes, and escrow amounts. Paying a point usually reduces the interest rate by 0.25 points over its term, so for instance, instead of 4 percent, the rate is 3.75 percent.
The average number of points paid in 2011, according to a Freddie Mac survey, was 0.7 percentage points, less than half the levels people paid in the 1990s. The average has been 0.7 percent for three years, after it hit a low of 0.4 percent in 2007; in 1995 it averaged 1.8 percent, according to Freddie Mac data.
The primary advantages of paying points are a lower rate and monthly payment. To decide if paying points is worthwhile, borrowers should consider two key decisions: How long they plan to live in the home, and how much they can afford in close costs.
Many mortgage professionals suggest following this rule: If the borrower plans to live in the home for at least five years, paying points will help the homeowner to reap savings.
Some borrowers are even going for negative points, which is also called a lender rebate or points in reverse. In exchange for accepting a higher interest rate, the lender agrees to give the borrower a credit, which is usually used for closing costs.
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