It’s getting hot in here!
Updated: Dec 13, 2022
https://www.youtube.com/watch?v=Fr6PYgm4TWA (courtesy of Nelly)
Hey there! As you know, we are expecting a blistering weekend for the Bay Area inland areas. Please make sure that pets and kids are well hydrated, if nothing else.
Housing – hot or not?
Not really, and yet there is movement in the marketplace. Homebuyers are taking their time in finding the right home, then negotiating better terms than they’ve been able to secure in years. Lower offers and seller credits to offset closing costs or buy down today’s current interest rates. Not bad and a nice break from the past two years.
Concord real estate market shows only 126 detached homes for sale in the entire city. That's way down historically/seasonally for the month of August. Of those homes, one-third of them are priced between $800,000 and $1,000,000 throughout the city. The interesting thing to note is that the average days on market is 30 days and rising, and pending homes are also sitting for about a month before being scooped up by buyers. So, movement, albeit much slower than we’ve seen.
I’ll be watching to see how many price adjustments start happening after this holiday weekend, as sellers are beginning to understand today’s buyers will “wait them out.”
Rates — 6-month moving averages
30-year mortgage rate is at 5.66%, compared to 5.55% last week and 2.87% last year. This is lower than the long-term average of 7.76%. (Jumbo rates can still be found at 5% average with one point – pretty good option to consider.)