Peninsula Real Estate Market Update

Economic news was sketchy again this week, with housing-related headlines continuing to point out the scary negatives. However, we continue to see a surprising amount of interest from buyers who are deciding to take the plunge. The deals that are out there are getting to be irresistible, and with mortgage rates starting to creep back up (though still at near historic lows) buyers are recognizing that now may be the best time to buy. Sales are increasing in all price ranges in many areas, and it is perhaps the passing of the economic stimulus package that is spurring these buyers to buy. Now they’re jumping in while the deals are out there.  We are also starting to see homes that have been on the market for quite awhile starting to get multiple offers and selling.  First time buyers are also finding affordable, desirable homes in lower price ranges and through REO sales – and they’re buying them.  It is not uncommon now to see multiple offers on REO’s. For more information about the local real estate market contact me at djuna.woods@cbnorcal.com.

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