How Bad Is It With Redwood City Real Estate? Saturday Buyer’s Tips Real Estate
Know-How for Home Buyers. Redwood City real estate.
Redwood City’s Current State Of Real Estate is on the positive side. Inventories up some and average selling price of single family homes are over $1M. On the other hand how bad is it With Redwood City Real Estate? With the headlines and stories pointing to rising interest rates, falling home values and rising foreclosures in the future, you would think the sky is falling. From my prospective I have not seen Chicken Little lately.
Turns out, not all that bad for most of us. For starters, long-term fixed rates are only about .5% higher than 6 months ago. Even if they do go higher it still is “cheap” money. The historical interest rate for home loans averages between 6% and 8%. And we haven’t reached them yet. I think we may in a few years though. Underwriting guidelines are still strict and will continue as days go by.
Throughout 2013 we have seen inventories under 3 months with days for a home to sell under 25 days and in the spring/summer market under 15 days. The selling price to the listing price ratio for most of 2013 has remained over the 102%. In 2013 the cost per square for home went about $600/sq ft and stayed there all year. This $600 mark was a price peak, which had never been reached before.
Housing prices nationally are off about 1% from a year ago. In the Bay Area, median prices are higher than a year ago and expect to go higher in 2014 too. The demand for home in Redwood City and Silicon Valley is because of jobs. The Wall Street Journal recent releases figures on where the jobs are in the United States. The San Francisco Bay Area (Silicon Valley) accounted for 18% of all job fill in the US! That is almost 1 in ever 5 jobs are here in our back yard. That is why prices continue to rise along with rents. I don’t expect this to stop in the near future either.
It has always been important to support liquidity when you own a home so that you can survive personal setbacks and market challenges. Cash is king as they say. Homes today are selling in certain price points for all cash, as-is, and close in 10 days. Not all homes fall under these terms, but the one that do have a ferocious bidding war attached to them usually.
With Thanksgiving just around the corner, this year I think Chicken Little would look great on a platter stuffed with all the fixings at my dinner table. The sky is falling mentality is smoke in the wind. Redwood City real estate is in great shape with current home buyers and sellers. There seems Redwood City’s Current State Of Real Estate and this trends looks consistent for the next two-year.
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