Mortgage rates dipped below 4% for 30 year, conventional mortgages and just in time, as conforming loan limits (the maximum mortgage amount that will be guaranteed by Fannie Mae, Freddie Mac, or FHA) for Marin have been reduced from $729,750 to $625,500, effective October 1, 2011. So, assuming a 20% down payment, homes costing more than $781,875 will require "jumbo" mortgages and "jumbo" pricing. This compared to $912,188 at the old level. Still a great time to be a Buyer and indeed to be a Seller as the low mortgage rates mean Buyers have more to spend and more Buyers will be able to qualify.
Our market continued largely as it has for the last 2 quarters: the number of homes sold is increasing, but prices remain weak. Homes are selling and selling well, if they are priced realistically for this market. We saw flurries of activity this quarter (yes, with multiple offers) in some of the higher priced segments of some cities. These hot pockets were transitory however. Expect this to continue until jobs, jobs and jobs start to recover.
And finally, while I have been successfully advising buyers and sellers on short sales for some time, I am pleased to announce that I now hold the SFR (Short Sale & Foreclosure Resource) certification from the National Association of Realtors. If you know anyone who wants/needs information on the plusses and minuses of a short sale, I guarantee a confidential, informative and helpful conversation.
