http://disqus.com/by/Theresa_Marquez/enThu, 27 Nov 2008 21:43:18 -0000http://localhouseblog.com/2008/09/13/mortgage-brokers-real-estate-agents-say-interest-rate-drop-is-spurring-activity/#comment-4044912<p>Hello,</p><p>Just wanted to share a little of the market activity I am experienceing.</p><p>I have been helping buyers in Lathrop, Mountain House, Hayward, San Leandro, San Lorenzo, Oakland, and Richmond. These are the recent areas I have been showing and writing offers in.</p><p>In all the areas I have seen inventory significantly less...... we have to write about 6 to 10 offers to get an offer accepted because there are so many buyer's buying. The prices are so good and the interest rates makes it a double affordability. The good news is that there is still a selection of homes.</p><p>In some areas we have reached the prices of the early to mid-90's.. at that time interest rates were at 11%(1991) and fluctuated to the 8% (1999)... This is the first time in my 25 year career that I have seen interest rates and prices low at the same time.</p><p>I was amused because as we saw the Seller's market and everyone including the media thinking that market would never end... Now we have alot of different entities thinking this Buyer's market is going to go on forever and never end.</p><p>Since September 1, 2008 there have been 3,126 homes that have gone pending and closed escrow in Oakland, Alameda, Berkeley, Emeryville, San Leandro, San Lorenzo, Castro Valley, and Hayward below the price range of $700,000. That is an incredible amount of sales happening!</p><p>So interesting to hear the negativity of the media regarding the financial <br>of America and the actuality of working the wild sales market of the Bay Area!!! I have actually had consumers tell me they knew that no banks were giving loans!!!</p><p>Till next time</p><p>Theresa Marquez<br>RE/MAX Real Estate</p><p></p>Theresa_MarquezThu, 27 Nov 2008 21:43:18 -0000