Mortgage Market Week in Review – May 27, 2014

MORTGAGE MARKET WEEK IN REVIEW

A mixed bag of economic news is helping Mortgage Bonds start the week near unchanged levels.
April durable orders rose more than expected, while housing prices are rising at more normal levels after the big gains seen in 2013.

Last Friday the closely watched S&P 500 closed at a record high of 1,900 and is now up a whopping 186% from the low of 666 seen on March 9, 2009 (the height of the Great Recession).  The Stock markets have been fueled by rising corporate profits, somewhat positive economic data, a comeback in the housing sector and related support from the Federal Reserve in the form of continued QE programs.

CURRENT INTEREST RATES – MAY 27, 2014

CONFORMING RATES
($200,000 – $417,000) 0 POINT
30 Year Fixed: 4.125% (4.20% APR)
5/1 ARM: 3.125% (3.20% APR)
JUMBO RATES
($625,501 – $2,000,000) 0 POINT
30 Year Fixed: 4.250% (4.30% APR)
5/1 ARM: 3.000% (3.05% APR)
CONFORMING (HIGH-BALANCE) RATES
($417,001 – $625,500 cap by county) 0 POINT
30 Year Fixed: 4.250% (4.31% APR)
5/1 ARM: 3.250% (3.31% APR)
RATE TRENDS
Rates are SIDEWAYS compared to last week.
Rates are DOWN compared to last month.
Rates are UP compared to one year ago.

 

While rates are up compared to last year, looking back at historical rates over the past five decades helps to put things back into perspective!

KCM look back at interest rates - www.YourPieceofMarin.com

The above post is an excerpt from an article reprinted courtesy of Gina Kemsley – Copyright © 2014 Gina Kemsley, Terra Mortgage Banking, All rights reserved.

Gina Kemsley – Senior Vice President – Loan Consultant, Terra Mortgage Banking

Office: (415) 464-3144 – Cell: (415) 828-0218 – Email: gkemsley@terramb.comWebsitewww.terramortgagebanking.com/loan-officers/gina-kemsley

The Interest Rate history chart is from KCM, Keeping Current Matters, a real estate information company.

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White glove service - www.YourPieceofMarin.com by Sylvie ZolezziAbout the Author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I am an award winning Realtor specializing in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

I offer a wide range of real estate solutions for buyers, sellers and investors, attracting clients who demand excellence—in marketing, negotiations, market knowledge—and a genuine concern for their needs. My association with Decker Bullock Sotheby’s International Realty allows me to provide a high-end luxury experience to all my clients at every single price point. It also enables me to leverage our unique combination of local knowledge and global resources, providing highly personalized service and unmatched exposure to my clients’ properties locally and worldwide.

I service all of Marin County’s beautiful towns: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur,Greenbrae, Kentfield,Ross, San Anselmo, San Rafael, Fairfax, and Novato, with a special focus on Central Marin.


Marin County Real Estate Market Update – April 2014

Market Snapshot

Federal Reserve Chair Janet Yellen cautions “that readings on housing activity have remained disappointing so far this year and will bear watching”. A statement partially based on National building permits, which fell 2.4% in March. The Bay Area landscape has actually seen a surge of new developments in established communities like San Francisco, Larkspur, Corte Madera, San Ramon and even Orinda. Rates are still near record lows but are gradually increasing as the Fed tapers their monthly bond purchase activities.

The active listings inventory for Single Family Homes in Marin increased 14% to a season high in the month of April. 153 new listings came on the market in the first nineteen days of May, improving the selection of available homes for sale for buyers. Sales continue to be strong with the number of sold listings increasing by 28% month-over-month. The small drop in the average sales price can be attributed to the near 30% increase in sales for the month, which is still above the 2007 peak average. The $603.78 price per square foot for Single Family Homes in Marin is also still above the 2007 peak average of $601.00.

Marin County Real Estate Market Update - Trends for April 2014 - www.YourPieceofMarin.com by Sylvie Zolezzi

Home Sales by Area

Tiburon had the highest home sale in April, at $6,550,000. Belvedere had the longest Average Days on Market at 117, with West Marin not far behind at 102. Ross had the shortest Average Days on Market in Marin County at 13. Mill Valley, Novato and San Rafael continue to move the most inventory with double digit closings for the month of April.

Marin County Real Estate Update - Home sales by area - April 2014 - www.YourPieceofMarin.com by Sylvie Zolezzi

Homes in Contract

For the fifth consecutive month Corte Madera continues to thrive with an overwhelming 69% of inventory in contract for the month of April. Two of the 15 Marin locales in our report have more than half their inventory in contract for the month of April. The fewest homes in contract remained the Beach City area at 6%.

Marin County Real Estate Market Update - Percentage of homes in contract in April 2014 - www.YourPieceoMarin.com by Sylvie Zolezzi

Marin Market by Price Point

Over 60% of active Single Family Homes in Marin are under $2 million, they also represent 84% of April’s sales. High-end estates continue to come to market with the $7M to $10M inventory increasing 77% month-over-month. The Months of Inventory figure dropped significantly in the $5M-$7M range from 16 the previous month, to 3 in April. Only 5 of these resulted from closed sales.

Marin County Real Estate Update - Home sales and market activity by price point for April 2014 - www.YourPieceofMarin.com by Sylvie Zolezzi

Average Sale Price

The Average List and Sales Price came down slightly from the previous month, which can be attributed to the increase in inventory. The Average Sales Price for April of $1,373,007 is 20% higher than the same time the previous year.

Marin County Market Update - Average listed and sold price of homes for April 2014 - www.YourPieceofMarin.com by Sylvie Zolezzi

Number of Homes Listed and Sold

The number of Single Family Homes in Marin for sale in April 2014 decreased compared to last year. The closed sales were up month-over-month at a significant 23% increase.

Marin County Real Estate Market Update - Homes for Sale and Sold in April 2014 - www.YourPieceofMarin.com by Sylvie Zolezzi

Are you thinking of buying or selling real estate in Marin? Let me put my technological skills, experience, and market knowledge to work for you and help you reach your goals. Contact me at 415.505.4789 or Sylvie@YourPieceofMarin.com.

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White glove service - www.YourPieceofMarin.com by Sylvie ZolezziAbout the Author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I am an award winning Realtor specializing in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

I offer a wide range of real estate solutions for buyers, sellers and investors, attracting clients who demand excellence—in marketing, negotiations, market knowledge—and a genuine concern for their needs. My association with Decker Bullock Sotheby’s International Realty allows me to provide a high-end luxury experience to all my clients at every single price point. It also enables me to leverage our unique combination of local knowledge and global resources, providing highly personalized service and unmatched exposure to my clients’ properties locally and worldwide.

I service all of Marin County’s beautiful towns: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur,Greenbrae, Kentfield,Ross, San Anselmo, San Rafael, Fairfax, and Novato, with a special focus on Central Marin.


To Fix or Not To Fix? That is the Question When Selling Your Home

Whether you are thinking of selling your home this spring, next year or in five years, you are probably wondering which updates you should make and which ones will provide a good return on your investment. Here is an excellent article from Houzz with eight questions to ask yourself before you undertake any remodeling project.  Click on the link below to read the full article.
And please feel free to contact me if you need recommendations for top professional trade people for any of your home remodeling projects.
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White glove service - www.YourPieceofMarin.com by Sylvie ZolezziAbout the Author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I am an award winning Realtor specializing in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.
I offer a wide range of real estate solutions for buyers, sellers and investors, attracting clients who demand excellence—in marketing, negotiations, market knowledge—and a genuine concern for their needs. My association with Decker Bullock Sotheby’s International Realty allows me to provide a high-end luxury experience to all my clients at every single price point. It also enables me to leverage our unique combination of local knowledge and global resources, providing highly personalized service and unmatched exposure to my clients’ properties locally and worldwide.
I service all of Marin County’s beautiful towns: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur,Greenbrae, Kentfield,Ross, San Anselmo, San Rafael, Fairfax, and Novato, with a special focus on Central Marin.